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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	Apr. 22, 2016
Document and Entity Information
Entity Registrant Name	Gaming & Leisure Properties, Inc.
Entity Central Index Key	0001575965
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		145,900,749
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets
Real estate investments, net	$ 2,066,376	$ 2,090,059
Property and equipment, used in operations, net	126,755	129,747
Cash and cash equivalents	61,561	41,875	$ 45,367	$ 35,973
Prepaid expenses	7,362	7,908
Other current assets	58,376	57,721
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at March 31, 2016 and December 31, 2015, respectively	0	3,563
Loan receivable	27,813	29,350
Deferred tax assets, non-current	2,500	2,447
Other assets	388	387
Total assets	2,436,229	2,448,155
Liabilities
Accounts payable	490	406
Accrued expenses	12,343	9,580
Accrued interest	42,848	17,623
Accrued salaries and wages	5,096	13,719
Gaming, property, and other taxes	25,351	24,702
Current maturities of long-term debt	104	102
Other current liabilities	18,390	17,687
Long-term debt, net of current maturities and unamortized debt issuance costs	2,468,881	2,510,239
Deferred rental revenue	121,335	107,379
Deferred tax liabilities, non-current	206	232
Total liabilities	2,695,044	2,701,669
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 117,027,925 and 115,594,321 shares issued at March 31, 2016 and December 31, 2015, respectively)	1,170	1,156
Additional paid-in capital	962,826	935,220
Retained deficit	(1,222,811)	(1,189,890)
Total shareholders’ deficit	(258,815)	(253,514)
Total liabilities and shareholders’ deficit	$ 2,436,229	$ 2,448,155

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Debt issuance costs, accumulated amortization	$ 9,500	$ 5,937
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	117,027,925	115,594,321

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Rental	$ 100,215	$ 97,548
Real estate taxes paid by tenants	11,827	13,350
Total rental revenue	112,042	110,898
Gaming	35,383	36,379
Food, beverage and other	2,776	2,815
Total revenues	150,201	150,092
Less promotional allowances	(1,381)	(1,387)
Net revenues	148,820	148,705
Operating expenses
Gaming	18,934	19,016
Food, beverage and other	2,053	2,184
Real estate taxes	12,207	13,755
General and administrative	20,906	21,539
Depreciation	27,083	27,411
Total operating expenses	81,183	83,905
Income from operations	67,637	64,800
Other income (expenses)
Interest expense	(33,401)	(29,562)
Interest income	517	595
Total other expenses	(32,884)	(28,967)
Income before income taxes	34,753	35,833
Income tax expense	2,004	2,702
Net income	$ 32,749	$ 33,131
Earnings per common share (in dollars per share)
Basic earnings per common share	$ 0.28	$ 0.29
Diluted earnings per common share	0.27	0.28
Dividends paid per common share (in dollars per share)	$ 0.56	$ 0.55

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Deficit
Beginning Balance at Dec. 31, 2015	$ (253,514)	$ 1,156	$ 935,220	$ (1,189,890)
Beginning Balance (in shares) at Dec. 31, 2015	115,594,321	115,594,321
Increase (Decrease) in Shareholders' Equity
Stock option activity	$ 24,532	$ 13	24,519
Stock option activity (in shares)		1,331,805
Restricted stock activity	3,088	$ 1	3,087
Restricted stock activity (in shares)		101,799
Dividends paid	(65,670)	$ 0	0	(65,670)
Dividends paid (in shares)		0
Net income	32,749			32,749
Ending Balance at Mar. 31, 2016	$ (258,815)	$ 1,170	$ 962,826	$ (1,222,811)
Ending Balance (in shares) at Mar. 31, 2016	117,027,925	117,027,925

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net income	$ 32,749	$ 33,131
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	27,083	27,411
Amortization of debt issuance costs	5,582	2,020
(Gains) losses on dispositions of property	(15)	1
Deferred income taxes	(79)	(386)
Stock-based compensation	4,572	4,394
Straight-line rent adjustments	13,956	13,956
(Increase), decrease
Prepaid expenses and other current assets	3,849	838
Other assets	(1)	0
Increase, (decrease)
Accounts payable	45	(1,345)
Accrued expenses	(987)	415
Accrued interest	25,225	24,903
Accrued salaries and wages	(8,623)	(6,194)
Gaming, property and other taxes	(201)	(406)
Income taxes	0	1,572
Other current and non-current liabilities	703	449
Net cash provided by operating activities	103,858	100,759
Investing activities
Capital project expenditures, net of reimbursements	(265)	(5,640)
Capital maintenance expenditures	(362)	(951)
Proceeds from sale of property and equipment	233	5
Principal payments on loan receivable	1,537	538
Other investing activities	0	(36)
Net cash provided by (used in) investing activities	1,143	(6,084)
Financing activities
Dividends paid	(65,670)	(62,651)
Proceeds from exercise of options	23,089	10,394
Financing costs	(709)	0
Payments of long-term debt	(42,025)	(33,024)
Net cash used in financing activities	(85,315)	(85,281)
Net increase in cash and cash equivalents	19,686	9,394
Cash and cash equivalents at beginning of period	41,875	35,973
Cash and cash equivalents at end of period	$ 61,561	$ 45,367

Business and Operations	3 Months Ended
Business and Operations	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Operations	Business and Operations Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the "TRS Properties," and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The Company elected on its United States ("U.S.") federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., 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. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of March 31, 2016, 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. 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. Furthermore, in March 2016, the Company announced it had entered into an agreement to sell the entities holding the Meadows gaming and racing licenses and operating assets to Pinnacle. GLPI will lease the Pinnacle and the Meadows real property assets to Pinnacle under separate triple-net leases. The Pinnacle transaction is expected to close during April 2016, while both transactions involving the Meadows are expected to close during the late third quarter 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 and declared effective on February 16, 2016 (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. Substantially all of the conditions to closing the Merger, including each company's stockholders' approval and gaming regulatory approvals have been satisfied and the Company expects the Merger to close at the end of April 2016. 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. Approval by GLPI shareholders and Pinnacle stockholders was obtained at separate special meetings held on March 15, 2016. At the GLPI special meeting, GLPI shareholders voted 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 voted 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. On March 25, 2016, the Company and Pinnacle entered into the First Amendment to the Merger Agreement which extended the closing date of the Merger to April 30, 2016. 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 April 30, 2016, subject to one two-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.

Basis of Presentation Basis of Presentation	3 Months Ended
Basis of Presentation Basis of Presentation	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2015 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2015 financial information has been derived from the Company’s audited consolidated financial statements.

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The Company adopted ASU 2015-02 on January 1, 2016 and it had no affect on the Company's financial statements. Accounting Pronouncements Not Yet Adopted In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). This ASU amends certain aspects of accounting for share-based payments to employees, including (i) requiring all income tax effects of share-based awards to be recognized in the income statement when the award vests or settles and eliminating APIC pools, (ii) permitting employers to withhold the share equivalent of an employee's maximum tax liability without triggering liability accounting and (iii) allowing companies to make a policy election to account for forfeitures as they occur. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2017 and early adoption is permitted. The Company is evaluating the impact of adopting ASU 2016-09 on its financial statements, but does not believe the new guidance will have a significant impact on how it accounts for share-based payments. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). This ASU primarily provides new guidance for lessees on the accounting treatment of operating leases. Under the new guidance, lessees are required to recognize assets and liabilities arising from operating leases on the balance sheet. ASU 2016-02 also aligns lessor accounting with the revenue recognition guidance in Topic 606 of the Accounting Standards Codification. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018 and is required to be adopted on a modified retrospective basis, meaning the new leasing model will be applied to the earliest year presented in the financial statements and thereafter. The Company is evaluating the impact of adopting this new accounting standard on its financial statements, but does not expect adoption of the new guidance to have a significant impact on the accounting treatment of its triple-net leases, which are the primary source of revenue to the Company. 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.

- Definition

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

+ References

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

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-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
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-Section S99
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-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
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-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
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-Paragraph 13
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-Name Accounting Standards Codification
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-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305

+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Fair Value of Financial Instruments

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

Cash and Cash Equivalents

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

Deferred Compensation Plan Assets and Corresponding Liabilities

The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under Accounting Standards Code ("ASC") 820 "Fair Value Measurements and Disclosures." Deferred compensation plan assets are included within other current assets on the condensed consolidated balance sheets. Deferred compensation liabilities approximate the plan's assets and are included with current liabilities on the condensed consolidated balance sheets. The difference between the Company's deferred compensation plan assets and liabilities at both March 31, 2016 and December 31, 2015 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 "Fair Value Measurements and Disclosures."

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



	March 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	61,561	$	61,561	$	41,875	$	41,875
Deferred compensation plan assets	14,964		14,964		14,833		14,833
Loan receivable	27,813		27,813		29,350		29,350
Financial liabilities:
Deferred compensation plan liabilities	15,446		15,446		14,866		14,866
Long-term debt
Senior unsecured credit facility	448,000		440,160		490,000		479,612
Senior notes	2,050,000		2,084,925		2,050,000		2,014,750

Comprehensive Income

Comprehensive income includes net income and all other non-owner changes in shareholders’ equity during a period. The Company did not have any non-owner changes in shareholders’ equity for the three months ended March 31, 2016 and 2015, and comprehensive income for the three months ended March 31, 2016 and 2015 was equivalent to net income for those time periods.

