View Filing Data

$ 392,075

$ 386,403

$ 62,278

35,050

50,534

7,602

427,125

436,937

69,880

142,310

148,283

159,352

11,213

11,621

12,357

580,648

596,841

241,589

(5,595)

(5,773)

(6,137)

$ 128,689

^[1]

$ 147,792

$ 149,867

$ 148,705

$ 145,080

$ 146,906

$ 150,770

$ 148,312

575,053

591,068

235,452

77,188

82,995

89,367

8,586

9,734

10,775

36,412

52,154

9,220

85,669

80,836

43,262

109,783

106,843

28,923

317,638

332,562

181,547

64,453

65,291

62,871

64,800

60,097

66,733

67,358

64,318

257,415

258,506

53,905

(124,183)

(117,030)

(19,254)

2,332

2,444

(4,203)

(121,851)

(114,586)

(23,456)

135,564

143,920

30,449

7,442

5,113

15,596

Basic earnings per common share (in dollars per share)

$ 29,773

$ 33,229

$ 31,989

$ 33,131

$ 30,202

$ 37,313

$ 36,996

$ 34,296

$ 128,122

$ 138,807

$ 14,853

Earnings per common share:

$ 0.26

$ 0.29

$ 0.28

$ 0.29

$ 0.27

$ 0.33

$ 0.31

$ 1.12

$ 1.23

$ 0.13

Diluted earnings per common share (in dollars per share)

$ 0.25

$ 0.28

$ 0.27

$ 0.28

$ 0.26

$ 0.32

$ 0.31

$ 0.29

$ 1.08

$ 1.18

$ 0.13

[1]

During the fourth quarter of 2015, Penn received a significant real estate tax refund related to a property reassessment of a GLPI owned property, which directly offset its real estate taxes paid during the quarter. Although tenants are responsible for the payment of real estate taxes under the triple-net lease structure, the Company is required to record 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. This tax refund resulted in the lower net revenues in the fourth quarter of 2015, as compared to the fourth quarter of 2014, despite an increase in rent recognized from tenant lease payments but had no impact on income from operations or net income.

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, 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)
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 contributions 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	$ 0	374
Restricted stock activity (in shares)		0
Net income	14,853			14,853
Balance at Dec. 31, 2013	137,452	$ 887	3,651	132,914
Balance (in shares) at Dec. 31, 2013		88,659,448
Increase (Decrease) in Shareholders' Equity
Adjustments to APIC, Other	(635)		(635)
Cash contributions 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
Net income	138,807			138,807
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
Increase (Decrease) in Shareholders' Equity
Cash contributions to Penn National Gaming, Inc. in connection with Spin-Off	$ 0
Stock option activity	34,646	$ 25	34,621
Stock option activity (in shares)		2,511,639
Restricted stock activity	11,740	$ 1	11,739
Restricted stock activity (in shares)		101,594
Dividends paid ($2.18 per common share)	(251,732)	$ 0	0	(251,732)
Dividends paid ($2.18 per common share) (in shares)		0
Net income	128,122			128,122
Balance at Dec. 31, 2015	$ (253,514)	$ 1,156	$ 935,220	$ (1,189,890)
Balance (in shares) at Dec. 31, 2015	115,594,321	115,594,321

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares									12 Months Ended
	Dec. 18, 2015	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015	Dec. 19, 2014	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Common stock, dividends including purge distribution, per share, cash paid									$ 2.18	$ 14.32
Common stock, dividends per share, cash paid	$ 0.545	$ 0.545	$ 0.545	$ 0.545	$ 0.92	$ 0.52	$ 0.52	$ 0.52	$ 2.18	$ 2.48

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income	$ 128,122	$ 138,807	$ 14,853
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	109,783	106,843	28,923
Amortization of debt issuance costs	14,016	8,057	1,270
Losses (gains) on dispositions of property	185	10	(39)
Deferred income taxes	(813)	(3,305)	(5,646)
Stock-based compensation	16,811	12,258	1,566
Straight-line rent adjustments	55,825	44,877	6,677
(Increase) decrease,
Prepaid expenses and other current assets	(9,708)	(10,601)	(885)
Other assets	(4)	(1,660)	(662)
(Decrease), increase
Accounts payable	(946)	(1,650)	2,638
Accrued expenses	4,241	(8,444)	7,996
Accrued interest	95	(527)	17,216
Accrued salaries and wages	1,138	2,244	2,131
Gaming, property and other taxes	(956)	527	(7)
Income taxes	0	(17,054)	4,018
Other current and noncurrent liabilities	1,899	2,877	583
Net cash provided by operating activities	319,688	273,259	80,632
Investing activities
Capital project expenditures, net of reimbursements	(16,149)	(139,231)	(12,198)
Capital maintenance expenditures	(2,953)	(3,538)	(4,230)
Proceeds from sale of property and equipment	310	180	153
Funding of loan receivable	0	(43,000)	0
Principal payments on loan receivable	4,650	9,000	0
Acquisition of real estate	0	(140,730)	0
Net cash used in investing activities	(14,142)	(317,319)	(16,275)
Financing activities
Net advances to Penn National Gaming, Inc.	0	0	(6,982)
Cash contributions to Penn National Gaming, Inc. in connection with Spin-Off	0	0	(2,090,000)
Dividends paid (including the Purging Distribution in 2014)	(251,732)	(494,104)	0
Proceeds from exercise of options	29,686	29,931	1,431
Proceeds from issuance of long-term debt	0	291,950	2,350,000
Financing costs	(9,500)	(306)	(48,147)
Payments of long-term debt	(68,098)	(32,024)	0
Distribution in connection with 2013 Pre-Spin tax matter agreement	0	(635)	0
Net cash (used in) provided by financing activities	(299,644)	(205,188)	206,302
Net increase (decrease) in cash and cash equivalents	5,902	(249,248)	270,659
Cash and cash equivalents at beginning of period	35,973	285,221	14,562
Cash and cash equivalents at end of period	$ 41,875	$ 35,973	$ 285,221

Business and Basis of Presentation

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Basis of Presentation

usiness 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 elected 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 indirect wholly-owned subsidiary of the Company, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. As a result of the Spin-Off, GLPI owns substantially all of Penn’s former real property assets 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 "Penn 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, 2015, GLPI’s portfolio consisted of 21 gaming and related facilities, including 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, 2015, the Company's properties were 100% occupied.

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, pursuant to the terms of a Pre-Filing Agreement with the IRS, 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. See Note 11 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

GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms, including its July 2015 announcement of the proposed acquisition of substantially all of the real estate assets of Pinnacle Entertainment, Inc. ("Pinnacle") and its December 2015 announcement of the resolution of the previously disclosed litigation with The Meadows Racetrack and Casino (the "Meadows") and entry into an amended purchase agreement with Cannery Casino Resorts LLC, the owner of the Meadows. The Pinnacle transaction is expected to close during April 2016, while the Meadows transaction is expected to close during the second half of 2016. However, we cannot predict the actual dates on which the transactions will be completed because each transaction is subject to conditions beyond such parties' control.

On July 20, 2015, GLPI, Gold Merger Sub, LLC, a direct, wholly owned subsidiary of GLPI ("Merger Sub"), and Pinnacle entered into a merger agreement (as it may be amended from time to time, the "Merger Agreement") providing for the merger of Pinnacle with and into Merger Sub, with Merger Sub surviving the merger as a wholly owned subsidiary of GLPI (the "Merger"). Following the consummation of the Merger, GLPI will own all of Pinnacle’s real property assets, other than Pinnacle’s Belterra Park property and excess land at certain locations. In order to effect the acquisition of Pinnacle’s real property assets (other than the Belterra Park property and excess land at certain locations), prior to the Merger, Pinnacle will cause certain assets relating to its operating business to be transferred to, and liabilities relating thereto to be assumed by a newly formed wholly owned subsidiary of Pinnacle ("OpCo"). Immediately following the separation, Pinnacle will distribute to Pinnacle’s stockholders all of the issued and outstanding shares of common stock of OpCo owning Pinnacle’s operating assets and certain other specified assets. Then, upon satisfaction or waiver of the conditions to closing in the Merger Agreement on the closing date, Pinnacle will merge with and into Merger Sub, as described in more detail in the joint proxy statement/prospectus filed with a Registration Statement on Form S-4 (No. 333-206649) initially filed by GLPI with the Securities and Exchange Commission on December 23, 2015, as most recently amended on February 16, 2016 (and as the same may be thereafter amended, the "Joint Proxy Statement/Prospectus"). Merger Sub, as the surviving company in the Merger, will then own substantially all of Pinnacle’s real estate assets that were retained or transferred to Pinnacle in the separation and will lease those assets back to OpCo pursuant to a triple-net 35 year (including extension renewals) master lease agreement (the "Pinnacle Master Lease Agreement) substantially in the form attached as Exhibit B to the Merger Agreement. A wholly-owned subsidiary of OpCo would operate the leased gaming facilities as a tenant under the Pinnacle Master Lease Agreement.

At the effective time of the Merger, each share of Pinnacle common stock issued and outstanding immediately prior to the effective time of the Merger will be converted into 0.85 shares of a share of GLPI common stock, with cash paid in lieu of the issuance of fractional shares of GLPI common stock. The exchange ratio will not be adjusted to reflect changes in the price of GLPI common stock or the price of Pinnacle common stock occurring prior to the completion of the Merger. The obligations of GLPI and Pinnacle to effect the Merger are subject to the satisfaction or waiver of certain conditions set forth in the Merger Agreement (including the applicable approvals of each company’s stockholders and gaming regulatory approvals). Upon completion of the Merger, the current directors and officers of GLPI are expected to continue in their current positions, other than as may be publicly announced by GLPI in the normal course of business.

In connection with the proposed Merger, GLPI and Pinnacle will each hold a special meeting of their respective stockholders. At the GLPI special meeting, GLPI stockholders will be asked to vote on (i) a proposal to approve the issuance of GLPI common stock to Pinnacle stockholders in the Merger and (ii) a proposal to approve one or more adjournments of the meeting to another date, time or place, if necessary or appropriate, to solicit additional proxies in favor of the proposal to approve the issuance of shares of GLPI common stock to Pinnacle stockholders in the Merger. At the Pinnacle special meeting, Pinnacle stockholders will be asked to vote on (i) a proposal to adopt the Merger Agreement, (ii) an advisory (non-binding) proposal to approve certain compensation that may be paid or become payable to the named executive officers of Pinnacle in connection with the Merger, and (iii) a proposal to approve one or more adjournments of the meeting to another date, time or place, if necessary or appropriate, to solicit additional proxies in favor of the proposal to approve the Merger and the other transactions contemplated by the Merger Agreement. The Joint Proxy Statement/Prospectus describes the foregoing proposals in more detail, as well as other matters contemplated in connection with the proposed Merger.

The Merger Agreement may be terminated, subject to certain exceptions, prior to the effective time of the Merger by either GLPI or Pinnacle under certain conditions, including if the Merger has not been consummated on or before March 31, 2016, subject to one three-month extension by GLPI, at the election of GLPI, if the only conditions not satisfied at such time related to regulatory and other government approvals. The Company expects to exercise the extension.

As a result of adopting two new accounting pronouncements, at December 31, 2015, the Company made two related reclassifications on its December 31, 2014 consolidated balance sheet. Under Accounting Standards Update ("ASU") No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17") both deferred tax assets and liabilities are now classified as non-current on a classified balance sheet. As such, the Company reclassified $2.0 million of previously classified current deferred tax assets to non-current deferred tax assets. In addition, as a result of adopting the new guidance for debt issuance costs under ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), the Company reclassified $39.1 million of debt issuance costs from the consolidated balance sheet line item debt issuance costs, net of accumulated amortization to a contra liability account which nets these unamortized financing fees against the Company's long-term debt line item on its consolidated balance sheet. See Note 3 for further details on the Company's adoption and implementation of these new accounting pronouncements. These reclassifications had no impact on the Company's financial position, results of operations or cash flows for the year ended December 31, 2014.

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, 2015
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 2015 and 2014 fiscal years 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.

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In November 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This ASU simplifies the presentation of deferred income taxes by requiring that both deferred tax assets and liabilities be classified as non-current on a classified balance sheet. Previously, the Company classified its current and non-current deferred tax assets and liabilities as individual line items on its balance sheet. The Company early adopted ASU 2015-17 on a retrospective basis and its balance sheet presentation at December 31, 2015 and 2014 reflects the adoption of the new standard. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. In August 2015, the FASB issued explanatory guidance on ASU 2015-03 in the form of ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("ASU 2015-15"). ASU 2015-15 clarifies that debt issuance costs not associated with outstanding borrowings may continue to be accounted for as assets within the balance sheet. The Company early adopted ASU 2015-03 on a retrospective basis and its balance sheet presentation at December 31, 2015 and 2014 reflects the adoption of the new standard. Accounting Pronouncements Not Yet Adopted In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs, and (iv) provide a scope exception for certain entities. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is currently evaluating the impact of the adoption of ASU 2015-02 on its consolidated financial statements and believes should it elect to implement the UPREIT structure in a future period additional disclosures may be required. In May 2014, the FASB issued ASU 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. At the April 1, 2015 FASB meeting, the board voted to defer the effective date for the new revenue recognition standard to annual reporting periods beginning after December 15, 2017. The pronouncement was originally effective for annual reporting periods beginning after December 15, 2016, and companies are permitted to elect the adoption of the standard as of the original effective date. When adopted, the new guidance 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.

