View Filing Data

$ 386,403

$ 62,278

$ 0

50,534

7,602

436,937

69,880

148,283

159,352

202,581

11,621

12,357

15,635

596,841

241,589

218,216

(5,773)

(6,137)

(7,573)

$ 145,080

$ 146,906

$ 150,770

$ 148,312

$ 107,099

^[1]

$ 39,633

$ 46,072

$ 42,648

591,068

235,452

210,643

82,995

89,367

113,111

9,734

10,775

13,114

52,154

9,220

1,592

80,836

43,262

25,068

106,843

28,923

14,090

332,562

181,547

166,975

60,097

66,733

67,358

64,318

32,339

^[2]

5,665

9,090

6,811

258,506

53,905

43,668

(117,030)

(19,254)

2,444

(4,203)

(6,320)

(114,586)

(23,456)

(6,318)

143,920

30,449

37,350

5,113

15,596

14,431

Basic earnings per common share (in dollars per share)

$ 30,202

$ 37,313

$ 36,996

$ 34,296

$ 4,257

^[2]

$ 2,681

$ 4,699

$ 3,216

$ 138,807

$ 14,853

$ 22,919

Earnings per common share:

$ 0.27

$ 0.33

$ 0.31

$ 0.04

$ 0.02

$ 0.04

$ 1.23

$ 0.13

$ 0.21

Diluted earnings per common share (in dollars per share)

$ 0.26

$ 0.32

$ 0.31

$ 0.29

$ 0.04

$ 0.02

$ 0.04

$ 0.03

$ 1.18

$ 0.13

$ 0.20

[1]

During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million.

[2]

The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013. The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information. Three Months Ended March 31, 2014 Three Months Ended June 30, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$158,328 $(10,016) $148,312 $160,786 $(10,016) $150,770Income from operations74,334 (10,016) 64,318 77,374 (10,016) 67,358Net income44,312 (10,016) 34,296 47,012 (10,016) 36,996Earnings per common share Basic earnings per common share$0.40 $(0.09) $0.31 $0.42 $(0.09) $0.33Diluted earnings per common share$0.38 $(0.09) $0.29 $0.40 $(0.09) $0.31 Three Months Ended September 30, 2014 Three Months Ended December 31, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$157,795 $(10,889) $146,906 $159,036 $(13,956) $145,080Income from operations77,622 (10,889) 66,733 74,053 (13,956) 60,097Net income49,902 (12,589) 37,313 44,158 (13,956) 30,202Earnings per common share Basic earnings per common share$0.44 $(0.11) $0.33 $0.39 $(0.12) $0.27Diluted earnings per common share$0.42 $(0.10) $0.32 $0.38 $(0.12) $0.26 Three Months Ended December 31, 2013 As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$113,776 $(6,677) $107,099Income from operations39,016 (6,677) 32,339Net income9,234 (4,977) 4,257Earnings per common share Basic earnings per common share$0.08 $(0.04) $0.04Diluted earnings per common share$0.08 $(0.04) $0.04

Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Deficit)
Balance at Dec. 31, 2011	$ 219,911	$ 0	$ 77,856	$ 142,055
Balance (in shares) at Dec. 31, 2011		0
Increase (Decrease) in Shareholders' Equity
Adjustments to APIC, Other	(6,500)		(6,500)
Net income	22,919			22,919
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off	0
Balance at Dec. 31, 2012	236,330	$ 0	71,356	164,974
Balance (in shares) at Dec. 31, 2012		0
Increase (Decrease) in Shareholders' Equity
Adjustments to APIC, Other	(50,300)		(3,387)	(46,913)
Net income	14,853			14,853
Real estate assets and liabilities contributed to GLPI from Penn National Gaming, Inc.	2,023,573	$ 886	2,022,687
Real estate assets and liabilities contributed to GLPI from Penn National Gaming, Inc. (in shares)		88,601,637
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off	(2,090,000)		(2,090,000)
Stock option activity	2,622	$ 1	2,621
Stock option activity (in shares)		57,811
Restricted stock activity	374		374
Balance at Dec. 31, 2013	$ 137,452	$ 887	3,651	132,914
Balance (in shares) at Dec. 31, 2013	88,659,448	88,659,448
Increase (Decrease) in Shareholders' Equity
Adjustments to APIC, Other	$ (635)		(635)
Net income	138,807			138,807
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off	0
Stock option activity	38,669	$ 21	38,648
Stock option activity (in shares)		2,184,980
Restricted stock activity	3,521	$ 2	3,519
Restricted stock activity (in shares)		156,839
Dividends paid, including the Purging Distribution ($14.32 per common share)	(494,104)	$ 220	843,677	(1,338,001)
Dividends paid, including the Purging Distribution ($14.32 per common share) (in shares)		21,979,821
Balance at Dec. 31, 2014	$ (176,290)	$ 1,130	$ 888,860	$ (1,066,280)
Balance (in shares) at Dec. 31, 2014	112,981,088	112,981,088

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical)	12 Months Ended
	Dec. 31, 2014 $ / shares
Statement of Stockholders' Equity [Abstract]
Common stock, dividends including purge distribution, per share, cash paid	$ 14.32

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net income	$ 138,807	$ 14,853	$ 22,919
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	106,843	28,923	14,090
Amortization of debt issuance costs	8,057	1,270	0
Losses (gains) on dispositions of property	10	(39)	(142)
Deferred income taxes	(3,305)	(5,646)	(88)
Stock-based compensation	12,258	1,566	0
Straight-line rent adjustments	44,877	6,677	0
(Increase) decrease,
Prepaid expenses and other current assets	(10,601)	(885)	1,513
Other assets	(1,660)	(662)	0
Increase (decrease),
Accounts payable	(1,650)	2,638	(260)
Accrued expenses	(8,444)	7,996	(456)
Accrued interest	(527)	17,216	0
Accrued salaries and wages	2,244	2,131	(394)
Gaming, pari-mutuel, property and other taxes	527	(7)	(250)
Income taxes	(17,054)	4,018	(10,162)
Other current and noncurrent liabilities	2,877	583	(26)
Net cash provided by operating activities	273,259	80,632	26,744
Investing activities
Capital project expenditures, net of reimbursements	(139,231)	(12,198)	(1,930)
Capital maintenance expenditures	(3,538)	(4,230)	(3,260)
Proceeds from sale of property and equipment	180	153	380
Funding of loan receivable	(43,000)	0	0
Principal payments on loan receivable	9,000	0	0
Acquisition of real estate	(140,730)	0	0
Net cash used in investing activities	(317,319)	(16,275)	(4,810)
Financing activities
Net advances to Penn National Gaming, Inc.	0	(6,982)	(24,518)
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off	0	(2,090,000)	0
Dividends paid, including the Purging Distribution	(494,104)	0	0
Proceeds from exercise of options	29,931	1,431	0
Proceeds from issuance of long-term debt	291,950	2,350,000	0
Financing costs	(306)	(48,147)	0
Payments of long-term debt	(32,024)	0	0
Distribution in connection with 2013 Pre-Spin tax matter agreement	(635)	0	0
Net cash (used in) provided by financing activities	(205,188)	206,302	(24,518)
Net (decrease) increase in cash and cash equivalents	(249,248)	270,659	(2,584)
Cash and cash equivalents at beginning of period	285,221	14,562	17,146
Cash and cash equivalents at end of period	$ 35,973	$ 285,221	$ 14,562

Business and Basis of Presentation

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Basis of Presentation

Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the "TRS Properties," and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The 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 December 31, 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. These facilities are geographically diversified across 12 states and contain approximately 7.0 million of rentable square feet. As of December 31, 2014, the Company's properties were 100% occupied. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms, which may or may not include Penn.

In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements (the "Purging Distribution"). The Purging Distribution, which was paid on February 18, 2014, totaled approximately $1.05 billion and was comprised of cash and GLPI common stock. Additionally, on December 19, 2014, the Company made a one-time distribution of $37.0 million to shareholders in order to confirm the Company appropriately allocated its historical earnings and profits relative to the separation from Penn, in response to the Pre-Filing Agreement requested from the IRS. See Note 12 for further details on the Purging Distribution and the distribution related to the Pre-Filing Agreement.

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



Prepaid expenses	$	2,766
Current deferred income tax assets	4,358
Property and equipment, net	2,024,572
Other assets	16,245
Accrued expenses	(5,656		)
Other current liabilities	(12,219		)
Deferred income tax liabilities	(6,493		)
Net contribution	$	2,023,573

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results may differ from those estimates.

Principles of Consolidation	12 Months Ended
Principles of Consolidation	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. When reviewing the Company's financial results it should be noted that financial results for the Company's 2014 fiscal year reflect a full year of operations for both operating segments, whereas financial results for the Company's 2013 fiscal year reflect a full year of operations for the businesses in the TRS and a partial year from November 1, 2013 to December 31, 2013 for the real estate entity. Financial results for the Company's 2012 fiscal year reflect only the operations of the Company's TRS.

Restatement of Financial Statements Restatement of Financial Statements

12 Months Ended

Dec. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Restatement of Financial Statements

The restatement of the Company's audited financial statements relates to the Company's revenue recognition of percentage rents received from its tenant, Penn National Gaming, Inc., under the Master Lease. Previously, management concluded that the portion of the rent under the Master Lease classified as percentage rent and subject to re-sets every five years should be recognized as revenue as received during the first five years of the Master Lease when such rent was known. Management has now concluded that the percentage rent that was fixed or determinable at the lease inception date should have been recorded on a straight-line basis over the initial non-cancelable lease term and any reasonably assured renewals terms.

As a result of the restatement, the Company will reduce rental revenues during the first five years of the Master Lease and increase rental revenues over the remaining 30 years of the lease. Concurrent with the reduction in recognized rental revenues during the first five years of the Master Lease, the Company will record a deferred rent liability of the same amount to its balance sheet. This deferred rent liability will be amortized over the remainder of the 35 year lease term on a straight-line basis by recognizing rental revenue, thus changing only the timing of the Company’s revenue recognition. Accordingly, while the timing of the Company’s revenue recognition has been changed as a result of this revised accounting treatment, this adjustment is non-cash and the restatement does not affect the economic terms or substance of the Master Lease, including the total amount of rent paid or to be paid by the tenant.

The primary effect of the adjustments was to reduce rental revenues by $44.9 million and $6.7 million during the fiscal years ended December 31, 2014 and 2013, respectively. An increase to deferred rental revenue of the same amount was recorded on the Company's consolidated balance sheets during the respective periods, resulting in deferred rental revenue of $51.6 million and $6.7 million at December 31, 2014 and December 31, 2013, respectively. The Company also made a correction to recognize income tax expense in fiscal year 2014, while reducing income tax expense in fiscal year 2013 by the same amount and to reclassify the assets of its deferred compensation plan to other current assets from other assets at December 31, 2013.

The consolidated financial statements included in this Form 10-K/A have been restated to reflect the adjustments described above. The following is a summary of the effect of the restatement on (i) the Company's consolidated balance sheets at December 31, 2014 and December 31, 2013 (ii) the Company's consolidated statements of operations for the years ended December 31, 2014 and 2013 and (iii) the Company's consolidated statements of cash flows for the years ended December 31, 2014 and 2013. The Company did not present a summary of the effect of the restatement on the consolidated statement of changes in shareholders' equity (deficit) for any of the above referenced periods because the impact to retained earnings on the condensed consolidated statement of changes in shareholders' equity (deficit) is reflected below in the balance sheet summary.



Consolidated Balance Sheets
(amounts in thousands)

	As Previously Reported			Adjustments			As Restated
December 31, 2014:
Deferred rental revenue	$	—		$	51,554		$	51,554
Total liabilities	2,689,316			51,554			2,740,870
Retained deficit	(1,014,726		)	(51,554		)	(1,066,280		)
Total shareholders' deficit	(124,736		)	(51,554		)	(176,290		)

December 31, 2013:
Other current assets	$	17,367		$	12,685		$	30,052
Other assets	17,041			(12,685		)	4,356
Income taxes	17,256			(1,700		)	15,556
Deferred rental revenue	—			6,677			6,677
Total liabilities	2,466,810			4,977			2,471,787
Retained earnings	137,891			(4,977		)	132,914
Total shareholders' equity	142,429			(4,977		)	137,452



Consolidated Statements of Income
(amounts in thousands, except per share data)

	As Previously Reported		Adjustments			As Restated
Year Ended December 31, 2014:
Rental revenues	$	431,280	$	(44,877	)	$	386,403
Total rental revenue	481,814		(44,877		)	436,937
Total revenues	641,718		(44,877		)	596,841
Net revenues	635,945		(44,877		)	591,068
Income from operations	303,383		(44,877		)	258,506
Income before income taxes	188,797		(44,877		)	143,920
Income tax expense	3,413		1,700			5,113
Net income	185,384		(46,577		)	138,807
Basic earnings per common share	$	1.65	$	(0.42	)	$	1.23
Diluted earnings per common share	$	1.58	$	(0.40	)	$	1.18

Year Ended December 31, 2013:
Rental revenues	$	68,955	$	(6,677	)	$	62,278
Total rental revenue	76,557		(6,677		)	69,880
Total revenues	248,266		(6,677		)	241,589
Net revenues	242,129		(6,677		)	235,452
Income from operations	60,582		(6,677		)	53,905
Income before income taxes	37,126		(6,677		)	30,449
Income tax expense	17,296		(1,700		)	15,596
Net income	19,830		(4,977		)	14,853
Basic earnings per common share	$	0.18	$	(0.05	)	$	0.13
Diluted earnings per common share	$	0.17	$	(0.04	)	$	0.13



Consolidated Statements of Cash Flows
(amounts in thousands)

	As Previously Reported			Adjustments			As Restated
Year Ended December 31, 2014:
Net income	$	185,384		$	(46,577	)	$	138,807
Straight-line rent adjustments	—			44,877			44,877
Income taxes	(18,754		)	1,700			(17,054		)

Year Ended December 31, 2013:
Net income	$	19,830		$	(4,977	)	14,853
Straight-line rent adjustments	—			6,677			6,677
Income taxes	5,718			(1,700		)	4,018

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 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.

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.

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=56949863&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=56949863&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 1
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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
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-URI http://asc.fasb.org/extlink&oid=56949863&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
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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=51655806&loc=d3e725-108305

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Cash and Cash Equivalents

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

Concentration of Credit Risk

Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2014, substantially all of the Company's real estate properties were leased to Penn and approximately 97% of the Company's rental revenues were derived from the Master Lease. Revenues from Penn are reported in the Company's GLP Capital, L.P. reportable segment. Penn is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the Securities and Exchange Commission. Penn's net revenues were $2.6 billion for the year ended December 31, 2014 and $2.9 billion for each of the years ended December 31, 2013 and 2012. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2014, the Company's portfolio of 19 leased properties and the TRS properties was diversified by location across 12 states.

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

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

Prepaid Expenses and Other Assets

Prepaid expenses consist of expenditures for goods (other than inventories) or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance and other contracts that will be expensed during the subsequent year. It also includes property taxes that were paid in advance. Other current assets are items expected to be realized within twelve months of the balance sheet date and primarily consists of accounts receivable, deposits, food and beverage inventory and deferred compensation plan assets (See Note 10 for further details). Other assets are all items that are long-term in nature.

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.

Deferred Compensation Plan Assets and Corresponding Liabilities

The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under Accounting Standards Code ("ASC") 820 "Fair Value Measurements and Disclosures." Deferred compensation plan assets are included within other current assets on the consolidated balance sheets. Deferred compensation liabilities approximate the plan's assets and are included within other current liabilities on the consolidated balance sheets. The difference between the Company's deferred compensation plan assets and liabilities at both December 31, 2014 and 2013 is related to timing differences between the funding of assets held at the plan trustee and the actual contributions from eligible employees' compensation.

Loan Receivable

The fair value of the loan receivable approximates the carrying value of the Company's loan receivable, as collection on the outstanding loan balance is reasonably assured.

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.

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



	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	35,973	$	35,973	$	285,221	$	285,221
Deferred compensation plan assets	14,280		14,280		12,685		12,685
Loan receivable	34,000		34,000		—		—
Financial liabilities:
Deferred compensation plan liabilities	14,369		14,369		12,783		12,783
Long-term debt:
Senior unsecured credit facility	558,000		535,010		300,000		294,750
Senior unsecured notes	2,050,000		2,091,000		2,050,000		2,058,750

Real Estate Investments

The Company records the acquisition of real estate assets at cost, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 10 to 31 years. Additionally, the amortization of real estate assets subject to capital leases is included within the depreciation line item of the Company's consolidated statements of earnings.

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

Property and Equipment Used in Operations

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

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



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

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

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

Goodwill and Other Intangible Assets

At both December 31, 2014 and 2013, the Company had $75.5 million of goodwill and $9.6 million of other intangible assets within its consolidated balance sheets, resulting from the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville in connection with the Spin-Off. The Company's goodwill resides on the books of its Hollywood Casino Baton Rouge subsidiary, while the other intangible asset represents a gaming license on the books of its Hollywood Casino Perryville subsidiary. Both subsidiaries are members of the TRS Properties segment and are considered separate reporting units under ASC 350, "Intangibles - Goodwill and Other" ("ASC 350"). Goodwill is tested at the reporting unit level, which is an operating segment or one level below an operating segment for which discrete financial information is available.

Under ASC 350, the Company is required to test goodwill for impairment at least annually and whenever events or circumstances indicate that it is more likely than not that goodwill may be impaired. The Company has elected to perform its annual goodwill impairment test as of October 1 of each year. ASC 350 prescribes a two-step goodwill impairment test, the first step which involves the determination of the fair value of each reporting unit and its comparison to the carrying amount. If the carrying amount exceeds the fair value in step 1, then step 2 of the impairment test is performed to determine the implied value of goodwill. If the implied value of goodwill is less than the goodwill allocated to the reporting unit, an impairment loss is recognized.

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

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


•	Projected revenues and operating cash flows;


•	Theoretical construction costs and duration;


•	Pre-opening expenses;


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


•	Remaining useful life of the license

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

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

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

The Company determined the fair value of its goodwill and gaming license as of October 1, 2014 utilizing the forecasted cash flow methods described above and compared these values to the carrying value of the assets on its balance sheet. In determining the fair value of each asset, the Company incorporated recent operating trends of both TRS properties, as well as the expected impact of the recent opening of the Horseshoe Casino Baltimore in August 2014 and the anticipated opening of new casino in Prince George's County during the second half of 2016 on Hollywood Casino Perryville into its current year projections. After consideration of these facts, the fair value of both assets exceeded their carrying amounts, and as of October 1, 2014, the Company's goodwill and gaming license were not impaired.

Debt Issuance Costs

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

Comprehensive Income

Comprehensive income includes net income and all other non-owner changes in shareholders’ equity during a period. The Company did not have any non-owner changes in shareholders’ equity for the years ended December 31, 2014, 2013 and 2012 and comprehensive income for the years ended December 31, 2014, 2013 and 2012 was equivalent to net income for those time periods.

Income Taxes

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

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

ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the years ended December 31, 2014, 2013 and 2012.

The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the consolidated balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the year ended December 31, 2014, the Company recognized $18 thousand of penalties and interest, net of deferred income taxes. During the years ended December 31, 2013 and 2012, the Company did not recognize any interest and penalties, net of deferred income taxes.

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

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. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s consolidated balance sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant.

As of December 31, 2014, all but one of the Company’s real estate investment 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.