Revenue Recognition and Promotional Allowances

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

As of March 31, 2016, 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 in 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 the Penn Master Lease, the tenant is responsible for all executory charges described in the above paragraph.

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.

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 condensed consolidated statement of income as the Company has concluded it is the primary obligor.

Gaming revenue generated by the TRS Properties mainly consists of video lottery gaming revenue, and to a lesser extent, table game and poker revenue. Video lottery gaming revenue is the aggregate net difference between gaming wins and losses with liabilities recognized for funds deposited by customers before gaming play occurs, for "ticket-in, ticket-out" coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increases. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), and front money that are removed from the live gaming tables. Additionally, food and beverage revenue is recognized as services are performed.

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Video lottery	$	30,353	$	31,241
Table game	4,716		4,810
Poker	314		328
Total gaming revenue, net of cash incentives	$	35,383	$	36,379

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

The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the three months ended March 31, 2016 and 2015 are as follows:



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Food and beverage	$	1,349	$	1,377
Other	32		10
Total promotional allowances	$	1,381	$	1,387

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2016 and 2015 are as follows:



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Food and beverage	$	534	$	596
Other	14		3
Total cost of complimentary services	$	548	$	599

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 and admission tax expense in future interim periods. For the three months ended March 31, 2016 and 2015, these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $14.7 million and $14.9 million, respectively.

Earnings Per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings Per Share." Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. In accordance with ASC 260 "Earnings per Share", the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method.

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2016 and 2015 (in thousands):



	Three Months Ended March 31,
	2016	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	116,671	113,666
Assumed conversion of dilutive employee stock-based awards	1,821	4,232
Assumed conversion of restricted stock	122	219
Assumed conversion of performance-based restricted stock awards	203	382
Diluted weighted-average common shares outstanding	118,817	118,499

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016			2015
	(in thousands, except per share data)
Calculation of basic EPS:
Net income	$	32,749		$	33,131
Less: Net income allocated to participating securities	(135		)	(151		)
Net income attributable to common shareholders	$	32,614		$	32,980
Weighted-average common shares outstanding	116,671			113,666
Basic EPS	$	0.28		$	0.29

Calculation of diluted EPS:
Net income	$	32,749		$	33,131
Diluted weighted-average common shares outstanding	118,817			118,499
Diluted EPS	$	0.27		$	0.28

There were 257,321 and 15,529 outstanding options to purchase shares of common stock during the three months ended March 31, 2016 and 2015, respectively, that were not included in the computation of diluted EPS because of being antidilutive.

Stock-Based Compensation

The Company accounts for stock compensation under ASC 718, "Compensation - Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option-pricing model. 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 phantom stock units ("PSU") entitle employees to receive cash based on the fair value of the Company’s common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, "Compensation-Stock Compensation, Awards Classified as Liabilities."

In 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 is amortized to expense over the awards’ remaining vesting periods.

As of March 31, 2016, there was no remaining unrecognized compensation cost for stock options. For the three months ended March 31, 2016 and 2015, the Company recognized $20 thousand and $0.7 million, respectively, of compensation expense associated with these awards. In addition, the Company also recognized $2.3 million and $2.9 million of compensation expense for the three months ended March 31, 2016 and 2015, respectively, relating to each of the first quarter $0.56 and $0.55, respectively, per share dividends paid on vested employee stock options.

As of March 31, 2016, there was $11.5 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 1.85 years. For the three months ended March 31, 2016 and 2015, the Company recognized $1.8 million and $1.4 million, respectively, of compensation expense associated with these awards.

The following table contains information on restricted stock award activity for the three months ended March 31, 2016:



	Number of Award Shares
Outstanding at December 31, 2015	463,764
Granted	168,966
Released	(151,245	)
Canceled	—
Outstanding at March 31, 2016	481,485

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 March 31, 2016, there was $17.9 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 2.06 years. For the three months ended March 31, 2016, and 2015, the Company recognized $2.7 million and $2.2 million, respectively, of compensation expense associated with these awards.

The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2016:



	Number of Performance-Based Award Shares
Outstanding at December 31, 2015	1,091,556
Granted	558,000
Released	—
Canceled	—
Outstanding at March 31, 2016	1,649,556

As of March 31, 2016, there was $1.1 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 0.84 years. For the three months ended March 31, 2016 and 2015, the Company recognized $0.4 million and $1.8 million, respectively of compensation expense associated with these awards. In addition, the Company also recognized $18 thousand for the three months ended March 31, 2016, relating to the 2016 first quarter $0.56 per share dividend paid on unvested PSUs. For the three months ended March 31, 2015, the Company recognized $0.1 million relating to the 2015 first quarter $0.55 per share dividend paid on unvested PSUs.

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.

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2016
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 March 31, 2016, these mandatory principal payments, as well as additional principal payments have reduced the balance of this loan to $27.8 million. The collectability of the remaining loan balance is reasonably assured, and as of March 31, 2016 the obligor has made all mandatory principal and interest payments in full and on time and paid down additional principal toward the loan balance. 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, resulting in 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.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Real Estate Investments

3 Months Ended

Mar. 31, 2016

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:



	March 31, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	453,739		$	453,739
Building and improvements	2,297,128			2,297,128
Construction in progress	7			—
Total real estate investments	2,750,874			2,750,867
Less accumulated depreciation	(684,498		)	(660,808		)
Real estate investments, net	$	2,066,376		$	2,090,059

Property and Equipment Used in Operations

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment Used in Operations

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



	March 31, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	31,187		$	31,187
Building and improvements	117,284			117,314
Furniture, fixtures, and equipment	112,553			112,227
Construction in progress	314			354
Total property and equipment	261,338			261,082
Less accumulated depreciation	(134,583		)	(131,335		)
Property and equipment, net	$	126,755		$	129,747

Long-term Debt

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt is as follows:



	March 31, 2016			December 31, 2015
	(in thousands)
Senior unsecured credit facility	$	448,000		$	490,000
$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	1,365			1,389
Total long-term debt	2,499,365			2,541,389
Less: unamortized debt issuance costs	(30,380		)	(31,048		)
Total long-term debt, net of unamortized debt issuance costs	2,468,985			2,510,341
Less current maturities of long-term debt	(104		)	(102		)
Long-term debt, net of current maturities	$	2,468,881		$	2,510,239

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2016 (in thousands):



Within one year	$	104
2-3 years	998,223
4-5 years	1,000,245
Over 5 years	500,793
Total minimum payments	$	2,499,365

Senior Unsecured Credit Facility

The Company has a one billion dollar senior unsecured credit facility (the "Credit Facility"), consisting of a $700.0 million revolving credit facility and a $300.0 million Term Loan A facility. 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 March 31, 2016, the Company had no borrowings outstanding under the Term Loan A-1 facility. The Credit Facility matures on October 28, 2018.

At March 31, 2016, the Credit Facility had a gross outstanding balance of $448.0 million, consisting of the $300.0 million Term Loan A facility and $148.0 million of borrowings under the revolving credit facility. Additionally, at March 31, 2016, 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 $551.1 million of available borrowing capacity under the revolving credit facility as of March 31, 2016.

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 March 31, 2016, the Company was in compliance with all required covenants under the Credit Facility.

Senior Unsecured Notes

Each of the 4.375% Senior Unsecured Notes due 2018 (the "2018 Notes"); 4.875% Senior Unsecured Notes due 2020 (the "2020 Notes"); and 5.375% Senior Unsecured Notes due 2023 (the "2023 Notes," and collectively with the 2018 Notes and 2020 Notes, the "Notes") contains covenants limiting the Company’s ability to: incur additional debt and use 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 March 31, 2016, 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"). Subsequent to March 31, 2016, through a combination of debt and equity offerings, the Company raised the proceeds, which together with an incremental term loan under the Company's Credit Facility, are necessary to finance the Pinnacle transaction and as such the Company does not intend to utilize the Bridge Facility to finance the Merger. See Note 15 for further information on the Company's respective debt and equity offerings.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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.

Dividends

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Dividends

The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2016 and 2015:

Declaration Date

Shareholder Record Date

Securities Class

Dividend Per Share

Period Covered

Distribution Date

Dividend Amount

(in thousands)

2016

January 29, 2016

February 22, 2016

Common Stock

0.56

First Quarter 2016

March 25, 2016

65,345

2015

February 3, 2015

March 10, 2015

Common Stock

0.545

First Quarter 2015

March 27, 2015

62,072

In addition for the three months ended March 31, 2016 and 2015, 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 $0.3 million and $0.6 million, respectively.

Segment Information

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Information

Consistent with how the Company’s Chief Operating Decision Maker reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) ("GLP Capital") and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge.