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

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

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=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
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

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, 2015, substantially all of the Company's real estate properties were leased to Penn and approximately 96% of the Company's rental revenues were derived from the Penn Master Lease. Revenues from Penn, as reported in Penn's filings with the Securities and Exchange Commission, 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, Form 10-Q and Form 8-K with the Securities and Exchange Commission. According to Penn's filings with Securities and Exchange Commission, Penn's net revenues were $2.8 billion, $2.6 billion and $2.9 billion for the years ended December 31, 2015, 2014 and 2013, respectively. 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, 2015, the Company's portfolio of 19 leased properties and the TRS properties are 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, as well as transaction costs that will be allocated to purchase price upon the closing of an asset acquisition. 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 9 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 ASC 820 "Fair Value Measurements and Disclosures" ("ASC 820"). 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 with other current liabilities on the consolidated balance sheets. The difference between the Company's deferred compensation plan assets and liabilities at both December 31, 2015 and 2014 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 and the interest rate approximates market rates for a similar instrument. The fair value measurement of the loan receivable is considered a Level 3 measurement as defined under ASC 820.

Long-term Debt

The fair value of the senior unsecured notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820.

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



	December 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	41,875	$	41,875	$	35,973	$	35,973
Deferred compensation plan assets	14,833		14,833		14,280		14,280
Loan receivable	29,350		29,350		34,000		34,000
Financial liabilities:
Deferred compensation plan liabilities	14,866		14,866		14,369		14,369
Long-term debt:
Senior unsecured credit facility	490,000		479,612		558,000		535,010
Senior unsecured notes	2,050,000		2,014,750		2,050,000		2,091,000

Real Estate Investments

Real estate investments primarily represent land and buildings leased to the Company's tenants. 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 (for which GLPI is the lessee) is included within the depreciation line item of the Company's consolidated statements of income.

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, 2015 and 2014, 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. In order to determine the fair value of the Baton Rouge reporting unit, the Company utilized a discounted cash flow model, which relied on projected EBITDA to determine the reporting unit's future cash flows. 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 utility 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 in which the Company operates 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, 2015 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 continued impact of the opening of the Horseshoe Casino Baltimore in August 2014 and the expected impact of the anticipated opening of new casino in Prince George's County during the fourth quarter 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 amount, and as of October 1, 2015, 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. During 2015, the Company early adopted ASU 2015-03 on a retrospective basis, which requires long-term debt to be reported net of unamortized debt issuance costs on the consolidated balance sheet. See Note 3 for further information on the adoption of ASU 2015-03.

Comprehensive Income

Comprehensive income includes net income and all other non-owner changes in shareholders’ equity during a period. The Company did not have any non-owner changes in shareholders’ equity for the three years ended December 31, 2015 and comprehensive income for the three years ended December 31, 2015 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 three years ended December 31, 2015.

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 years ended December 31, 2015 and 2014, the Company recognized $59 thousand and $18 thousand of penalties and interest, net of deferred income taxes, respectively. During the year ended December 31, 2013, the Company did not recognize any interest and penalties, net of deferred income taxes.

The Company elected 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 indirect wholly-owned subsidiary of the Company, GLP Holdings, Inc., jointly elected 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 continues 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.

The Company determined, based on facts and circumstances prevailing at the time of each lease's inception, that neither Penn nor Casino Queen could effectively operate and run their respective business without the properties that are leased to it under the respective lease agreements with GLPI. Furthermore, at lease inception, all of Casino Queen's revenues and substantially all of Penn's revenues were generated from operations in connection with the leased properties. There are also various legal restrictions in the jurisdictions in which Penn and Casino Queen operate that limit the availability and location of gaming facilities, which makes relocation or replacement of the leased gaming facilities restrictive and potentially impracticable or unavailable. Moreover, under the terms of the Penn Master Lease, Penn must make its renewal election with respect to all of the leased property together; the tenant is not entitled to selectively renew certain of the leased property while not renewing other property. Accordingly, the Company concluded that failure by Penn or Casino Queen to renew the lease would impose a significant penalty on such tenant such that renewal of all lease renewal options appears at lease inception to be reasonably assured. Therefore, the Company concluded that the term of the leases with both Penn and Casino Queen is 35 years, equal to the initial 15 year term plus all four of the 5 year renewal options.

As of December 31, 2015, all but one of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease. The obligations under the Penn Master Lease are guaranteed by Penn and by most Penn subsidiaries that occupy and operate the facilities leased under the Penn Master Lease. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the Penn 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 Penn Master Lease.

The rent structure under the Penn Master Lease 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 Penn 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 Penn Master Lease 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 Penn Master Lease, the tenant is responsible for all executory charges described in the above paragraph.

As of December 31, 2015, the future minimum rental income from the Company's properties under non-cancelable operating leases, including any reasonably assured rental periods, was as follows (in thousands):



Year ending December 31,
2016	$	354,928
2017	355,428
2018	357,949
2019	370,553
2020	370,553
Thereafter	10,326,873
Total	$	12,136,284

For the years ended December 31, 2015, 2014 and 2013, GLPI recognized $43.5 million, $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 Penn 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." Furthermore, during the years ended December 31, 2015 and 2014, the Company recognized $4.0 million and $0.5 million, respectively of rental income related to the annual 2% rent escalator noted above. The rent escalator was fully activated in November 2015 and partially activated in November 2014. Any anticipated future rent escalations are also excluded from the table above.

Additionally, in accordance with ASC 605, "Revenue Recognition," the Company records revenue for the real estate taxes paid by its tenants on the leased properties 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 increase. 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, 2015, 2014 and 2013:



	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Video lottery	$	122,292	$	127,572	$	138,803
Table game	18,799		19,120		18,096
Poker	1,219		1,591		2,453
Total gaming revenue, net of cash incentives	$	142,310	$	148,283	$	159,352

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, 2015, 2014 and 2013 are as follows:



	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Food and beverage	$	5,512	$	5,732	$	5,970
Other	83		41		167
Total promotional allowances	$	5,595	$	5,773	$	6,137

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2015, 2014 and 2013 are as follows:



	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Food and beverage	$	2,343	$	2,766	$	2,907
Other	38		15		86
Total cost of complimentary services	$	2,381	$	2,781	$	2,993

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 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 three years ended December 31, 2015, these expenses, which are primarily recorded within gaming expense in the consolidated statements of income, totaled $60.1 million, $66.8 million and $71.6 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.

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, 2015, 2014 and 2013 (in thousands):



	Year Ended December 31,
	2015	2014	2013

Determination of shares:
Weighted-average common shares outstanding	114,432	112,037	110,617
Assumed conversion of dilutive employee stock-based awards	3,755	5,340	4,924
Assumed conversion of restricted stock	170	209	324
Assumed conversion of performance-based restricted stock awards	82	—	—
Diluted weighted-average common shares outstanding	118,439	117,586	115,865

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2015, 2014 and 2013:



	Year Ended December 31,
	2015			2014			2013

Calculation of basic EPS:
Net income	$	128,122		$	138,807		$	14,853
Less: Net income allocated to participating securities	(517		)	(578		)	(56		)
Net income attributable to common shareholders	$	127,605		$	138,229		$	14,797
Weighted-average common shares outstanding	114,432			112,037			110,617
Basic EPS	$	1.12		$	1.23		$	0.13

Calculation of diluted EPS:
Net income	$	128,122		$	138,807		$	14,853
Diluted weighted-average common shares outstanding	118,439			117,586			115,865
Diluted EPS	$	1.08		$	1.18		$	0.13

Options to purchase 24,233 and 17,917 shares were outstanding during the years ended December 31, 2015 and 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 year ended December 31, 2013 that were not included in the computation of diluted EPS because of being antidilutive.

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), 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 connection with the Spin-Off, each outstanding option with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option. The adjustment preserved the aggregate intrinsic value of the options. 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, 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, 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 12 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 13 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 Penn 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 Penn 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, 2015
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 $43.0 million, five year term loan at 7% interest, pre-payable at any time, which, together with the sale proceeds, completely refinanced and retired all of Casino Queen’s outstanding long-term debt obligations. Since March 31, 2015, Casino Queen has been 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. As of December 31, 2015, these mandatory principal payments, as well as additional principal payments have reduced the balance of this loan to $29.4 million. The collectability of the remaining loan balance is reasonably assured and as of December 31, 2015 the obligor has made all mandatory principal and interest payments in full and on time and paid down additional principal toward the loan. The loan balance 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 earned. GLPI leased the property back to Casino Queen on a triple-net basis on terms similar to those in the Penn Master Lease and receives approximately $14.0 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.

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).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Property, Plant and Equipment [Abstract]

Real Estate Investments

12 Months Ended

Dec. 31, 2015

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, 2015			December 31, 2014
	(in thousands)
Land and improvements	$	453,739		$	454,181
Building and improvements	2,297,128			2,288,664
Construction in progress	—			2,576
Total real estate investments	2,750,867			2,745,421
Less accumulated depreciation	(660,808		)	(565,297		)
Real estate investments, net	$	2,090,059		$	2,180,124

The increase in building and improvements and corresponding decrease in construction in progress represents the placement of the Company's investment in its corporate headquarters building located in Wyomissing, Pennsylvania into service during the year ended December 31, 2015. The company relocated to the new corporate headquarters at the beginning of the fourth quarter of 2015.

Property and Equipment Used in Operations

12 Months Ended

Dec. 31, 2015

Property and Equipment Used in Operations

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



	December 31, 2015			December 31, 2014
	(in thousands)
Land and improvements	$	31,187		$	31,595
Building and improvements	117,314			116,867
Furniture, fixtures, and equipment	112,227			103,612
Construction in progress	354			724
Total property and equipment	261,082			252,798
Less accumulated depreciation	(131,335		)	(118,770		)
Property and equipment, net	$	129,747		$	134,028

The increase in furniture, fixtures, and equipment is primarily due to the purchase of slot machines at Hollywood Casino Perryville, totaling approximately $6.2 million for year ended December 31, 2015.

Long-term Debt

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt, net of current maturities and unamortized debt issuance costs is as follows:



	December 31, 2015			December 31, 2014
	(in thousands)
Senior unsecured credit facility	$	490,000		$	558,000
$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	1,389			1,487
Total long-term debt	2,541,389			2,609,487
Less: unamortized debt issuance costs	(31,048		)	(39,126		)
Total long-term debt, net of unamortized debt issuance costs	2,510,341			2,570,361
Less current maturities of long-term debt	(102		)	(81		)
Long-term debt, net of current maturities and unamortized debt issuance costs	$	2,510,239		$	2,570,280

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2015 (in thousands):



2016	$	102
2017	107
2018	1,040,113
2019	1,000,118
2020	124
Over 5 years	500,825
Total minimum payments	$	2,541,389

Senior Unsecured Credit Facility

The Company has a one billion dollar senior unsecured credit facility (the "Credit Facility"), consisting of a $700 million revolving credit facility and a $300 million Term Loan A facility. On July 31, 2015, in connection with the announced Pinnacle acquisition, the Company entered into the first amendment to the Credit Facility, which permits the Company to borrow an additional $825 million under a Term Loan A-1 facility. At December 31, 2015, the Company had no borrowings outstanding under the Term Loan A-1 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, 2015, 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, 2015, 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, 2015, the Credit Facility had a gross outstanding balance of $490 million, consisting of the $300 million Term Loan A facility and $190 million of borrowings under the revolving credit facility. Additionally, at December 31, 2015, the Company was contingently obligated under letters of credit issued pursuant to the senior unsecured credit facility with face amounts aggregating approximately $0.9 million, resulting in $509.1 million of available borrowing capacity under the revolving credit facility as of December 31, 2015.

The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and other restricted payments. The Credit Facility contains the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. In addition, GLPI is required to maintain a minimum tangible net worth and its status as a REIT on and after the effective date of its election to be treated as a REIT, which the Company elected on its 2014 U.S. federal income tax return. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Facility also contains certain customary affirmative covenants and events of default, including the occurrence of a change of control and termination of the Penn Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Credit Facility will enable the lenders under the Credit Facility to accelerate the loans and terminate the commitments thereunder. At December 31, 2015, the Company was in compliance with all required covenants under the Credit Facility.

Senior Unsecured Notes

At December 31, 2015, 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 18 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 its assets to secure debt; merge or consolidate with another company; and make certain amendments to the Penn 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, 2015, 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.

Bridge Facility

Also in connection with the announced Pinnacle transaction, the Company entered into an amended and restated commitment letter dated July 31, 2015 (the "GLPI Commitment Letter") with JPMorgan Chase Bank, N.A., Bank of America, N.A., Fifth Third Bank, Manufacturers and Traders Trust Company, Wells Fargo Bank, National Association, UBS AG, Stamford Branch, Credit Agricole Corporate and Investment Bank, Suntrust Bank, Nomura Securities International, Inc., Citizens Bank, National Association, Barclays and certain of their affiliates (collectively, the "GLPI Commitment Parties") to provide debt financing in connection with the transaction. Pursuant to the GLPI Commitment Letter, the GLPI Commitment Parties have committed to provide a $1.875 billion senior unsecured 364-day term loan bridge facility (the "GLPI Bridge Facility"). Currently, the Company expects to raise the proceeds necessary to finance the Pinnacle transaction through a combination of debt and equity offerings and does not expect to utilize the GLPI Bridge Facility. However, there can be no assurance that the Company will be able to raise sufficient funds through an equity and/or debt offering.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn’s real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn, and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. 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, $2.8 million and $0.4 million for the years ended December 31, 2015, 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. 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.

In addition, the Company is liable under numerous operating leases for equipment and other miscellaneous assets, which expire at various dates through 2019.

The future minimum lease commitments relating to noncancelable operating leases at December 31, 2015 are as follows (in thousands):



Year ending December 31, ⁽¹⁾
2016	$	1,565
2017	1,540
2018	1,538
2019	1,096
2020	461
Thereafter	43,891
Total	$	50,091

⁽¹⁾The above table excludes contingent rent in accordance with ASC 840.

Total rental expense for equipment and other miscellaneous assets under these agreements was $2.6 million, $1.2 million and $1.4 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Capital Expenditure Commitments

The Company's current construction program for 2016 calls for no material capital expenditures for which the Company was contractually committed to spend at December 31, 2015.