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

As of December 31, 2014, the future minimum rental income, including any reasonably assured renewable periods, from the Company's properties under non-cancelable operating leases was as follows (in thousands):



Year ending December 31,
2015	$	349,918
2016	349,918
2017	350,418
2018	353,577
2019	369,368
Thereafter	10,663,145
Total, as restated	$	12,436,344

For the years ended December 31, 2014 and 2013, GLPI recognized $40.5 million and $6.7 million, respectively, in contingent rental income from Hollywood Casino Columbus and Hollywood Casino Toledo related to clause (ii) in the paragraph above. The expected future minimum rental income from these properties, as well as the portion of the rent based on the performance of the other facilities under the Master Lease that is reset in Year 5 (November 1, 2018) of the lease are excluded from the table above as they are considered contingent rental income under ASC 840 "Leases."

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 with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor.

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 consolidated statements of income for the years ended December 31, 2014, 2013 and 2012:



	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Video lottery	$	127,572	$	138,803	$	189,808
Table game	19,120		18,096		11,891
Poker	1,591		2,453		882
Total gaming revenue, net of cash incentives	$	148,283	$	159,352	$	202,581

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

The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2014, 2013 and 2012 are as follows:



	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Food and beverage	$	5,732	$	5,970	$	6,806
Other	41		167		767
Total promotional allowances	$	5,773	$	6,137	$	7,573

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2014, 2013 and 2012 are as follows:



	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Food and beverage	$	2,766	$	2,907	$	3,319
Other	15		86		384
Total cost of complimentary services	$	2,781	$	2,993	$	3,703

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 wagering occurs. At Hollywood Casino Baton Rouge, the gaming and admission tax is based on graduated tax rates. At Hollywood Casino Perryville the gaming and admission tax rate is flat. 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 and admission tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the years ended December 31, 2014, 2013 and 2012, these expenses, which are primarily recorded within gaming expense in the consolidated statements of income, totaled $66.8 million, $71.6 million and $94.9 million, respectively.

Earnings Per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings Per Share." Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. Basic and diluted EPS for the year ended December 31, 2012 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.

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2014, 2013 and 2012 (in thousands):



	Year Ended December 31,
	2014	2013	2012

Determination of shares:
Weighted-average common shares outstanding	112,037	110,617	110,582
Assumed conversion of dilutive employee stock-based awards	5,340	4,924	4,703
Assumed conversion of restricted stock	209	324	318
Assumed conversion of performance-based restricted stock awards	—	—	—
Diluted weighted-average common shares outstanding	117,586	115,865	115,603

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts):



	Year Ended December 31,
	2014			2013			2012
	(As restated)			(As restated)
Calculation of basic EPS:
Net income	$	138,807		$	14,853		$	22,919
Less: Net income allocated to participating securities	(578		)	(56		)	(86		)
Net income attributable to common shareholders	$	138,229		$	14,797		$	22,833
Weighted-average common shares outstanding	112,037			110,617			110,582
Basic EPS	$	1.23		$	0.13		$	0.21

Calculation of diluted EPS:
Net income	$	138,807		$	14,853		$	22,919
Diluted weighted-average common shares outstanding	117,586			115,865			115,603
Diluted EPS	$	1.18		$	0.13		$	0.20

Options to purchase 17,917 shares were outstanding during the year ended December 31, 2014 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 years ended December 31, 2013 and 2012 that were not included in the computation of diluted EPS because of being antidilutive. Performance-based restricted stock awards were excluded from the computation of diluted EPS for the year ended December 31, 2014 because at the end of the reporting period no contingent shares were issuable based upon the terms of the awards.

Stock-Based Compensation

The Company's 2013 Long Term Incentive Compensation Plan (the "2013 Plan") provides for the Company to issue stock options (incentive and/or non-qualified), stock appreciation rights ("SARs"), restricted stock awards, including performance-based restricted stock awards, phantom stock units ("PSUs") and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards.

The Company accounts for stock compensation under ASC 718, "Compensation - Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option-pricing model. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day of grant. The Company utilizes a third party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model.

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

In addition, the Company’s cash-settled SARs are accounted for as liability awards. 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, each outstanding option and cash settled SAR with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option, or, in the case of the SARs, an adjusted Penn SAR and a GLPI SAR. The adjustment preserved the aggregate intrinsic value of the options and SARs. Additionally, in connection with the Spin-Off, holders of outstanding restricted stock and PSUs with respect to Penn common stock became entitled to an additional share of restricted stock or PSU with respect to GLPI common stock for each share of Penn restricted stock or PSU held.

The adjusted options and SARs, as well as the restricted stock 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; and for purposes of the GLPI awards (including in determining exercisability and the post-termination exercise period), continued service with Penn following the distribution date shall be deemed continued service with GLPI.

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

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

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 real estate 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 14 for further information with respect to the Company’s segments.

Statements of Cash Flows

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

Certain Risks and Uncertainties

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

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

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 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 December 31, 2014, principal and interest payments reduced the balance of this loan to $34.0 million. Commencing on March 31, 2015, Casino Queen is obligated to make mandatory principal payments on the loan on the last day of each calendar year quarter equal to 1.25% of the original loan balance. The collectability of the remaining loan balance is reasonably assured, and it is recorded at carrying value which approximates fair value. Interest income related to the loan is recorded in interest income within the Company's consolidated statement of income in the period of receipt. 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 entered into an agreement with Cannery Casino Resorts LLC ("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 lawsuit was subsequently re-filed in New York state court on January 7, 2015 for procedural reasons. The Company is seeking a declaratory judgment that CCR has breached the agreements, return of $10 million paid pursuant to a related 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.

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).

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Property, Plant and Equipment [Abstract]

Real Estate Investments

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Real Estate Investments

Real estate investments, net, represents investments in 19 rental properties and the corporate headquarters building and is summarized as follows:



	December 31, 2014			December 31, 2013
	(in thousands)
Land and improvements	$	454,181		$	382,581
Building and improvements	2,288,664			2,050,533
Construction in progress	2,576			61,677
Total real estate investments	2,745,421			2,494,791
Less accumulated depreciation	(565,297		)	(484,488		)
Real estate investments, net	$	2,180,124		$	2,010,303

The decrease in construction in progress and related increase in building and improvements is primarily due to the Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley assets being placed 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

12 Months Ended

Dec. 31, 2014

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:



	December 31, 2014			December 31, 2013
	(in thousands)
Land and improvements	$	31,595		$	27,586
Building and improvements	116,867			115,888
Furniture, fixtures, and equipment	103,612			101,288
Construction in progress	724			203
Total property and equipment	252,798			244,965
Less accumulated depreciation	(118,770		)	(105,844		)
Property and equipment, net	$	134,028		$	139,121

Long-term Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt, net of current maturities is as follows:



	December 31, 2014			December 31, 2013
	(in thousands)
Senior unsecured credit facility	$	558,000		$	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
Capital lease	1,487			—
Total long-term debt	2,609,487			2,350,000
Less current maturities of long-term debt	(81		)	—
Long-term debt, net of current maturities	$	2,609,406		$	2,350,000

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



2015	$	81
2016	119
2017	107
2018	1,108,113
2019	118
Thereafter	1,500,949
Total minimum payments	$	2,609,487

Senior Unsecured Credit Facility

The Company participates in a one billion senior unsecured credit facility (the "Credit Facility"), consisting of a $700 million revolving credit facility and a $300 million Term Loan A facility. The interest rates payable on the loans are, at the Company's option, equal to either a LIBOR rate or a base rate plus an applicable margin, which ranges from 1.0% to 2.0% per annum for LIBOR loans and 0.0% to 1.0% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Credit Facility. At December 31, 2014, the applicable margin was 1.50% for LIBOR loans and 0.50% for base rate loans. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the revolving facility at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Credit Facility. At December 31, 2014, the commitment fee rate was 0.25%. The Company is not required to repay any loans under the Credit Facility prior to maturity on October 28, 2018 and may prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any LIBOR breakage costs of the lenders. The Company's wholly owned subsidiary, GLP Capital is the primary obligor under the Credit Facility, which is guaranteed by GLPI.

At December 31, 2014, the Credit Facility had a gross outstanding balance of $558 million, consisting of the $300 million Term Loan A facility and $258 million of borrowings under the revolving credit facility. Additionally, at December 31, 2014, the Company was contingently obligated under letters of credit issued pursuant to the senior unsecured credit facility with face amounts aggregating approximately $0.7 million, resulting in $441.3 million of available borrowing capacity under the revolving credit facility as of December 31, 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. At December 31, 2014, the Company was in compliance with all required covenants under the Credit Facility.

Senior Unsecured Notes

At December 31, 2014, the Company had $550 million outstanding of 4.375% senior unsecured notes maturing on November 1, 2018 (the "2018 Notes"), $1,000 million outstanding of 4.875% senior unsecured notes maturing on November 1, 2020 (the "2020 Notes") and $500 million outstanding of 5.375% senior unsecured notes maturing on November 1, 2023 (the "2023 Notes"). Interest on each of the 2018 Notes, 2020 Notes and 2023 Notes, (collectively the "Notes") is payable semi-annually on May 1 and November 1 of each year.

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

The Notes were issued by GLP Capital, L.P. and GLP Financing II, Inc., (the "Issuers") two wholly-owned subsidiaries of GLPI and are guaranteed on a senior unsecured basis by GLPI. The guarantees of GLPI are full and unconditional. The Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Credit Facility, and senior in right of payment to all of the Issuers' subordinated indebtedness, without giving effect to collateral arrangements. See Note 19 for additional financial information on the parent guarantor and subsidiary issuers of the Notes.

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

At December 31, 2014, the Company was in compliance with all required covenants under the Notes.

Capital Lease

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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

On May 14, 2014, the Company announced that it 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 lawsuit was subsequently re-filed in New York state court on January 7, 2015 for procedural reasons. The Company is seeking a declaratory judgment that CCR has breached the agreements, return of $10 million paid pursuant to a related 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. There can be no assurance that Penn will be able to fully satisfy its indemnification obligations. Moreover, even if we ultimately succeed in recovering from Penn any amounts for which we are liable, we may be temporarily required to bear those losses.

The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters.

Operating Lease Commitments

As part of the Spin-Off, Penn assigned to GLPI various leases on the land and buildings acquired in connection with the Spin-Off. The following is a description of some of the more significant lease contracts that Penn assigned to GLPI. Total rental expense under these agreements was $2.8 million and $0.4 million for the years ended December 31, 2014 and 2013 (which covers the period subsequent to the Spin-Off date). The leases consist of annual base lease payments and, in some instances, a percentage rent based on a percent of adjusted gaming wins, as described in the respective leases.

The Company has an operating lease for the land utilized in connection with the operations of the casino in Biloxi, Mississippi. The lease commenced March 3, 1994 and is for a term of 99 years. The annual rental payments are increased every 5 years by fifteen percent and will be $0.2 million for 2015. The next reset period is in March 2019.

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

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

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2014 are as follows (in thousands):



Year ending December 31,
2015	$	1,528
2016	1,520
2017	1,533
2018	1,531
2019	1,089
Thereafter	44,320
Total	$	51,521

In addition, the Company is liable under numerous operating leases for equipment and other miscellaneous assets, which expire at various dates through 2019. Total rental expense under these agreements was $1.2 million, $1.4 million and $1.6 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Capital Expenditure Commitments

The Company's current construction program for 2015 calls for no capital expenditures for which the Company was contractually committed to spend at December 31, 2014.

Purchase Obligations

The Company has obligations to purchase various goods and services totaling $1.8 million at December 31, 2014, of which the majority will be incurred in 2015.

Employee Benefit Plans

The Company maintains a defined contribution plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary and/or their annual bonus in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions for the defined contribution plan for the years ended December 31, 2014, 2013 and 2012 were $0.3 million, $0.2 million, and $0.2 million, respectively.

The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for the years ended December 31, 2014, 2013 and 2012 were $0.4 million, $0.3 million and $0.1 million, respectively. The Company's deferred compensation liability, which was included in other current liabilities within the consolidated balance sheet, was $14.4 million and $12.8 million at December 31, 2014 and 2013, respectively and primarily relates to balances contributed as part of the Spin-Off as related to the Company's executive officers that were previously employed by Penn. Assets held in the Trust were $14.3 million and $12.7 million at December 31, 2014 and 2013, respectively, and are included in other current assets within the consolidated balance sheet.

Labor Agreements

Some of Hollywood Casino Perryville's employees are currently represented by labor unions. The Seafarers Entertainment and Allied Trade Union represents 210 of Hollywood Casino Perryville's employees under an agreement that expires in February 2020. Additionally, Local No. 27 United Food and Commercial Workers and United Industrial Service Transportation Professional and Government Workers of North America represent certain employees under collective bargaining agreements that expire in 2020, neither of which represents more than 50 of Hollywood Casino Perryville's employees. If the Company fails to renew or modify existing agreements on satisfactory terms, this failure could have a material adverse effect on Hollywood Casino Perryville's business, financial condition and results of operations. There can be no assurance that Hollywood Casino Perryville will be able to maintain these agreements.

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

The Company intends to elect on its U.S. federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT. The benefits of the intended REIT conversion on the Company's tax provision and effective income tax rate are reflected in the tables below. Deferred tax assets and liabilities are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. The components of the Company's deferred tax assets and liabilities, related to its TRS, are as follows:



Year ended December 31,	2014			2013
	(in thousands)
Deferred tax assets:
Accrued expenses	$	2,015		$	2,228
Property and equipment	679			—
Net deferred tax assets	2,694			2,228
Deferred tax liabilities:
Property and equipment	(336		)	(3,459		)
Intangibles	(1,107		)	(823		)
Net deferred tax liabilities	(1,443		)	(4,282		)
Net:	$	1,251		$	(2,054	)

The provision for income taxes charged to operations for years ended December 31, 2014, 2013 and 2012 was as follows:



Year ended December 31,	2014			2013			2012
	(in thousands)
	(As restated)			(As restated)
Current tax expense
Federal	$	6,115		$	17,729		$	12,216
State	2,303			3,513			2,303
Total current	8,418			21,242			14,519
Deferred tax (benefit) expense
Federal	(2,680		)	(7,624		)	64
State	(625		)	1,978			(152		)
Total deferred	(3,305		)	(5,646		)	(88		)
Total provision	$	5,113		$	15,596		$	14,431

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2014, 2013 and 2012:



Year ended December 31,	2014		2013		2012
	(As restated)		(As restated)
Percent of pretax income
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	0.7	%	12.6	%	3.0	%
Nondeductible transaction costs	—	%	9.2	%	—	%
REIT conversion benefit	(31.8	)%	(4.3	)%	—	%
Permanent differences	—	%	(0.9	)%	0.1	%
Other miscellaneous items	(0.3	)%	(0.4	)%	0.5	%
	3.6	%	51.2	%	38.6	%



Year ended December 31,	2014			2013			2012
	(in thousands)
	(As restated)			(As restated)
Amount based upon pretax income
U.S. federal statutory income tax	$	50,372		$	10,657		$	13,073
State and local income taxes	964			3,840			1,126
Nondeductible transaction costs	—			2,793			—
REIT conversion benefit	(45,777		)	(1,322		)	—
Permanent differences	52			(268		)	30
Other miscellaneous items	(498		)	(104		)	202
	$	5,113		$	15,596		$	14,431

The Company is still subject to federal income tax examinations for its years ended December 31, 2014 and 2013.

Dividends

12 Months Ended

Dec. 31, 2014

Dividends [Abstract]

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. Additionally, on December 19, 2014, the Company made a one-time distribution of $37.0 million to shareholders in order to confirm the Company appropriately allocated its historical earnings and profits relative to the separation from Penn, in response to the Pre-Filing Agreement requested from the IRS. In addition, cash distributions were made to or accrued for both GLPI restricted stock award holders and GLPI and Penn unvested employee stock options in the amount of $0.7 million for this one-time distribution.

Also 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. On November 18, 2014, the Company’s Board of Directors declared a fourth quarter dividend of $0.92 per common share, which was paid on December 19, 2014, in the amount of $103.7 million, to shareholders of record on December 2, 2014. The $0.92 per share dividend included a regular quarterly dividend of $0.52 per share and a one-time dividend of $0.40 per share. The one-time dividend is related to distributions made to confirm the Company appropriately allocated its historical earnings and profits relative to the separation from Penn, in response to the Pre-Filing Agreement requested from the Internal Revenue Service and to ensure that the Company has distributed 100% of its taxable income for the 2014 year. In addition, fourth quarter regular quarterly 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.

A summary of the Company's common stock distributions for the year ended December 31, 2014 is as follows:



Qualified dividends	$	12.24
Non-qualified dividends	1.90
Capital gains	0.16
Non-taxable return of capital	0.02
Total distributions per common share	$	14.32
Percentage classified as qualified dividends	85.47		%
Percentage classified as non-qualified dividends	13.27		%
Percentage classified as capital gains	1.12		%
Percentage classified as non-taxable return of capital	0.14		%
	100.00		%

Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

As of December 31, 2014, the Company had 4,380,854 shares available for future issuance under the 2013 Long Term Incentive Compensation Plan (the "2013 Plan") that was approved by shareholders on October 23, 2013. The 2013 Plan provides for the Company to issue stock options (incentive and/or non-qualified), stock appreciation rights, restricted stock awards, phantom stock units and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards.

In connection with the Spin-Off, each outstanding option and cash settled SAR with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option, or, in the case of the SARs, an adjusted Penn SAR and a GLPI SAR. The adjustment preserved the aggregate intrinsic value of the options and SARs. Additionally, holders of outstanding restricted stock and PSUs with respect to Penn common stock became entitled to an additional share of restricted stock or PSU with respect to GLPI common stock for each share of Penn restricted stock or PSU held so that the intrinsic value of these awards were equivalent to those that existed immediately prior to the Spin-Off. These awards are not counted against the 2013 Plan limit mentioned above.

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 at the time of the Spin-Off related to both Penn and GLPI's stock options and restricted stock awards held by GLPI employees will be amortized to expense over the awards' remaining vesting periods.

As of December 31, 2014, there was $2.5 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 1.00 year. For the years ended December 31, 2014 and 2013, the Company recognized $5.8 million and $1.2 million, respectively of compensation expense associated with these awards. There was no compensation cost recognized for the year ended December 31, 2012 related to stock options. In addition, the Company also recognized $15.3 million of compensation expense for the year ended December 31, 2014, relating to the $2.48 per share dividends paid on vested employee stock options.

The following tables contain information on stock options issued and outstanding for the year ended December 31, 2014 :



	Number of Option Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2013 ⁽¹⁾	13,662,842		$	18.42
Exercised	(2,330,848	)	16.24
Canceled	(170,152	)	21.47
Outstanding at December 31, 2014	11,161,842		$	18.83	2.37	$	119,233


⁽¹⁾	The number of outstanding stock options and the weighted average exercise price of these options was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of stock options outstanding at December 31, 2013 includes 3,324,389 shares resulting from the distribution.



	Exercise Price Range						Total
	$10.22 to $15.39		$15.78 to $23.68		$23.72 to $35.87		$10.22 to $35.87
Outstanding options
Number outstanding	1,121,623		8,855,409		1,184,810		11,161,842
Weighted-average remaining contractual life (years)	1.03		2.58		2.06		2.37
Weighted-average exercise price	$	12.45	$	18.88	$	24.50	$	18.83
Exercisable options
Number outstanding	1,121,623		7,474,418		1,174,898		9,770,939
Weighted-average exercise price	$	12.45	$	18.38	$	24.49	$	18.44

The Company had 9,770,939 stock options that were exercisable at December 31, 2014 with a weighted average exercise price of $18.44 which had an intrinsic value of $108.2 million. The aggregate intrinsic value of stock options exercised during 2014 was $43.1 million. The Company issues new authorized common shares to satisfy stock option exercises and plans to do the same for restricted stock lapses once they occur.