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



	Three Months Ended March 31, 2016									Three Months Ended March 31, 2015
(in thousands)	GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total		GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total
Net revenues	$	112,042	$	36,778	$	—		$	148,820	$	110,898	$	37,807	$	—		$	148,705
Income from operations	60,770		6,867		—			67,637		57,600		7,200		—			64,800
Interest, net	32,884		2,601		(2,601		)	32,884		28,968		2,600		(2,601		)	28,967
Income before income taxes	30,487		4,266		—			34,753		31,233		4,600		—			35,833
Income tax expense	386		1,618		—			2,004		810		1,892		—			2,702
Net income	30,101		2,648		—			32,749		30,423		2,708		—			33,131
Depreciation	24,212		2,871		—			27,083		24,393		3,018		—			27,411
Capital project expenditures, net of reimbursements	164		101		—			265		609		5,031		—			5,640
Capital maintenance expenditures	—		362		—			362		—		951		—			951

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

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Supplemental Disclosures of Cash Flow Information

3 Months Ended

Mar. 31, 2016

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information

Supplemental disclosures of cash flow information is as follows:



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Cash paid for income taxes, net of refunds received	$	234	$	—
Cash paid for interest	2,569		2,615

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2016
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 for its corporate headquarters building. Also in connection with completion of construction of its corporate headquarters building, the Company entered into an agreement (the "Construction Management Agreement") with CB Consulting Group LLC (the "Construction Manager") during the year ended December 31, 2014. Construction of the Company's corporate headquarters building was completed in October 2015 and the Company did not incur additional expenses related to the building with WPC or the Construction Manager subsequent to 2015. The Company paid $39,000 to WPC during the three months ended March 31, 2015 in connection with construction costs WPC paid on the Company's behalf. Pursuant to the Construction Management Agreement, the Construction Manager, among other things, provided 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 three months ended March 31, 2015, the Company made no payments to 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 three months ended March 31, 2016, the Company paid approximately $5,500 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 associated with the WPCOA. In addition, Mr. Carlino’s son owns a material interest in the Construction Manager.

- Definition

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

+ References + Details

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

GLPI guarantees the Notes issued by its subsidiaries, GLP Capital, L.P. and GLP Financing II, Inc. Each of the subsidiary issuers is 100% owned by GLPI. The guarantees of GLPI are full and unconditional. GLPI is not subject to any material or significant restrictions on its ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries, except as provided by applicable law. No subsidiaries of GLPI guarantee the Notes.

Summarized financial information as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 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 March 31, 2016 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,932,368		$	134,008		$	—		$	2,066,376
Property and equipment, used in operations, net	—			24,129			102,626			—			126,755
Cash and cash equivalents	—			23,592			37,969			—			61,561
Prepaid expenses	—			5,679			1,023			660			7,362
Other current assets	—			55,059			3,317			—			58,376
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $9,500 at March 31, 2016	—			—			—			—			—
Loan receivable	—			—			27,813			—			27,813
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	(258,814		)	190,496			(55,975		)	124,293			—
Deferred tax assets, non-current	—			—			2,500			—			2,500
Other assets	—			256			132			—			388
Total assets	$	(258,814	)	$	2,425,174		$	338,511		$	(68,642	)	$	2,436,229

Liabilities
Accounts payable	$	—		$	349		$	141		$	—		$	490
Accrued expenses	—			7,684			4,659			—			12,343
Accrued interest	—			42,848			—			—			42,848
Accrued salaries and wages	—			3,415			1,681			—			5,096
Gaming, property, and other taxes	—			22,246			3,105			—			25,351
Income taxes	—			112			(772		)	660			—
Current maturities of long-term debt	—			104			—			—			104
Other current liabilities	—			17,014			1,376			—			18,390
Long-term debt, net of current maturities and unamortized debt issuance costs	—			2,468,881			—			—			2,468,881
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			121,335			—			—			121,335
Deferred tax liabilities, non-current	—			—			206			—			206
Total liabilities	—			2,683,988			203,991			(192,935		)	2,695,044

Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2016)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 117,027,925 shares issued at March 31, 2016)	1,170			1,170			1,170			(2,340		)	1,170
Additional paid-in capital	962,826			962,828			1,105,718			(2,068,546		)	962,826
Retained (deficit) earnings	(1,222,810		)	(1,222,812		)	(972,368		)	2,195,179			(1,222,811		)
Total shareholders’ (deficit) equity	(258,814		)	(258,814		)	134,520			124,293			(258,815		)
Total liabilities and shareholders’ (deficit) equity	$	(258,814	)	$	2,425,174		$	338,511		$	(68,642	)	$	2,436,229



Three months ended March 31, 2016 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—	$	96,672		$	3,543		$	—		$	100,215
Real estate taxes paid by tenants	—		11,315			512			—			11,827
Total rental revenue	—		107,987			4,055			—			112,042
Gaming	—		—			35,383			—			35,383
Food, beverage and other	—		—			2,776			—			2,776
Total revenues	—		107,987			42,214			—			150,201
Less promotional allowances	—		—			(1,381		)	—			(1,381		)
Net revenues	—		107,987			40,833			—			148,820
Operating expenses
Gaming	—		—			18,934			—			18,934
Food, beverage and other	—		—			2,053			—			2,053
Real estate taxes	—		11,320			887			—			12,207
General and administrative	—		15,228			5,678			—			20,906
Depreciation	—		23,451			3,632			—			27,083
Total operating expenses	—		49,999			31,184			—			81,183
Income from operations	—		57,988			9,649			—			67,637

Other income (expenses)
Interest expense	—		(33,401		)	—			—			(33,401		)
Interest income	—		—			517			—			517
Intercompany dividends and interest	—		9,744			5,399			(15,143		)	—
Total other income (expenses)	—		(23,657		)	5,916			(15,143		)	(32,884		)

Income (loss) before income taxes	—		34,331			15,565			(15,143		)	34,753
Income tax expense	—		386			1,618			—			2,004
Net income (loss)	$	—	$	33,945		$	13,947		$	(15,143	)	$	32,749



Three months ended March 31, 2016 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	33,945		$	13,947		$	(15,143	)	$	32,749
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	—			23,451			3,632			—			27,083
Amortization of debt issuance costs	—			5,582			—			—			5,582
Gains on dispositions of property	—			—			(15		)	—			(15		)
Deferred income taxes	—			—			(79		)	—			(79		)
Stock-based compensation	—			4,572			—			—			4,572
Straight-line rent adjustments	—			13,956			—			—			13,956
(Increase) decrease,
Prepaid expenses and other current assets	—			1,313			274			2,262			3,849
Other assets	—			—			(1		)	—			(1		)
Intercompany	—			(579		)	579			—			—
Increase (decrease),
Accounts payable	—			181			(136		)	—			45
Accrued expenses	—			(803		)	(184		)	—			(987		)
Accrued interest	—			25,225			—			—			25,225
Accrued salaries and wages	—			(7,313		)	(1,310		)	—			(8,623		)
Gaming, property and other taxes	—			(40		)	(161		)	—			(201		)
Income taxes	—			152			2,110			(2,262		)	—
Other current and non-current liabilities	—			713			(10		)	—			703
Net cash provided by (used in) operating activities	—			100,355			18,646			(15,143		)	103,858
Investing activities
Capital project expenditures, net of reimbursements	—			(164		)	(101		)	—			(265		)
Capital maintenance expenditures	—			—			(362		)	—			(362		)
Proceeds from sale of property and equipment	—			—			233			—			233
Principal payments on loan receivable	—			—			1,537			—			1,537
Net cash (used in) provided by investing activities	—			(164		)	1,307			—			1,143
Financing activities
Dividends paid	(65,670		)	—			—			—			(65,670		)
Proceeds from exercise of options	23,089			—			—			—			23,089
Financing costs	—			(709		)	—			—			(709		)
Payments of long-term debt	—			(42,025		)	—			—			(42,025		)
Intercompany financing	42,581			(42,581		)	(15,143		)	15,143			—
Net cash (used in) provided by financing activities	—			(85,315		)	(15,143		)	15,143			(85,315		)
Net increase in cash and cash equivalents	—			14,876			4,810			—			19,686
Cash and cash equivalents at beginning of period	—			8,716			33,159			—			41,875
Cash and cash equivalents at end of period	$	—		$	23,592		$	37,969		$	—		$	61,561



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



Three months ended March 31, 2015 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—	$	94,048		$	3,500		$	—		$	97,548
Real estate taxes paid by tenants	—		12,827			523			—			13,350
Total rental revenue	—		106,875			4,023			—			110,898
Gaming	—		—			36,379			—			36,379
Food, beverage and other	—		—			2,815			—			2,815
Total revenues	—		106,875			43,217			—			150,092
Less promotional allowances	—		—			(1,387		)	—			(1,387		)
Net revenues	—		106,875			41,830			—			148,705
Operating expenses
Gaming	—		—			19,016			—			19,016
Food, beverage and other	—		—			2,184			—			2,184
Real estate taxes	—		12,827			928			—			13,755
General and administrative	—		15,556			5,983			—			21,539
Depreciation	—		23,632			3,779			—			27,411
Total operating expenses	—		52,015			31,890			—			83,905
Income from operations	—		54,860			9,940			—			64,800

Other income (expenses)
Interest expense	—		(29,562		)	—			—			(29,562		)
Interest income	—		10			585			—			595
Intercompany dividends and interest	—		10,086			400			(10,486		)	—
Total other income (expenses)	—		(19,466		)	985			(10,486		)	(28,967		)