Purchase Obligations

The Company has obligations to purchase various goods and services totaling $0.7 million at December 31, 2015, of which $0.5 million will be incurred in 2016.

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, 2015, 2014 and 2013 were $0.3 million, $0.3 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, 2015, 2014 and 2013 were $0.5 million, $0.4 million and $0.3 million, respectively. The Company's deferred compensation liability, which was included in other current liabilities within the consolidated balance sheet, was $14.9 million and $14.4 million at December 31, 2015 and 2014, 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 $14.8 million and $14.3 million at December 31, 2015 and 2014, 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 208 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, 2015

Income Tax Disclosure [Abstract]

Income Taxes

The Company elected 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,	2015			2014
	(in thousands)
Deferred tax assets:
Accrued expenses	$	2,125		$	2,015
Property and equipment	4,414			679
Net deferred tax assets	6,539			2,694
Deferred tax liabilities:
Property and equipment	(2,959		)	(336		)
Intangibles	(1,365		)	(1,107		)
Net deferred tax liabilities	(4,324		)	(1,443		)
Net:	$	2,215		$	1,251

The provision for income taxes charged to operations for years ended December 31, 2015, 2014 and 2013 was as follows:



Year ended December 31,	2015			2014			2013
	(in thousands)
Current tax expense
Federal	$	4,945		$	6,115		$	17,729
State	3,310			2,303			3,513
Total current	8,255			8,418			21,242
Deferred tax (benefit) expense
Federal	(533		)	(2,680		)	(7,624		)
State	(280		)	(625		)	1,978
Total deferred	(813		)	(3,305		)	(5,646		)
Total provision	$	7,442		$	5,113		$	15,596

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2015, 2014 and 2013:



Year ended December 31,	2015		2014		2013
Percent of pretax income
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	1.3	%	0.7	%	12.6	%
Nondeductible transaction costs	—	%	—	%	9.2	%
REIT conversion benefit	(31.3	)%	(31.8	)%	(4.3	)%
Permanent differences	—	%	—	%	(0.9	)%
Other miscellaneous items	0.5	%	(0.3	)%	(0.4	)%
	5.5	%	3.6	%	51.2	%



Year ended December 31,	2015			2014			2013
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	47,447		$	50,372		$	10,657
State and local income taxes	1,702			964			3,840
Nondeductible transaction costs	—			—			2,793
REIT conversion benefit	(42,438		)	(45,777		)	(1,322		)
Permanent differences	61			52			(268		)
Other miscellaneous items	670			(498		)	(104		)
	$	7,442		$	5,113		$	15,596

The Company is still subject to federal income tax examinations for its years ended December 31, 2015, 2014 and 2013.

Dividends

12 Months Ended

Dec. 31, 2015

Dividends [Abstract]

Dividends

nds

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2015 and 2014:



Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2015
February 3, 2015	March 10, 2015	Common Stock	$	0.545	First Quarter 2015	March 27, 2015	$	62,072
May 1, 2015	June 11, 2015	Common Stock	$	0.545	Second Quarter 2015	June 26, 2015	$	62,348
July 30, 2015	September 14, 2015	Common Stock	$	0.545	Third Quarter 2015	September 25, 2015	$	62,456
October 28, 2015	December 1, 2015	Common Stock	$	0.545	Fourth Quarter 2015	December 18, 2015	$	62,814
2014
February 18, 2014	March 7, 2014	Common Stock	$	0.52	First Quarter 2014	March 28, 2014	$	58,008
May 30, 2014	June 12, 2014	Common Stock	$	0.52	Second Quarter 2014	June 27, 2014	$	58,207
September 3, 2014	September 15, 2014	Common Stock	$	0.52	Third Quarter 2014	September 26, 2014	$	58,464
November 18, 2014	December 2, 2014	Common Stock	$	0.92	Fourth Quarter 2014	December 19, 2014	$	103,712

In addition for the years ended December 31, 2015 and 2014, dividend payments were made to or accrued for GLPI restricted stock award holders and for both GLPI and Penn unvested employee stock options in the amount of $2.0 million and $4.0 million, respectively.

Additionally, 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, pursuant to the terms of a Pre-Filing Agreement with the IRS, 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 Internal Revenue Service and to ensure that the Company had distributed 100% of its taxable income for the 2014 year. The total distribution of $0.92 per share was made to shareholders during the fourth quarter of 2014 and included a regular quarterly dividend of $0.52 per share and a one-time dividend of $0.40 per share. 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 the one-time distribution.

A summary of the Company's common stock distributions for the year ended December 31, 2015 and 2014 is as follows (unaudited):



	Year Ended December 31,
	2015			2014
	(in dollars per share)
Qualified dividends	$	0.0698		$	12.24
Non-qualified dividends	1.9462			1.90
Capital gains	0.0012			0.16
Non-taxable return of capital	0.1628			0.02
Total distributions per common share	$	2.18		$	14.32

Percentage classified as qualified dividends	3.21		%	85.47		%
Percentage classified as non-qualified dividends	89.45		%	13.27		%
Percentage classified as capital gains	—			1.12		%
Percentage classified as non-taxable return of capital	7.34		%	0.14		%
	100.00		%	100.00		%

Stock-Based Compensation

12 Months Ended

Dec. 31, 2015

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

Stock-Based Compensation

As of December 31, 2015, the Company had 3,669,842 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), restricted stock awards, including performance-based 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.

As of December 31, 2015, there was $21 thousand of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 0.01 years. For the years ended December 31, 2015, 2014 and 2013, the Company recognized $2.8 million, $5.8 million and $1.2 million, respectively of compensation expense associated with these awards. In addition, for the years ended December 31, 2015 and 2014, the Company also recognized $11.3 million and $15.3 million, respectively, of compensation expense relating to the $2.18 and $2.48, respectively, 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, 2015 :



	Number of Option Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2014	11,161,842		$	18.83
Exercised	(3,206,692	)	16.35
Canceled	(28,084	)	22.09
Outstanding at December 31, 2015	7,927,066		$	19.82	1.83	$	63,210



	Exercise Price Range						Total
	$14.87 to $22.92		$23.02 to $34.81		$35.74 to $35.87		$14.87 to $35.87
Outstanding options
Number outstanding	6,839,896		1,079,901		7,269		7,927,066
Weighted-average remaining contractual life (years)	1.95		1.06		1.67		1.83
Weighted-average exercise price	$	19.07	$	24.43	$	35.81	$	19.82
Exercisable options
Number outstanding	6,421,414		1,076,597		7,269		7,505,280
Weighted-average exercise price	$	18.88	$	24.43	$	35.81	$	19.69

The Company had 7,505,280 stock options that were exercisable at December 31, 2015 with a weighted average exercise price of $19.69 which had an intrinsic value of $60.8 million and a weighted-average remaining contractual term of 1.76 years. The aggregate intrinsic value of stock options exercised for the years ended December 31, 2015, 2014 and 2013 was $47.8 million, $43.1 million and $1.3 million, respectively. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases.

As of December 31, 2015, there was $8.6 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 1.54 years. For the years ended December 31, 2015, 2014 and 2013, the Company recognized $5.9 million, $3.6 million and $0.4 million, respectively, of compensation expense associated with these awards. The total fair value of awards released for years ended December 31, 2015 and 2014, was $4.5 million and $4.9 million, respectively. During the year ended December 31, 2013, there were no awards released.

The following table contains information on restricted stock award activity for the years ended December 31, 2015 and 2014:



	Number of Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2013	525,328		$	28.34
Granted	240,149		$	37.12
Released	(237,618	)	$	24.55
Canceled	(59,018	)	$	31.99
Outstanding at December 31, 2014	468,841		$	34.31
Granted	164,612		$	29.37
Released	(160,234	)	$	33.85
Canceled	(9,455	)	$	32.38
Outstanding at December 31, 2015	463,764		$	32.76

Performance-based restricted stock awards have a three-year cliff vesting with the amount of restricted shares vesting at the end of the three-year period determined based 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. As of December 31, 2015, there was $11.0 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 1.58 years for performance-based restricted stock awards. For the years ended December 31, 2015 and 2014, the Company recognized $8.1 million and $2.9 million, respectively, of compensation expense associated with these awards. During the year ended December 31, 2013, there was no compensation expense, because the Company did not grant performance-based restricted stock awards in 2013.

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2015 and 2014:



	Number of Performance-Based Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2013	—		$	—
Granted	613,556		$	22.93
Released	—		$	—
Canceled	(70,000	)	$	22.93
Outstanding at December 31, 2014	543,556		$	22.93
Granted	548,000		$	17.29
Released	—		$	—
Canceled	—		$	—
Outstanding at December 31, 2015	1,091,556		$	20.10

As of December 31, 2015, there was $1.6 million of total unrecognized compensation cost for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI, which will be recognized over the awards remaining weighted average vesting period of 1 year. For the years ended December 31, 2015, 2014 and 2013, the Company recognized $3.7 million, $2.5 million and $1.2 million, respectively of compensation expense associated with these awards. In addition, the Company also recognized $0.2 million and $0.8 million, respectively, of compensation expense for the years ended December 31, 2015 and 2014 relating to the $2.18 and $2.48, respectively, per share dividends paid on unvested PSUs and the Purging Distribution dividend for the year ended December 31, 2014. Amounts paid by the Company for the years ended December 31, 2015 and 2014 on these cash-settled awards totaled $3.8 million and $3.7 million, respectively. During the year ended December 31, 2013, there were no amounts paid by the Company related to cash-settled awards.

Upon the declaration of the Purging Distribution, GLPI options were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options 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, 2015

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, 2015
Net revenues	$	427,125	$	147,928		$	—		$	575,053
Income from operations	232,701		24,714			—			257,415
Interest, net	121,855		10,402			(10,406		)	121,851
Income before income taxes	121,252		14,312			—			135,564
Income tax expense	1,338		6,104			—			7,442
Net income	119,914		8,208			—			128,122
Depreciation	97,424		12,359			—			109,783
Capital project expenditures, net of reimbursements	10,252		5,897			—			16,149
Capital maintenance expenditures	—		2,953			—			2,953

For the year ended December 31, 2014
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
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

Balance sheet at December 31, 2015
Total assets	$	2,223,373	$	224,782		$	—		$	2,448,155

Balance sheet at December 31, 2014
Total assets	$	2,296,346	$	229,108		$	—		$	2,525,454

⁽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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 8: 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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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Selected Quarterly Financial Information [Abstract]

Summarized Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Summarized Quarterly Data

Summarized Quarterly Data (Unaudited)

The following table summarizes the quarterly results of operations for the years ended December 31, 2015 and 2014:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2015
Net revenues	$	148,705	$	149,867	$	147,792	$	128,689	⁽¹⁾
Income from operations	64,800		62,871		65,291		64,453
Net income	33,131		31,989		33,229		29,773

Earnings per common share:
Basic earnings per common share	$	0.29	$	0.28	$	0.29	$	0.26
Diluted earnings per common share	$	0.28	$	0.27	$	0.28	$	0.25

2014
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

⁽¹⁾During the fourth quarter of 2015, Penn received a significant real estate tax refund related to a property reassessment of a GLPI owned property, which directly offset its real estate taxes paid during the quarter. Although tenants are responsible for the payment of real estate taxes under the triple-net lease structure, the Company is required to record 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. This tax refund resulted in the lower net revenues in the fourth quarter of 2015, as compared to the fourth quarter of 2014, despite an increase in rent recognized from tenant lease payments but had no impact on income from operations or net income.

Pre-Spin Transactions with Penn	12 Months Ended
Pre-Spin Transactions with Penn	Dec. 31, 2015
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 for the year ended December 31, 2013 (before the Spin-Off). 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

Dec. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information

Supplemental disclosures of cash flow information are as follows:



Year ended December 31,	2015	2014	2013
	(in thousands
Cash paid for income taxes, net of refunds received	9,785	20,092	—
Cash paid for interest	109,966	109,376	750

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 was $9.4 million for the year ended December 31, 2013. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $1.6 million for the year ended December 31, 2013.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During the year ended December 31, 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 (on which to build its corporate headquarters), 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 approximately $433,000 and $244,000, respectively, to WPC during the years ended December 31, 2015 and 2014 in connection with construction costs paid by WPC on the Company's behalf. In connection with construction of the building in The Wyomissing Professional Center Campus, the Company also entered into an agreement (the "Construction Management Agreement") with CB Consulting Group LLC (the "Construction Manager") during the year ended December 31, 2014. 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 years ended December 31, 2015 and 2014, the Company paid approximately $175,000 and $59,000, respectively, to the Construction Manager. Construction of the Company's corporate headquarters building was completed in October 2015, and the Company does not expect to incur additional expenses related to the building with either WPC or the Construction Manager. Upon completion of the building in October 2015, the Company became responsible for the payment of monthly common area maintenance fees to the Wyomissing Professional Center Owners' Association ("WPCOA"). During the year ended December 31, 2015, the Company paid approximately $10,000 to the WPCOA. Peter M. Carlino, the Company’s Chairman of the Board of Directors and Chief Executive Officer, is also the sole owner of WPC and therefore associated with the WPCOA. 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

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

12 Months Ended

Dec. 31, 2015

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

mentary 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 balance sheet information as of December 31, 2015 and 2014 and summarized income statement and cash flow information for the years ended December 31, 2015, 2014 and 2013 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below.