As of December 31, 2014, there was $9.6 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 2.27 years. For the years ended December 31, 2014 and 2013, the Company recognized $3.6 million and $0.4 million, respectively, of compensation expense associated with these awards. There was no compensation cost recognized for the year ended December 31, 2012 related to restricted stock awards.

The following table contains information on restricted stock award activity for the year ended December 31, 2014:



	Number of Award Shares
Outstanding at December 31, 2013 ⁽¹⁾	525,328
Granted	240,149
Released	(237,618	)
Canceled	(59,018	)
Outstanding at December 31, 2014	468,841


⁽¹⁾	The number of outstanding restricted stock awards was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of restricted awards outstanding at December 31, 2013 includes 106,261 shares resulting from the distribution.

On April 25, 2014, the Company awarded market performance-based restricted stock awards with a three-year cliff vesting. The amount of performance-based 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 December 31, 2014, there was $9.6 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 2.32 years for performance-based restricted stock awards. For the year ended December 31, 2014 the Company recognized $2.9 million of compensation expense associated with these awards.

The following table contains information on performance-based restricted stock award activity for the year ended December 31, 2014:



	Number of Performance-Based Award Shares
Outstanding at December 31, 2013	—
Granted	613,556
Released	—
Canceled	(70,000	)
Outstanding at December 31, 2014	543,556

As of December 31, 2014, there was $5.1 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 1.70 years, for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the years ended December 31, 2014 and 2013, the Company recognized $2.5 million and $1.2 million, respectively of compensation expense associated with these awards. In addition, the Company also recognized $0.8 million for the year ended December 31, 2014 relating to the Purging Distribution dividend and the $2.48 per share dividends paid on unvested PSUs.

As of December 31, 2014, there was $0.2 million of total unrecognized compensation cost, which will be recognized over the grants remaining weighted average vesting period of 1.32 years, for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the years ended December 31, 2014 and 2013, the Company recognized $67 thousand and $0.2 million, respectively of compensation expense associated with these awards. There was no compensation cost recognized for the year ended December 31, 2012 related to SARs.

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

12 Months Ended

Dec. 31, 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.



	GLP Capital ⁽¹⁾		TRS Properties			Eliminations ⁽²⁾			Total
	(in thousands)
For the year ended December 31, 2014, as restated
Net revenues	$	436,944	$	154,124		$	—		$	591,068
Income from operations	234,971		23,535			—			258,506
Interest, net	114,588		10,406			(10,408		)	114,586
Income before income taxes	130,791		13,129			—			143,920
Income tax expense	211		4,902			—			5,113
Net income	130,580		8,227			—			138,807
Depreciation	94,582		12,261			—			106,843
Capital project expenditures, net of reimbursements	139,231		—			—			139,231
Capital maintenance expenditures	—		3,538			—			3,538

For the year ended December 31, 2013, as restated
Net revenues	$	69,880	$	165,572		$	—		$	235,452
Income from operations	27,656		26,249			—			53,905
Interest, net	19,254		(1		)	—			19,253
Income before income taxes	8,402		22,047			—			30,449
Income tax expense	6,767		8,829			—			15,596
Net income	1,635		13,218			—			14,853
Depreciation	14,896		14,027			—			28,923
Capital project expenditures, net of reimbursements	13,042		(844		)	—			12,198
Capital maintenance expenditures	—		4,230			—			4,230

For the year ended December 31, 2012
Net revenues	$	—	$	210,643		$	—		$	210,643
Income from operations	—		43,668			—			43,668
Interest, net	—		(2		)	—			(2		)
Income before income taxes	—		37,350			—			37,350
Income tax expense	—		14,431			—			14,431
Net income	—		22,919			—			22,919
Depreciation	—		14,090			—			14,090
Capital project expenditures, net of reimbursements	—		1,930			—			1,930
Capital maintenance expenditures	—		3,260			—			3,260

Balance sheet at December 31, 2014, as restated
Total assets	$	2,335,472	$	229,108		$	—		$	2,564,580

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

⁽¹⁾ GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013, results included transaction costs associated with the Spin-Off of $13.5 million.

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

The 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.

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Selected Quarterly Financial Information [Abstract]

Summarized Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Summarized Quarterly Data

Summarized Quarterly Data (Unaudited)

The following table summarizes the quarterly results of operations for the years ended December 31, 2014 and 2013:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2014, as restated
Net revenues	$	148,312	$	150,770	$	146,906	$	145,080
Income from operations	64,318		67,358		66,733		60,097
Net income	34,296		36,996		37,313		30,202

Earnings per common share:
Basic earnings per common share	$	0.31	$	0.33	$	0.33	$	0.27
Diluted earnings per common share	$	0.29	$	0.31	$	0.32	$	0.26

2013, as restated
Net revenues	$	42,648	$	46,072	$	39,633	$	107,099
Income from operations	6,811		9,090		5,665		32,339
Net income	3,216		4,699		2,681		4,257

Earnings per common share:
Basic earnings per common share	$	0.04	$	0.04	$	0.02	$	0.04
Diluted earnings per common share	$	0.03	$	0.04	$	0.02	$	0.04


⁽¹⁾	During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million.

⁽²⁾

The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information.



	Three Months Ended March 31, 2014							Three Months Ended June 30, 2014
	As Previously Reported		Adjustments			As Restated		As Previously Reported		Adjustments			As Restated
	(in thousands, except per share data)
Net revenues	$	158,328	$	(10,016	)	$	148,312	$	160,786	$	(10,016	)	$	150,770
Income from operations	74,334		(10,016		)	64,318		77,374		(10,016		)	67,358
Net income	44,312		(10,016		)	34,296		47,012		(10,016		)	36,996
Earnings per common share
Basic earnings per common share	$	0.40	$	(0.09	)	$	0.31	$	0.42	$	(0.09	)	$	0.33
Diluted earnings per common share	$	0.38	$	(0.09	)	$	0.29	$	0.40	$	(0.09	)	$	0.31



	Three Months Ended September 30, 2014							Three Months Ended December 31, 2014
	As Previously Reported		Adjustments			As Restated		As Previously Reported		Adjustments			As Restated
	(in thousands, except per share data)
Net revenues	$	157,795	$	(10,889	)	$	146,906	$	159,036	$	(13,956	)	$	145,080
Income from operations	77,622		(10,889		)	66,733		74,053		(13,956		)	60,097
Net income	49,902		(12,589		)	37,313		44,158		(13,956		)	30,202
Earnings per common share
Basic earnings per common share	$	0.44	$	(0.11	)	$	0.33	$	0.39	$	(0.12	)	$	0.27
Diluted earnings per common share	$	0.42	$	(0.10	)	$	0.32	$	0.38	$	(0.12	)	$	0.26



	Three Months Ended December 31, 2013
	As Previously Reported		Adjustments			As Restated
	(in thousands, except per share data)
Net revenues	$	113,776	$	(6,677	)	$	107,099
Income from operations	39,016		(6,677		)	32,339
Net income	9,234		(4,977		)	4,257
Earnings per common share
Basic earnings per common share	$	0.08	$	(0.04	)	$	0.04
Diluted earnings per common share	$	0.08	$	(0.04	)	$	0.04

Pre-Spin Transactions with Penn	12 Months Ended
Pre-Spin Transactions with Penn	Dec. 31, 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 $4.2 million and $6.3 million for the years ended December 31, 2013 (before the Spin-Off) and 2012, 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	12 Months Ended
Supplemental Disclosures of Cash Flow Information	Dec. 31, 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 $9.4 million and $13.2 million, respectively, for the years ended December 31, 2013 and 2012, respectively. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $1.6 million and $2.8 million for the years ended December 31, 2013 and 2012, respectively. Cash paid for income taxes was $20.1 million, net of refunds, for the year ended December 31, 2014. Cash paid for interest was $109.4 million and $0.8 million for the years ended December 31, 2014 and 2013, respectively, and no interest was paid for the year ended December 31, 2012.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 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. The Company subsequently paid an additional $244,000 to WPC during the year ended December 31, 2014 in connection with numerous construction costs WPC paid on the Company's behalf. 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. During the year ended December 31, 2014, the Company paid approximately $59,000 to the Construction Manager. 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.

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

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

Supplmentary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

12 Months Ended

Dec. 31, 2014

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 December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012 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. As discussed in Note 3, this financial information has been restated, primarily to correct the Company's revenue recognition of percentage rents under the Master Lease with Penn National Gaming, Inc.



At December 31, 2014 Condensed Consolidating Balance Sheet, as restated	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,042,311		$	137,813		$	—		$	2,180,124
Property and equipment, used in operations, net	25,228			—			108,800			—			134,028
Cash and cash equivalents	2,643			4,450			28,880			—			35,973
Prepaid expenses	1,096			2,196			3,110			1,498			7,900
Deferred tax assets, current	—			—			2,015			—			2,015
Other current assets	14,947			27,417			2,890			—			45,254
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $9,327 at December 31, 2014	—			39,126			—			—			39,126
Loan receivable	—			—			34,000			—			34,000
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	(190,541		)	195,092			13,701			(18,252		)	—
Deferred tax assets, non-current	—			—			679			—			679
Other assets	256			—			127			—			383
Total assets	$	(146,371	)	$	2,504,187		$	417,113		$	(210,349	)	$	2,564,580

Liabilities
Accounts payable	$	4,011		$	188		$	210		$	—		$	4,409
Accrued expenses	514			119			4,706			—			5,339
Accrued interest	—			17,528			—			—			17,528
Accrued salaries and wages	10,013			—			2,568			—			12,581
Gaming, property, and other taxes	1,012			18,874			2,855			—			22,741
Deferred income tax liabilities	—			(165		)	(1,333		)	1,498			—
Current maturities of long-term debt	—			81			—			—			81
Other current liabilities	14,369			—			1,419			—			15,788
Long-term debt, net of current maturities	—			2,609,406			—			—			2,609,406
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			51,554			—			—			51,554
Deferred tax liabilities, non-current	—			—			1,443			—			1,443
Total liabilities	29,919			2,697,585			205,463			(192,097		)	2,740,870

Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 shares issued at December 31, 2014	1,130			—			—			—			1,130
Additional paid-in capital	888,860			139,811			292,547			(432,358		)	888,860
Retained (deficit) earnings	(1,066,280		)	(333,209		)	(80,897		)	414,106			(1,066,280		)
Total shareholders’ (deficit) equity	(176,290		)	(193,398		)	211,650			(18,252		)	(176,290		)
Total liabilities and shareholders’ (deficit) equity	$	(146,371	)	$	2,504,187		$	417,113		$	(210,349	)	$	2,564,580



Year ended December 31, 2014 Condensed Consolidating Statement of Operations, as restated	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—		$	373,231		$	13,172		$	—		$	386,403
Real estate taxes paid by tenants	—			48,570			1,964			—			50,534
Total rental revenue	—			421,801			15,136			—			436,937
Gaming	—			—			148,283			—			148,283
Food, beverage and other	7			—			11,614			—			11,621
Total revenues	7			421,801			175,033			—			596,841
Less promotional allowances	—			—			(5,773		)	—			(5,773		)
Net revenues	7			421,801			169,260			—			591,068
Operating expenses
Gaming	—			—			82,995			—			82,995
Food, beverage and other	—			—			9,734			—			9,734
Real estate taxes	—			48,576			3,578			—			52,154
General and administrative	54,073			2,758			24,005			—			80,836
Depreciation	1,832			89,833			15,178			—			106,843
Total operating expenses	55,905			141,167			135,490			—			332,562
Income from operations	(55,898		)	280,634			33,770			—			258,506

Other income (expenses)
Interest expense	(11		)	(117,016		)	(3		)	—			(117,030		)
Interest income	—			—			2,444			—			2,444
Management fee	—			—			—			—			—
Intercompany dividends and interest	612,326			39,805			618,695			(1,270,826		)	—
Total other expenses	612,315			(77,211		)	621,136			(1,270,826		)	(114,586		)

Income before income taxes	556,417			203,423			654,906			(1,270,826		)	143,920
Income tax expense	—			210			4,903			—			5,113
Net income	$	556,417		$	203,213		$	650,003		$	(1,270,826	)	$	138,807



Year ended December 31, 2014 Condensed Consolidating Statement of Cash Flows, as restated	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	556,417		$	203,213		$	650,003		$	(1,270,826	)	$	138,807
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	1,832			89,833			15,178			—			106,843
Amortization of debt issuance costs	—			8,057			—			—			8,057
Losses (gains) on dispositions of property	2			(150		)	158			—			10
Deferred income taxes	—			—			(3,305		)	—			(3,305		)
Stock-based compensation	12,258			—			—			—			12,258
Straight-line rent adjustments	—			44,877			—			—			44,877

Decrease (increase),
Prepaid expenses and other current assets	181			(10,741		)	(1,539		)	1,498			(10,601		)
Other assets	(1,645		)	—			(15		)	—			(1,660		)
Intercompany	800			(4,015		)	3,215			—			—
(Decrease) increase,
Accounts payable	(16,995		)	15,526			(181		)	—			(1,650		)
Accrued expenses	(7,944		)	119			(619		)	—			(8,444		)
Accrued interest	—			(527		)	—			—			(527		)
Accrued salaries and wages	2,882			—			(638		)	—			2,244
Gaming, pari-mutuel, property and other taxes	871			—			(344		)	—			527
Income taxes	(1,441		)	(7,625		)	(6,490		)	(1,498		)	(17,054		)
Other current and noncurrent liabilities	1,585			—			1,292			—			2,877
Net cash provided by (used in) operating activities	548,803			338,567			656,715			(1,270,826		)	273,259
Investing activities
Capital project expenditures, net of reimbursements	(1,613		)	(137,618		)	—			—			(139,231		)
Capital maintenance expenditures	—			—			(3,538		)	—			(3,538		)
Proceeds from sale of property and equipment	—			150			30			—			180
Funding of loan receivable	—			—			(43,000		)	—			(43,000		)
Principal payments on loan receivable	—			—			9,000			—			9,000
Acquisition of real estate	—			—			(140,730		)	—			(140,730		)
Net cash used in investing activities	(1,613		)	(137,468		)	(178,238		)	—			(317,319		)
Financing activities
Dividends paid	(494,104		)	—			—			—			(494,104		)
Proceeds from exercise of options	29,931			—			—			—			29,931
Proceeds from issuance of long-term debt	—			291,950			—			—			291,950
Financing costs	—			(306		)	—			—			(306		)
Payments of long-term debt	—			(32,024		)	—			—			(32,024		)
Intercompany financing	(122,540		)	(677,364		)	(470,922		)	1,270,826			—
Distribution in connection with 2013 Pre-Spin tax matter agreement	(635		)	—			—			—			(635		)
Net cash (used in) provided by financing activities	(587,348		)	(417,744		)	(470,922		)	1,270,826			(205,188		)
Net (decrease) increase in cash and cash equivalents	(40,158		)	(216,645		)	7,555			—			(249,248		)
Cash and cash equivalents at beginning of period	42,801			221,095			21,325			—			285,221
Cash and cash equivalents at end of period	$	2,643		$	4,450		$	28,880		$	—		$	35,973



At December 31, 2013 Condensed Consolidating Balance Sheet, as restated	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 tax assets, current	—			—		1,885		343			2,228
Other current assets	13,438			15,708		906		—			30,052
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	99,414			208,739		303,180		(611,333		)	—
Other assets	195			—		4,161		—			4,356
Total assets	$	182,497		$	2,504,556	$	533,176	$	(610,990	)	$	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
Deferred tax liabilities, non-current	(4,473		)	10,608		9,421		—			15,556
Other current liabilities	12,782			—		129		—			12,911
Long-term debt	—			2,350,000		—		—			2,350,000
Deferred rental revenue	—			6,677		—		—			6,677
Deferred income taxes	—			—		3,939		343			4,282
Total liabilities	45,045			2,402,882		23,517		343			2,471,787

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2013)	—			—		—		—			—
Common stock ($.01 par value, 500,000,000 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)	132,914			84,403		346,959		(431,362		)	132,914
Total shareholders’ equity (deficit)	137,452			101,674		509,659		(611,333		)	137,452
Total liabilities and shareholders’ equity (deficit)	$	182,497		$	2,504,556	$	533,176	$	(610,990	)	$	2,609,239



Year ended December 31, 2013 Condensed Consolidating Statement of Operations, as restated	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non- Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—		$	62,278		$	—		$	—		$	62,278
Real estate taxes paid by tenants	—			7,602			—			—			7,602
Total rental revenue	—			69,880			—			—			69,880
Gaming	—			—			159,352			—			159,352
Food, beverage and other	—			—			12,357			—			12,357
Total revenues	—			69,880			171,709			—			241,589
Less promotional allowances	—			—			(6,137		)	—			(6,137		)
Net revenues	—			69,880			165,572			—			235,452
Operating expenses
Gaming	—			—			89,367			—			89,367
Food, beverage and other	—			—			10,775			—			10,775
Real estate taxes	—			7,602			1,618			—			9,220
General and administrative	19,726			—			23,536			—			43,262
Depreciation	74			14,822			14,027			—			28,923
Total operating expenses	19,800			22,424			139,323			—			181,547
Income from operations	(19,800		)	47,456			26,249			—			53,905

Other income (expenses)
Interest expense	—			(19,254		)	—			—			(19,254		)
Interest income	—			—			1			—			1
Management fee	—			—			(4,203		)	—			(4,203		)
Intercompany dividends and interest	68,955			—			68,955			(137,910		)	—
Total other expenses	68,955			(19,254		)	64,753			(137,910		)	(23,456		)

Income before income taxes	49,155			28,202			91,002			(137,910		)	30,449
Income tax expense	643			6,124			8,829			—			15,596
Net income	$	48,512		$	22,078		$	82,173		$	(137,910	)	$	14,853



Year ended December 31, 2013 Condensed Consolidating Statement of Cash Flows, as restated	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	48,512		$	22,078		$	82,173		$	(137,910	)	$	14,853
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	74			14,822			14,027			—			28,923
Amortization of debt issuance costs	—			1,270			—			—			1,270
Gain on sales of property	—			—			(39		)	—			(39		)
Deferred income taxes	—			—			(5,646		)	—			(5,646		)
Stock-based compensation	1,566			—			—			—			1,566
Straight-line rent adjustments	—			6,677			—			—			6,677

(Increase) decrease,
Prepaid expenses and other current assets	(1,944		)	—			(775		)	1,834			(885		)
Other assets	(662		)	—			—			—			(662		)
Intercompany	2,259			—			(2,259		)	—			—
Increase (decrease),	0			0						0
Accounts payable	20,073			(18,508		)	1,073			—			2,638
Accrued expenses	8,458			—			(462		)	—			7,996
Accrued interest	—			18,055			(839		)	—			17,216
Accrued salaries and wages	2,432			—			(301		)	—			2,131
Gaming, pari-mutuel, property and other taxes	141			—			(148		)	—			(7		)
Income taxes	(4,473		)	10,608			(283		)	(1,834		)	4,018
Other current and noncurrent liabilities	564			—			19			—			583
Net cash provided by (used in) operating activities	77,000			55,002			86,540			(137,910		)	80,632
Investing activities
Capital project expenditures, net of reimbursements	(5,532		)	(7,510		)	844			—			(12,198		)
Capital maintenance expenditures	—			—			(4,230		)	—			(4,230		)
Proceeds from sale of property and equipment	—			—			153			—			153
Funding of loan receivable	—			—			—			—			—
Principal payments on loan receivable	—			—			—			—			—
Acquisition of real estate	—			—			—			—			—
Net cash used in investing activities	(5,532		)	(7,510		)	(3,233		)	—			(16,275		)
Financing activities
Net advances to Penn National Gaming, Inc.	—			—			(6,982		)	—			(6,982		)
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off	(19,609		)	(1,992,931		)	(77,460		)	—			(2,090,000		)
Dividends paid	—			—			—			—			—
Proceeds from exercise of options	1,431			—			—			—			1,431
Proceeds from issuance of long-term debt	—			2,350,000			—			—			2,350,000
Financing costs	—			(48,147		)	—			—			(48,147		)
Payments of long-term debt	—			—			—			—			—
Intercompany financing	(10,489		)	(135,319		)	7,898			137,910			—
Net cash (used in) provided by financing activities	(28,667		)	173,603			(76,544		)	137,910			206,302
Net increase in cash and cash equivalents	42,801			221,095			6,763			—			270,659
Cash and cash equivalents at beginning of period	—			—			14,562			—			14,562
Cash and cash equivalents at end of period	$	42,801		$	221,095		$	21,325		$	—		$	285,221