Income (loss) before income taxes	—		35,394			10,925			(10,486		)	35,833
Income tax expense	—		810			1,892			—			2,702
Net income (loss)	$	—	$	34,584		$	9,033		$	(10,486	)	$	33,131



Three months ended March 31, 2015 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	34,584		$	9,033		$	(10,486	)	$	33,131
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	—			23,632			3,779			—			27,411
Amortization of debt issuance costs	—			2,020			—			—			2,020
Losses on dispositions of property	—			—			1			—			1
Deferred income taxes	—			—			(386		)	—			(386		)
Stock-based compensation	—			4,394			—			—			4,394
Straight-line rent adjustments	—			13,956			—			—			13,956
(Increase) decrease,
Prepaid expenses and other current assets	—			(593		)	1,431			—			838
Other assets	—			—			—			—			—
Intercompany	—			2,365			(2,365		)	—			—
(Decrease) increase,	0			0						0
Accounts payable	—			(1,800		)	455			—			(1,345		)
Accrued expenses	—			408			7			—			415
Accrued interest	—			24,903			—			—			24,903
Accrued salaries and wages	—			(5,730		)	(464		)	—			(6,194		)
Gaming, property and other taxes	—			(613		)	207			—			(406		)
Income taxes	—			847			725			—			1,572
Other current and non-current liabilities	—			532			(83		)	—			449
Net cash provided by (used in) operating activities	—			98,905			12,340			(10,486		)	100,759
Investing activities
Capital project expenditures, net of reimbursements	—			(609		)	(5,031		)	—			(5,640		)
Capital maintenance expenditures	—			—			(951		)	—			(951		)
Proceeds from sale of property and equipment	—			—			5			—			5
Principal payments on loan receivable	—			—			538			—			538
Other investing activities	—			(36		)	—			—			(36		)
Net cash used in investing activities	—			(645		)	(5,439		)	—			(6,084		)
Financing activities
Dividends paid	(62,651		)	—			—			—			(62,651		)
Proceeds from exercise of options	10,394			—			—			—			10,394
Financing costs	—			—			—			—			—
Payments of long-term debt	—			(33,024		)	—			—			(33,024		)
Intercompany financing	49,614			(49,666		)	(10,434		)	10,486			—
Net cash (used in) provided by financing activities	(2,643		)	(82,690		)	(10,434		)	10,486			(85,281		)
Net (decrease) increase in cash and cash equivalents	(2,643		)	15,570			(3,533		)	—			9,394
Cash and cash equivalents at beginning of period	2,643			4,450			28,880			—			35,973
Cash and cash equivalents at end of period	$	—		$	20,020		$	25,347		$	—		$	45,367

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On March 28, 2016, the Company announced that it had commenced an offering to sell 19,000,000 shares of its common stock in an underwritten public offering. On March 31, 2016, the Company announced that it had priced and upsized its previously announced underwritten public offering from 19,000,000 shares of its common stock, par value $0.01 per share, to 25,000,000 shares of its common stock at a public offering price of $30.00 per share. The Company also granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of its common stock, which was exercised in full. On April 6, 2016, the Company announced the closing of its previously announced underwritten public offering of 28,750,000 shares of its common stock at a public offering price of $30.00 per share, before underwriting discount, which includes 3,750,000 shares of common stock issued in connection with the exercise in full of the underwriters’ option to purchase additional shares. The Company received approximately $826 million in net proceeds from the offering. The Company intends to use the net proceeds from this offering to partially fund its previously announced acquisition of substantially all of the real estate assets of Pinnacle, including the repayment, redemption and/or discharge of a portion of certain debt of Pinnacle to be assumed by the Company in connection with the Merger and the payment of transaction-related fees and expenses. The offering was not conditioned upon the successful completion of the Merger or any other potential source of financing. Pending such uses, the Company intends to use the net proceeds of this offering to reduce borrowings under the Company’s revolving credit facility or invest in interest-bearing accounts and short-term, interest-bearing securities. On April 11, 2016, the Company commenced and priced a public debt offering of $400 million of 4.375% senior unsecured notes due 2021 and $975 million of 5.375% senior unsecured notes due 2026 (collectively the "Notes"). The Notes will be issued by the Company's operating partnership, GLP Capital L.P., and GLP Financing II, a wholly owned subsidiary of its operating partnership, and guaranteed by the Company. The estimated net proceeds from the offering of Notes are expected to be approximately $1.357 billion. The Company intends to use the net proceeds from this offering to partially fund its previously announced acquisition of substantially all of the real estate assets of Pinnacle, including for the repayment, redemption and/or discharge of a portion of certain debt of Pinnacle to be assumed by the Company in connection with the Merger and the payment of transaction-related fees and expenses. The offering of the Notes is expected to close on April 28, 2016, the expected closing date of the Merger, subject to certain closing conditions. If the Merger does not close on the closing date of the Notes offering, the proceeds of the Notes offering will be placed in escrow pending the consummation of the Merger. If the Merger does not close prior to June 30, 2016, the Issuers will be required to redeem the Notes. On April 25, 2016, the Company declared its second quarter dividend of $0.56 per common share, payable on June 17, 2016 to shareholders of record on June 2, 2016.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Fair Value of Financial Instruments

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

Cash and Cash Equivalents

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

Deferred Compensation Plan Assets and Corresponding Liabilities

Loan Receivable

Long-term Debt

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



	March 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	61,561	$	61,561	$	41,875	$	41,875
Deferred compensation plan assets	14,964		14,964		14,833		14,833
Loan receivable	27,813		27,813		29,350		29,350
Financial liabilities:
Deferred compensation plan liabilities	15,446		15,446		14,866		14,866
Long-term debt
Senior unsecured credit facility	448,000		440,160		490,000		479,612
Senior notes	2,050,000		2,084,925		2,050,000		2,014,750

Comprehensive Income

Revenue Recognition and Promotional Allowances

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Video lottery	$	30,353	$	31,241
Table game	4,716		4,810
Poker	314		328
Total gaming revenue, net of cash incentives	$	35,383	$	36,379



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Food and beverage	$	1,349	$	1,377
Other	32		10
Total promotional allowances	$	1,381	$	1,387

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2016 and 2015 are as follows:



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Food and beverage	$	534	$	596
Other	14		3
Total cost of complimentary services	$	548	$	599

Gaming and Admission Taxes

Earnings Per Share



	Three Months Ended March 31,
	2016	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	116,671	113,666
Assumed conversion of dilutive employee stock-based awards	1,821	4,232
Assumed conversion of restricted stock	122	219
Assumed conversion of performance-based restricted stock awards	203	382
Diluted weighted-average common shares outstanding	118,817	118,499

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016			2015
	(in thousands, except per share data)
Calculation of basic EPS:
Net income	$	32,749		$	33,131
Less: Net income allocated to participating securities	(135		)	(151		)
Net income attributable to common shareholders	$	32,614		$	32,980
Weighted-average common shares outstanding	116,671			113,666
Basic EPS	$	0.28		$	0.29

Calculation of diluted EPS:
Net income	$	32,749		$	33,131
Diluted weighted-average common shares outstanding	118,817			118,499
Diluted EPS	$	0.27		$	0.28

Stock-Based Compensation

The following table contains information on restricted stock award activity for the three months ended March 31, 2016:



	Number of Award Shares
Outstanding at December 31, 2015	463,764
Granted	168,966
Released	(151,245	)
Canceled	—
Outstanding at March 31, 2016	481,485

The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2016:



	Number of Performance-Based Award Shares
Outstanding at December 31, 2015	1,091,556
Granted	558,000
Released	—
Canceled	—
Outstanding at March 31, 2016	1,649,556

- Definition

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

+ References + Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2016

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):



	March 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	61,561	$	61,561	$	41,875	$	41,875
Deferred compensation plan assets	14,964		14,964		14,833		14,833
Loan receivable	27,813		27,813		29,350		29,350
Financial liabilities:
Deferred compensation plan liabilities	15,446		15,446		14,866		14,866
Long-term debt
Senior unsecured credit facility	448,000		440,160		490,000		479,612
Senior notes	2,050,000		2,084,925		2,050,000		2,014,750

Schedule of the components of gaming revenue

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Video lottery	$	30,353	$	31,241
Table game	4,716		4,810
Poker	314		328
Total gaming revenue, net of cash incentives	$	35,383	$	36,379

Schedule of amounts included in promotional allowances

The amounts included in promotional allowances for the three months ended March 31, 2016 and 2015 are as follows:



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Food and beverage	$	1,349	$	1,377
Other	32		10
Total promotional allowances	$	1,381	$	1,387

Schedule of the estimated cost of providing complimentary services

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2016 and 2015 are as follows:



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Food and beverage	$	534	$	596
Other	14		3
Total cost of complimentary services	$	548	$	599

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



	Three Months Ended March 31,
	2016	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	116,671	113,666
Assumed conversion of dilutive employee stock-based awards	1,821	4,232
Assumed conversion of restricted stock	122	219
Assumed conversion of performance-based restricted stock awards	203	382
Diluted weighted-average common shares outstanding	118,817	118,499