At December 31, 2015 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,955,290		$	134,769		$	—		$	2,090,059
Property and equipment, used in operations, net	—			24,494			105,253			—			129,747
Cash and cash equivalents	—			8,716			33,159			—			41,875
Prepaid expenses	—			3,768			1,218			2,922			7,908
Other current assets	—			54,838			2,883			—			57,721
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $5,937 at December 31, 2015	—			3,563			—			—			3,563
Loan receivable	—			—			29,350			—			29,350
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	(253,514		)	191,112			(46,418		)	108,820			—
Deferred tax assets, non-current	—			—			2,554			(107		)	2,447
Other assets	—			256			131			—			387
Total assets	$	(253,514	)	$	2,435,632		$	347,997		$	(81,960	)	$	2,448,155

Liabilities
Accounts payable	$	—		$	127		$	279		$	—		$	406
Accrued expenses	—			4,737			4,843			—			9,580
Accrued interest	—			17,623			—			—			17,623
Accrued salaries and wages	—			10,728			2,991			—			13,719
Gaming, property, and other taxes	—			21,949			2,753			—			24,702
Income taxes	—			(41		)	(2,881		)	2,922			—
Current maturities of long-term debt	—			102			—			—			102
Other current liabilities	—			16,303			1,384			—			17,687
Long-term debt, net of current maturities and unamortized debt issuance costs	—			2,510,239			—			—			2,510,239
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			107,379			—			—			107,379
Deferred tax liabilities, non-current	—			—			339			(107		)	232
Total liabilities	—			2,689,146			203,303			(190,780		)	2,701,669

Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2015	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 115,594,321 shares issued at December 31, 2015	1,156			1,156			1,156			(2,312		)	1,156
Additional paid-in capital	935,220			935,221			1,088,058			(2,023,279		)	935,220
Retained (deficit) earnings	(1,189,890		)	(1,189,891		)	(944,520		)	2,134,411			(1,189,890		)
Total shareholders’ (deficit) equity	(253,514		)	(253,514		)	144,694			108,820			(253,514		)
Total liabilities and shareholders’ (deficit) equity	$	(253,514	)	$	2,435,632		$	347,997		$	(81,960	)	$	2,448,155



Year ended December 31, 2015 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—	$	378,075		$	14,000		$	—		$	392,075
Real estate taxes paid by tenants	—		33,041			2,009			—			35,050
Total rental revenue	—		411,116			16,009			—			427,125
Gaming	—		—			142,310			—			142,310
Food, beverage and other	—		—			11,213			—			11,213
Total revenues	—		411,116			169,532			—			580,648
Less promotional allowances	—		—			(5,595		)	—			(5,595		)
Net revenues	—		411,116			163,937			—			575,053
Operating expenses
Gaming	—		—			77,188			—			77,188
Food, beverage and other	—		—			8,586			—			8,586
Real estate taxes	—		33,041			3,371			—			36,412
General and administrative	—		61,950			23,719			—			85,669
Depreciation	—		94,380			15,403			—			109,783
Total operating expenses	—		189,371			128,267			—			317,638
Income from operations	—		221,745			35,670			—			257,415

Other income (expenses)
Interest expense	—		(124,183		)	—			—			(124,183		)
Interest income	—		10			2,322			—			2,332
Intercompany dividends and interest	—		36,292			7,094			(43,386		)	—
Total other expenses	—		(87,881		)	9,416			(43,386		)	(121,851		)

Income before income taxes	—		133,864			45,086			(43,386		)	135,564
Income tax expense	—		1,338			6,104			—			7,442
Net income	$	—	$	132,526		$	38,982		$	(43,386	)	$	128,122



Year ended December 31, 2015 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	132,526		$	38,982		$	(43,386	)	$	128,122
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	—			94,380			15,403			—			109,783
Amortization of debt issuance costs	—			14,016			—			—			14,016
Losses on dispositions of property	—			152			33			—			185
Deferred income taxes	—			—			(813		)	—			(813		)
Stock-based compensation	—			16,811			—			—			16,811
Straight-line rent adjustments	—			55,825			—			—			55,825

(Increase) decrease,
Prepaid expenses and other current assets	—			(9,988		)	1,703			(1,423		)	(9,708		)
Other assets	—			—			(4		)	—			(4		)
Intercompany	—			2,484			(2,484		)	—			—
(Decrease) increase,
Accounts payable	—			(1,013		)	67			—			(946		)
Accrued expenses	—			4,104			137			—			4,241
Accrued interest	—			95			—			—			95
Accrued salaries and wages	—			715			423			—			1,138
Gaming, property and other taxes	—			(898		)	(58		)	—			(956		)
Income taxes	—			125			(1,548		)	1,423			—
Other current and noncurrent liabilities	—			1,934			(35		)	—			1,899
Net cash provided by (used in) operating activities	—			311,268			51,806			(43,386		)	319,688
Investing activities
Capital project expenditures, net of reimbursements	—			(10,252		)	(5,897		)	—			(16,149		)
Capital maintenance expenditures	—			—			(2,953		)	—			(2,953		)
Proceeds from sale of property and equipment	—			304			6			—			310
Principal payments on loan receivable	—			—			4,650			—			4,650
Net cash used in investing activities	—			(9,948		)	(4,194		)	—			(14,142		)
Financing activities
Dividends paid	(251,732		)	—			—			—			(251,732		)
Proceeds from exercise of options	29,686			—			—			—			29,686
Financing costs	—			(9,500		)	—			—			(9,500		)
Payments of long-term debt	—			(68,098		)	—			—			(68,098		)
Intercompany financing	219,403			(219,456		)	(43,333		)	43,386			—
Net cash (used in) provided by financing activities	(2,643		)	(297,054		)	(43,333		)	43,386			(299,644		)
Net (decrease) increase in cash and cash equivalents	(2,643		)	4,266			4,279			—			5,902
Cash and cash equivalents at beginning of period	2,643			4,450			28,880			—			35,973
Cash and cash equivalents at end of period	$	—		$	8,716		$	33,159		$	—		$	41,875



At December 31, 2014 Condensed Consolidating Balance Sheet	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
Other current assets	14,947			27,417			2,890			—			45,254
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
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	—			—			2,694			—			2,694
Other assets	256			—			127			—			383
Total assets	$	(146,371	)	$	2,465,061		$	417,113		$	(210,349	)	$	2,525,454

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
Income taxes	—			(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 and unamortized debt issuance costs	—			2,570,280			—			—			2,570,280
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			2,658,459			205,463			(192,097		)	2,701,744

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	)	$	2,465,061		$	417,113		$	(210,349	)	$	2,525,454



Year ended December 31, 2014 Condensed Consolidating Statement of Operations	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
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	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,	0			0						0
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, 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, including the Purging Distribution	(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



Year ended December 31, 2013 Condensed Consolidating Statement of Operations	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 fees	—			—			(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	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, 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
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 contributions to Penn National Gaming, Inc. in connection with Spin-Off	(19,609		)	(1,992,931		)	(77,460		)	—			(2,090,000		)
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		)
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

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On January 29, 2016, the Company declared a regular quarterly cash dividend of $0.56 per share, which is payable on March 25, 2016 to shareholders of record as of February 22, 2016.

Schedule III Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

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, 2015

(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	$	(29	)	$	15,222	$	342,392	$	357,614	$	98,091	1997/2009	11/1/2013	31
Hollywood Casino Aurora	Aurora, IL	—		4,937		98,378		(439		)	4,937		97,939		102,876		52,951		1993/2002/ 2012	11/1/2013	30
Hollywood Casino Joliet	Joliet, IL	—		19,214		101,104		—			19,214		101,104		120,318		44,458		1992/2003/ 2010	11/1/2013	31
Argosy Casino Alton	Alton, IL	—		—		6,462		—			—		6,462		6,462		3,973		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,093		—			12,003		144,093		156,096		19,003		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105			38,266		188,622		226,888		23,380		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—			35,102		233,069		268,171		103,003		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		54,803		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		—			66,104		126,689		192,793		21,341		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—			12,883		84,257		97,140		22,759		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—			9,313		38,947		48,260		14,584		2005	11/1/2013	31
Hollywood Casino Bay St. Louis	Bay St. Louis, MS	—		59,388		87,352		(229		)	59,176		87,335		146,511		40,453		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		(77		)	23,391		143,301		166,692		48,717		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—			4,634		42,031		46,665		22,114		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		(137		)	3,286		63,083		66,369		37,404		1994/2006	11/1/2013	15
Hollywood Casino St. Louis	Maryland Heights, MO	—		44,198		177,063		—			44,198		177,063		221,261		40,065		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway ⁽²⁾	Dayton, OH	—		3,211		—		86,288			3,211		86,288		89,499		3,815		2014	11/1/2013	31
Hollywood Casino at Mahoning Valley Race Track ⁽²⁾	Youngstown, OH	—		5,683		—		94,314			5,833		94,164		99,997		3,875		2014	11/1/2013	31
Casino Queen	East St. Louis, IL	—		70,716		70,014		—			70,716		70,014		140,730		5,961		1999	1/23/2014	31
		$	—	$	453,268	$	2,108,589	$	179,796		$	452,989	$	2,288,663	$	2,741,652	$	660,750
Headquarters Property:
GLPI Corporate Office ⁽³⁾	Wyomissing, PA	$	—	$	750	$	8,465	$	—		$	750	$	8,465	$	9,215	$	58	2014/2015	9/19/2014	31
		$	—	$	454,018	$	2,117,054	$	179,796		$	453,739	$	2,297,128	$	2,750,867	$	660,808


⁽¹⁾	The aggregate cost for federal income tax purposes of the properties listed above was $2.76 billion at December 31, 2015.

⁽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⁾The Company's corporate headquarters building was completed in October 2015. The land was purchased on September 19, 2014 and construction on the building occurred through October 2015.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2015, 2014 and 2013 is as follows:



	Year Ended December 31,
	2015			2014			2013
Real Estate:	(in thousands)
Balance at the beginning of the period	$	2,742,845		$	2,433,114		$	—
Amounts contributed from Spin-Off	—			—			2,433,052
Acquisitions	—			140,730			—
Capital expenditures and assets placed in service	8,478			181,404			62
Dispositions	(456		)	(12,403		)	—
Balance at the end of the year	$	2,750,867		$	2,742,845		$	2,433,114
Accumulated Depreciation:
Balance at the beginning of the period	$	(565,297	)	$	(484,488	)	$	—
Amounts contributed from Spin-Off	—			—			(469,666		)
Depreciation expense	(95,511		)	(92,750		)	(14,822		)
Dispositions	—			11,941			—
Balance at the end of the year	$	(660,808	)	$	(565,297	)	$	(484,488	)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

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

Long-term Debt

The fair value of the senior unsecured notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820.

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



	December 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	41,875	$	41,875	$	35,973	$	35,973
Deferred compensation plan assets	14,833		14,833		14,280		14,280
Loan receivable	29,350		29,350		34,000		34,000
Financial liabilities:
Deferred compensation plan liabilities	14,866		14,866		14,369		14,369
Long-term debt:
Senior unsecured credit facility	490,000		479,612		558,000		535,010
Senior unsecured notes	2,050,000		2,014,750		2,050,000		2,091,000

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,
2016	$	354,928
2017	355,428
2018	357,949
2019	370,553
2020	370,553
Thereafter	10,326,873
Total	$	12,136,284

The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2015, 2014 and 2013:



	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Video lottery	$	122,292	$	127,572	$	138,803
Table game	18,799		19,120		18,096
Poker	1,219		1,591		2,453
Total gaming revenue, net of cash incentives	$	142,310	$	148,283	$	159,352



	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Food and beverage	$	5,512	$	5,732	$	5,970
Other	83		41		167
Total promotional allowances	$	5,595	$	5,773	$	6,137

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2015, 2014 and 2013 are as follows:



	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Food and beverage	$	2,343	$	2,766	$	2,907
Other	38		15		86
Total cost of complimentary services	$	2,381	$	2,781	$	2,993

Gaming and Admission Taxes

Earnings Per Share



	Year Ended December 31,
	2015	2014	2013

Determination of shares:
Weighted-average common shares outstanding	114,432	112,037	110,617
Assumed conversion of dilutive employee stock-based awards	3,755	5,340	4,924
Assumed conversion of restricted stock	170	209	324
Assumed conversion of performance-based restricted stock awards	82	—	—
Diluted weighted-average common shares outstanding	118,439	117,586	115,865

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2015, 2014 and 2013:



	Year Ended December 31,
	2015			2014			2013

Calculation of basic EPS:
Net income	$	128,122		$	138,807		$	14,853
Less: Net income allocated to participating securities	(517		)	(578		)	(56		)
Net income attributable to common shareholders	$	127,605		$	138,229		$	14,797
Weighted-average common shares outstanding	114,432			112,037			110,617
Basic EPS	$	1.12		$	1.23		$	0.13

Calculation of diluted EPS:
Net income	$	128,122		$	138,807		$	14,853
Diluted weighted-average common shares outstanding	118,439			117,586			115,865
Diluted EPS	$	1.08		$	1.18		$	0.13

Stock-Based Compensation

See Note 12 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, 2015

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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	41,875	$	41,875	$	35,973	$	35,973
Deferred compensation plan assets	14,833		14,833		14,280		14,280
Loan receivable	29,350		29,350		34,000		34,000
Financial liabilities:
Deferred compensation plan liabilities	14,866		14,866		14,369		14,369
Long-term debt:
Senior unsecured credit facility	490,000		479,612		558,000		535,010
Senior unsecured notes	2,050,000		2,014,750		2,050,000		2,091,000

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,
2016	$	354,928
2017	355,428
2018	357,949
2019	370,553
2020	370,553
Thereafter	10,326,873
Total	$	12,136,284

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, 2015, 2014 and 2013:



	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Video lottery	$	122,292	$	127,572	$	138,803
Table game	18,799		19,120		18,096
Poker	1,219		1,591		2,453
Total gaming revenue, net of cash incentives	$	142,310	$	148,283	$	159,352

Schedule of amounts included in promotional allowances

The amounts included in promotional allowances for the years ended December 31, 2015, 2014 and 2013 are as follows:



	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Food and beverage	$	5,512	$	5,732	$	5,970
Other	83		41		167
Total promotional allowances	$	5,595	$	5,773	$	6,137