Year ended December 31, 2012 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	—		—		202,581			—		202,581
Food, beverage and other	—		—		15,635			—		15,635
Total revenues	—		—		218,216			—		218,216
Less promotional allowances	—		—		(7,573		)	—		(7,573		)
Net revenues	—		—		210,643			—		210,643
Operating expenses
Gaming	—		—		113,111			—		113,111
Food, beverage and other	—		—		13,114			—		13,114
Real estate taxes	—		—		1,592			—		1,592
General and administrative	—		—		25,068			—		25,068
Depreciation	—		—		14,090			—		14,090
Total operating expenses	—		—		166,975			—		166,975
Income from operations	—		—		43,668			—		43,668

Other income (expenses)
Interest expense	—		—		—			—		—
Interest income	—		—		2			—		2
Management fee	—		—		(6,320		)	—		(6,320		)
Intercompany dividends and interest	—		—		—			—		—
Total other expenses	—		—		(6,318		)	—		(6,318		)

Income before income taxes	—		—		37,350			—		37,350
Income tax expense	—		—		14,431			—		14,431
Net income	$	—	$	—	$	22,919		$	—	$	22,919



Year ended December 31, 2012 Condensed Consolidating Statement of Cash Flows	Parent Guarantor		Subsidiary Issuers		Other Subsidiary Non-Issuers			Eliminations		Consolidated
	(in thousands)
Operating activities
Net income	$	—	$	—	$	22,919		$	—	$	22,919
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	—		—		14,090			—		14,090
Amortization of debt issuance costs	—		—		—			—		—
Gain on sales of property	—		—		(142		)	—		(142		)
Deferred income taxes	—		—		(88		)	—		(88		)
Stock-based compensation	—		—		—			—		—

(Increase) decrease,
Prepaid expenses and other current assets	—		—		1,513			—		1,513
Other assets	—		—		—			—		—
Intercompany	—		—		—			—		—
Increase (decrease),	0		0					0
Accounts payable	—		—		(260		)	—		(260		)
Accrued expenses	—		—		(456		)	—		(456		)
Accrued interest	—		—		—			—		—
Accrued salaries and wages	—		—		(394		)	—		(394		)
Gaming, pari-mutuel, property and other taxes	—		—		(250		)	—		(250		)
Income taxes	—		—		(10,162		)	—		(10,162		)
Other current and noncurrent liabilities	—		—		(26		)	—		(26		)
Net cash provided by operating activities	—		—		26,744			—		26,744
Investing activities
Capital project expenditures, net of reimbursements	—		—		(1,930		)	—		(1,930		)
Capital maintenance expenditures	—		—		(3,260		)	—		(3,260		)
Proceeds from sale of property and equipment	—		—		380			—		380
Funding of loan receivable	—		—		—			—		—
Principal payments on loan receivable	—		—		—			—		—
Acquisition of real estate	—		—		—			—		—
Net cash used in investing activities	—		—		(4,810		)	—		(4,810		)
Financing activities
Net advances to Penn National Gaming, Inc.	—		—		(24,518		)	—		(24,518		)
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	—		—		(24,518		)	—		(24,518		)
Net decrease in cash and cash equivalents	—		—		(2,584		)	—		(2,584		)
Cash and cash equivalents at beginning of period	—		—		17,146			$	—	17,146
Cash and cash equivalents at end of period	$	—	$	—	$	14,562		$	—	$	14,562

Schedule III Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

SCHEDULE III

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

December 31, 2014

(in thousands)



				Initial Cost to Company				Net Capitalized Costs (Retirements) Subsequent to Acquisition			Gross Amount at which Carried at Close of Period										Life on which Depreciation in Latest Income Statement is Computed
																			Original Date of Construction / Renovation
Description	Location	Encumbrances		Land and Improvements		Buildings and Improvements					Land and Improvements		Buildings and Improvements		Total ⁽¹⁾		Accumulated Depreciation		Original Date of Construction / Renovation	Date Acquired
Rental Properties:
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	$	—	$	15,251	$	342,393	$	—		$	15,251	$	342,392	$	357,643	$	85,035	1997/2009	11/1/2013	31
Hollywood Casino Aurora	Aurora, IL	—		4,937		98,379		(439		)	4,937		97,940		102,877		48,889		1993/2002/ 2012	11/1/2013	30
Hollywood Casino Joliet	Joliet, IL	—		19,214		101,104		—			19,214		101,104		120,318		38,926		1992/2003/ 2010	11/1/2013	31
Argosy Casino Alton	Alton, IL	—		—		6,462		—			—		6,462		6,462		3,791		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,094		—			12,003		144,093		156,096		13,722		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105			38,267		188,622		226,889		16,004		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—			35,102		233,069		268,171		93,991		1997/2010	11/1/2013	31
Hollywood Casino at Penn National Race Course	Grantville, PA	—		25,500		161,810		—			25,500		161,810		187,310		48,052		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		—			66,104		126,689		192,793		16,525		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—			12,883		84,257		97,140		19,690		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—			9,313		38,947		48,260		12,865		2005	11/1/2013	31
Hollywood Casino Bay St. Louis	Bay St. Louis, MS	—		59,388		87,352		(17		)	59,388		87,335		146,723		36,697		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		—			23,468		143,301		166,769		43,578		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—			4,634		42,031		46,665		20,452		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		—			3,423		63,083		66,506		34,138		1994/2006	11/1/2013	15
Hollywood Casino St. Louis	Maryland Heights, MO	—		44,198		177,063		—			44,198		177,063		221,261		28,167		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway ⁽²⁾	Dayton, OH	—		3,211		—		86,288			3,211		86,288		89,499		1,031		2014	11/1/2013	31
Hollywood Casino at Mahoning Valley Race Track ⁽²⁾	Youngstown, OH	—		5,683		—		94,315			5,833		94,164		99,997		827		2014	11/1/2013	31
Casino Queen	East St. Louis, IL	—		70,716		70,014		—			70,716		70,014		140,730		2,917		1999	1/23/2014	31
		$	—	$	453,268	$	2,108,591	$	180,252		$	453,445	$	2,288,664	$	2,742,109	$	565,297
Headquarters Property:
GLPI Corporate Office ⁽³⁾	Wyomissing, PA	$	—	$	736	$	—	$	—		$	736	$	—	$	736	$	—	2014	9/19/2014	N/A
		$	—	$	454,004	$	2,108,591	$	180,252		$	454,181	$	2,288,664	$	2,742,845	$	565,297


⁽¹⁾	The aggregate cost for federal income tax purposes of the properties listed above was $2.75 billion at December 31, 2014.

⁽²⁾Hollywood Casino at Dayton Raceway and Hollywood Casino at Mahoning Valley Race Course were jointly developed with Penn National Gaming, Inc. The costs capitalized subsequent to acquisition represent the capital expenditures incurred by the Company subsequent to the transfer of the development properties at Spin-Off. Both properties commenced operations and began paying rent during the year ended December 31, 2014.

⁽³⁾Excludes the amounts classified as construction in progress, as presented on the real estate investments, net line item of the Company's consolidated balance sheets and detailed in Note 7 to the consolidated financial statements.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2014 and 2013 is as follows:



	Year Ended December 31,
	2014			2013			⁽¹⁾
Real Estate:	(in thousands)
Balance at the beginning of the period	$	2,433,114		$	—
Amounts contributed from Spin-Off	—			2,433,052
Acquisitions	140,730			—
Capital expenditures and assets placed in service	181,404			62
Dispositions	(12,403		)	—
Balance at the end of the year	$	2,742,845		$	2,433,114
Accumulated Depreciation:
Balance at the beginning of the period	$	(484,488	)	$	—
Amounts contributed from Spin-Off	—			(469,666		)
Depreciation expense	(92,750		)	(14,822		)
Dispositions	11,941			—
Balance at the end of the year	$	(565,297	)	$	(484,488	)


⁽¹⁾	The Company's real estate operations commenced on November 1, 2013, in connection with the Spin-Off. See Note 1 to the consolidated financial statements for further information regarding the Spin-Off.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Cash and Cash Equivalents

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

Concentration of Credit Risk

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

Prepaid Expenses and Other Assets

Fair Value of Financial Instruments

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

Cash and Cash Equivalents

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

Deferred Compensation Plan Assets and Corresponding Liabilities

Loan Receivable

The fair value of the loan receivable approximates the carrying value of the Company's loan receivable, as collection on the outstanding loan balance is reasonably assured.

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.

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



	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	35,973	$	35,973	$	285,221	$	285,221
Deferred compensation plan assets	14,280		14,280		12,685		12,685
Loan receivable	34,000		34,000		—		—
Financial liabilities:
Deferred compensation plan liabilities	14,369		14,369		12,783		12,783
Long-term debt:
Senior unsecured credit facility	558,000		535,010		300,000		294,750
Senior unsecured notes	2,050,000		2,091,000		2,050,000		2,058,750

Real Estate Investments

Property and Equipment Used in Operations

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



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

Goodwill and Other Intangible Assets


•	Projected revenues and operating cash flows;


•	Theoretical construction costs and duration;


•	Pre-opening expenses;


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


•	Remaining useful life of the license

Debt Issuance Costs

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

Comprehensive Income

Income Taxes

Revenue Recognition and Promotional Allowances



Year ending December 31,
2015	$	349,918
2016	349,918
2017	350,418
2018	353,577
2019	369,368
Thereafter	10,663,145
Total, as restated	$	12,436,344

The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012:



	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Video lottery	$	127,572	$	138,803	$	189,808
Table game	19,120		18,096		11,891
Poker	1,591		2,453		882
Total gaming revenue, net of cash incentives	$	148,283	$	159,352	$	202,581



	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Food and beverage	$	5,732	$	5,970	$	6,806
Other	41		167		767
Total promotional allowances	$	5,773	$	6,137	$	7,573

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2014, 2013 and 2012 are as follows:



	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Food and beverage	$	2,766	$	2,907	$	3,319
Other	15		86		384
Total cost of complimentary services	$	2,781	$	2,993	$	3,703

Gaming and Admission Taxes

Earnings Per Share



	Year Ended December 31,
	2014	2013	2012

Determination of shares:
Weighted-average common shares outstanding	112,037	110,617	110,582
Assumed conversion of dilutive employee stock-based awards	5,340	4,924	4,703
Assumed conversion of restricted stock	209	324	318
Assumed conversion of performance-based restricted stock awards	—	—	—
Diluted weighted-average common shares outstanding	117,586	115,865	115,603

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts):



	Year Ended December 31,
	2014			2013			2012
	(As restated)			(As restated)
Calculation of basic EPS:
Net income	$	138,807		$	14,853		$	22,919
Less: Net income allocated to participating securities	(578		)	(56		)	(86		)
Net income attributable to common shareholders	$	138,229		$	14,797		$	22,833
Weighted-average common shares outstanding	112,037			110,617			110,582
Basic EPS	$	1.23		$	0.13		$	0.21

Calculation of diluted EPS:
Net income	$	138,807		$	14,853		$	22,919
Diluted weighted-average common shares outstanding	117,586			115,865			115,603
Diluted EPS	$	1.18		$	0.13		$	0.20

Stock-Based Compensation

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

Segment Information

Statements of Cash Flows

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

Certain Risks and Uncertainties

Business and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Assets and Liabilities Contributed through Spin-Off

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



Prepaid expenses	$	2,766
Current deferred income tax assets	4,358
Property and equipment, net	2,024,572
Other assets	16,245
Accrued expenses	(5,656		)
Other current liabilities	(12,219		)
Deferred income tax liabilities	(6,493		)
Net contribution	$	2,023,573

Restatement of Financial Statements Restatment of Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Summary of the Impact of the Restatement on the Financial Statements

The following is a summary of the effect of the restatement on (i) the Company's consolidated balance sheets at December 31, 2014 and December 31, 2013 (ii) the Company's consolidated statements of operations for the years ended December 31, 2014 and 2013 and (iii) the Company's consolidated statements of cash flows for the years ended December 31, 2014 and 2013. The Company did not present a summary of the effect of the restatement on the consolidated statement of changes in shareholders' equity (deficit) for any of the above referenced periods because the impact to retained earnings on the condensed consolidated statement of changes in shareholders' equity (deficit) is reflected below in the balance sheet summary.



Consolidated Balance Sheets
(amounts in thousands)

	As Previously Reported			Adjustments			As Restated
December 31, 2014:
Deferred rental revenue	$	—		$	51,554		$	51,554
Total liabilities	2,689,316			51,554			2,740,870
Retained deficit	(1,014,726		)	(51,554		)	(1,066,280		)
Total shareholders' deficit	(124,736		)	(51,554		)	(176,290		)

December 31, 2013:
Other current assets	$	17,367		$	12,685		$	30,052
Other assets	17,041			(12,685		)	4,356
Income taxes	17,256			(1,700		)	15,556
Deferred rental revenue	—			6,677			6,677
Total liabilities	2,466,810			4,977			2,471,787
Retained earnings	137,891			(4,977		)	132,914
Total shareholders' equity	142,429			(4,977		)	137,452



Consolidated Statements of Income
(amounts in thousands, except per share data)

	As Previously Reported		Adjustments			As Restated
Year Ended December 31, 2014:
Rental revenues	$	431,280	$	(44,877	)	$	386,403
Total rental revenue	481,814		(44,877		)	436,937
Total revenues	641,718		(44,877		)	596,841
Net revenues	635,945		(44,877		)	591,068
Income from operations	303,383		(44,877		)	258,506
Income before income taxes	188,797		(44,877		)	143,920
Income tax expense	3,413		1,700			5,113
Net income	185,384		(46,577		)	138,807
Basic earnings per common share	$	1.65	$	(0.42	)	$	1.23
Diluted earnings per common share	$	1.58	$	(0.40	)	$	1.18

Year Ended December 31, 2013:
Rental revenues	$	68,955	$	(6,677	)	$	62,278
Total rental revenue	76,557		(6,677		)	69,880
Total revenues	248,266		(6,677		)	241,589
Net revenues	242,129		(6,677		)	235,452
Income from operations	60,582		(6,677		)	53,905
Income before income taxes	37,126		(6,677		)	30,449
Income tax expense	17,296		(1,700		)	15,596
Net income	19,830		(4,977		)	14,853
Basic earnings per common share	$	0.18	$	(0.05	)	$	0.13
Diluted earnings per common share	$	0.17	$	(0.04	)	$	0.13



Consolidated Statements of Cash Flows
(amounts in thousands)

	As Previously Reported			Adjustments			As Restated
Year Ended December 31, 2014:
Net income	$	185,384		$	(46,577	)	$	138,807
Straight-line rent adjustments	—			44,877			44,877
Income taxes	(18,754		)	1,700			(17,054		)

Year Ended December 31, 2013:
Net income	$	19,830		$	(4,977	)	14,853
Straight-line rent adjustments	—			6,677			6,677
Income taxes	5,718			(1,700		)	4,018

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 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):



	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	35,973	$	35,973	$	285,221	$	285,221
Deferred compensation plan assets	14,280		14,280		12,685		12,685
Loan receivable	34,000		34,000		—		—
Financial liabilities:
Deferred compensation plan liabilities	14,369		14,369		12,783		12,783
Long-term debt:
Senior unsecured credit facility	558,000		535,010		300,000		294,750
Senior unsecured notes	2,050,000		2,091,000		2,050,000		2,058,750

Schedule of property, plant and equipment, useful lives

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



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

Schedule of future minimum lease payments receivable from operating leases



Year ending December 31,
2015	$	349,918
2016	349,918
2017	350,418
2018	353,577
2019	369,368
Thereafter	10,663,145
Total, as restated	$	12,436,344

Schedule of the components of gaming revenue

The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012:



	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Video lottery	$	127,572	$	138,803	$	189,808
Table game	19,120		18,096		11,891
Poker	1,591		2,453		882
Total gaming revenue, net of cash incentives	$	148,283	$	159,352	$	202,581

Schedule of amounts included in promotional allowances

The amounts included in promotional allowances for the years ended December 31, 2014, 2013 and 2012 are as follows:



	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Food and beverage	$	5,732	$	5,970	$	6,806
Other	41		167		767
Total promotional allowances	$	5,773	$	6,137	$	7,573

Schedule of the estimated cost of providing complimentary services

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2014, 2013 and 2012 are as follows:



	Year Ended December 31,
	2014		2013		2012
	(in thousands)
Food and beverage	$	2,766	$	2,907	$	3,319
Other	15		86		384
Total cost of complimentary services	$	2,781	$	2,993	$	3,703

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



	Year Ended December 31,
	2014	2013	2012

Determination of shares:
Weighted-average common shares outstanding	112,037	110,617	110,582
Assumed conversion of dilutive employee stock-based awards	5,340	4,924	4,703
Assumed conversion of restricted stock	209	324	318
Assumed conversion of performance-based restricted stock awards	—	—	—
Diluted weighted-average common shares outstanding	117,586	115,865	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 years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts):



	Year Ended December 31,
	2014			2013			2012
	(As restated)			(As restated)
Calculation of basic EPS:
Net income	$	138,807		$	14,853		$	22,919
Less: Net income allocated to participating securities	(578		)	(56		)	(86		)
Net income attributable to common shareholders	$	138,229		$	14,797		$	22,833
Weighted-average common shares outstanding	112,037			110,617			110,582
Basic EPS	$	1.23		$	0.13		$	0.21

Calculation of diluted EPS:
Net income	$	138,807		$	14,853		$	22,919
Diluted weighted-average common shares outstanding	117,586			115,865			115,603
Diluted EPS	$	1.18		$	0.13		$	0.20

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, represents investments in 19 rental properties and the corporate headquarters building and is summarized as follows:



	December 31, 2014			December 31, 2013
	(in thousands)
Land and improvements	$	454,181		$	382,581
Building and improvements	2,288,664			2,050,533
Construction in progress	2,576			61,677
Total real estate investments	2,745,421			2,494,791
Less accumulated depreciation	(565,297		)	(484,488		)
Real estate investments, net	$	2,180,124		$	2,010,303

Property and Equipment Used in Operations (Tables)

12 Months Ended

Dec. 31, 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:



	December 31, 2014			December 31, 2013
	(in thousands)
Land and improvements	$	31,595		$	27,586
Building and improvements	116,867			115,888
Furniture, fixtures, and equipment	103,612			101,288
Construction in progress	724			203
Total property and equipment	252,798			244,965
Less accumulated depreciation	(118,770		)	(105,844		)
Property and equipment, net	$	134,028		$	139,121

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt, net of current maturities is as follows:



	December 31, 2014			December 31, 2013
	(in thousands)
Senior unsecured credit facility	$	558,000		$	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
Capital lease	1,487			—
Total long-term debt	2,609,487			2,350,000
Less current maturities of long-term debt	(81		)	—
Long-term debt, net of current maturities	$	2,609,406		$	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 December 31, 2014 (in thousands):



2015	$	81
2016	119
2017	107
2018	1,108,113
2019	118
Thereafter	1,500,949
Total minimum payments	$	2,609,487

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2014 are as follows (in thousands):



Year ending December 31,
2015	$	1,528
2016	1,520
2017	1,533
2018	1,531
2019	1,089
Thereafter	44,320
Total	$	51,521

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

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



Year ended December 31,	2014			2013
	(in thousands)
Deferred tax assets:
Accrued expenses	$	2,015		$	2,228
Property and equipment	679			—
Net deferred tax assets	2,694			2,228
Deferred tax liabilities:
Property and equipment	(336		)	(3,459		)
Intangibles	(1,107		)	(823		)
Net deferred tax liabilities	(1,443		)	(4,282		)
Net:	$	1,251		$	(2,054	)

Schedule of Components of Income Tax Expense

The provision for income taxes charged to operations for years ended December 31, 2014, 2013 and 2012 was as follows:



Year ended December 31,	2014			2013			2012
	(in thousands)
	(As restated)			(As restated)
Current tax expense
Federal	$	6,115		$	17,729		$	12,216
State	2,303			3,513			2,303
Total current	8,418			21,242			14,519
Deferred tax (benefit) expense
Federal	(2,680		)	(7,624		)	64
State	(625		)	1,978			(152		)
Total deferred	(3,305		)	(5,646		)	(88		)
Total provision	$	5,113		$	15,596		$	14,431

Schedules of Effective Income Tax Rate Reconciliations

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2014, 2013 and 2012:



Year ended December 31,	2014		2013		2012
	(As restated)		(As restated)
Percent of pretax income
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	0.7	%	12.6	%	3.0	%
Nondeductible transaction costs	—	%	9.2	%	—	%
REIT conversion benefit	(31.8	)%	(4.3	)%	—	%
Permanent differences	—	%	(0.9	)%	0.1	%
Other miscellaneous items	(0.3	)%	(0.4	)%	0.5	%
	3.6	%	51.2	%	38.6	%



Year ended December 31,	2014			2013			2012
	(in thousands)
	(As restated)			(As restated)
Amount based upon pretax income
U.S. federal statutory income tax	$	50,372		$	10,657		$	13,073
State and local income taxes	964			3,840			1,126
Nondeductible transaction costs	—			2,793			—
REIT conversion benefit	(45,777		)	(1,322		)	—
Permanent differences	52			(268		)	30
Other miscellaneous items	(498		)	(104		)	202
	$	5,113		$	15,596		$	14,431

Dividends (Tables)

12 Months Ended

Dec. 31, 2014

Dividends [Abstract]

Dividends Classification

A summary of the Company's common stock distributions for the year ended December 31, 2014 is as follows:



Qualified dividends	$	12.24
Non-qualified dividends	1.90
Capital gains	0.16
Non-taxable return of capital	0.02
Total distributions per common share	$	14.32
Percentage classified as qualified dividends	85.47		%
Percentage classified as non-qualified dividends	13.27		%
Percentage classified as capital gains	1.12		%
Percentage classified as non-taxable return of capital	0.14		%
	100.00		%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation, Stock Options Activity

The following tables contain information on stock options issued and outstanding for the year ended December 31, 2014 :



	Number of Option Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2013 ⁽¹⁾	13,662,842		$	18.42
Exercised	(2,330,848	)	16.24
Canceled	(170,152	)	21.47
Outstanding at December 31, 2014	11,161,842		$	18.83	2.37	$	119,233


⁽¹⁾	The number of outstanding stock options and the weighted average exercise price of these options was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of stock options outstanding at December 31, 2013 includes 3,324,389 shares resulting from the distribution.

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable



	Exercise Price Range						Total
	$10.22 to $15.39		$15.78 to $23.68		$23.72 to $35.87		$10.22 to $35.87
Outstanding options
Number outstanding	1,121,623		8,855,409		1,184,810		11,161,842
Weighted-average remaining contractual life (years)	1.03		2.58		2.06		2.37
Weighted-average exercise price	$	12.45	$	18.88	$	24.50	$	18.83
Exercisable options
Number outstanding	1,121,623		7,474,418		1,174,898		9,770,939
Weighted-average exercise price	$	12.45	$	18.38	$	24.49	$	18.44

Schedule of Share-based Compensation, Restricted Stock Awards Activity

The following table contains information on restricted stock award activity for the year ended December 31, 2014:



	Number of Award Shares
Outstanding at December 31, 2013 ⁽¹⁾	525,328
Granted	240,149
Released	(237,618	)
Canceled	(59,018	)
Outstanding at December 31, 2014	468,841


⁽¹⁾	The number of outstanding restricted stock awards was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of restricted awards outstanding at December 31, 2013 includes 106,261 shares resulting from the distribution.

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

The following table contains information on performance-based restricted stock award activity for the year ended December 31, 2014:



	Number of Performance-Based Award Shares
Outstanding at December 31, 2013	—
Granted	613,556
Released	—
Canceled	(70,000	)
Outstanding at December 31, 2014	543,556

Segment Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment



	GLP Capital ⁽¹⁾		TRS Properties			Eliminations ⁽²⁾			Total
	(in thousands)
For the year ended December 31, 2014, as restated
Net revenues	$	436,944	$	154,124		$	—		$	591,068
Income from operations	234,971		23,535			—			258,506
Interest, net	114,588		10,406			(10,408		)	114,586
Income before income taxes	130,791		13,129			—			143,920
Income tax expense	211		4,902			—			5,113
Net income	130,580		8,227			—			138,807
Depreciation	94,582		12,261			—			106,843
Capital project expenditures, net of reimbursements	139,231		—			—			139,231
Capital maintenance expenditures	—		3,538			—			3,538

For the year ended December 31, 2013, as restated
Net revenues	$	69,880	$	165,572		$	—		$	235,452
Income from operations	27,656		26,249			—			53,905
Interest, net	19,254		(1		)	—			19,253
Income before income taxes	8,402		22,047			—			30,449
Income tax expense	6,767		8,829			—			15,596
Net income	1,635		13,218			—			14,853
Depreciation	14,896		14,027			—			28,923
Capital project expenditures, net of reimbursements	13,042		(844		)	—			12,198
Capital maintenance expenditures	—		4,230			—			4,230

For the year ended December 31, 2012
Net revenues	$	—	$	210,643		$	—		$	210,643
Income from operations	—		43,668			—			43,668
Interest, net	—		(2		)	—			(2		)
Income before income taxes	—		37,350			—			37,350
Income tax expense	—		14,431			—			14,431
Net income	—		22,919			—			22,919
Depreciation	—		14,090			—			14,090
Capital project expenditures, net of reimbursements	—		1,930			—			1,930
Capital maintenance expenditures	—		3,260			—			3,260

Balance sheet at December 31, 2014, as restated
Total assets	$	2,335,472	$	229,108		$	—		$	2,564,580

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

⁽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.

Summarized Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Selected Quarterly Financial Information [Abstract]

Schedule of Quarterly Financial Information

The following table summarizes the quarterly results of operations for the years ended December 31, 2014 and 2013:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2014, as restated
Net revenues	$	148,312	$	150,770	$	146,906	$	145,080
Income from operations	64,318		67,358		66,733		60,097
Net income	34,296		36,996		37,313		30,202

Earnings per common share:
Basic earnings per common share	$	0.31	$	0.33	$	0.33	$	0.27
Diluted earnings per common share	$	0.29	$	0.31	$	0.32	$	0.26

2013, as restated
Net revenues	$	42,648	$	46,072	$	39,633	$	107,099
Income from operations	6,811		9,090		5,665		32,339
Net income	3,216		4,699		2,681		4,257

Earnings per common share:
Basic earnings per common share	$	0.04	$	0.04	$	0.02	$	0.04
Diluted earnings per common share	$	0.03	$	0.04	$	0.02	$	0.04


⁽¹⁾	During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million.

⁽²⁾



	Three Months Ended March 31, 2014							Three Months Ended June 30, 2014
	As Previously Reported		Adjustments			As Restated		As Previously Reported		Adjustments			As Restated
	(in thousands, except per share data)
Net revenues	$	158,328	$	(10,016	)	$	148,312	$	160,786	$	(10,016	)	$	150,770
Income from operations	74,334		(10,016		)	64,318		77,374		(10,016		)	67,358
Net income	44,312		(10,016		)	34,296		47,012		(10,016		)	36,996
Earnings per common share
Basic earnings per common share	$	0.40	$	(0.09	)	$	0.31	$	0.42	$	(0.09	)	$	0.33
Diluted earnings per common share	$	0.38	$	(0.09	)	$	0.29	$	0.40	$	(0.09	)	$	0.31



	Three Months Ended September 30, 2014							Three Months Ended December 31, 2014
	As Previously Reported		Adjustments			As Restated		As Previously Reported		Adjustments			As Restated
	(in thousands, except per share data)
Net revenues	$	157,795	$	(10,889	)	$	146,906	$	159,036	$	(13,956	)	$	145,080
Income from operations	77,622		(10,889		)	66,733		74,053		(13,956		)	60,097
Net income	49,902		(12,589		)	37,313		44,158		(13,956		)	30,202
Earnings per common share
Basic earnings per common share	$	0.44	$	(0.11	)	$	0.33	$	0.39	$	(0.12	)	$	0.27
Diluted earnings per common share	$	0.42	$	(0.10	)	$	0.32	$	0.38	$	(0.12	)	$	0.26



	Three Months Ended December 31, 2013
	As Previously Reported		Adjustments			As Restated
	(in thousands, except per share data)
Net revenues	$	113,776	$	(6,677	)	$	107,099
Income from operations	39,016		(6,677		)	32,339
Net income	9,234		(4,977		)	4,257
Earnings per common share
Basic earnings per common share	$	0.08	$	(0.04	)	$	0.04
Diluted earnings per common share	$	0.08	$	(0.04	)	$	0.04

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

12 Months Ended

Dec. 31, 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 December 31, 2014 Condensed Consolidating Balance Sheet, as restated	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,042,311		$	137,813		$	—		$	2,180,124
Property and equipment, used in operations, net	25,228			—			108,800			—			134,028
Cash and cash equivalents	2,643			4,450			28,880			—			35,973
Prepaid expenses	1,096			2,196			3,110			1,498			7,900
Deferred tax assets, current	—			—			2,015			—			2,015
Other current assets	14,947			27,417			2,890			—			45,254
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $9,327 at December 31, 2014	—			39,126			—			—			39,126
Loan receivable	—			—			34,000			—			34,000
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	(190,541		)	195,092			13,701			(18,252		)	—
Deferred tax assets, non-current	—			—			679			—			679
Other assets	256			—			127			—			383
Total assets	$	(146,371	)	$	2,504,187		$	417,113		$	(210,349	)	$	2,564,580

Liabilities
Accounts payable	$	4,011		$	188		$	210		$	—		$	4,409
Accrued expenses	514			119			4,706			—			5,339
Accrued interest	—			17,528			—			—			17,528
Accrued salaries and wages	10,013			—			2,568			—			12,581
Gaming, property, and other taxes	1,012			18,874			2,855			—			22,741
Deferred income tax liabilities	—			(165		)	(1,333		)	1,498			—
Current maturities of long-term debt	—			81			—			—			81
Other current liabilities	14,369			—			1,419			—			15,788
Long-term debt, net of current maturities	—			2,609,406			—			—			2,609,406
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			51,554			—			—			51,554
Deferred tax liabilities, non-current	—			—			1,443			—			1,443
Total liabilities	29,919			2,697,585			205,463			(192,097		)	2,740,870

Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 shares issued at December 31, 2014	1,130			—			—			—			1,130
Additional paid-in capital	888,860			139,811			292,547			(432,358		)	888,860
Retained (deficit) earnings	(1,066,280		)	(333,209		)	(80,897		)	414,106			(1,066,280		)
Total shareholders’ (deficit) equity	(176,290		)	(193,398		)	211,650			(18,252		)	(176,290		)
Total liabilities and shareholders’ (deficit) equity	$	(146,371	)	$	2,504,187		$	417,113		$	(210,349	)	$	2,564,580



Year ended December 31, 2014 Condensed Consolidating Statement of Operations, as restated	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—		$	373,231		$	13,172		$	—		$	386,403
Real estate taxes paid by tenants	—			48,570			1,964			—			50,534
Total rental revenue	—			421,801			15,136			—			436,937
Gaming	—			—			148,283			—			148,283
Food, beverage and other	7			—			11,614			—			11,621
Total revenues	7			421,801			175,033			—			596,841
Less promotional allowances	—			—			(5,773		)	—			(5,773		)
Net revenues	7			421,801			169,260			—			591,068
Operating expenses
Gaming	—			—			82,995			—			82,995
Food, beverage and other	—			—			9,734			—			9,734
Real estate taxes	—			48,576			3,578			—			52,154
General and administrative	54,073			2,758			24,005			—			80,836
Depreciation	1,832			89,833			15,178			—			106,843
Total operating expenses	55,905			141,167			135,490			—			332,562
Income from operations	(55,898		)	280,634			33,770			—			258,506

Other income (expenses)
Interest expense	(11		)	(117,016		)	(3		)	—			(117,030		)
Interest income	—			—			2,444			—			2,444
Management fee	—			—			—			—			—
Intercompany dividends and interest	612,326			39,805			618,695			(1,270,826		)	—
Total other expenses	612,315			(77,211		)	621,136			(1,270,826		)	(114,586		)

Income before income taxes	556,417			203,423			654,906			(1,270,826		)	143,920
Income tax expense	—			210			4,903			—			5,113
Net income	$	556,417		$	203,213		$	650,003		$	(1,270,826	)	$	138,807



Year ended December 31, 2014 Condensed Consolidating Statement of Cash Flows, as restated	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	556,417		$	203,213		$	650,003		$	(1,270,826	)	$	138,807
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	1,832			89,833			15,178			—			106,843
Amortization of debt issuance costs	—			8,057			—			—			8,057
Losses (gains) on dispositions of property	2			(150		)	158			—			10
Deferred income taxes	—			—			(3,305		)	—			(3,305		)
Stock-based compensation	12,258			—			—			—			12,258
Straight-line rent adjustments	—			44,877			—			—			44,877

Decrease (increase),
Prepaid expenses and other current assets	181			(10,741		)	(1,539		)	1,498			(10,601		)
Other assets	(1,645		)	—			(15		)	—			(1,660		)
Intercompany	800			(4,015		)	3,215			—			—
(Decrease) increase,
Accounts payable	(16,995		)	15,526			(181		)	—			(1,650		)
Accrued expenses	(7,944		)	119			(619		)	—			(8,444		)
Accrued interest	—			(527		)	—			—			(527		)
Accrued salaries and wages	2,882			—			(638		)	—			2,244
Gaming, pari-mutuel, property and other taxes	871			—			(344		)	—			527
Income taxes	(1,441		)	(7,625		)	(6,490		)	(1,498		)	(17,054		)
Other current and noncurrent liabilities	1,585			—			1,292			—			2,877
Net cash provided by (used in) operating activities	548,803			338,567			656,715			(1,270,826		)	273,259
Investing activities
Capital project expenditures, net of reimbursements	(1,613		)	(137,618		)	—			—			(139,231		)
Capital maintenance expenditures	—			—			(3,538		)	—			(3,538		)
Proceeds from sale of property and equipment	—			150			30			—			180
Funding of loan receivable	—			—			(43,000		)	—			(43,000		)
Principal payments on loan receivable	—			—			9,000			—			9,000
Acquisition of real estate	—			—			(140,730		)	—			(140,730		)
Net cash used in investing activities	(1,613		)	(137,468		)	(178,238		)	—			(317,319		)
Financing activities
Dividends paid	(494,104		)	—			—			—			(494,104		)
Proceeds from exercise of options	29,931			—			—			—			29,931
Proceeds from issuance of long-term debt	—			291,950			—			—			291,950
Financing costs	—			(306		)	—			—			(306		)
Payments of long-term debt	—			(32,024		)	—			—			(32,024		)
Intercompany financing	(122,540		)	(677,364		)	(470,922		)	1,270,826			—
Distribution in connection with 2013 Pre-Spin tax matter agreement	(635		)	—			—			—			(635		)
Net cash (used in) provided by financing activities	(587,348		)	(417,744		)	(470,922		)	1,270,826			(205,188		)
Net (decrease) increase in cash and cash equivalents	(40,158		)	(216,645		)	7,555			—			(249,248		)
Cash and cash equivalents at beginning of period	42,801			221,095			21,325			—			285,221
Cash and cash equivalents at end of period	$	2,643		$	4,450		$	28,880		$	—		$	35,973



At December 31, 2013 Condensed Consolidating Balance Sheet, as restated	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 tax assets, current	—			—		1,885		343			2,228
Other current assets	13,438			15,708		906		—			30,052
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	99,414			208,739		303,180		(611,333		)	—
Other assets	195			—		4,161		—			4,356
Total assets	$	182,497		$	2,504,556	$	533,176	$	(610,990	)	$	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
Deferred tax liabilities, non-current	(4,473		)	10,608		9,421		—			15,556
Other current liabilities	12,782			—		129		—			12,911
Long-term debt	—			2,350,000		—		—			2,350,000
Deferred rental revenue	—			6,677		—		—			6,677
Deferred income taxes	—			—		3,939		343			4,282
Total liabilities	45,045			2,402,882		23,517		343			2,471,787

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2013)	—			—		—		—			—
Common stock ($.01 par value, 500,000,000 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)	132,914			84,403		346,959		(431,362		)	132,914
Total shareholders’ equity (deficit)	137,452			101,674		509,659		(611,333		)	137,452
Total liabilities and shareholders’ equity (deficit)	$	182,497		$	2,504,556	$	533,176	$	(610,990	)	$	2,609,239



Year ended December 31, 2013 Condensed Consolidating Statement of Operations, as restated	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non- Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—		$	62,278		$	—		$	—		$	62,278
Real estate taxes paid by tenants	—			7,602			—			—			7,602
Total rental revenue	—			69,880			—			—			69,880
Gaming	—			—			159,352			—			159,352
Food, beverage and other	—			—			12,357			—			12,357
Total revenues	—			69,880			171,709			—			241,589
Less promotional allowances	—			—			(6,137		)	—			(6,137		)
Net revenues	—			69,880			165,572			—			235,452
Operating expenses
Gaming	—			—			89,367			—			89,367
Food, beverage and other	—			—			10,775			—			10,775
Real estate taxes	—			7,602			1,618			—			9,220
General and administrative	19,726			—			23,536			—			43,262
Depreciation	74			14,822			14,027			—			28,923
Total operating expenses	19,800			22,424			139,323			—			181,547
Income from operations	(19,800		)	47,456			26,249			—			53,905

Other income (expenses)
Interest expense	—			(19,254		)	—			—			(19,254		)
Interest income	—			—			1			—			1
Management fee	—			—			(4,203		)	—			(4,203		)
Intercompany dividends and interest	68,955			—			68,955			(137,910		)	—
Total other expenses	68,955			(19,254		)	64,753			(137,910		)	(23,456		)

Income before income taxes	49,155			28,202			91,002			(137,910		)	30,449
Income tax expense	643			6,124			8,829			—			15,596
Net income	$	48,512		$	22,078		$	82,173		$	(137,910	)	$	14,853