Schedule of calculation of basic and diluted EPS for the Company's common stock

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016			2015
	(in thousands, except per share data)
Calculation of basic EPS:
Net income	$	32,749		$	33,131
Less: Net income allocated to participating securities	(135		)	(151		)
Net income attributable to common shareholders	$	32,614		$	32,980
Weighted-average common shares outstanding	116,671			113,666
Basic EPS	$	0.28		$	0.29

Calculation of diluted EPS:
Net income	$	32,749		$	33,131
Diluted weighted-average common shares outstanding	118,817			118,499
Diluted EPS	$	0.27		$	0.28

Schedule of restricted stock award activity

The following table contains information on restricted stock award activity for the three months ended March 31, 2016:



	Number of Award Shares
Outstanding at December 31, 2015	463,764
Granted	168,966
Released	(151,245	)
Canceled	—
Outstanding at March 31, 2016	481,485

Schedule of performance-based restricted stock award activity

The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2016:



	Number of Performance-Based Award Shares
Outstanding at December 31, 2015	1,091,556
Granted	558,000
Released	—
Canceled	—
Outstanding at March 31, 2016	1,649,556

Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2016

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:



	March 31, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	453,739		$	453,739
Building and improvements	2,297,128			2,297,128
Construction in progress	7			—
Total real estate investments	2,750,874			2,750,867
Less accumulated depreciation	(684,498		)	(660,808		)
Real estate investments, net	$	2,066,376		$	2,090,059

Property and Equipment Used in Operations (Tables)

3 Months Ended

Mar. 31, 2016

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:



	March 31, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	31,187		$	31,187
Building and improvements	117,284			117,314
Furniture, fixtures, and equipment	112,553			112,227
Construction in progress	314			354
Total property and equipment	261,338			261,082
Less accumulated depreciation	(134,583		)	(131,335		)
Property and equipment, net	$	126,755		$	129,747

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt is as follows:



	March 31, 2016			December 31, 2015
	(in thousands)
Senior unsecured credit facility	$	448,000		$	490,000
$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	1,365			1,389
Total long-term debt	2,499,365			2,541,389
Less: unamortized debt issuance costs	(30,380		)	(31,048		)
Total long-term debt, net of unamortized debt issuance costs	2,468,985			2,510,341
Less current maturities of long-term debt	(104		)	(102		)
Long-term debt, net of current maturities	$	2,468,881		$	2,510,239

Schedule of future minimum repayments of long-term debt

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2016 (in thousands):



Within one year	$	104
2-3 years	998,223
4-5 years	1,000,245
Over 5 years	500,793
Total minimum payments	$	2,499,365

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

Dividends (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Dividends Declared

The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2016 and 2015:

Declaration Date

Shareholder Record Date

Securities Class

Dividend Per Share

Period Covered

Distribution Date

Dividend Amount

(in thousands)

2016

January 29, 2016

February 22, 2016

Common Stock

0.56

First Quarter 2016

March 25, 2016

65,345

2015

February 3, 2015

March 10, 2015

Common Stock

0.545

First Quarter 2015

March 27, 2015

62,072

Segment Information (Tables)

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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



	Three Months Ended March 31, 2016									Three Months Ended March 31, 2015
(in thousands)	GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total		GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total
Net revenues	$	112,042	$	36,778	$	—		$	148,820	$	110,898	$	37,807	$	—		$	148,705
Income from operations	60,770		6,867		—			67,637		57,600		7,200		—			64,800
Interest, net	32,884		2,601		(2,601		)	32,884		28,968		2,600		(2,601		)	28,967
Income before income taxes	30,487		4,266		—			34,753		31,233		4,600		—			35,833
Income tax expense	386		1,618		—			2,004		810		1,892		—			2,702
Net income	30,101		2,648		—			32,749		30,423		2,708		—			33,131
Depreciation	24,212		2,871		—			27,083		24,393		3,018		—			27,411
Capital project expenditures, net of reimbursements	164		101		—			265		609		5,031		—			5,640
Capital maintenance expenditures	—		362		—			362		—		951		—			951

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

Supplemental Disclosure of Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2016

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosures of cash flow information is as follows:



	Three Months Ended March 31,
	2016		2015
	(in thousands)
Cash paid for income taxes, net of refunds received	$	234	$	—
Cash paid for interest	2,569		2,615

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

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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



At March 31, 2016 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,932,368		$	134,008		$	—		$	2,066,376
Property and equipment, used in operations, net	—			24,129			102,626			—			126,755
Cash and cash equivalents	—			23,592			37,969			—			61,561
Prepaid expenses	—			5,679			1,023			660			7,362
Other current assets	—			55,059			3,317			—			58,376
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $9,500 at March 31, 2016	—			—			—			—			—
Loan receivable	—			—			27,813			—			27,813
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	(258,814		)	190,496			(55,975		)	124,293			—
Deferred tax assets, non-current	—			—			2,500			—			2,500
Other assets	—			256			132			—			388
Total assets	$	(258,814	)	$	2,425,174		$	338,511		$	(68,642	)	$	2,436,229

Liabilities
Accounts payable	$	—		$	349		$	141		$	—		$	490
Accrued expenses	—			7,684			4,659			—			12,343
Accrued interest	—			42,848			—			—			42,848
Accrued salaries and wages	—			3,415			1,681			—			5,096
Gaming, property, and other taxes	—			22,246			3,105			—			25,351
Income taxes	—			112			(772		)	660			—
Current maturities of long-term debt	—			104			—			—			104
Other current liabilities	—			17,014			1,376			—			18,390
Long-term debt, net of current maturities and unamortized debt issuance costs	—			2,468,881			—			—			2,468,881
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			121,335			—			—			121,335
Deferred tax liabilities, non-current	—			—			206			—			206
Total liabilities	—			2,683,988			203,991			(192,935		)	2,695,044

Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2016)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 117,027,925 shares issued at March 31, 2016)	1,170			1,170			1,170			(2,340		)	1,170
Additional paid-in capital	962,826			962,828			1,105,718			(2,068,546		)	962,826
Retained (deficit) earnings	(1,222,810		)	(1,222,812		)	(972,368		)	2,195,179			(1,222,811		)
Total shareholders’ (deficit) equity	(258,814		)	(258,814		)	134,520			124,293			(258,815		)
Total liabilities and shareholders’ (deficit) equity	$	(258,814	)	$	2,425,174		$	338,511		$	(68,642	)	$	2,436,229



Three months ended March 31, 2016 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—	$	96,672		$	3,543		$	—		$	100,215
Real estate taxes paid by tenants	—		11,315			512			—			11,827
Total rental revenue	—		107,987			4,055			—			112,042
Gaming	—		—			35,383			—			35,383
Food, beverage and other	—		—			2,776			—			2,776
Total revenues	—		107,987			42,214			—			150,201
Less promotional allowances	—		—			(1,381		)	—			(1,381		)
Net revenues	—		107,987			40,833			—			148,820
Operating expenses
Gaming	—		—			18,934			—			18,934
Food, beverage and other	—		—			2,053			—			2,053
Real estate taxes	—		11,320			887			—			12,207
General and administrative	—		15,228			5,678			—			20,906
Depreciation	—		23,451			3,632			—			27,083
Total operating expenses	—		49,999			31,184			—			81,183
Income from operations	—		57,988			9,649			—			67,637

Other income (expenses)
Interest expense	—		(33,401		)	—			—			(33,401		)
Interest income	—		—			517			—			517
Intercompany dividends and interest	—		9,744			5,399			(15,143		)	—
Total other income (expenses)	—		(23,657		)	5,916			(15,143		)	(32,884		)

Income (loss) before income taxes	—		34,331			15,565			(15,143		)	34,753
Income tax expense	—		386			1,618			—			2,004
Net income (loss)	$	—	$	33,945		$	13,947		$	(15,143	)	$	32,749



Three months ended March 31, 2016 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	33,945		$	13,947		$	(15,143	)	$	32,749
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	—			23,451			3,632			—			27,083
Amortization of debt issuance costs	—			5,582			—			—			5,582
Gains on dispositions of property	—			—			(15		)	—			(15		)
Deferred income taxes	—			—			(79		)	—			(79		)
Stock-based compensation	—			4,572			—			—			4,572
Straight-line rent adjustments	—			13,956			—			—			13,956
(Increase) decrease,
Prepaid expenses and other current assets	—			1,313			274			2,262			3,849
Other assets	—			—			(1		)	—			(1		)
Intercompany	—			(579		)	579			—			—
Increase (decrease),
Accounts payable	—			181			(136		)	—			45
Accrued expenses	—			(803		)	(184		)	—			(987		)
Accrued interest	—			25,225			—			—			25,225
Accrued salaries and wages	—			(7,313		)	(1,310		)	—			(8,623		)
Gaming, property and other taxes	—			(40		)	(161		)	—			(201		)
Income taxes	—			152			2,110			(2,262		)	—
Other current and non-current liabilities	—			713			(10		)	—			703
Net cash provided by (used in) operating activities	—			100,355			18,646			(15,143		)	103,858
Investing activities
Capital project expenditures, net of reimbursements	—			(164		)	(101		)	—			(265		)
Capital maintenance expenditures	—			—			(362		)	—			(362		)
Proceeds from sale of property and equipment	—			—			233			—			233
Principal payments on loan receivable	—			—			1,537			—			1,537
Net cash (used in) provided by investing activities	—			(164		)	1,307			—			1,143
Financing activities
Dividends paid	(65,670		)	—			—			—			(65,670		)
Proceeds from exercise of options	23,089			—			—			—			23,089
Financing costs	—			(709		)	—			—			(709		)
Payments of long-term debt	—			(42,025		)	—			—			(42,025		)
Intercompany financing	42,581			(42,581		)	(15,143		)	15,143			—
Net cash (used in) provided by financing activities	—			(85,315		)	(15,143		)	15,143			(85,315		)
Net increase in cash and cash equivalents	—			14,876			4,810			—			19,686
Cash and cash equivalents at beginning of period	—			8,716			33,159			—			41,875
Cash and cash equivalents at end of period	$	—		$	23,592		$	37,969		$	—		$	61,561