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, 2015, 2014 and 2013 are as follows:



	Year Ended December 31,
	2015		2014		2013
	(in thousands)
Food and beverage	$	2,343	$	2,766	$	2,907
Other	38		15		86
Total cost of complimentary services	$	2,381	$	2,781	$	2,993

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,
	2015	2014	2013

Determination of shares:
Weighted-average common shares outstanding	114,432	112,037	110,617
Assumed conversion of dilutive employee stock-based awards	3,755	5,340	4,924
Assumed conversion of restricted stock	170	209	324
Assumed conversion of performance-based restricted stock awards	82	—	—
Diluted weighted-average common shares outstanding	118,439	117,586	115,865

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, 2015, 2014 and 2013:



	Year Ended December 31,
	2015			2014			2013

Calculation of basic EPS:
Net income	$	128,122		$	138,807		$	14,853
Less: Net income allocated to participating securities	(517		)	(578		)	(56		)
Net income attributable to common shareholders	$	127,605		$	138,229		$	14,797
Weighted-average common shares outstanding	114,432			112,037			110,617
Basic EPS	$	1.12		$	1.23		$	0.13

Calculation of diluted EPS:
Net income	$	128,122		$	138,807		$	14,853
Diluted weighted-average common shares outstanding	118,439			117,586			115,865
Diluted EPS	$	1.08		$	1.18		$	0.13

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015			December 31, 2014
	(in thousands)
Land and improvements	$	453,739		$	454,181
Building and improvements	2,297,128			2,288,664
Construction in progress	—			2,576
Total real estate investments	2,750,867			2,745,421
Less accumulated depreciation	(660,808		)	(565,297		)
Real estate investments, net	$	2,090,059		$	2,180,124

Property and Equipment Used in Operations (Tables)

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment Used in Operations, Net

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



	December 31, 2015			December 31, 2014
	(in thousands)
Land and improvements	$	31,187		$	31,595
Building and improvements	117,314			116,867
Furniture, fixtures, and equipment	112,227			103,612
Construction in progress	354			724
Total property and equipment	261,082			252,798
Less accumulated depreciation	(131,335		)	(118,770		)
Property and equipment, net	$	129,747		$	134,028

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt, net of current maturities and unamortized debt issuance costs is as follows:



	December 31, 2015			December 31, 2014
	(in thousands)
Senior unsecured credit facility	$	490,000		$	558,000
$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	1,389			1,487
Total long-term debt	2,541,389			2,609,487
Less: unamortized debt issuance costs	(31,048		)	(39,126		)
Total long-term debt, net of unamortized debt issuance costs	2,510,341			2,570,361
Less current maturities of long-term debt	(102		)	(81		)
Long-term debt, net of current maturities and unamortized debt issuance costs	$	2,510,239		$	2,570,280

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, 2015 (in thousands):



2016	$	102
2017	107
2018	1,040,113
2019	1,000,118
2020	124
Over 5 years	500,825
Total minimum payments	$	2,541,389

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

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

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

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

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

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

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

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

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

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease commitments relating to noncancelable operating leases at December 31, 2015 are as follows (in thousands):



Year ending December 31, ⁽¹⁾
2016	$	1,565
2017	1,540
2018	1,538
2019	1,096
2020	461
Thereafter	43,891
Total	$	50,091

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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,	2015			2014
	(in thousands)
Deferred tax assets:
Accrued expenses	$	2,125		$	2,015
Property and equipment	4,414			679
Net deferred tax assets	6,539			2,694
Deferred tax liabilities:
Property and equipment	(2,959		)	(336		)
Intangibles	(1,365		)	(1,107		)
Net deferred tax liabilities	(4,324		)	(1,443		)
Net:	$	2,215		$	1,251

Schedule of Components of Income Tax Expense

The provision for income taxes charged to operations for years ended December 31, 2015, 2014 and 2013 was as follows:



Year ended December 31,	2015			2014			2013
	(in thousands)
Current tax expense
Federal	$	4,945		$	6,115		$	17,729
State	3,310			2,303			3,513
Total current	8,255			8,418			21,242
Deferred tax (benefit) expense
Federal	(533		)	(2,680		)	(7,624		)
State	(280		)	(625		)	1,978
Total deferred	(813		)	(3,305		)	(5,646		)
Total provision	$	7,442		$	5,113		$	15,596

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, 2015, 2014 and 2013:



Year ended December 31,	2015		2014		2013
Percent of pretax income
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	1.3	%	0.7	%	12.6	%
Nondeductible transaction costs	—	%	—	%	9.2	%
REIT conversion benefit	(31.3	)%	(31.8	)%	(4.3	)%
Permanent differences	—	%	—	%	(0.9	)%
Other miscellaneous items	0.5	%	(0.3	)%	(0.4	)%
	5.5	%	3.6	%	51.2	%



Year ended December 31,	2015			2014			2013
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	47,447		$	50,372		$	10,657
State and local income taxes	1,702			964			3,840
Nondeductible transaction costs	—			—			2,793
REIT conversion benefit	(42,438		)	(45,777		)	(1,322		)
Permanent differences	61			52			(268		)
Other miscellaneous items	670			(498		)	(104		)
	$	7,442		$	5,113		$	15,596

Dividends (Tables)

12 Months Ended

Dec. 31, 2015

Dividends [Abstract]

Dividends Declared

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2015 and 2014:



Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2015
February 3, 2015	March 10, 2015	Common Stock	$	0.545	First Quarter 2015	March 27, 2015	$	62,072
May 1, 2015	June 11, 2015	Common Stock	$	0.545	Second Quarter 2015	June 26, 2015	$	62,348
July 30, 2015	September 14, 2015	Common Stock	$	0.545	Third Quarter 2015	September 25, 2015	$	62,456
October 28, 2015	December 1, 2015	Common Stock	$	0.545	Fourth Quarter 2015	December 18, 2015	$	62,814
2014
February 18, 2014	March 7, 2014	Common Stock	$	0.52	First Quarter 2014	March 28, 2014	$	58,008
May 30, 2014	June 12, 2014	Common Stock	$	0.52	Second Quarter 2014	June 27, 2014	$	58,207
September 3, 2014	September 15, 2014	Common Stock	$	0.52	Third Quarter 2014	September 26, 2014	$	58,464
November 18, 2014	December 2, 2014	Common Stock	$	0.92	Fourth Quarter 2014	December 19, 2014	$	103,712

Dividends Classification

A summary of the Company's common stock distributions for the year ended December 31, 2015 and 2014 is as follows (unaudited):



	Year Ended December 31,
	2015			2014
	(in dollars per share)
Qualified dividends	$	0.0698		$	12.24
Non-qualified dividends	1.9462			1.90
Capital gains	0.0012			0.16
Non-taxable return of capital	0.1628			0.02
Total distributions per common share	$	2.18		$	14.32

Percentage classified as qualified dividends	3.21		%	85.47		%
Percentage classified as non-qualified dividends	89.45		%	13.27		%
Percentage classified as capital gains	—			1.12		%
Percentage classified as non-taxable return of capital	7.34		%	0.14		%
	100.00		%	100.00		%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

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

Schedule of Share-based Compensation, Stock Options Activity

The following tables contain information on stock options issued and outstanding for the year ended December 31, 2015 :



	Number of Option Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2014	11,161,842		$	18.83
Exercised	(3,206,692	)	16.35
Canceled	(28,084	)	22.09
Outstanding at December 31, 2015	7,927,066		$	19.82	1.83	$	63,210

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



	Exercise Price Range						Total
	$14.87 to $22.92		$23.02 to $34.81		$35.74 to $35.87		$14.87 to $35.87
Outstanding options
Number outstanding	6,839,896		1,079,901		7,269		7,927,066
Weighted-average remaining contractual life (years)	1.95		1.06		1.67		1.83
Weighted-average exercise price	$	19.07	$	24.43	$	35.81	$	19.82
Exercisable options
Number outstanding	6,421,414		1,076,597		7,269		7,505,280
Weighted-average exercise price	$	18.88	$	24.43	$	35.81	$	19.69

Schedule of Share-based Compensation, Restricted Stock Awards Activity

The following table contains information on restricted stock award activity for the years ended December 31, 2015 and 2014:



	Number of Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2013	525,328		$	28.34
Granted	240,149		$	37.12
Released	(237,618	)	$	24.55
Canceled	(59,018	)	$	31.99
Outstanding at December 31, 2014	468,841		$	34.31
Granted	164,612		$	29.37
Released	(160,234	)	$	33.85
Canceled	(9,455	)	$	32.38
Outstanding at December 31, 2015	463,764		$	32.76

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

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2015 and 2014:



	Number of Performance-Based Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2013	—		$	—
Granted	613,556		$	22.93
Released	—		$	—
Canceled	(70,000	)	$	22.93
Outstanding at December 31, 2014	543,556		$	22.93
Granted	548,000		$	17.29
Released	—		$	—
Canceled	—		$	—
Outstanding at December 31, 2015	1,091,556		$	20.10

Segment Information (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015
Net revenues	$	427,125	$	147,928		$	—		$	575,053
Income from operations	232,701		24,714			—			257,415
Interest, net	121,855		10,402			(10,406		)	121,851
Income before income taxes	121,252		14,312			—			135,564
Income tax expense	1,338		6,104			—			7,442
Net income	119,914		8,208			—			128,122
Depreciation	97,424		12,359			—			109,783
Capital project expenditures, net of reimbursements	10,252		5,897			—			16,149
Capital maintenance expenditures	—		2,953			—			2,953

For the year ended December 31, 2014
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
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

Balance sheet at December 31, 2015
Total assets	$	2,223,373	$	224,782		$	—		$	2,448,155

Balance sheet at December 31, 2014
Total assets	$	2,296,346	$	229,108		$	—		$	2,525,454

⁽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, 2015

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, 2015 and 2014:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2015
Net revenues	$	148,705	$	149,867	$	147,792	$	128,689	⁽¹⁾
Income from operations	64,800		62,871		65,291		64,453
Net income	33,131		31,989		33,229		29,773

Earnings per common share:
Basic earnings per common share	$	0.29	$	0.28	$	0.29	$	0.26
Diluted earnings per common share	$	0.28	$	0.27	$	0.28	$	0.25

2014
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

Supplemental Disclosures of Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosures of cash flow information are as follows:



Year ended December 31,	2015	2014	2013
	(in thousands
Cash paid for income taxes, net of refunds received	9,785	20,092	—
Cash paid for interest	109,966	109,376	750

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

12 Months Ended

Dec. 31, 2015

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, 2015 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,955,290		$	134,769		$	—		$	2,090,059
Property and equipment, used in operations, net	—			24,494			105,253			—			129,747
Cash and cash equivalents	—			8,716			33,159			—			41,875
Prepaid expenses	—			3,768			1,218			2,922			7,908
Other current assets	—			54,838			2,883			—			57,721
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $5,937 at December 31, 2015	—			3,563			—			—			3,563
Loan receivable	—			—			29,350			—			29,350
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	(253,514		)	191,112			(46,418		)	108,820			—
Deferred tax assets, non-current	—			—			2,554			(107		)	2,447
Other assets	—			256			131			—			387
Total assets	$	(253,514	)	$	2,435,632		$	347,997		$	(81,960	)	$	2,448,155

Liabilities
Accounts payable	$	—		$	127		$	279		$	—		$	406
Accrued expenses	—			4,737			4,843			—			9,580
Accrued interest	—			17,623			—			—			17,623
Accrued salaries and wages	—			10,728			2,991			—			13,719
Gaming, property, and other taxes	—			21,949			2,753			—			24,702
Income taxes	—			(41		)	(2,881		)	2,922			—
Current maturities of long-term debt	—			102			—			—			102
Other current liabilities	—			16,303			1,384			—			17,687
Long-term debt, net of current maturities and unamortized debt issuance costs	—			2,510,239			—			—			2,510,239
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			107,379			—			—			107,379
Deferred tax liabilities, non-current	—			—			339			(107		)	232
Total liabilities	—			2,689,146			203,303			(190,780		)	2,701,669

Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2015	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 115,594,321 shares issued at December 31, 2015	1,156			1,156			1,156			(2,312		)	1,156
Additional paid-in capital	935,220			935,221			1,088,058			(2,023,279		)	935,220
Retained (deficit) earnings	(1,189,890		)	(1,189,891		)	(944,520		)	2,134,411			(1,189,890		)
Total shareholders’ (deficit) equity	(253,514		)	(253,514		)	144,694			108,820			(253,514		)
Total liabilities and shareholders’ (deficit) equity	$	(253,514	)	$	2,435,632		$	347,997		$	(81,960	)	$	2,448,155



Year ended December 31, 2015 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—	$	378,075		$	14,000		$	—		$	392,075
Real estate taxes paid by tenants	—		33,041			2,009			—			35,050
Total rental revenue	—		411,116			16,009			—			427,125
Gaming	—		—			142,310			—			142,310
Food, beverage and other	—		—			11,213			—			11,213
Total revenues	—		411,116			169,532			—			580,648
Less promotional allowances	—		—			(5,595		)	—			(5,595		)
Net revenues	—		411,116			163,937			—			575,053
Operating expenses
Gaming	—		—			77,188			—			77,188
Food, beverage and other	—		—			8,586			—			8,586
Real estate taxes	—		33,041			3,371			—			36,412
General and administrative	—		61,950			23,719			—			85,669
Depreciation	—		94,380			15,403			—			109,783
Total operating expenses	—		189,371			128,267			—			317,638
Income from operations	—		221,745			35,670			—			257,415

Other income (expenses)
Interest expense	—		(124,183		)	—			—			(124,183		)
Interest income	—		10			2,322			—			2,332
Intercompany dividends and interest	—		36,292			7,094			(43,386		)	—
Total other expenses	—		(87,881		)	9,416			(43,386		)	(121,851		)