Year ended December 31, 2013 Condensed Consolidating Statement of Cash Flows, as restated	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	48,512		$	22,078		$	82,173		$	(137,910	)	$	14,853
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	74			14,822			14,027			—			28,923
Amortization of debt issuance costs	—			1,270			—			—			1,270
Gain on sales of property	—			—			(39		)	—			(39		)
Deferred income taxes	—			—			(5,646		)	—			(5,646		)
Stock-based compensation	1,566			—			—			—			1,566
Straight-line rent adjustments	—			6,677			—			—			6,677

(Increase) decrease,
Prepaid expenses and other current assets	(1,944		)	—			(775		)	1,834			(885		)
Other assets	(662		)	—			—			—			(662		)
Intercompany	2,259			—			(2,259		)	—			—
Increase (decrease),	0			0						0
Accounts payable	20,073			(18,508		)	1,073			—			2,638
Accrued expenses	8,458			—			(462		)	—			7,996
Accrued interest	—			18,055			(839		)	—			17,216
Accrued salaries and wages	2,432			—			(301		)	—			2,131
Gaming, pari-mutuel, property and other taxes	141			—			(148		)	—			(7		)
Income taxes	(4,473		)	10,608			(283		)	(1,834		)	4,018
Other current and noncurrent liabilities	564			—			19			—			583
Net cash provided by (used in) operating activities	77,000			55,002			86,540			(137,910		)	80,632
Investing activities
Capital project expenditures, net of reimbursements	(5,532		)	(7,510		)	844			—			(12,198		)
Capital maintenance expenditures	—			—			(4,230		)	—			(4,230		)
Proceeds from sale of property and equipment	—			—			153			—			153
Funding of loan receivable	—			—			—			—			—
Principal payments on loan receivable	—			—			—			—			—
Acquisition of real estate	—			—			—			—			—
Net cash used in investing activities	(5,532		)	(7,510		)	(3,233		)	—			(16,275		)
Financing activities
Net advances to Penn National Gaming, Inc.	—			—			(6,982		)	—			(6,982		)
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off	(19,609		)	(1,992,931		)	(77,460		)	—			(2,090,000		)
Dividends paid	—			—			—			—			—
Proceeds from exercise of options	1,431			—			—			—			1,431
Proceeds from issuance of long-term debt	—			2,350,000			—			—			2,350,000
Financing costs	—			(48,147		)	—			—			(48,147		)
Payments of long-term debt	—			—			—			—			—
Intercompany financing	(10,489		)	(135,319		)	7,898			137,910			—
Net cash (used in) provided by financing activities	(28,667		)	173,603			(76,544		)	137,910			206,302
Net increase in cash and cash equivalents	42,801			221,095			6,763			—			270,659
Cash and cash equivalents at beginning of period	—			—			14,562			—			14,562
Cash and cash equivalents at end of period	$	42,801		$	221,095		$	21,325		$	—		$	285,221



Year ended December 31, 2012 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	—		—		202,581			—		202,581
Food, beverage and other	—		—		15,635			—		15,635
Total revenues	—		—		218,216			—		218,216
Less promotional allowances	—		—		(7,573		)	—		(7,573		)
Net revenues	—		—		210,643			—		210,643
Operating expenses
Gaming	—		—		113,111			—		113,111
Food, beverage and other	—		—		13,114			—		13,114
Real estate taxes	—		—		1,592			—		1,592
General and administrative	—		—		25,068			—		25,068
Depreciation	—		—		14,090			—		14,090
Total operating expenses	—		—		166,975			—		166,975
Income from operations	—		—		43,668			—		43,668

Other income (expenses)
Interest expense	—		—		—			—		—
Interest income	—		—		2			—		2
Management fee	—		—		(6,320		)	—		(6,320		)
Intercompany dividends and interest	—		—		—			—		—
Total other expenses	—		—		(6,318		)	—		(6,318		)

Income before income taxes	—		—		37,350			—		37,350
Income tax expense	—		—		14,431			—		14,431
Net income	$	—	$	—	$	22,919		$	—	$	22,919



Year ended December 31, 2012 Condensed Consolidating Statement of Cash Flows	Parent Guarantor		Subsidiary Issuers		Other Subsidiary Non-Issuers			Eliminations		Consolidated
	(in thousands)
Operating activities
Net income	$	—	$	—	$	22,919		$	—	$	22,919
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	—		—		14,090			—		14,090
Amortization of debt issuance costs	—		—		—			—		—
Gain on sales of property	—		—		(142		)	—		(142		)
Deferred income taxes	—		—		(88		)	—		(88		)
Stock-based compensation	—		—		—			—		—

(Increase) decrease,
Prepaid expenses and other current assets	—		—		1,513			—		1,513
Other assets	—		—		—			—		—
Intercompany	—		—		—			—		—
Increase (decrease),	0		0					0
Accounts payable	—		—		(260		)	—		(260		)
Accrued expenses	—		—		(456		)	—		(456		)
Accrued interest	—		—		—			—		—
Accrued salaries and wages	—		—		(394		)	—		(394		)
Gaming, pari-mutuel, property and other taxes	—		—		(250		)	—		(250		)
Income taxes	—		—		(10,162		)	—		(10,162		)
Other current and noncurrent liabilities	—		—		(26		)	—		(26		)
Net cash provided by operating activities	—		—		26,744			—		26,744
Investing activities
Capital project expenditures, net of reimbursements	—		—		(1,930		)	—		(1,930		)
Capital maintenance expenditures	—		—		(3,260		)	—		(3,260		)
Proceeds from sale of property and equipment	—		—		380			—		380
Funding of loan receivable	—		—		—			—		—
Principal payments on loan receivable	—		—		—			—		—
Acquisition of real estate	—		—		—			—		—
Net cash used in investing activities	—		—		(4,810		)	—		(4,810		)
Financing activities
Net advances to Penn National Gaming, Inc.	—		—		(24,518		)	—		(24,518		)
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	—		—		(24,518		)	—		(24,518		)
Net decrease in cash and cash equivalents	—		—		(2,584		)	—		(2,584		)
Cash and cash equivalents at beginning of period	—		—		17,146			$	—	17,146
Cash and cash equivalents at end of period	$	—	$	—	$	14,562		$	—	$	14,562

Business and Basis of Presentation (Narrative) (Details) ft² in Millions, $ in Millions			12 Months Ended
	Dec. 19, 2014 USD ($)	Feb. 18, 2014 USD ($)	Dec. 31, 2014 ft² property renewaloption item
Organization Consolidation and Presentation of Financial Statements [Line Items]
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
Net rentable area \| ft²			7.0
Real estate, occupancy percentage			100.00%
Purging Distribution
Organization Consolidation and Presentation of Financial Statements [Line Items]
Purging distribution \| $		$ 1,050.0
Pre-Filing Agreement Distribution
Organization Consolidation and Presentation of Financial Statements [Line Items]
Pre-filing agreement distribution \| $	$ 37.0
Penn National Gaming Inc
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract			15 years
lessor leasing arrangements operating leases number of renewal options \| renewaloption			4
Lessor leasing arrangements, operating lease, renewal term			5 years
Number of real estate properties			18

Business and Basis of Presentation (Assets and Liabilities Acquired Through Spinoff) (Details) - Penn National Gaming Inc $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Organization Consolidation and Presentation of Financial Statements [Line Items]
Spinoff of real estate assets through REIT prepaid expenses net contributed	$ 2,766
Spinoff of real estate assets through REIT deferred tax assets current	4,358
Spinoff of real estate assets through REIT property, plant and equipment net contributed	2,024,572
Spinoff of real estate assets through REIT other assets contributed	16,245
Spinoff of real estate assets through REIT accrued expenses contributed	(5,656)
Spinoff of real estate assets through REIT other current liabilities contributed	(12,219)
Spinoff of real estate assets through REIT deferred tax liabilities contributed	(6,493)
Spinoff of real estate assets through REIT assets and liabilities contributed net	$ 2,023,573

Restatement of Financial Statements Restatement of Financial Statements (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Rental revenues

$ 386,403

$ 62,278

$ 0

Deferred rental revenue

$ 51,554

$ 6,677

51,554

6,677

Total liabilities

2,740,870

2,471,787

2,740,870

2,471,787

Retained (deficit) earnings

(1,066,280)

132,914

(1,066,280)

132,914

Total shareholders' (deficit) equity

(176,290)

137,452

(176,290)

137,452

236,330

$ 219,911

Other current assets

45,254

30,052

45,254

30,052

383

4,356

383

4,356

Revenues before Promotional Allowances

15,556

Total rental revenues

436,937

69,880

596,841

241,589

218,216

145,080

$ 146,906

$ 150,770

$ 148,312

107,099

^[1]

$ 39,633

$ 46,072

$ 42,648

591,068

235,452

210,643

60,097

66,733

67,358

64,318

32,339

^[2]

5,665

9,090

6,811

258,506

53,905

43,668

143,920

30,449

37,350

5,113

15,596

14,431

Basic earnings per common share (in dollars per share)

$ 30,202

$ 37,313

$ 36,996

$ 34,296

$ 4,257

^[2]

$ 2,681

$ 4,699

$ 3,216

$ 138,807

$ 14,853

$ 22,919

$ 0.27

$ 0.33

$ 0.31

$ 0.04

$ 0.02

$ 0.04

$ 1.23

$ 0.13

$ 0.21

Diluted earnings per common share (in dollars per share)

$ 0.26

$ 0.32

$ 0.31

$ 0.29

$ 0.04

$ 0.02

$ 0.04

$ 0.03

$ 1.18

$ 0.13

$ 0.20

$ 44,877

$ 6,677

$ 0

Error Corrections and Prior Period Adjustments Restatement [Line Items]

(17,054)

4,018

$ (10,162)

As Previously Reported

Rental revenues

431,280

68,955

Deferred rental revenue

$ 0

Total liabilities

2,689,316

2,466,810

2,689,316

2,466,810

Retained (deficit) earnings

(1,014,726)

137,891

(1,014,726)

137,891

Total shareholders' (deficit) equity

(124,736)

142,429

(124,736)

142,429

Other current assets

17,367

17,041

Revenues before Promotional Allowances

17,256

Total rental revenues

481,814

76,557

641,718

248,266

159,036

$ 157,795

$ 160,786

$ 158,328

113,776

635,945

242,129

74,053

77,622

77,374

74,334

39,016

303,383

60,582

188,797

37,126

3,413

17,296

Basic earnings per common share (in dollars per share)

$ 44,158

$ 49,902

$ 47,012

$ 44,312

$ 9,234

$ 185,384

$ 19,830

$ 0.39

$ 0.44

$ 0.42

$ 0.40

$ 0.08

$ 1.65

$ 0.18

Diluted earnings per common share (in dollars per share)

$ 0.38

$ 0.42

$ 0.40

$ 0.38

$ 0.08

$ 1.58

$ 0.17

$ 0

Error Corrections and Prior Period Adjustments Restatement [Line Items]

(18,754)

5,718

Adjustments

Rental revenues

(44,877)

(6,677)

Deferred rental revenue

$ 51,554

$ 6,677

51,554

6,677

Total liabilities

51,554

4,977

51,554

4,977

Retained (deficit) earnings

(51,554)

(4,977)

(51,554)

(4,977)

Total shareholders' (deficit) equity

(51,554)

(4,977)

(51,554)

(4,977)

Other current assets

12,685

(12,685)

Revenues before Promotional Allowances

(1,700)

Total rental revenues

(44,877)

(6,677)

(44,877)

(6,677)

(13,956)

$ (10,889)

$ (10,016)

(6,677)

(44,877)

(6,677)

(13,956)

(10,889)

(10,016)

(6,677)

(44,877)

(6,677)

(44,877)

(6,677)

1,700

(1,700)

Basic earnings per common share (in dollars per share)

$ (13,956)

$ (12,589)

$ (10,016)

$ (4,977)

$ (46,577)

$ (4,977)

$ (0.12)

$ (0.11)

$ (0.09)

$ (0.04)

$ (0.42)

$ (0.05)

Diluted earnings per common share (in dollars per share)

$ (0.12)

$ (0.10)

$ (0.09)

$ (0.04)

$ (0.40)

$ (0.04)

$ 44,877

$ 6,677

All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo

$ 1,700

$ (1,700)

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Operating leases, frequency the property performance-based rent structure is adjusted

5 years

All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo | As Previously Reported

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Operating leases, time period known percentage rental revenue originally recognized as received

5 years

Penn National Gaming Inc

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods

35 years

Penn National Gaming Inc | Adjustments

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Operating leases, reduction in rental revenue over initial lease term

5 years

Operating leases, increase in rental revenue over remaining lease term

30 years

[1]

During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million.

[2]

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details)	12 Months Ended
	Dec. 31, 2014
Maximum [Member]
Cash and Cash Equivalents [Line Items]
Investment maturity date	3 months

Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

USD ($)

property

item

Sep. 30, 2014

USD ($)

Jun. 30, 2014

USD ($)

Mar. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

^[1]

Sep. 30, 2013

USD ($)

Jun. 30, 2013

USD ($)

Mar. 31, 2013

USD ($)

Dec. 31, 2014

USD ($)

property

item

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Concentration Risk [Line Items]

Revenues

$ 145,080

$ 146,906

$ 150,770

$ 148,312

$ 107,099

$ 39,633

$ 46,072

$ 42,648

$ 591,068

$ 235,452

$ 210,643

Number of leased properties | property

Number of states across which the portfolio of properties is diversified | item

Penn National Gaming Inc

Concentration Risk [Line Items]

Revenues

$ 2,600,000

$ 2,900,000

Penn National Gaming Inc | Sales Revenue, Net [Member]

Concentration Risk [Line Items]

Concentration risk, percentage

97.00%

[1]	During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million.

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 35,973	$ 285,221
Deferred compensation plan assets	14,280	12,685
Loan receivable	34,000	0
Financial liabilities:
Deferred compensation plan liabilities	14,369	12,783
Senior unsecured credit facility	558,000	300,000
Senior unsecured notes	2,050,000	2,050,000
Fair Value
Financial assets:
Cash and cash equivalents	35,973	285,221
Deferred compensation plan assets	14,280	12,685
Loan receivable	34,000	0
Financial liabilities:
Deferred compensation plan liabilities	14,369	12,783
Senior unsecured credit facility	535,010	294,750
Senior unsecured notes	$ 2,091,000	$ 2,058,750

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements	12 Months Ended
	Dec. 31, 2014
Minimum [Member]
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	10 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	31 years

Summary of Significant Accounting Policies (Property and Equipment Used in Operations) (Details)	12 Months Ended
	Dec. 31, 2014
Land improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	15 years
Building and improvements \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	5 years
Building and improvements \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years
Furniture, fixtures, and equipment \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	3 years
Furniture, fixtures, and equipment \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years

Summary of Significant Accounting Policies (Goodwill and Other Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Goodwill	$ 75,521	$ 75,521
Other intangible assets	$ 9,577	$ 9,577

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Income tax penalties and interest, net of deferred income taxes	$ 18	$ 0	$ 0
REIT taxable income distribution requirement	90.00%
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year	4 years

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Revenue Recognition and Promotional Allowances
Number of real estate properties \| property	19
Casino Revenue	$ 148,283	$ 159,352	$ 202,581
Promotional Allowances	5,773	6,137	7,573
Cost of Complimentary Services	2,781	2,993	3,703
Future Minimum Rental Payments Receivable from Operating Leases
2015	349,918
2016	349,918
2017	350,418
2018	353,577
2019	369,368
Thereafter	10,663,145
Operating Leases, Future Minimum Payments Receivable	12,436,344
Video lottery
Revenue Recognition and Promotional Allowances
Casino Revenue	127,572	138,803	189,808
Table game
Revenue Recognition and Promotional Allowances
Casino Revenue	19,120	18,096	11,891
Poker
Revenue Recognition and Promotional Allowances
Casino Revenue	1,591	2,453	882
Food and beverage
Revenue Recognition and Promotional Allowances
Promotional Allowances	5,732	5,970	6,806
Cost of Complimentary Services	2,766	2,907	3,319
Other
Revenue Recognition and Promotional Allowances
Promotional Allowances	41	167	767
Cost of Complimentary Services	$ 15	86	$ 384
All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
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
Operating leases, frequency the property performance-based rent structure is adjusted	5 years
Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Percentage of the change in net revenues from the preceding month (of all facilities except 2 under the Master Lease) used for adjustment in rent structure	20.00%
Operating Leases, Income Statement, Contingent Revenue	$ 40,500	$ 6,700
Properties Not Subject To Master Lease Agreement
Revenue Recognition and Promotional Allowances
Number of real estate properties \| property	1
Penn National Gaming Inc
Revenue Recognition and Promotional Allowances
Number of real estate properties \| property	18
Annual rent escalator	2.00%
Casino Queen
Revenue Recognition and Promotional Allowances
Annual rent escalator	2.00%
Operating leases, frequency the property performance-based rent structure is adjusted	5 years
Operating leases, percent of the average changes in net revenues of property used to calculate rent increase	4.00%

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Gaming and Admission Taxes
Gaming and admission taxes	$ 66.8	$ 71.6	$ 94.9

Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Basic weighted-average common shares outstanding

112,037,000

110,617,000

110,582,000

Diluted weighted-average common shares outstanding

117,586,000

115,865,000

115,603,000

Calculation of basic EPS:

Less: Net income allocated to participating securities

$ 30,202

$ 37,313

$ 36,996

$ 34,296

$ 4,257

^[1]

$ 2,681

$ 4,699

$ 3,216

$ 138,807

$ 14,853

$ 22,919

(578)

(56)

(86)

Net income attributable to common shareholders

$ 138,229

$ 14,797

$ 22,833

Basic weighted-average common shares outstanding

112,037,000

110,617,000

110,582,000

Basic earnings per common share (in dollars per share)

$ 0.27

$ 0.33

$ 0.31

$ 0.04

$ 0.02

$ 0.04

$ 1.23

$ 0.13

$ 0.21

Calculation of diluted EPS:

Diluted weighted-average common shares outstanding

$ 30,202

$ 37,313

$ 36,996

$ 34,296

$ 4,257

^[1]

$ 2,681

$ 4,699

$ 3,216

$ 138,807

$ 14,853

$ 22,919

117,586,000

115,865,000

115,603,000

Diluted earnings per common share (in dollars per share)

$ 0.26

$ 0.32

$ 0.31

$ 0.29

$ 0.04

$ 0.02

$ 0.04

$ 0.03

$ 1.18

$ 0.13

$ 0.20

Antidilutive securities excluded from computation of earnings per share (in shares)

17,917

Employee Stock Option

Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements

5,340,000

4,924,000

4,703,000

Restricted stock awards

Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements

209,000

324,000

318,000

Performance-based restricted stock awards

Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements

[1]

Summary of Significant Accounting Policies (Segment Information) (Details)	12 Months Ended
	Dec. 31, 2014 segment
Segment Information
Number of reportable segments	2

Acquisitions (Details) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
Acquisitions (Details) $ in Thousands	Oct. 27, 2014 USD ($)	Jan. 31, 2014 USD ($)	Mar. 31, 2015	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Acquisitions
Amount paid for acquisition				$ 140,730	$ 0	$ 0
Loan receivable				34,000	$ 0
Loss contingency, damages sought, value	$ 10,000
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 by registrant for term loans granted to third party		$ 43,000
Term of term loan		5 years
Interest rate on term loan (as a percent)		7.00%
Loan receivable				$ 34,000
Scenario, Forecast [Member]
Acquisitions
Mandatory Quarterly Principal Payment Due on Term Loan to Third Party, Percent			1.25%