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



Three months ended March 31, 2015 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—	$	94,048		$	3,500		$	—		$	97,548
Real estate taxes paid by tenants	—		12,827			523			—			13,350
Total rental revenue	—		106,875			4,023			—			110,898
Gaming	—		—			36,379			—			36,379
Food, beverage and other	—		—			2,815			—			2,815
Total revenues	—		106,875			43,217			—			150,092
Less promotional allowances	—		—			(1,387		)	—			(1,387		)
Net revenues	—		106,875			41,830			—			148,705
Operating expenses
Gaming	—		—			19,016			—			19,016
Food, beverage and other	—		—			2,184			—			2,184
Real estate taxes	—		12,827			928			—			13,755
General and administrative	—		15,556			5,983			—			21,539
Depreciation	—		23,632			3,779			—			27,411
Total operating expenses	—		52,015			31,890			—			83,905
Income from operations	—		54,860			9,940			—			64,800

Other income (expenses)
Interest expense	—		(29,562		)	—			—			(29,562		)
Interest income	—		10			585			—			595
Intercompany dividends and interest	—		10,086			400			(10,486		)	—
Total other income (expenses)	—		(19,466		)	985			(10,486		)	(28,967		)

Income (loss) before income taxes	—		35,394			10,925			(10,486		)	35,833
Income tax expense	—		810			1,892			—			2,702
Net income (loss)	$	—	$	34,584		$	9,033		$	(10,486	)	$	33,131



Three months ended March 31, 2015 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	34,584		$	9,033		$	(10,486	)	$	33,131
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	—			23,632			3,779			—			27,411
Amortization of debt issuance costs	—			2,020			—			—			2,020
Losses on dispositions of property	—			—			1			—			1
Deferred income taxes	—			—			(386		)	—			(386		)
Stock-based compensation	—			4,394			—			—			4,394
Straight-line rent adjustments	—			13,956			—			—			13,956
(Increase) decrease,
Prepaid expenses and other current assets	—			(593		)	1,431			—			838
Other assets	—			—			—			—			—
Intercompany	—			2,365			(2,365		)	—			—
(Decrease) increase,	0			0						0
Accounts payable	—			(1,800		)	455			—			(1,345		)
Accrued expenses	—			408			7			—			415
Accrued interest	—			24,903			—			—			24,903
Accrued salaries and wages	—			(5,730		)	(464		)	—			(6,194		)
Gaming, property and other taxes	—			(613		)	207			—			(406		)
Income taxes	—			847			725			—			1,572
Other current and non-current liabilities	—			532			(83		)	—			449
Net cash provided by (used in) operating activities	—			98,905			12,340			(10,486		)	100,759
Investing activities
Capital project expenditures, net of reimbursements	—			(609		)	(5,031		)	—			(5,640		)
Capital maintenance expenditures	—			—			(951		)	—			(951		)
Proceeds from sale of property and equipment	—			—			5			—			5
Principal payments on loan receivable	—			—			538			—			538
Other investing activities	—			(36		)	—			—			(36		)
Net cash used in investing activities	—			(645		)	(5,439		)	—			(6,084		)
Financing activities
Dividends paid	(62,651		)	—			—			—			(62,651		)
Proceeds from exercise of options	10,394			—			—			—			10,394
Financing costs	—			—			—			—			—
Payments of long-term debt	—			(33,024		)	—			—			(33,024		)
Intercompany financing	49,614			(49,666		)	(10,434		)	10,486			—
Net cash (used in) provided by financing activities	(2,643		)	(82,690		)	(10,434		)	10,486			(85,281		)
Net (decrease) increase in cash and cash equivalents	(2,643		)	15,570			(3,533		)	—			9,394
Cash and cash equivalents at beginning of period	2,643			4,450			28,880			—			35,973
Cash and cash equivalents at end of period	$	—		$	20,020		$	25,347		$	—		$	45,367

Business and Operations (Details)		3 Months Ended
Business and Operations (Details)	Mar. 25, 2016 extension	Mar. 31, 2016 state property renewaloption
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio		21
Number of real estate properties		19
Number of states across which the portfolio of properties is diversified \| state		12
Penn National Gaming Inc [Member]
Business and Operations
Operating lease, initial term of contract		15 years
Operating leases, number of renewal options \| renewaloption		4
Operating lease, renewal term		5 years
Number of real estate properties		18
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods		35 years
Pinnacle Entertainment, Inc. [Member]
Business and Operations
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods		35 years
Pinnacle Entertainment, Inc. [Member]
Business and Operations
Conversion ratio of shares of acquiree to acquirer		0.85
Number of extensions for the closing date \| extension	1
Duration of extension to the closing date	2 months

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 61,561	$ 41,875
Deferred compensation plan assets	14,964	14,833
Loans receivable	27,813	29,350
Financial liabilities:
Deferred compensation plan liabilities	15,446	14,866
Senior unsecured credit facility	448,000	490,000
Senior notes	2,050,000	2,050,000
Fair Value
Financial assets:
Cash and cash equivalents	61,561	41,875
Deferred compensation plan assets	14,964	14,833
Loans receivable	27,813	29,350
Financial liabilities:
Deferred compensation plan liabilities	15,446	14,866
Senior unsecured credit facility	440,160	479,612
Senior notes	$ 2,084,925	$ 2,014,750

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016 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
Casino Queen
Revenue Recognition and Promotional Allowances
Annual rent escalator	2.00%
Frequency property performance-based rent structure is adjusted under the Master Lease	5 years
Percentage of the average change in net revenues of facilities under the Master Lease during the preceding five years used to compute the performance based component of rent	4.00%
Period used in calculation of the average change in net revenues	5 years
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods	35 years
Operating lease, initial term of contract	15 years
Operating leases, number of renewal options \| renewaloption	4
Operating lease, renewal term	5 years
Penn National Gaming Inc [Member]
Revenue Recognition and Promotional Allowances
Number of real estate properties	18
Annual rent escalator	2.00%
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods	35 years
Operating lease, initial term of contract	15 years
Operating leases, number of renewal options \| renewaloption	4
Operating lease, renewal term	5 years
Penn National Gaming Inc [Member] \| All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Frequency property performance-based rent structure is adjusted under the Master Lease	5 years
Percentage of the average change in net revenues of facilities under the Master Lease during the preceding five years used to compute the performance based component of rent	4.00%
Period used in calculation of the average change in net revenues	5 years
Penn National Gaming Inc [Member] \| Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Percentage of the change in net revenues of all facilities under the Master Lease during the preceding month used for adjustment in rent structure	20.00%

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Tables) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	$ 35,383	$ 36,379
Promotional allowances	1,381	1,387
Cost of Complimentary Services	548	599
Video lottery
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	30,353	31,241
Table game
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	4,716	4,810
Poker
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	314	328
Food and beverage
Revenue Recognition and Promotional Allowances
Promotional allowances	1,349	1,377
Cost of Complimentary Services	534	596
Other
Revenue Recognition and Promotional Allowances
Promotional allowances	32	10
Cost of Complimentary Services	$ 14	$ 3

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Gaming and Admission Taxes
Gaming and admission taxes	$ 14.7	$ 14.9

Summary of Significant Accounting Policies (Earnings Per Share) (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding	116,671	113,666
Diluted weighted-average common shares outstanding	118,817	118,499
Employee stock option
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	1,821	4,232
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	122	219
Performance Shares
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	203	382

Summary of Significant Accounting Policies (Earnings per Share) (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	257,321	15,529
Calculation of basic EPS:
Net income	$ 32,749	$ 33,131
Less: Net income allocated to participating securities	(135)	(151)
Net income attributable to common shareholders	$ 32,614	$ 32,980
Weighted-average common shares outstanding	116,671,000	113,666,000
Basic EPS (in dollars per share)	$ 0.28	$ 0.29
Calculation of diluted EPS:
Net income	$ 32,749	$ 33,131
Diluted weighted-average common shares outstanding	118,817,000	118,499,000
Diluted EPS (in dollars per share)	$ 0.27	$ 0.28