Income before income taxes	—		133,864			45,086			(43,386		)	135,564
Income tax expense	—		1,338			6,104			—			7,442
Net income	$	—	$	132,526		$	38,982		$	(43,386	)	$	128,122



Year ended December 31, 2015 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	132,526		$	38,982		$	(43,386	)	$	128,122
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	—			94,380			15,403			—			109,783
Amortization of debt issuance costs	—			14,016			—			—			14,016
Losses on dispositions of property	—			152			33			—			185
Deferred income taxes	—			—			(813		)	—			(813		)
Stock-based compensation	—			16,811			—			—			16,811
Straight-line rent adjustments	—			55,825			—			—			55,825

(Increase) decrease,
Prepaid expenses and other current assets	—			(9,988		)	1,703			(1,423		)	(9,708		)
Other assets	—			—			(4		)	—			(4		)
Intercompany	—			2,484			(2,484		)	—			—
(Decrease) increase,
Accounts payable	—			(1,013		)	67			—			(946		)
Accrued expenses	—			4,104			137			—			4,241
Accrued interest	—			95			—			—			95
Accrued salaries and wages	—			715			423			—			1,138
Gaming, property and other taxes	—			(898		)	(58		)	—			(956		)
Income taxes	—			125			(1,548		)	1,423			—
Other current and noncurrent liabilities	—			1,934			(35		)	—			1,899
Net cash provided by (used in) operating activities	—			311,268			51,806			(43,386		)	319,688
Investing activities
Capital project expenditures, net of reimbursements	—			(10,252		)	(5,897		)	—			(16,149		)
Capital maintenance expenditures	—			—			(2,953		)	—			(2,953		)
Proceeds from sale of property and equipment	—			304			6			—			310
Principal payments on loan receivable	—			—			4,650			—			4,650
Net cash used in investing activities	—			(9,948		)	(4,194		)	—			(14,142		)
Financing activities
Dividends paid	(251,732		)	—			—			—			(251,732		)
Proceeds from exercise of options	29,686			—			—			—			29,686
Financing costs	—			(9,500		)	—			—			(9,500		)
Payments of long-term debt	—			(68,098		)	—			—			(68,098		)
Intercompany financing	219,403			(219,456		)	(43,333		)	43,386			—
Net cash (used in) provided by financing activities	(2,643		)	(297,054		)	(43,333		)	43,386			(299,644		)
Net (decrease) increase in cash and cash equivalents	(2,643		)	4,266			4,279			—			5,902
Cash and cash equivalents at beginning of period	2,643			4,450			28,880			—			35,973
Cash and cash equivalents at end of period	$	—		$	8,716		$	33,159		$	—		$	41,875



At December 31, 2014 Condensed Consolidating Balance Sheet	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
Other current assets	14,947			27,417			2,890			—			45,254
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
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	—			—			2,694			—			2,694
Other assets	256			—			127			—			383
Total assets	$	(146,371	)	$	2,465,061		$	417,113		$	(210,349	)	$	2,525,454

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
Income taxes	—			(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 and unamortized debt issuance costs	—			2,570,280			—			—			2,570,280
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			2,658,459			205,463			(192,097		)	2,701,744

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	)	$	2,465,061		$	417,113		$	(210,349	)	$	2,525,454



Year ended December 31, 2014 Condensed Consolidating Statement of Operations	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
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	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,	0			0						0
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, 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, including the Purging Distribution	(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



Year ended December 31, 2013 Condensed Consolidating Statement of Operations	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 fees	—			—			(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	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, 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
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 contributions to Penn National Gaming, Inc. in connection with Spin-Off	(19,609		)	(1,992,931		)	(77,460		)	—			(2,090,000		)
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		)
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

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, 2015 state property renewaloption	Dec. 31, 2014 USD ($) ft²
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property			21
Number of real estate properties \| property			19
Number of states across which the portfolio of properties is diversified \| state			12
Net rentable area \| ft²				7.0
Real estate, occupancy percentage				100.00%
New Accounting Pronouncement, Early Adoption, Effect
Organization Consolidation and Presentation of Financial Statements [Line Items]
Deferred tax assets, non-current				$ 2.0
Deferred tax assets, current				(2.0)
New Accounting Pronouncement, Early Adoption, Effect \| Long-term Debt
Organization Consolidation and Presentation of Financial Statements [Line Items]
Debt issuance costs				39.1
New Accounting Pronouncement, Early Adoption, Effect \| Debt Issuance Costs, Net of Accumulated Amortization [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Debt issuance costs				$ (39.1)
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
Pinnacle Entertainment, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Conversion of share of acquiree to acquirer			0.85
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 \| property			18
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods			35 years
Pinnacle Entertainment, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods			35 years

Business and Basis of Presentation (Assets and Liabilities Acquired Through Spinoff) (Details) - Penn National Gaming Inc $ in Thousands	12 Months Ended
	Dec. 31, 2013 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

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details)	12 Months Ended
	Dec. 31, 2015
Maximum [Member]
Cash and Cash Equivalents [Line Items]
Investment maturity date for cash equivalent classification	3 months

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

3 Months Ended

12 Months Ended

Dec. 31, 2015

USD ($)

property

state

Sep. 30, 2015

USD ($)

Jun. 30, 2015

USD ($)

Mar. 31, 2015

USD ($)

Dec. 31, 2014

USD ($)

Sep. 30, 2014

USD ($)

Jun. 30, 2014

USD ($)

Mar. 31, 2014

USD ($)

Dec. 31, 2015

USD ($)

property

state

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Concentration Risk [Line Items]

Revenues

$ 128,689

^[1]

$ 147,792

$ 149,867

$ 148,705

$ 145,080

$ 146,906

$ 150,770

$ 148,312

$ 575,053

$ 591,068

$ 235,452

Number of leased properties | property

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

Penn National Gaming Inc

Concentration Risk [Line Items]

Revenues

$ 2,800,000

$ 2,600,000

$ 2,900,000

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

Concentration Risk [Line Items]

Concentration risk, percentage

96.00%

[1]

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 41,875	$ 35,973
Deferred compensation plan assets	14,833	14,280
Loan receivable	29,350	34,000
Financial liabilities:
Deferred compensation plan liabilities	14,866	14,369
Senior unsecured credit facility	490,000	558,000
Senior unsecured notes	2,050,000	2,050,000
Fair Value
Financial assets:
Cash and cash equivalents	41,875	35,973
Deferred compensation plan assets	14,833	14,280
Loan receivable	29,350	34,000
Financial liabilities:
Deferred compensation plan liabilities	14,866	14,369
Senior unsecured credit facility	479,612	535,010
Senior unsecured notes	$ 2,014,750	$ 2,091,000

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements	12 Months Ended
	Dec. 31, 2015
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, 2015
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, 2015	Dec. 31, 2014
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, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Income tax penalties and interest, net of deferred income taxes	$ 59	$ 18	$ 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) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015 property renewaloption
Revenue Recognition and Promotional Allowances
Number of real estate properties	19
Properties Not Subject To Master Lease Agreement
Revenue Recognition and Promotional Allowances
Number of real estate properties	1
Penn National Gaming Inc
Revenue Recognition and Promotional Allowances
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods	35 years
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
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%
Penn National Gaming Inc \| All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Period used in calculation of the average change in net revenues	5 years
Penn National Gaming Inc \| Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Percentage of the change in net revenues from the preceding month (of 2 facilities under the Master Lease) used for adjustment in rent structure	20.00%
Casino Queen
Revenue Recognition and Promotional Allowances
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods	35 years
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
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%
Period used in calculation of the average change in net revenues	5 years

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Future Minimum Rental Payments Receivable) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Leases, Future Minimum Payments Receivable [Abstract]
2016	$ 354,928
2017	355,428
2018	357,949
2019	370,553
2020	370,553
Thereafter	10,326,873
Operating Leases, Future Minimum Payments Receivable	12,136,284
Hollywood Casino Columbus and Hollywood Casino Toledo
Operating Leases, Future Minimum Payments Receivable [Abstract]
Operating Leases, Income Statement, Contingent Revenue	43,500	$ 40,500	$ 6,700
All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Operating Leases, Future Minimum Payments Receivable [Abstract]
Operating Leases, Income Statement, Contingent Revenue	$ 4,000	$ 500

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Gaming Revenues and Promotional Allowances) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of Significant Accounting Policies [Line Items]
Gaming Revenue	$ 142,310	$ 148,283	$ 159,352
Promotional Allowances	5,595	5,773	6,137
Cost of Complimentary Services	2,381	2,781	2,993
Video lottery
Summary of Significant Accounting Policies [Line Items]
Gaming Revenue	122,292	127,572	138,803
Table game
Summary of Significant Accounting Policies [Line Items]
Gaming Revenue	18,799	19,120	18,096
Poker
Summary of Significant Accounting Policies [Line Items]
Gaming Revenue	1,219	1,591	2,453
Food and beverage
Summary of Significant Accounting Policies [Line Items]
Promotional Allowances	5,512	5,732	5,970
Cost of Complimentary Services	2,343	2,766	2,907
Other
Summary of Significant Accounting Policies [Line Items]
Promotional Allowances	83	41	167
Cost of Complimentary Services	$ 38	$ 15	$ 86

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gaming and Admission Taxes
Gaming and admission taxes	$ 60.1	$ 66.8	$ 71.6

Summary of Significant Accounting Policies (Earnings Per Share) (Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic weighted-average common shares outstanding	114,432	112,037	110,617
Diluted weighted-average common shares outstanding	118,439	117,586	115,865
Employee stock option
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	3,755	5,340	4,924
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	170	209	324
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	82	0	0

Summary of Significant Accounting Policies (Earnings Per Share) (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Calculation of basic EPS:
Net income	$ 29,773	$ 33,229	$ 31,989	$ 33,131	$ 30,202	$ 37,313	$ 36,996	$ 34,296	$ 128,122	$ 138,807	$ 14,853
Less: Net income allocated to participating securities									(517)	(578)	(56)
Net income attributable to common shareholders									$ 127,605	$ 138,229	$ 14,797
Basic weighted-average common shares outstanding									114,432,000	112,037,000	110,617,000
Basic earnings per common share (in dollars per share)	$ 0.26	$ 0.29	$ 0.28	$ 0.29	$ 0.27	$ 0.33	$ 0.33	$ 0.31	$ 1.12	$ 1.23	$ 0.13
Calculation of diluted EPS:
Net income	$ 29,773	$ 33,229	$ 31,989	$ 33,131	$ 30,202	$ 37,313	$ 36,996	$ 34,296	$ 128,122	$ 138,807	$ 14,853
Diluted weighted-average common shares outstanding									118,439,000	117,586,000	115,865,000
Diluted earnings per common share (in dollars per share)	$ 0.25	$ 0.28	$ 0.27	$ 0.28	$ 0.26	$ 0.32	$ 0.31	$ 0.29	$ 1.08	$ 1.18	$ 0.13
Antidilutive securities excluded from computation of earnings per share (in shares)									24,233	17,917	0

Summary of Significant Accounting Policies (Segment Information) (Details)	12 Months Ended
	Dec. 31, 2015 segment
Segment Information
Number of reportable segments	2

Acquisitions (Details)	1 Months Ended	12 Months Ended
Acquisitions (Details)	Jan. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) renewaloption	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Acquisitions
Amount paid for acquisition		$ 0	$ 140,730,000	$ 0
Loan receivable		29,350,000	$ 34,000,000
Casino Queen
Acquisitions
Annual rent of property leased back on a triple net basis		$ 14,000,000
Lessor leasing arrangements, operating leases, term of contract		15 years
Number of renewal options \| renewaloption		4
Lessor leasing arrangements, operating lease, renewal term		5 years
Casino Queen
Acquisitions
Amount paid for acquisition	$ 140,700,000
Transaction fees related to real estate acquisitions	700,000
Payments by registrant for term loans granted to third party	$ 43,000,000
Term of term loan	5 years
Interest rate on term loan (as a percent)	7.00%
Mandatory Quarterly Principal Payment Due on Term Loan to Third Party, Percent		1.25%
Loan receivable		$ 29,400,000

Real Estate Investments (Details) $ in Thousands	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)
Real estate investments
Number of real estate properties \| property	19
Total real estate investments	$ 2,750,867	$ 2,745,421
Less accumulated depreciation	(660,808)	(565,297)
Real estate investments, net	2,090,059	2,180,124
Land and improvements
Real estate investments
Total real estate investments	453,739	454,181
Building and improvements
Real estate investments
Total real estate investments	2,297,128	2,288,664
Construction in progress
Real estate investments
Total real estate investments	$ 0	$ 2,576

Property and Equipment Used in Operations (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property and equipment used in operations
Total property and equipment	$ 261,082	$ 252,798
Less accumulated depreciation	(131,335)	(118,770)
Property and equipment, net	129,747	134,028
Land and improvements
Property and equipment used in operations
Total property and equipment	31,187	31,595
Building and improvements
Property and equipment used in operations
Total property and equipment	117,314	116,867
Furniture, fixtures, and equipment
Property and equipment used in operations
Total property and equipment	112,227	103,612
Construction in progress
Property and equipment used in operations
Total property and equipment	354	$ 724
Hollywood Casino Perryville [Member] \| Gaming equipment
Property and equipment used in operations
Payments to acquire gaming equipment	$ 6,200

Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Long-term debt
Long-term debt	$ 2,510,341	$ 2,570,361
Long-term Debt, Gross	2,541,389	2,609,487
Unamortized Debt Issuance Expense	(31,048)	(39,126)
Current maturities of long-term debt	(102)	(81)
Long-term debt, net of current maturities and unamortized debt issuance costs	2,510,239	2,570,280
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Long-term debt	550,000	550,000
Debt Instrument face amount	$ 550,000	$ 550,000
Stated interest rate percentage on debt	4.375%	4.375%
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt	$ 1,000,000	$ 1,000,000
Debt Instrument face amount	$ 1,000,000	$ 1,000,000
Stated interest rate percentage on debt	4.875%	4.875%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt	$ 500,000	$ 500,000
Debt Instrument face amount	$ 500,000	$ 500,000
Stated interest rate percentage on debt	5.375%	5.375%
Senior unsecured credit facility
Long-term debt
Long-term debt	$ 490,000	$ 558,000
Capital lease
Long-term debt
Long-term debt	$ 1,389	$ 1,487