Real Estate Investments (Details) $ in Thousands	12 Months Ended
Real Estate Investments (Details) $ in Thousands	Dec. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Real estate investments
Number of real estate properties \| property	19
Total real estate investments	$ 2,745,421	$ 2,494,791
Less accumulated depreciation	(565,297)	(484,488)
Real estate investments, net	2,180,124	2,010,303
Amount paid for acquisition	140,730	0	$ 0
Land and improvements
Real estate investments
Total real estate investments	454,181	382,581
Building and improvements
Real estate investments
Total real estate investments	2,288,664	2,050,533
Construction in progress
Real estate investments
Total real estate investments	$ 2,576	$ 61,677

Property and Equipment Used in Operations (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Property and equipment used in operations
Total property and equipment	$ 252,798	$ 244,965
Less accumulated depreciation	(118,770)	(105,844)
Property and equipment, net	134,028	139,121
Land and improvements
Property and equipment used in operations
Total property and equipment	31,595	27,586
Building and improvements
Property and equipment used in operations
Total property and equipment	116,867	115,888
Furniture, fixtures, and equipment
Property and equipment used in operations
Total property and equipment	103,612	101,288
Construction in progress
Property and equipment used in operations
Total property and equipment	$ 724	$ 203

Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Long-term debt
Long-term debt	$ 2,609,487,000	$ 2,350,000,000
Current maturities of long-term debt	81,000	0
Long-term debt, net of current maturities	2,609,406,000	2,350,000,000
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Long-term debt	550,000,000	550,000,000
Debt Instrument face amount	$ 550,000,000
Stated interest rate percentage on debt	4.375%
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt	$ 1,000,000,000	1,000,000,000
Debt Instrument face amount	$ 1,000,000,000
Stated interest rate percentage on debt	4.875%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt	$ 500,000,000	500,000,000
Debt Instrument face amount	$ 500,000,000
Stated interest rate percentage on debt	5.375%
Senior unsecured credit facility
Long-term debt
Long-term debt	$ 558,000,000	300,000,000
Capital lease
Long-term debt
Long-term debt	$ 1,487,000	$ 0

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Future minimum repayments of long-term debt
2015	$ 81
2016	119
2017	107
2018	1,108,113
2019	118
Thereafter	1,500,949
Long-term debt	$ 2,609,487	$ 2,350,000

Long-term Debt (Senior Unsecured Credit Facility) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Long-term debt	2,609,487,000	$ 2,350,000,000
Letters of credit outstanding	700,000
Available borrowing capacity	441,300,000
Senior unsecured credit facility
Long-term debt
Long-term debt	$ 558,000,000	$ 300,000,000
Revolving credit facility
Long-term debt
Commitment fee percentage	0.25%
Minimum [Member] \| Revolving credit facility
Long-term debt
Commitment fee percentage	0.15%
Maximum [Member] \| Revolving credit facility
Long-term debt
Commitment fee percentage	0.35%
London Interbank Offered Rate (LIBOR) [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	1.50%
London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	1.00%
London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	2.00%
Base Rate [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	0.50%
Base Rate [Member] \| Minimum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	0.00%
Base Rate [Member] \| Maximum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	1.00%
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 700,000,000
Outstanding balance on revolving credit facility	258,000,000
Term Loan a Facility
Long-term debt
Line of credit facility, maximum borrowing capacity	300,000,000
Outstanding balance on revolving credit facility	$ 300,000,000

Long-term Debt (Senior Unsecured Notes) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Long-term debt
Long-term debt	$ 2,609,487	$ 2,350,000
Senior Notes 4.375 Percent Due 2018 [Member]
Long-term debt
Long-term debt	$ 550,000	550,000
Stated interest rate percentage on debt	4.375%
Senior Notes 4.875 Percent Due 2020 [Member]
Long-term debt
Long-term debt	$ 1,000,000	1,000,000
Stated interest rate percentage on debt	4.875%
Senior Notes 5.375 Percent Due 2023 [Member]
Long-term debt
Long-term debt	$ 500,000	$ 500,000
Stated interest rate percentage on debt	5.375%
Senior Notes [Member]
Long-term debt
Debt instrument redemption price, percentage	100.00%
Senior Notes [Member] \| Change of Control [Member]
Long-term debt
Debt instrument redemption price, percentage	101.00%

Long-term Debt (Capital Lease) (Narrative) (Details)	12 Months Ended
Long-term Debt (Capital Lease) (Narrative) (Details)	Dec. 31, 2014
Capital lease
Long-term debt
Debt instrument term	30 years

Commitments and Contingencies (Litigation) (Details) $ in Millions	Oct. 27, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, damages sought, value	$ 10

Commitments and Contingencies (Operating Lease Commitments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) renewaloption	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2015		$ 1,528
2016		1,520
2017		1,533
2018		1,531
2019		1,089
Thereafter		44,320
Total		51,521
Hollywood Casino Baton Rouge and Hollywood Casino Perryville
Operating Leased Assets [Line Items]
Operating leases, rent expense		1,200	$ 1,400	$ 1,600
Assigned Leases [Member]
Operating Leased Assets [Line Items]
Operating leases, rent expense		$ 2,800	$ 400
Casino in Biloxi Mississippi [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Operating leases, term of contract		99 years
Lease agreement period after which annual lease rental will be increased at specified percentage		5 years
Lease agreement percentage increase in annual lease rental after specified period		15.00%
Casino in Biloxi Mississippi [Member] \| Scenario, Forecast [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Operating leases, rent expense, minimum rentals	$ 200
Casino in Tunica Mississippi [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Operating leases, term of contract		5 years
Leasing arrangements operating leases number of renewal options \| renewaloption		9
Leasing arrangements, operating leases, renewal term		5 years
Lease agreement percentage of gross revenue for determination of annual revenue sharing provision		4.00%
City of Bangor [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Operating leases, term of contract		15 years
Operating leases, rent expense, minimum rentals		$ 100
Leasing arrangements operating leases number of renewal options \| renewaloption		3
Leasing arrangements, operating leases, renewal term		10 years

Commitments and Contingencies (Capital Expenditure Commitments) (Details)	Dec. 31, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Construction program capital expenditures for next fiscal year	$ 0

Commitments and Contingencies (Purchase Obligations) (Details) $ in Millions	Dec. 31, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligations	$ 1.8

Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.3	$ 0.2	$ 0.2
Deferred compensation arrangement employer contribution vesting period	5 years
Deferred compensation arrangement with individual, employer contribution	$ 0.4	0.3	$ 0.1
Deferred compensation liabilities, current	14.4	12.8
Deferred compensation plan assets, current	$ 14.3	$ 12.7
Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	6.00%

Commitments and Contingencies (Labor Agreements) (Details)	12 Months Ended
	Dec. 31, 2014 employee
Labor Agreements [Line Items]
Agreements with SEATU Union number of employees	210
Maximum [Member] \| Number of Employees, Total [Member] \| Unionized Employees Concentration Risk [Member]
Labor Agreements [Line Items]
Threshold number of employees under agreement for separate disclosure of unions	50

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets:
Accrued expenses	$ 2,015	$ 2,228
Property and equipment	679	0
Net deferred tax assets	2,694	2,228
Deferred tax liabilities:
Property and equipment	(336)	(3,459)
Intangibles	(1,107)	(823)
Net deferred tax liabilities	1,443	4,282
Net:	1,251	(2,054)
Current tax expense
Federal	6,115	17,729	$ 12,216
State	2,303	3,513	2,303
Total current	8,418	21,242	14,519
Deferred tax (benefit) expense
Federal	(2,680)	(7,624)	64
State	(625)	1,978	(152)
Total deferred	(3,305)	(5,646)	(88)
Total provision	$ 5,113	$ 15,596	$ 14,431
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	35.00%	35.00%	35.00%
State and local income taxes	0.70%	12.60%	3.00%
Nondeductible transaction costs	0.00%	9.20%	0.00%
REIT conversion benefit	(31.80%)	(4.30%)	0.00%
Permanent differences	0.00%	(0.90%)	0.10%
Other miscellaneous items	(0.30%)	(0.40%)	0.50%
Effective income tax rate reconciliation, effective income tax rate, percent	3.60%	51.20%	38.60%
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax	$ 50,372	$ 10,657	$ 13,073
State and local income taxes	964	3,840	1,126
Nondeductible transaction costs	0	2,793	0
REIT conversion benefit	(45,777)	(1,322)	0
Permanent differences	52	(268)	30
Other miscellaneous items	$ (498)	$ (104)	$ 202

Dividends (Details) - USD ($)										3 Months Ended				12 Months Ended
Dividends (Details) - USD ($)	Dec. 19, 2014	Dec. 02, 2014	Nov. 18, 2014	Sep. 26, 2014	Sep. 03, 2014	Jun. 27, 2014	May 30, 2014	Mar. 28, 2014	Feb. 18, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Feb. 13, 2014
Dividends
Common stock outstanding (in shares)									88,691,827
Dividends, share-based compensation										$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000
Dividends payable, date declared			Nov. 18, 2014		Sep. 03, 2014		May 30, 2014		Feb. 18, 2014
Quarterly dividend declared (in dollars per share)			$ 0.92		$ 0.52		$ 0.52		$ 0.52
Common stock, dividends per share, cash paid	$ 0.92			$ 0.52		$ 0.52		$ 0.52						$ 2.48
Dividends payable, date to be paid										Dec. 19, 2014	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014
Dividend paid	$ 103,700,000			$ 58,500,000		$ 58,200,000		$ 58,000,000
Dividends payable, date of record										Dec. 02, 2014	Sep. 15, 2014	Jun. 12, 2014	Mar. 07, 2014
Taxable income distributions, percent														100.00%
Purging Distribution
Dividends
Purging distribution									$ 1,050,000,000
Total cash limitation on purging distribution									$ 210,000,000.0
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 or made no election									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									$ 1,000,000
Purging Distribution \| Weighted average
Dividends
Volume weighted average price (in dollars per share)															$ 38.2162
Pre-Filing Agreement Distribution
Dividends
Pre-filing agreement distribution	37,000,000
Pre-Filing Agreement Distribution \| Restricted stock award holders at Penn and GLPI
Dividends
Dividends, share-based compensation	$ 700,000
Regular dividend
Dividends
Common stock, dividends per share, cash paid		$ 0.52
One-time dividends
Dividends
Common stock, dividends per share, cash paid		$ 0.40

Dividends (Dividend Classification) (Details)	12 Months Ended
Dividends (Dividend Classification) (Details)	Dec. 31, 2014 $ / shares
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 14.32
Classification of distribution as a percent	100.00%
Qualified Dividends
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 12.24
Classification of distribution as a percent	85.47%
Non-qualified Dividends
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 1.90
Classification of distribution as a percent	13.27%
Capital Gains
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 0.16
Classification of distribution as a percent	1.12%
Non-taxable Return of Capital
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 0.02
Classification of distribution as a percent	0.14%

Stock-Based Compensation (Stock Options Issued and Oustanding) (Details) - Employee Stock Option
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2014

USD ($)

$ / shares

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]

Outstanding at beginning of period (in shares) | shares

13,662,842

^[1]

Exercised (in shares) | shares

(2,330,848)

Canceled (in shares) | shares

(170,152)

Outstanding at end of period (in shares) | shares

11,161,842

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]

Outstanding at period start (in dollars per share) | $ / shares

$ 18.42

^[1]

Exercised (in dollars per share) | $ / shares

16.24

Canceled (in dollars per share) | $ / shares

21.47

Outstanding at period end (in dollars per share) | $ / shares

$ 18.83

Aggregate intrinsic value | $

2 years 4 months 13 days

$ 119,233

[1]

The number of outstanding stock options and the weighted average exercise price of these options was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of stock options outstanding at December 31, 2013 includes 3,324,389 shares resulting from the distribution.

Stock-Based Compensation (Options Outstanding and Exercisable by Price Range) (Details) - $ / shares

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

^[1]

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of options exercisable

9,770,939

Weighted average exercise price of exercisable options (in dollars per share)

$ 18.44

Exercise Price Range from Dollars 10.22 to Dollars 15.39

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price range, number of outstanding options

1,121,623

Exercise price range, outstanding options, weighted average exercise price (in dollards per share)

1 year 11 days

$ 12.45

Exercise price range, number of exercisable options

1,121,623

Exercise price range, exercisable options, weighted average exercise price (in dollars per share)

$ 12.45

Exercise price range, lower range limit

10.22

Exercise price range, upper range limit

$ 15.39

Exercise Price Range from Dollars 15.78 to Dollars 23.68

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price range, number of outstanding options

8,855,409

Exercise price range, outstanding options, weighted average exercise price (in dollards per share)

2 years 6 months 29 days

$ 18.88

Exercise price range, number of exercisable options

7,474,418

Exercise price range, exercisable options, weighted average exercise price (in dollars per share)

$ 18.38

Exercise price range, lower range limit

15.78

Exercise price range, upper range limit

$ 23.68

Exercise Price Range from Dollars 23.72 to Dollars 35.87

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Exercise price range, number of outstanding options

1,184,810

Exercise price range, outstanding options, weighted average exercise price (in dollards per share)

2 years 22 days

$ 24.50

Exercise price range, number of exercisable options

1,174,898

Exercise price range, exercisable options, weighted average exercise price (in dollars per share)

$ 24.49

Exercise price range, lower range limit

23.72

Exercise price range, upper range limit

$ 35.87

Employee Stock Option

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]

Number of options outstanding

11,161,842

13,662,842

Weighted average exercise price of outstanding options (in dollars per share)

2 years 4 months 13 days

$ 18.83

$ 18.42

[1]

Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards

12 Months Ended

Dec. 31, 2014

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]

Outstanding at the beginning of the period (in shares)

525,328

^[1]

Granted (in shares)

240,149

Released (in shares)

(237,618)

Canceled (in shares)

(59,018)

Outstanding at the end of the period (in shares)

468,841

[1]	The number of outstanding restricted stock awards was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of restricted awards outstanding at December 31, 2013 includes 106,261 shares resulting from the distribution.

Stock-Based Compensation Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards	12 Months Ended
	Dec. 31, 2014 shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at the beginning of the period (in shares)	0
Granted (in shares)	613,556
Released (in shares)	0
Canceled (in shares)	(70,000)
Outstanding at the end of the period (in shares)	543,556

Stock-Based Compensation (Narrative) (Details) - USD ($)						12 Months Ended
	Dec. 19, 2014	Sep. 26, 2014	Jun. 27, 2014	Apr. 25, 2014	Mar. 28, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized						4,380,854
Common stock, dividends per share, cash paid	$ 0.92	$ 0.52	$ 0.52		$ 0.52	$ 2.48
Number of exercisable options outstanding						9,770,939
Weighted average exercise price of exercisable options outstanding (in dollars per share)						$ 18.44
Intrinsic value of exercisable options outstanding						$ 108,200,000
Aggregate intrinsic value of options exercised						$ 43,100,000
Period of total shareholder return upon which the percentage of shares vesting at the end of the measurement period will be based						3 years
Period of return of the MSCI US REIT index against which total shareholder return measured						3 years
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost						$ 2,500,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost						1 year
Allocated share-based compensation expense						$ 5,800,000	$ 1,200,000	$ 0
Allocated share based compensation expense related to dividend paid						15,300,000
Options outstanding due to purging distribution							3,324,389
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost						$ 9,600,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost						2 years 3 months 7 days
Allocated share-based compensation expense						$ 3,600,000	$ 400,000
Restricted stock awards outstanding due to purging distribution							106,261
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost						$ 9,600,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost						2 years 3 months 26 days
Allocated share-based compensation expense						$ 2,900,000
Performance-based restricted stock awards \| End Of Measurement Period Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards vesting period				3 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost						$ 5,100,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost						1 year 8 months 13 days
Allocated share-based compensation expense						$ 2,500,000	$ 1,200,000
Allocated share based compensation expense related to dividend paid						800,000
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost						$ 200,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost						1 year 3 months 26 days
Allocated share-based compensation expense						$ 67,000	$ 200,000	$ 0

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

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

$ 145,080

$ 146,906

$ 150,770

$ 148,312

$ 107,099

^[1]

$ 39,633

$ 46,072

$ 42,648

$ 591,068

$ 235,452

$ 210,643

60,097

66,733

67,358

64,318

32,339

^[2]

5,665

9,090

6,811

258,506

53,905

43,668

114,586

19,253

(2)

143,920

30,449

37,350

5,113

15,596

14,431

30,202

$ 37,313

$ 36,996

$ 34,296

4,257

^[2]

$ 2,681

$ 4,699

$ 3,216

138,807

14,853

22,919

Capital project expenditures, net of reimbursements

106,843

28,923

14,090

139,231

12,198

1,930

3,538

4,230

3,260

2,564,580

2,609,239

2,564,580

2,609,239

Spinoff

Spinoff of real estate assets through REIT transaction costs

14,800

13,500

Eliminations

(10,408)

^[3]

Capital project expenditures, net of reimbursements

GLP Capital

436,944

69,880

^[4]

234,971

27,656

^[4]

114,588

19,254

^[4]

130,791

8,402

^[4]

211

6,767

^[4]

130,580

1,635

^[4]

Capital project expenditures, net of reimbursements

94,582

14,896

^[4]

139,231

13,042

^[4]

^[4]

2,335,472

2,379,243

2,335,472

2,379,243

TRS Properties

154,124

165,572

210,643

23,535

26,249

43,668

10,406

(1)

(2)

13,129

22,047

37,350

4,902

8,829

14,431

8,227

13,218

22,919

Capital project expenditures, net of reimbursements

12,261

14,027

14,090

(844)

1,930

3,538

4,230

$ 3,260

$ 229,108

$ 229,996

$ 229,108

$ 229,996

[1]	During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million.
[2]	The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013. The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information. Three Months Ended March 31, 2014 Three Months Ended June 30, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$158,328 $(10,016) $148,312 $160,786 $(10,016) $150,770Income from operations74,334 (10,016) 64,318 77,374 (10,016) 67,358Net income44,312 (10,016) 34,296 47,012 (10,016) 36,996Earnings per common share Basic earnings per common share$0.40 $(0.09) $0.31 $0.42 $(0.09) $0.33Diluted earnings per common share$0.38 $(0.09) $0.29 $0.40 $(0.09) $0.31 Three Months Ended September 30, 2014 Three Months Ended December 31, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$157,795 $(10,889) $146,906 $159,036 $(13,956) $145,080Income from operations77,622 (10,889) 66,733 74,053 (13,956) 60,097Net income49,902 (12,589) 37,313 44,158 (13,956) 30,202Earnings per common share Basic earnings per common share$0.44 $(0.11) $0.33 $0.39 $(0.12) $0.27Diluted earnings per common share$0.42 $(0.10) $0.32 $0.38 $(0.12) $0.26 Three Months Ended December 31, 2013 As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$113,776 $(6,677) $107,099Income from operations39,016 (6,677) 32,339Net income9,234 (4,977) 4,257Earnings per common share Basic earnings per common share$0.08 $(0.04) $0.04Diluted earnings per common share$0.08 $(0.04) $0.04
[3]	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.
[4]	GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013, results included transaction costs associated with the Spin-Off of $13.5 million.