Summary of Significant Accounting Policies (Stock-Based Compensation) (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock-based compensation
Dividends paid per common share (in dollars per share)	$ 0.56	$ 0.55
Employee stock option
Stock-based compensation
Total unrecognized compensation cost	$ 0
Recognized compensation expense	20,000	$ 700,000
Additional compensation expense related to dividend	2,300,000	2,900,000
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	11,500,000
Recognized compensation expense	$ 1,800,000	1,400,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 10 months 7 days
Performance Shares
Stock-based compensation
Total unrecognized compensation cost	$ 17,900,000
Recognized compensation expense	$ 2,700,000	2,200,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 22 days
Period of total shareholder return upon which the percentage of shares vesting at the end of the measurement period will be based	3 years
Period of return of the MSCI US REIT index against which total shareholder return measured	3 years
PSUs
Stock-based compensation
Total unrecognized compensation cost	$ 1,100,000
Recognized compensation expense	400,000	1,800,000
Additional compensation expense related to dividend	$ 18,000	$ 100,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost	10 months 3 days
End Of Measurement Period Vesting \| Performance Shares
Stock-based compensation
Vesting period	3 years

Summary of Significant Accounting Policies (Stock-Based Compensation) (Restricted Stock Activity) (Details) - Restricted stock awards	3 Months Ended
	Mar. 31, 2016 shares
Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	463,764
Granted (in shares)	168,966
Released (in shares)	(151,245)
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	481,485

Summary of Significant Accounting Policies (Stock-Based Compensation) (Performance-Based Awards) (Details) - Performance Shares	3 Months Ended
	Mar. 31, 2016 shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,091,556
Granted (in shares)	558,000
Released (in shares)	0
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	1,649,556

Acquisitions (Details)	1 Months Ended	3 Months Ended
Acquisitions (Details)	Jan. 31, 2014 USD ($)	Mar. 31, 2016 USD ($) renewaloption	Dec. 31, 2015 USD ($)
Acquisitions
Loan receivable		$ 27,813,000	$ 29,350,000
Casino Queen
Acquisitions
Annual rent of property leased back on a triple net basis		$ 14,000,000
Operating lease, initial term of contract		15 years
Operating leases, number of renewal options \| renewaloption		4
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 for term loan	$ 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		$ 27,800,000

Real Estate Investments (Details) $ in Thousands	Mar. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($)
Real estate investments
Number of real estate properties \| property	19
Total real estate investments	$ 2,750,874	$ 2,750,867
Less accumulated depreciation	(684,498)	(660,808)
Real estate investments, net	2,066,376	2,090,059
Land and improvements
Real estate investments
Total real estate investments	453,739	453,739
Building and improvements
Real estate investments
Total real estate investments	2,297,128	2,297,128
Construction in progress
Real estate investments
Total real estate investments	$ 7	$ 0

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 261,338	$ 261,082
Less accumulated depreciation	(134,583)	(131,335)
Property and equipment, net	126,755	129,747
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	31,187	31,187
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	117,284	117,314
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	112,553	112,227
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 314	$ 354

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Long-term debt
Long-term debt, gross	$ 2,499,365,000	$ 2,541,389,000
Unamortized debt issuance costs	(30,380,000)	(31,048,000)
Total Long-term debt	2,468,985,000	2,510,341,000
Current maturities of long-term debt	(104,000)	(102,000)
Long-term debt, net of current maturities and unamortized debt issuance costs	2,468,881,000	2,510,239,000
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Total Long-term debt	550,000,000	550,000,000
Face amount of debt	$ 550,000,000
Debt instrument, interest rate, stated percentage	4.375%
$1,000 million 4.875% senior notes due November 2020
Long-term debt
Total Long-term debt	$ 1,000,000,000	1,000,000,000
Face amount of debt	$ 1,000,000,000
Debt instrument, interest rate, stated percentage	4.875%
$500 million 5.375% senior notes due November 2023
Long-term debt
Total Long-term debt	$ 500,000,000	500,000,000
Face amount of debt	$ 500,000,000
Debt instrument, interest rate, stated percentage	5.375%
Senior unsecured credit facility
Long-term debt
Total Long-term debt	$ 448,000,000	490,000,000
Capital lease
Long-term debt
Total Long-term debt	$ 1,365,000	$ 1,389,000

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Future minimum repayments of long-term debt
Within one year	$ 104
2 - 3 years	998,223
4 - 5 years	1,000,245
Over 5 years	500,793
Long-term debt	$ 2,499,365	$ 2,541,389

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Jul. 31, 2015
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Long-term debt	2,468,985,000	$ 2,510,341,000
Letters of credit outstanding, amount	900,000
Available borrowing capacity	551,100,000
Senior unsecured credit facility
Long-term debt
Long-term debt	448,000,000	$ 490,000,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	700,000,000
Outstanding balance on credit facility	148,000,000
Term Loan a Facility
Long-term debt
Line of credit facility, maximum borrowing capacity	300,000,000
Outstanding balance on credit facility	$ 300,000,000
Term Loan A -1 Facility [Member]
Long-term debt
Line of credit facility, increase in borrowing capacity			$ 825,000,000

Long-term Debt - Senior Unsecured Notes (Narrative) (Details)	Mar. 31, 2016
Senior Notes 4.375 Percent Due 2018 [Member]
Long-term debt
Debt instrument, interest rate, stated percentage	4.375%
Senior Notes 4.875 Percent Due 2020 [Member]
Long-term debt
Debt instrument, interest rate, stated percentage	4.875%
Senior Notes 5.375 Percent Due 2023 [Member]
Long-term debt
Debt instrument, interest rate, stated percentage	5.375%

Long-term Debt - Capital Lease (Narrative) (Details)	3 Months Ended
Long-term Debt - Capital Lease (Narrative) (Details)	Mar. 31, 2016
Capital lease
Long-term debt
Debt instrument, term	30 years

Long-term Debt Long-term Debt - Bridge Facility (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Bridge Facility [Member] \| Bridge Loan [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,875,000,000
Debt instrument, term	364 days

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended
	Mar. 25, 2016	Jan. 29, 2016	Mar. 27, 2015	Feb. 03, 2015	Mar. 31, 2016	Mar. 31, 2015
Equity [Abstract]
Dividends payable, date declared		Jan. 29, 2016		Feb. 03, 2015
Dividends payable, date of record					Feb. 22, 2016	Mar. 10, 2015
Dividends declared per common share (in dollars per share)		$ 0.56		$ 0.545
Dividends paid per common share (in dollars per share)					$ 0.56	$ 0.55
Dividends payable, date to be paid					Mar. 25, 2016	Mar. 27, 2015
Payments of dividends, common stock	$ 65,345		$ 62,072
Dividends, share-based compensation					$ 300	$ 600

Segment Information (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2016

USD ($)

segment

Mar. 31, 2015

USD ($)

Segment information

Number of Reportable Segments | segment

Net revenues

$ 148,820

$ 148,705

Income from operations

67,637

64,800

Interest, net

32,884

28,967

Income before income taxes

34,753

35,833

Income tax expense

2,004

2,702

Net income

32,749

33,131

Depreciation

27,083

27,411

Capital project expenditures, net of reimbursements

265

5,640

Capital maintenance expenditures

362

951

Eliminations

Segment information

Net revenues

Income from operations

Interest, net

^[1]

(2,601)

Income before income taxes

Income tax expense

Net income

Depreciation

Capital project expenditures, net of reimbursements

Capital maintenance expenditures

GLP Capital

Segment information

Net revenues

112,042

110,898

Income from operations

60,770

57,600

Interest, net

32,884

28,968

Income before income taxes

30,487

31,233

Income tax expense

386

810

Net income

30,101

30,423

Depreciation

24,212

24,393

Capital project expenditures, net of reimbursements

164

609

Capital maintenance expenditures

TRS Properties

Segment information

Net revenues

36,778

37,807

Income from operations

6,867

7,200

Interest, net

2,601

2,600

Income before income taxes

4,266

4,600

Income tax expense

1,618

1,892

Net income

2,648

2,708

Depreciation

2,871

3,018

Capital project expenditures, net of reimbursements

101

5,031

Capital maintenance expenditures

$ 362

$ 951

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

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds	$ 234	$ 0
Cash paid for interest	$ 2,569	$ 2,615

Related Party Transactions (Details) - USD ($)	3 Months Ended
Related Party Transactions (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Wyomissing Professional Center Inc \| Chief Executive Officer
Related Party Transaction [Line Items]
Amounts of transaction		$ 39,000
CB Consulting Group LLC \| Chairman of the Board and Chief Executive Officer's Son
Related Party Transaction [Line Items]
Amounts of transaction		$ 0
Percentage of construction cost paid to Construction Manager for management services	3.00%
Wyomissing Professional Center Owners' Association [Member] \| Chief Executive Officer
Related Party Transaction [Line Items]
Amounts of transaction	$ 5,500