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Future minimum repayments of long-term debt
2016	$ 102
2017	107
2018	1,040,113
2019	1,000,118
2020	124
Over 5 years	500,825
Long-term debt	$ 2,541,389	$ 2,609,487

Long-term Debt (Senior Unsecured Credit Facility) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Jul. 31, 2015	Dec. 31, 2014
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Long-term debt	2,510,341,000		$ 2,570,361,000
Letters of credit outstanding	900,000
Available borrowing capacity	509,100,000
Senior unsecured credit facility
Long-term debt
Long-term debt	$ 490,000,000		$ 558,000,000
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	190,000,000
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
Term Loan A -1 Facility
Long-term debt
Increase in borrowing capacity		$ 825,000,000

Long-term Debt (Senior Unsecured Notes) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) subsidiary	Dec. 31, 2014 USD ($)
Long-term debt
Long-term debt	$ 2,510,341	$ 2,570,361
Number of wholly-owned subsidiary note issuers \| subsidiary	2
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%	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%	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%	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%
Minimum [Member]
Long-term debt
Number of days prior to maturity notes can be redeemed and receive make-whole redemption premium	90 days

Long-term Debt (Capital Lease) (Narrative) (Details)	12 Months Ended
Long-term Debt (Capital Lease) (Narrative) (Details)	Dec. 31, 2015
Capital lease
Long-term debt
Debt instrument term	30 years

Long-term Debt (Bridge Facility) (Details)	12 Months Ended
Long-term Debt (Bridge Facility) (Details)	Dec. 31, 2015 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
Bridge Loan [Member] \| Bridge Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,875,000,000
Debt instrument term	364 days

Commitments and Contingencies (Operating Lease Commitments) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) renewaloption	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Hollywood Casino Baton Rouge and Hollywood Casino Perryville
Operating Leased Assets [Line Items]
Operating leases, rent expense	$ 2.6	$ 1.2	$ 1.4
Assigned Leases [Member]
Operating Leased Assets [Line Items]
Operating leases, rent expense	$ 2.8	$ 2.8	$ 0.4
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 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
Leasing arrangements operating leases number of renewal options \| renewaloption	3
Leasing arrangements, operating leases, renewal term	10 years
Operating leases, rent expense, minimum rentals	$ 0.1

Commitments and Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2016	$ 1,565
2017	1,540
2018	1,538
2019	1,096
2020	461
Thereafter	43,891
Total	$ 50,091

Commitments and Contingencies (Capital Expenditure Commitments) (Details)	Dec. 31, 2015 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, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligations	$ 0.7
Purchase obligation, due in next twelve months	$ 0.5

Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	$ 0.3	$ 0.2
Deferred compensation arrangement employer contribution vesting period	5 years
Deferred compensation arrangement with individual, employer contribution	$ 0.5	0.4	$ 0.3
Deferred compensation liabilities, current	14.9	14.4
Deferred compensation plan assets, current	$ 14.8	$ 14.3
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, 2015 employee
Labor Agreements [Line Items]
Agreements with SEATU Union number of employees	208
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 (more than)	50

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Accrued expenses	$ 2,125	$ 2,015
Property and equipment	4,414	679
Net deferred tax assets	6,539	2,694
Deferred tax liabilities:
Property and equipment	(2,959)	(336)
Intangibles	(1,365)	(1,107)
Net deferred tax liabilities	(4,324)	(1,443)
Net:	$ 2,215	$ 1,251

Income Taxes (Provision for Income Taxes - Current and Deferred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current tax expense
Federal	$ 4,945	$ 6,115	$ 17,729
State	3,310	2,303	3,513
Total current	8,255	8,418	21,242
Deferred tax (benefit) expense
Federal	(533)	(2,680)	(7,624)
State	(280)	(625)	1,978
Deferred income taxes	(813)	(3,305)	(5,646)
Total provision	$ 7,442	$ 5,113	$ 15,596

Income Taxes (Effective Income Tax Rate Reconciliation, Percent) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	1.30%	0.70%	12.60%
Nondeductible transaction costs	0.00%	0.00%	9.20%
REIT conversion benefit	(31.30%)	(31.80%)	(4.30%)
Permanent differences	0.00%	0.00%	(0.90%)
Other miscellaneous items	0.50%	(0.30%)	(0.40%)
Effective income tax rate reconciliation, effective income tax rate, percent	5.50%	3.60%	51.20%

Income Taxes (Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax	$ 47,447	$ 50,372	$ 10,657
State and local income taxes	1,702	964	3,840
Nondeductible transaction costs	0	0	2,793
REIT conversion benefit	(42,438)	(45,777)	(1,322)
Permanent differences	61	52	(268)
Other miscellaneous items	670	(498)	(104)
Total provision	$ 7,442	$ 5,113	$ 15,596

Dividends (Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands																	3 Months Ended								12 Months Ended
	Dec. 18, 2015	Oct. 28, 2015	Sep. 25, 2015	Jul. 30, 2015	Jun. 26, 2015	May 01, 2015	Mar. 27, 2015	Feb. 03, 2015	Dec. 19, 2014	Nov. 18, 2014	Sep. 26, 2014	Sep. 03, 2014	Jun. 27, 2014	May 30, 2014	Mar. 28, 2014	Feb. 18, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Dividends [Abstract]
Dividends Payable, Date Declared		Oct. 28, 2015		Jul. 30, 2015		May 01, 2015		Feb. 03, 2015		Nov. 18, 2014		Sep. 03, 2014		May 30, 2014		Feb. 18, 2014
Dividends Payable, Date of Record																	Dec. 01, 2015	Sep. 14, 2015	Jun. 11, 2015	Mar. 10, 2015	Dec. 02, 2014	Sep. 15, 2014	Jun. 12, 2014	Mar. 07, 2014
Common Stock, Dividends, Per Share, Declared		$ 0.545		$ 0.545		$ 0.545		$ 0.545		$ 0.92		$ 0.52		$ 0.52		$ 0.52
Common stock, dividends per share, cash paid	$ 0.545		$ 0.545		$ 0.545		$ 0.545		$ 0.92		$ 0.52		$ 0.52		$ 0.52										$ 2.18	$ 2.48
Dividends Payable, Date to be Paid																	Dec. 18, 2015	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015	Dec. 19, 2014	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014
Payments of Ordinary Dividends, Common Stock	$ 62,814		$ 62,456		$ 62,348		$ 62,072		$ 103,712		$ 58,464		$ 58,207		$ 58,008

Dividends (Narrative) (Details) - USD ($)																			12 Months Ended
Dividends (Narrative) (Details) - USD ($)	Dec. 18, 2015	Oct. 28, 2015	Sep. 25, 2015	Jul. 30, 2015	Jun. 26, 2015	May 01, 2015	Mar. 27, 2015	Feb. 03, 2015	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	Feb. 13, 2014	Dec. 31, 2015	Dec. 31, 2014
Dividends
Dividends, share-based compensation																			$ 2,000,000	$ 4,000,000
Taxable income distributions, percent																				100.00%
Common stock, dividends per share, cash paid	$ 0.545		$ 0.545		$ 0.545		$ 0.545		$ 0.92			$ 0.52		$ 0.52		$ 0.52			$ 2.18	$ 2.48
Quarterly dividend declared (in dollars per share)		$ 0.545		$ 0.545		$ 0.545		$ 0.545			$ 0.92		$ 0.52		$ 0.52		$ 0.52
Purging Distribution
Dividends
Dividends, share-based compensation																	$ 1,000,000
Purging distribution																	1,050,000,000
Total cash limitation on purging distribution																	$ 210,000,000.0
Common stock outstanding (in shares)																	88,691,827
Percentage of stockholders who elected the cash distribution																	54.30%
Percentage of stockholders who elected a stock distribution or made no election																	45.70%
Cash dividend distributed per common share held by shareholders who elected cash distribution (in dollars per share)																	$ 4.358049
Stock dividend distributed per common share held by shareholders who elected cash distribution																	0.195747
Stock dividend distributed per common share held by shareholders who elected stock distribution or made no election																	0.309784
Period of trading days taken for calculation of volume weighted average price																		3 days
Common Stock Dividends, Shares																	22,000,000
Purging Distribution \| Weighted average
Dividends
Volume weighted average price (in dollars per share)																		$ 38.2162
Pre-Filing Agreement Distribution
Dividends
Dividends, share-based compensation									$ 700,000
Pre-filing agreement distribution									$ 37,000,000
Regular dividend
Dividends
Common stock, dividends per share, cash paid										$ 0.52
Quarterly dividend declared (in dollars per share)											0.52
One-time dividends
Dividends
Common stock, dividends per share, cash paid										$ 0.40
Quarterly dividend declared (in dollars per share)											$ 0.40

Dividends (Dividend Classification) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 2.18	$ 14.32
Classification of distribution as a percent	100.00%	100.00%
Qualified dividends
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 0.0698	$ 12.24
Classification of distribution as a percent	3.21%	85.47%
Non-qualified dividends
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 1.9462	$ 1.90
Classification of distribution as a percent	89.45%	13.27%
Capital gains
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 0.0012	$ 0.16
Classification of distribution as a percent	0.00%	1.12%
Non-taxable return of capital
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 0.1628	$ 0.02
Classification of distribution as a percent	7.34%	0.14%

Stock-Based Compensation (Stock Options Issued and Outstanding) (Details) - Employee stock option $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares) \| shares	11,161,842
Exercised (in shares) \| shares	(3,206,692)
Canceled (in shares) \| shares	(28,084)
Outstanding at end of period (in shares) \| shares	7,927,066
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	$ 18.83
Exercised (in dollars per share) \| $ / shares	16.35
Canceled (in dollars per share) \| $ / shares	22.09
Outstanding at period end (in dollars per share) \| $ / shares	$ 19.82
Weighted average remaining contractual term	1 year 9 months 29 days
Aggregate intrinsic value of outstanding stock options \| $	$ 63,210

Stock-Based Compensation (Options Outstanding and Exercisable by Price Range) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Exercise Price Range from Dollars 14.87 to Dollars 22.92 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, number of outstanding options	6,839,896
Weighted average remaining contractual term	1 year 11 months 12 days
Exercise price range, outstanding options, weighted average exercise price (in dollars per share)	$ 19.07
Exercise price range, number of exercisable options	6,421,414
Exercise price range, exercisable options, weighted average exercise price (in dollars per share)	$ 18.88
Exercise price range, lower range limit	14.87
Exercise price range, upper range limit	$ 22.92
Exercise Price Range from Dollars 23.02 to Dollars 34.81 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, number of outstanding options	1,079,901
Weighted average remaining contractual term	1 year 23 days
Exercise price range, outstanding options, weighted average exercise price (in dollars per share)	$ 24.43
Exercise price range, number of exercisable options	1,076,597
Exercise price range, exercisable options, weighted average exercise price (in dollars per share)	$ 24.43
Exercise price range, lower range limit	23.02
Exercise price range, upper range limit	$ 34.81
Exercise Price Range from Dollars 35.74 to Dollars 35.87 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, number of outstanding options	7,269
Weighted average remaining contractual term	1 year 8 months
Exercise price range, outstanding options, weighted average exercise price (in dollars per share)	$ 35.81
Exercise price range, number of exercisable options	7,269
Exercise price range, exercisable options, weighted average exercise price (in dollars per share)	$ 35.81
Exercise price range, lower range limit	35.74
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	7,927,066	11,161,842
Weighted average remaining contractual term	1 year 9 months 29 days
Weighted average exercise price of outstanding options (in dollars per share)	$ 19.82	$ 18.83
Number of options exercisable	7,505,280
Weighted average exercise price of exercisable options (in dollars per share)	$ 19.69

Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2015	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)	468,841	525,328
Granted (in shares)	164,612	240,149
Released (in shares)	(160,234)	(237,618)
Canceled (in shares)	(9,455)	(59,018)
Outstanding at the end of the period (in shares)	463,764	468,841
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning of Period	$ 34.31	$ 28.34
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	29.37	37.12
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	33.85	24.55
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	32.38	31.99
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, End of Period	$ 32.76	$ 34.31

Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2015	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)	543,556	0
Granted (in shares)	548,000	613,556
Released (in shares)	0	0
Canceled (in shares)	0	(70,000)
Outstanding at the end of the period (in shares)	1,091,556	543,556
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning of Period	$ 22.93	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	17.29	22.93
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	0	22.93
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, End of Period	$ 20.10	$ 22.93

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands									12 Months Ended
	Dec. 18, 2015	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015	Dec. 19, 2014	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized									3,669,842
Number of awards converted per award held											2
Common stock, dividends per share, cash paid	$ 0.545	$ 0.545	$ 0.545	$ 0.545	$ 0.92	$ 0.52	$ 0.52	$ 0.52	$ 2.18	$ 2.48
Intrinsic value of exercisable options outstanding									$ 60,800
Weighted average remaining contractual term of exercisable options									1 year 9 months 5 days
Aggregate intrinsic value of options exercised									$ 47,800	$ 43,100	$ 1,300
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									$ 21
Remaining weighted average vesting period for recognition of unrecognized compensation cost									5 days
Allocated share-based compensation expense									$ 2,800	5,800	1,200
Allocated share based compensation expense related to dividend paid									$ 11,300	15,300
Number of exercisable options outstanding									7,505,280
Weighted average exercise price of exercisable options outstanding (in dollars per share)									$ 19.69
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost									$ 8,600
Remaining weighted average vesting period for recognition of unrecognized compensation cost									1 year 6 months 14 days
Allocated share-based compensation expense									$ 5,900	3,600	400
Fair value of restricted stock awards released in period									4,500	4,900	0
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost									$ 11,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost									1 year 6 months 29 days
Allocated share-based compensation expense									$ 8,100	2,900	0
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									$ 1,600
Remaining weighted average vesting period for recognition of unrecognized compensation cost									1 year
Allocated share-based compensation expense									$ 3,700	2,500	1,200
Allocated share based compensation expense related to dividend paid									200	800
Share-based liabilities paid for cash-settled awards									$ 3,800	$ 3,700	$ 0