Summarized Quarterly Data (Unaudited) (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Oct. 31, 2013

$ 145,080,000

$ 146,906,000

$ 150,770,000

$ 148,312,000

$ 107,099,000

^[1]

$ 39,633,000

$ 46,072,000

$ 42,648,000

$ 591,068,000

$ 235,452,000

$ 210,643,000

60,097,000

66,733,000

67,358,000

64,318,000

32,339,000

^[2]

5,665,000

9,090,000

6,811,000

258,506,000

53,905,000

43,668,000

$ 30,202,000

$ 37,313,000

$ 36,996,000

$ 34,296,000

$ 4,257,000

^[2]

$ 2,681,000

$ 4,699,000

$ 3,216,000

138,807,000

14,853,000

22,919,000

436,937,000

69,880,000

Basic earnings per common share (in dollars per share)

$ 106,843,000

$ 28,923,000

$ 14,090,000

Earnings Per Share

$ 0.27

$ 0.33

$ 0.31

$ 0.04

$ 0.02

$ 0.04

$ 1.23

$ 0.13

$ 0.21

Diluted earnings per common share (in dollars per share)

$ 0.26

$ 0.32

$ 0.31

$ 0.29

$ 0.04

$ 0.02

$ 0.04

$ 0.03

$ 1.18

$ 0.13

$ 0.20

Senior unsecured credit facility

Senior unsecured credit facility | GLP Capital

Interest expense, debt

$ 19,300,000

Debt instrument face amount

Debt instrument term

5 years

$ 2,050,000,000.0

Spinoff

Spinoff of real estate assets through REIT transaction costs

$ 13,500,000

14,800,000

Master Lease Agreement

69,900,000

As Previously Reported

$ 159,036,000

$ 157,795,000

$ 160,786,000

$ 158,328,000

113,776,000

$ 635,945,000

242,129,000

74,053,000

77,622,000

77,374,000

74,334,000

39,016,000

303,383,000

60,582,000

$ 44,158,000

$ 49,902,000

$ 47,012,000

$ 44,312,000

$ 9,234,000

185,384,000

19,830,000

Basic earnings per common share (in dollars per share)

$ 481,814,000

$ 76,557,000

Earnings Per Share

$ 0.39

$ 0.44

$ 0.42

$ 0.40

$ 0.08

$ 1.65

$ 0.18

Diluted earnings per common share (in dollars per share)

$ 0.38

$ 0.42

$ 0.40

$ 0.38

$ 0.08

$ 1.58

$ 0.17

Adjustments

$ (13,956,000)

$ (10,889,000)

$ (10,016,000)

$ (6,677,000)

$ (44,877,000)

$ (6,677,000)

(13,956,000)

(10,889,000)

(10,016,000)

(6,677,000)

(44,877,000)

(6,677,000)

$ (13,956,000)

$ (12,589,000)

$ (10,016,000)

$ (4,977,000)

(46,577,000)

(4,977,000)

Basic earnings per common share (in dollars per share)

$ (44,877,000)

$ (6,677,000)

Earnings Per Share

$ (0.12)

$ (0.11)

$ (0.09)

$ (0.04)

$ (0.42)

$ (0.05)

Diluted earnings per common share (in dollars per share)

$ (0.12)

$ (0.10)

$ (0.09)

$ (0.04)

$ (0.40)

$ (0.04)

[1]

During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million.

[2]

Pre-Spin Transactions with Penn (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Pre-Spin Transactions with Penn
Management fee	$ 0	$ 4,203	$ 6,320
Hollywood Casino Baton Rouge and Hollywood Casino Perryville \| Penn National Gaming Inc
Pre-Spin Transactions with Penn
Management fee as a percentage of net revenues		3.00%	3.00%
Management fee		$ 4,200	$ 6,300

Supplemental Disclosures of Cash Flow Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Supplemental Disclosures of cash flow information
Cash paid for income taxes, net of refunds	$ 20,100,000
Cash paid for interest	$ 109,400,000	$ 800,000	$ 0
Hollywood Casino Baton Rouge and Hollywood Casino Perryville \| Penn National Gaming Inc \| Federal
Supplemental Disclosures of cash flow information
Cash paid for income taxes, net of refunds		9,400,000	13,200,000
Hollywood Casino Baton Rouge and Hollywood Casino Perryville \| Penn National Gaming Inc \| State taxing authorities
Supplemental Disclosures of cash flow information
Cash paid for income taxes, net of refunds		$ 1,600,000	$ 2,800,000

Related Party Transactions (Details) - USD ($) $ in Thousands			9 Months Ended	12 Months Ended
	Sep. 24, 2014	Sep. 19, 2014	Sep. 30, 2014	Dec. 31, 2014
Wyomissing Professional Center Inc \| Chief Executive Officer
Related Party Transaction [Line Items]
Purchases from related party		$ 725
Amount of related party transaction		$ 270		$ 244
CB Consulting Group LLC \| Chairman of the Board and Chief Executive Officer's Son
Related Party Transaction [Line Items]
Amount of related party transaction			$ 59
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	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets
Real estate investments, net	$ 2,180,124	$ 2,010,303
Property and equipment, used in operations, net	134,028	139,121
Cash and cash equivalents	35,973	285,221	$ 14,562	$ 17,146
Prepaid expenses	7,900	5,983
Deferred tax assets, current	2,015	2,228
Other current assets	45,254	30,052
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $9,327 and $1,270 at December 31, 2014 and 2013, respectively	39,126	46,877
Loan receivable	34,000	0
Intercompany loan receivable	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets, non-current	679	0
Other assets	383	4,356
Total assets	2,564,580	2,609,239
Liabilities
Accounts payable	4,409	21,397
Accrued expenses	5,339	13,783
Accrued interest	17,528	18,055
Accrued salaries and wages	12,581	10,337
Gaming, property, and other taxes	22,741	18,789
Income taxes	0	15,556
Current maturities of long-term debt	81	0
Other current liabilities	15,788	12,911
Long-term debt, net of current maturities	2,609,406	2,350,000
Intercompany loan payable	0
Deferred rental revenue	51,554	6,677
Deferred tax liabilities, non-current	1,443	4,282
Total liabilities	2,740,870	2,471,787
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014 and December 31, 2013	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 and 88,659,448 shares issued at December 31, 2014 and 2013, respectively)	1,130	887
Additional paid-in capital	888,860	3,651
Retained (deficit) earnings	(1,066,280)	132,914
Total shareholders’ (deficit) equity	(176,290)	137,452	236,330	219,911
Total liabilities and shareholders’ (deficit) equity	2,564,580	2,609,239
Debt issuance costs, accumulated amortization (in dollars)	$ 9,327	$ 1,270
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	112,981,088	88,659,448
Common stock, shares authorized	500,000,000	500,000,000
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	1,498	0
Deferred tax assets, current	0	343
Other current assets	0	0
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,327 and $1,270 at December 31, 2014 and 2013, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	(193,595)
Intercompany transactions and investment in subsidiaries	(18,252)	(611,333)
Deferred tax assets, non-current	0
Other assets	0	0
Total assets	(210,349)	(610,990)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	1,498	0
Current maturities of long-term debt	0
Other current liabilities	0	0
Long-term debt, net of current maturities	0	0
Intercompany loan payable	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	343
Total liabilities	(192,097)	343
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014 and December 31, 2013	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 and 88,659,448 shares issued at December 31, 2014 and 2013, respectively)	0	0
Additional paid-in capital	(432,358)	(179,971)
Retained (deficit) earnings	414,106	(431,362)
Total shareholders’ (deficit) equity	(18,252)	(611,333)
Total liabilities and shareholders’ (deficit) equity	$ (210,349)	(610,990)
GLP Capital, L.P.
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries by parent company	100.00%
GLP Financing II, Inc.
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries by parent company	100.00%
Parent Guarantor
Assets
Real estate investments, net	$ 0	0
Property and equipment, used in operations, net	25,228	25,458
Cash and cash equivalents	2,643	42,801	0	0
Prepaid expenses	1,096	1,191
Deferred tax assets, current	0	0
Other current assets	14,947	13,438
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,327 and $1,270 at December 31, 2014 and 2013, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	0
Intercompany transactions and investment in subsidiaries	(190,541)	99,414
Deferred tax assets, non-current	0
Other assets	256	195
Total assets	(146,371)	182,497
Liabilities
Accounts payable	4,011	21,006
Accrued expenses	514	8,458
Accrued interest	0	0
Accrued salaries and wages	10,013	7,131
Gaming, property, and other taxes	1,012	141
Income taxes	0	(4,473)
Current maturities of long-term debt	0
Other current liabilities	14,369	12,782
Long-term debt, net of current maturities	0	0
Intercompany loan payable	0
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	0
Total liabilities	29,919	45,045
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014 and December 31, 2013	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 and 88,659,448 shares issued at December 31, 2014 and 2013, respectively)	1,130	887
Additional paid-in capital	888,860	3,651
Retained (deficit) earnings	(1,066,280)	132,914
Total shareholders’ (deficit) equity	(176,290)	137,452
Total liabilities and shareholders’ (deficit) equity	$ (146,371)	$ 182,497
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	112,981,088	88,659,448
Common stock, shares authorized	500,000,000	500,000,000
Subsidiary Issuers
Assets
Real estate investments, net	$ 2,042,311	$ 2,010,303
Property and equipment, used in operations, net	0	0
Cash and cash equivalents	4,450	221,095	0	0
Prepaid expenses	2,196	1,834
Deferred tax assets, current	0	0
Other current assets	27,417	15,708
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,327 and $1,270 at December 31, 2014 and 2013, respectively	39,126	46,877
Loan receivable	0	0
Intercompany loan receivable	193,595
Intercompany transactions and investment in subsidiaries	195,092	208,739
Deferred tax assets, non-current	0
Other assets	0	0
Total assets	2,504,187	2,504,556
Liabilities
Accounts payable	188	0
Accrued expenses	119	0
Accrued interest	17,528	18,055
Accrued salaries and wages	0	0
Gaming, property, and other taxes	18,874	17,542
Income taxes	(165)	10,608
Current maturities of long-term debt	81
Other current liabilities	0	0
Long-term debt, net of current maturities	2,609,406	2,350,000
Intercompany loan payable	0
Deferred rental revenue	51,554	6,677
Deferred tax liabilities, non-current	0	0
Total liabilities	2,697,585	2,402,882
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014 and December 31, 2013	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 and 88,659,448 shares issued at December 31, 2014 and 2013, respectively)	0	0
Additional paid-in capital	139,811	17,271
Retained (deficit) earnings	(333,209)	84,403
Total shareholders’ (deficit) equity	(193,398)	101,674
Total liabilities and shareholders’ (deficit) equity	2,504,187	2,504,556
Debt issuance costs, accumulated amortization (in dollars)	9,327	1,270
Other Subsidiary Non-Issuers
Assets
Real estate investments, net	137,813	0
Property and equipment, used in operations, net	108,800	113,663
Cash and cash equivalents	28,880	21,325	$ 14,562	$ 17,146
Prepaid expenses	3,110	2,958
Deferred tax assets, current	2,015	1,885
Other current assets	2,890	906
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $9,327 and $1,270 at December 31, 2014 and 2013, respectively	0	0
Loan receivable	34,000	0
Intercompany loan receivable	0
Intercompany transactions and investment in subsidiaries	13,701	303,180
Deferred tax assets, non-current	679
Other assets	127	4,161
Total assets	417,113	533,176
Liabilities
Accounts payable	210	391
Accrued expenses	4,706	5,325
Accrued interest	0	0
Accrued salaries and wages	2,568	3,206
Gaming, property, and other taxes	2,855	1,106
Income taxes	(1,333)	9,421
Current maturities of long-term debt	0
Other current liabilities	1,419	129
Long-term debt, net of current maturities	0	0
Intercompany loan payable	193,595
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	1,443	3,939
Total liabilities	205,463	23,517
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014 and December 31, 2013	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 and 88,659,448 shares issued at December 31, 2014 and 2013, respectively)	0	0
Additional paid-in capital	292,547	162,700
Retained (deficit) earnings	(80,897)	346,959
Total shareholders’ (deficit) equity	211,650	509,659
Total liabilities and shareholders’ (deficit) equity	$ 417,113	$ 533,176

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Revenues

$ 386,403

$ 62,278

$ 0

50,534

7,602

436,937

69,880

148,283

159,352

202,581

11,621

12,357

15,635

596,841

241,589

218,216

(5,773)

(6,137)

(7,573)

$ 145,080

$ 146,906

$ 150,770

$ 148,312

$ 107,099

^[1]

$ 39,633

$ 46,072

$ 42,648

591,068

235,452

210,643

82,995

89,367

113,111

9,734

10,775

13,114

52,154

9,220

1,592

80,836

43,262

25,068

106,843

28,923

14,090

332,562

181,547

166,975

60,097

66,733

67,358

64,318

32,339

^[2]

5,665

9,090

6,811

258,506

53,905

43,668

(117,030)

(19,254)

2,444

(4,203)

(6,320)

(114,586)

(23,456)

(6,318)

143,920

30,449

37,350

5,113

15,596

14,431

$ 30,202

$ 37,313

$ 36,996

$ 34,296

$ 4,257

^[2]

$ 2,681

$ 4,699

$ 3,216

138,807

14,853

22,919

Eliminations

Revenues

(1,270,826)

(137,910)

(1,270,826)

(137,910)

(1,270,826)

(137,910)

(1,270,826)

(137,910)

Parent Guarantor

Revenues

54,073

19,726

1,832

55,905

19,800

(55,898)

(19,800)

(11)

612,326

68,955

612,315

68,955

556,417

49,155

643

556,417

48,512

Subsidiary Issuers

Revenues

373,231

62,278

48,570

7,602

421,801

69,880

421,801

69,880

421,801

69,880

48,576

7,602

2,758

89,833

14,822

141,167

22,424

280,634

47,456

(117,016)

(19,254)

39,805

(77,211)

(19,254)

203,423

28,202

210

6,124

Other Subsidiary Non-Issuers

203,213

22,078

Revenues

13,172

1,964

15,136

148,283

159,352

202,581

11,614

12,357

15,635

175,033

171,709

218,216

(5,773)

(6,137)

(7,573)

169,260

165,572

210,643

82,995

89,367

113,111

9,734

10,775

13,114

3,578

1,618

1,592

24,005

23,536

25,068

15,178

14,027

14,090

135,490

139,323

166,975

33,770

26,249

43,668

(3)

2,444

(4,203)

(6,320)

618,695

68,955

621,136

64,753

(6,318)

654,906

91,002

37,350

4,903

8,829

14,431

$ 650,003

$ 82,173

$ 22,919

[1]

During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million.

[2]

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

$ 30,202,000

$ 37,313,000

$ 36,996,000

$ 34,296,000

$ 4,257,000

^[1]

$ 2,681,000

$ 4,699,000

$ 3,216,000

$ 138,807,000

$ 14,853,000

$ 22,919,000

106,843,000

28,923,000

14,090,000

8,057,000

1,270,000

10,000

(39,000)

(142,000)

(3,305,000)

(5,646,000)

(88,000)

12,258,000

1,566,000

44,877,000

6,677,000

(10,601,000)

(885,000)

1,513,000

(1,660,000)

(662,000)

(1,650,000)

2,638,000

(260,000)

(8,444,000)

7,996,000

(456,000)

(527,000)

17,216,000

2,244,000

2,131,000

(394,000)

527,000

(7,000)

(250,000)

(17,054,000)

4,018,000

(10,162,000)

2,877,000

583,000

(26,000)

273,259,000

80,632,000

26,744,000

Capital project expenditures, net of reimbursements

(139,231,000)

(12,198,000)

(1,930,000)

(3,538,000)

(4,230,000)

(3,260,000)

180,000

153,000

380,000

(43,000,000)

9,000,000

(140,730,000)

(317,319,000)

(16,275,000)

(4,810,000)

Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off

(6,982,000)

(24,518,000)

(2,090,000,000)

(494,104,000)

29,931,000

1,431,000

291,950,000

2,350,000,000

(306,000)

(48,147,000)

(32,024,000)

Distribution in connection with 2013 Pre-Spin tax matter agreement

(635,000)

Net cash (used in) provided by financing activities

(205,188,000)

206,302,000

(24,518,000)

Net (decrease) increase in cash and cash equivalents

(249,248,000)

270,659,000

(2,584,000)

285,221,000

14,562,000

285,221,000

14,562,000

17,146,000

35,973,000

285,221,000

35,973,000

285,221,000

14,562,000

Eliminations

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

(1,270,826,000)

(137,910,000)

1,498,000

1,834,000

(1,498,000)

(1,834,000)

(1,270,826,000)

(137,910,000)

Capital project expenditures, net of reimbursements

Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off

Distribution in connection with 2013 Pre-Spin tax matter agreement

1,270,826,000

137,910,000

Net cash (used in) provided by financing activities

1,270,826,000

137,910,000

Net (decrease) increase in cash and cash equivalents

Parent Guarantor

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

556,417,000

48,512,000

1,832,000

74,000

2,000

12,258,000

1,566,000

181,000

(1,944,000)

(1,645,000)

(662,000)

800,000

2,259,000

(16,995,000)

20,073,000

(7,944,000)

8,458,000

2,882,000

2,432,000

871,000

141,000

(1,441,000)

(4,473,000)

1,585,000

564,000

548,803,000

77,000,000

Capital project expenditures, net of reimbursements

(1,613,000)

(5,532,000)

(1,613,000)

(5,532,000)

Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off

(19,609,000)

(494,104,000)

29,931,000

1,431,000

Distribution in connection with 2013 Pre-Spin tax matter agreement

(122,540,000)

(10,489,000)

(635,000)

Net cash (used in) provided by financing activities

(587,348,000)

(28,667,000)

Net (decrease) increase in cash and cash equivalents

(40,158,000)

42,801,000

42,801,000

2,643,000

42,801,000

2,643,000

42,801,000

Subsidiary Issuers

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

203,213,000

22,078,000

89,833,000

14,822,000

8,057,000

1,270,000

(150,000)

44,877,000

6,677,000

(10,741,000)

(4,015,000)

15,526,000

(18,508,000)

119,000

(527,000)

18,055,000

(7,625,000)

10,608,000

338,567,000

55,002,000

Capital project expenditures, net of reimbursements

(137,618,000)

(7,510,000)

150,000

(137,468,000)

(7,510,000)

Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off

(1,992,931,000)

291,950,000

2,350,000,000

(306,000)

(48,147,000)

(32,024,000)

Distribution in connection with 2013 Pre-Spin tax matter agreement

(677,364,000)

(135,319,000)

Net cash (used in) provided by financing activities

(417,744,000)

173,603,000

Net (decrease) increase in cash and cash equivalents

(216,645,000)

221,095,000

221,095,000

Other Subsidiary Non-Issuers

4,450,000

221,095,000

4,450,000

221,095,000

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

650,003,000

82,173,000

22,919,000

15,178,000

14,027,000

14,090,000

158,000

(39,000)

(142,000)

(3,305,000)

(5,646,000)

(88,000)

(1,539,000)

(775,000)

1,513,000

(15,000)

3,215,000

(2,259,000)

(181,000)

1,073,000

(260,000)

(619,000)

(462,000)

(456,000)

(839,000)

(638,000)

(301,000)

(394,000)

(344,000)

(148,000)

(250,000)

(6,490,000)

(283,000)

(10,162,000)

1,292,000

19,000

(26,000)

656,715,000

86,540,000

26,744,000

Capital project expenditures, net of reimbursements

844,000

(1,930,000)

(3,538,000)

(4,230,000)

(3,260,000)

30,000

153,000

380,000

(43,000,000)

9,000,000

(140,730,000)

(178,238,000)

(3,233,000)

(4,810,000)

Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off

(6,982,000)

(24,518,000)

(77,460,000)

Distribution in connection with 2013 Pre-Spin tax matter agreement

(470,922,000)

7,898,000

Net cash (used in) provided by financing activities

(470,922,000)

(76,544,000)

(24,518,000)

Net (decrease) increase in cash and cash equivalents

7,555,000

6,763,000

(2,584,000)

$ 21,325,000

$ 14,562,000

21,325,000

14,562,000

17,146,000