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

3 Months Ended

12 Months Ended

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

$ 128,689

^[1]

$ 147,792

$ 149,867

$ 148,705

$ 145,080

$ 146,906

$ 150,770

$ 148,312

$ 575,053

$ 591,068

$ 235,452

64,453

65,291

62,871

64,800

60,097

66,733

67,358

64,318

257,415

258,506

53,905

121,851

114,586

19,253

135,564

143,920

30,449

7,442

5,113

15,596

29,773

$ 33,229

$ 31,989

$ 33,131

30,202

$ 37,313

$ 36,996

$ 34,296

128,122

138,807

14,853

Capital project expenditures, net of reimbursements

109,783

106,843

28,923

16,149

139,231

12,198

2,953

3,538

4,230

2,448,155

2,525,454

2,448,155

2,525,454

Spinoff [Member]

Spinoff of real estate assets through REIT transaction costs

13,500

Eliminations

(10,406)

^[2]

(10,408)

^[2]

Capital project expenditures, net of reimbursements

GLP Capital

427,125

436,944

69,880

^[3]

232,701

234,971

27,656

^[3]

121,855

114,588

19,254

^[3]

121,252

130,791

8,402

^[3]

1,338

211

6,767

^[3]

119,914

130,580

1,635

^[3]

Capital project expenditures, net of reimbursements

97,424

94,582

14,896

^[3]

10,252

139,231

13,042

^[3]

^[3]

2,223,373

2,296,346

2,223,373

2,296,346

TRS Properties

147,928

154,124

165,572

24,714

23,535

26,249

10,402

10,406

(1)

14,312

13,129

22,047

6,104

4,902

8,829

8,208

8,227

13,218

Capital project expenditures, net of reimbursements

12,359

12,261

14,027

5,897

(844)

2,953

3,538

$ 4,230

Selected Quarterly Financial Information [Abstract]

$ 224,782

$ 229,108

$ 224,782

$ 229,108

[1]	During the fourth quarter of 2015, Penn received a significant real estate tax refund related to a property reassessment of a GLPI owned property, which directly offset its real estate taxes paid during the quarter. Although tenants are responsible for the payment of real estate taxes under the triple-net lease structure, the Company is required to record 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. This tax refund resulted in the lower net revenues in the fourth quarter of 2015, as compared to the fourth quarter of 2014, despite an increase in rent recognized from tenant lease payments but had no impact on income from operations or net income.
[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.
[3]	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 ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

$ 128,689

^[1]

$ 147,792

$ 149,867

$ 148,705

$ 145,080

$ 146,906

$ 150,770

$ 148,312

$ 575,053

$ 591,068

$ 235,452

64,453

65,291

62,871

64,800

60,097

66,733

67,358

64,318

257,415

258,506

53,905

Basic earnings per common share (in dollars per share)

$ 29,773

$ 33,229

$ 31,989

$ 33,131

$ 30,202

$ 37,313

$ 36,996

$ 34,296

$ 128,122

$ 138,807

$ 14,853

Earnings Per Share

$ 0.26

$ 0.29

$ 0.28

$ 0.29

$ 0.27

$ 0.33

$ 0.31

$ 1.12

$ 1.23

$ 0.13

Diluted earnings per common share (in dollars per share)

$ 0.25

$ 0.28

$ 0.27

$ 0.28

$ 0.26

$ 0.32

$ 0.31

$ 0.29

$ 1.08

$ 1.18

$ 0.13

[1]

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Pre-Spin Transactions with Penn (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pre-Spin Transactions with Penn
Management fee	$ 0	$ 0	$ 4,203
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%
Management fee			$ 4,200

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Disclosures of cash flow information
Cash paid for income taxes, net of refunds	$ 9,785	$ 20,092	$ 0
Cash paid for interest	$ 109,966	$ 109,376	750
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
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

Related Party Transactions (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 19, 2014	Dec. 31, 2015	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	$ 433	$ 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		$ 175	$ 59
Percentage of construction cost paid to Construction Manager for management services		3.00%
Wyomissing Professional Center Owners' Association \| Chief Executive Officer
Related Party Transaction [Line Items]
Amount of related party transaction		$ 10

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, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Real estate investments, net	$ 2,090,059	$ 2,180,124
Property and equipment, used in operations, net	129,747	134,028
Cash and cash equivalents	41,875	35,973	$ 285,221	$ 14,562
Prepaid expenses	7,908	7,900
Other current assets	57,721	45,254
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $5,937 at December 31, 2015	3,563	0
Loan receivable	29,350	34,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets, non-current	2,447	2,694
Other assets	387	383
Total assets	2,448,155	2,525,454
Liabilities
Accounts payable	406	4,409
Accrued expenses	9,580	5,339
Accrued interest	17,623	17,528
Accrued salaries and wages	13,719	12,581
Gaming, property, and other taxes	24,702	22,741
Income taxes	0	0
Current maturities of long-term debt	102	81
Other current liabilities	17,687	15,788
Long-term debt, net of current maturities and unamortized debt issuance costs	2,510,239	2,570,280
Intercompany loan payable	0	0
Deferred rental revenue	107,379	51,554
Deferred tax liabilities, non-current	232	1,443
Total liabilities	2,701,669	2,701,744
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2015 or December 31, 2014	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 115,594,321 and 112,981,088 shares issued at December 31, 2015 and December 31, 2014, respectively)	1,156	1,130
Additional paid-in capital	935,220	888,860
Retained (deficit) earnings	(1,189,890)	(1,066,280)
Total shareholders’ deficit	(253,514)	(176,290)	137,452	236,330
Total liabilities and shareholders’ deficit	2,448,155	2,525,454
Debt issuance costs, accumulated amortization (in dollars)	$ 5,937	$ 0
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	115,594,321	112,981,088
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	2,922	1,498
Other current assets	0	0
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $5,937 at December 31, 2015	0
Loan receivable	0	0
Intercompany loan receivable	(193,595)	(193,595)
Intercompany transactions and investment in subsidiaries	108,820	(18,252)
Deferred tax assets, non-current	(107)	0
Other assets	0	0
Total assets	(81,960)	(210,349)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	2,922	1,498
Current maturities of long-term debt	0	0
Other current liabilities	0	0
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	(193,595)	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	(107)	0
Total liabilities	(190,780)	(192,097)
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2015 or December 31, 2014	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 115,594,321 and 112,981,088 shares issued at December 31, 2015 and December 31, 2014, respectively)	(2,312)	0
Additional paid-in capital	(2,023,279)	(432,358)
Retained (deficit) earnings	2,134,411	414,106
Total shareholders’ deficit	108,820	(18,252)
Total liabilities and shareholders’ deficit	$ (81,960)	(210,349)
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	0	25,228
Cash and cash equivalents	0	2,643	42,801	0
Prepaid expenses	0	1,096
Other current assets	0	14,947
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $5,937 at December 31, 2015	0
Loan receivable	0	0
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	(253,514)	(190,541)
Deferred tax assets, non-current	0	0
Other assets	0	256
Total assets	(253,514)	(146,371)
Liabilities
Accounts payable	0	4,011
Accrued expenses	0	514
Accrued interest	0	0
Accrued salaries and wages	0	10,013
Gaming, property, and other taxes	0	1,012
Income taxes	0	0
Current maturities of long-term debt	0	0
Other current liabilities	0	14,369
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	0	0
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	0
Total liabilities	0	29,919
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2015 or December 31, 2014	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 115,594,321 and 112,981,088 shares issued at December 31, 2015 and December 31, 2014, respectively)	1,156	1,130
Additional paid-in capital	935,220	888,860
Retained (deficit) earnings	(1,189,890)	(1,066,280)
Total shareholders’ deficit	(253,514)	(176,290)
Total liabilities and shareholders’ deficit	$ (253,514)	$ (146,371)
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	115,594,321	112,981,088
Common stock, shares authorized	500,000,000	500,000,000
Subsidiary Issuers
Assets
Real estate investments, net	$ 1,955,290	$ 2,042,311
Property and equipment, used in operations, net	24,494	0
Cash and cash equivalents	8,716	4,450	221,095	0
Prepaid expenses	3,768	2,196
Other current assets	54,838	27,417
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $5,937 at December 31, 2015	3,563
Loan receivable	0	0
Intercompany loan receivable	193,595	193,595
Intercompany transactions and investment in subsidiaries	191,112	195,092
Deferred tax assets, non-current	0	0
Other assets	256	0
Total assets	2,435,632	2,465,061
Liabilities
Accounts payable	127	188
Accrued expenses	4,737	119
Accrued interest	17,623	17,528
Accrued salaries and wages	10,728	0
Gaming, property, and other taxes	21,949	18,874
Income taxes	(41)	(165)
Current maturities of long-term debt	102	81
Other current liabilities	16,303	0
Long-term debt, net of current maturities and unamortized debt issuance costs	2,510,239	2,570,280
Intercompany loan payable	0	0
Deferred rental revenue	107,379	51,554
Deferred tax liabilities, non-current	0	0
Total liabilities	2,689,146	2,658,459
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2015 or December 31, 2014	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 115,594,321 and 112,981,088 shares issued at December 31, 2015 and December 31, 2014, respectively)	1,156	0
Additional paid-in capital	935,221	139,811
Retained (deficit) earnings	(1,189,891)	(333,209)
Total shareholders’ deficit	(253,514)	(193,398)
Total liabilities and shareholders’ deficit	2,435,632	2,465,061
Debt issuance costs, accumulated amortization (in dollars)	5,937	0
Other Subsidiary Non-Issuers
Assets
Real estate investments, net	134,769	137,813
Property and equipment, used in operations, net	105,253	108,800
Cash and cash equivalents	33,159	28,880	$ 21,325	$ 14,562
Prepaid expenses	1,218	3,110
Other current assets	2,883	2,890
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $5,937 at December 31, 2015	0
Loan receivable	29,350	34,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	(46,418)	13,701
Deferred tax assets, non-current	2,554	2,694
Other assets	131	127
Total assets	347,997	417,113
Liabilities
Accounts payable	279	210
Accrued expenses	4,843	4,706
Accrued interest	0	0
Accrued salaries and wages	2,991	2,568
Gaming, property, and other taxes	2,753	2,855
Income taxes	(2,881)	(1,333)
Current maturities of long-term debt	0	0
Other current liabilities	1,384	1,419
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	339	1,443
Total liabilities	203,303	205,463
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2015 or December 31, 2014	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 115,594,321 and 112,981,088 shares issued at December 31, 2015 and December 31, 2014, respectively)	1,156	0
Additional paid-in capital	1,088,058	292,547
Retained (deficit) earnings	(944,520)	(80,897)
Total shareholders’ deficit	144,694	211,650
Total liabilities and shareholders’ deficit	$ 347,997	$ 417,113

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, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Revenues

$ 392,075

$ 386,403

$ 62,278

35,050

50,534

7,602

427,125

436,937

69,880

142,310

148,283

159,352

11,213

11,621

12,357

580,648

596,841

241,589

(5,595)

(5,773)

(6,137)

$ 128,689

^[1]

$ 147,792

$ 149,867

$ 148,705

$ 145,080

$ 146,906

$ 150,770

$ 148,312

575,053

591,068

235,452

77,188

82,995

89,367

8,586

9,734

10,775

36,412

52,154

9,220

85,669

80,836

43,262

109,783

106,843

28,923

317,638

332,562

181,547

64,453

65,291

62,871

64,800

60,097

66,733

67,358

64,318

257,415

258,506

53,905

(124,183)

(117,030)

(19,254)

2,332

2,444

(4,203)

(121,851)

(114,586)

(23,456)

135,564

143,920

30,449

7,442

5,113

15,596

$ 29,773

$ 33,229

$ 31,989

$ 33,131

$ 30,202

$ 37,313

$ 36,996

$ 34,296

128,122

138,807

14,853

Eliminations

Revenues

(43,386)

(1,270,826)

(137,910)

(43,386)

(1,270,826)

(137,910)

(43,386)

(1,270,826)

(137,910)

(43,386)

(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

378,075

373,231

62,278

33,041

48,570

7,602

411,116

421,801

69,880

411,116

421,801

69,880

411,116

421,801

69,880

33,041

48,576

7,602

61,950

2,758

94,380

89,833

14,822

189,371

141,167

22,424

221,745

280,634

47,456

(124,183)

(117,016)

(19,254)

36,292

39,805

(87,881)

(77,211)

(19,254)

133,864

203,423

28,202

1,338

210

6,124

Other Subsidiary Non-Issuers

132,526

203,213

22,078

Revenues

14,000

13,172

2,009

1,964

16,009

15,136

142,310

148,283

159,352

11,213

11,614

12,357

169,532

175,033

171,709

(5,595)

(5,773)

(6,137)

163,937

169,260

165,572

77,188

82,995

89,367

8,586

9,734

10,775

3,371

3,578

1,618

23,719

24,005

23,536

15,403

15,178

14,027

128,267

135,490

139,323

35,670

33,770

26,249

(3)

2,322

2,444

(4,203)

7,094

618,695

68,955

9,416

621,136

64,753

45,086

654,906

91,002

6,104

4,903

8,829