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets
Real estate investments, net	$ 2,066,376	$ 2,090,059
Property and equipment, used in operations, net	126,755	129,747
Cash and cash equivalents	61,561	41,875	$ 45,367	$ 35,973
Prepaid expenses	7,362	7,908
Other current assets	58,376	57,721
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at March 31, 2016 and December 31, 2015, respectively	0	3,563
Loan receivable	27,813	29,350
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets, non-current	2,500	2,447
Other assets	388	387
Total assets	2,436,229	2,448,155
Liabilities
Accounts payable	490	406
Accrued expenses	12,343	9,580
Accrued interest	42,848	17,623
Accrued salaries and wages	5,096	13,719
Gaming, property, and other taxes	25,351	24,702
Income taxes	0	0
Current maturities of long-term debt	104	102
Other current liabilities	18,390	17,687
Long-term debt, net of current maturities and unamortized debt issuance costs	2,468,881	2,510,239
Intercompany loan payable	0	0
Deferred rental revenue	121,335	107,379
Deferred tax liabilities, non-current	206	232
Total liabilities	2,695,044	2,701,669
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 117,027,925 and 115,594,321 shares issued at March 31, 2016 and December 31, 2015, respectively)	1,170	1,156
Additional paid-in capital	962,826	935,220
Retained deficit	(1,222,811)	(1,189,890)
Total shareholders’ deficit	(258,815)	(253,514)
Total liabilities and shareholders’ deficit	2,436,229	2,448,155
Debt issuance costs, accumulated amortization	$ 9,500	$ 5,937
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	117,027,925	115,594,321
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	660	2,922
Other current assets	0	0
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at March 31, 2016 and December 31, 2015, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	(193,595)	(193,595)
Intercompany transactions and investment in subsidiaries	124,293	108,820
Deferred tax assets, non-current	0	(107)
Other assets	0	0
Total assets	(68,642)	(81,960)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	660	2,922
Current maturities of long-term debt	0	0
Other current liabilities	0	0
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	(193,595)	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	(107)
Total liabilities	(192,935)	(190,780)
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 117,027,925 and 115,594,321 shares issued at March 31, 2016 and December 31, 2015, respectively)	(2,340)	(2,312)
Additional paid-in capital	(2,068,546)	(2,023,279)
Retained deficit	2,195,179	2,134,411
Total shareholders’ deficit	124,293	108,820
Total liabilities and shareholders’ deficit	$ (68,642)	(81,960)
GLP Capital, L.P. [Member]
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%
GLP Financing II, Inc. [Member]
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%
Parent Guarantor
Assets
Real estate investments, net	$ 0	0
Property and equipment, used in operations, net	0	0
Cash and cash equivalents	0	0	0	2,643
Prepaid expenses	0	0
Other current assets	0	0
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at March 31, 2016 and December 31, 2015, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	(258,814)	(253,514)
Deferred tax assets, non-current	0	0
Other assets	0	0
Total assets	(258,814)	(253,514)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	0	0
Current maturities of long-term debt	0	0
Other current liabilities	0	0
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	0	0
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	0
Total liabilities	0	0
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 117,027,925 and 115,594,321 shares issued at March 31, 2016 and December 31, 2015, respectively)	1,170	1,156
Additional paid-in capital	962,826	935,220
Retained deficit	(1,222,810)	(1,189,890)
Total shareholders’ deficit	(258,814)	(253,514)
Total liabilities and shareholders’ deficit	$ (258,814)	$ (253,514)
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	117,027,925	115,594,321
Subsidiary Issuers
Assets
Real estate investments, net	$ 1,932,368	$ 1,955,290
Property and equipment, used in operations, net	24,129	24,494
Cash and cash equivalents	23,592	8,716	20,020	4,450
Prepaid expenses	5,679	3,768
Other current assets	55,059	54,838
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at March 31, 2016 and December 31, 2015, respectively	0	3,563
Loan receivable	0	0
Intercompany loan receivable	193,595	193,595
Intercompany transactions and investment in subsidiaries	190,496	191,112
Deferred tax assets, non-current	0	0
Other assets	256	256
Total assets	2,425,174	2,435,632
Liabilities
Accounts payable	349	127
Accrued expenses	7,684	4,737
Accrued interest	42,848	17,623
Accrued salaries and wages	3,415	10,728
Gaming, property, and other taxes	22,246	21,949
Income taxes	112	(41)
Current maturities of long-term debt	104	102
Other current liabilities	17,014	16,303
Long-term debt, net of current maturities and unamortized debt issuance costs	2,468,881	2,510,239
Intercompany loan payable	0	0
Deferred rental revenue	121,335	107,379
Deferred tax liabilities, non-current	0	0
Total liabilities	2,683,988	2,689,146
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 117,027,925 and 115,594,321 shares issued at March 31, 2016 and December 31, 2015, respectively)	1,170	1,156
Additional paid-in capital	962,828	935,221
Retained deficit	(1,222,812)	(1,189,891)
Total shareholders’ deficit	(258,814)	(253,514)
Total liabilities and shareholders’ deficit	2,425,174	2,435,632
Debt issuance costs, accumulated amortization	9,500	5,937
Other Subsidiary Non-Issuers
Assets
Real estate investments, net	134,008	134,769
Property and equipment, used in operations, net	102,626	105,253
Cash and cash equivalents	37,969	33,159	$ 25,347	$ 28,880
Prepaid expenses	1,023	1,218
Other current assets	3,317	2,883
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at March 31, 2016 and December 31, 2015, respectively	0	0
Loan receivable	27,813	29,350
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	(55,975)	(46,418)
Deferred tax assets, non-current	2,500	2,554
Other assets	132	131
Total assets	338,511	347,997
Liabilities
Accounts payable	141	279
Accrued expenses	4,659	4,843
Accrued interest	0	0
Accrued salaries and wages	1,681	2,991
Gaming, property, and other taxes	3,105	2,753
Income taxes	(772)	(2,881)
Current maturities of long-term debt	0	0
Other current liabilities	1,376	1,384
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	206	339
Total liabilities	203,991	203,303
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 117,027,925 and 115,594,321 shares issued at March 31, 2016 and December 31, 2015, respectively)	1,170	1,156
Additional paid-in capital	1,105,718	1,088,058
Retained deficit	(972,368)	(944,520)
Total shareholders’ deficit	134,520	144,694
Total liabilities and shareholders’ deficit	$ 338,511	$ 347,997

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Rental	$ 100,215	$ 97,548
Real estate taxes paid by tenants	11,827	13,350
Total rental revenue	112,042	110,898
Gaming	35,383	36,379
Food, beverage and other	2,776	2,815
Total revenues	150,201	150,092
Less promotional allowances	(1,381)	(1,387)
Net revenues	148,820	148,705
Operating expenses
Gaming	18,934	19,016
Food, beverage and other	2,053	2,184
Real estate taxes	12,207	13,755
General and administrative	20,906	21,539
Depreciation	27,083	27,411
Total operating expenses	81,183	83,905
Income from operations	67,637	64,800
Other income (expenses)
Interest expense	(33,401)	(29,562)
Interest income	517	595
Intercompany dividends and interest	0	0
Total other expenses	(32,884)	(28,967)
Income before income taxes	34,753	35,833
Income tax expense	2,004	2,702
Net income	32,749	33,131
Eliminations
Revenues
Rental	0	0
Real estate taxes paid by tenants	0	0
Total rental revenue	0	0
Gaming	0	0
Food, beverage and other	0	0
Total revenues	0	0
Less promotional allowances	0	0
Net revenues	0	0
Operating expenses
Gaming	0	0
Food, beverage and other	0	0
Real estate taxes	0	0
General and administrative	0	0
Depreciation	0	0
Total operating expenses	0	0
Income from operations	0	0
Other income (expenses)
Interest expense	0	0
Interest income	0	0
Intercompany dividends and interest	(15,143)	(10,486)
Total other expenses	(15,143)	(10,486)
Income before income taxes	(15,143)	(10,486)
Income tax expense	0	0
Net income	(15,143)	(10,486)
Parent Guarantor
Revenues
Rental	0	0
Real estate taxes paid by tenants	0	0
Total rental revenue	0	0
Gaming	0	0
Food, beverage and other	0	0
Total revenues	0	0
Less promotional allowances	0	0
Net revenues	0	0
Operating expenses
Gaming	0	0
Food, beverage and other	0	0
Real estate taxes	0	0
General and administrative	0	0
Depreciation	0	0
Total operating expenses	0	0
Income from operations	0	0
Other income (expenses)
Interest expense	0	0
Interest income	0	0
Intercompany dividends and interest	0	0
Total other expenses	0	0
Income before income taxes	0	0
Income tax expense	0	0
Net income	0	0
Subsidiary Issuers
Revenues
Rental	96,672	94,048
Real estate taxes paid by tenants	11,315	12,827
Total rental revenue	107,987	106,875
Gaming	0	0
Food, beverage and other	0	0
Total revenues	107,987	106,875
Less promotional allowances	0	0
Net revenues	107,987	106,875
Operating expenses
Gaming	0	0
Food, beverage and other	0	0
Real estate taxes	11,320	12,827
General and administrative	15,228	15,556
Depreciation	23,451	23,632
Total operating expenses	49,999	52,015
Income from operations	57,988	54,860
Other income (expenses)
Interest expense	(33,401)	(29,562)
Interest income	0	10
Intercompany dividends and interest	9,744	10,086
Total other expenses	(23,657)	(19,466)
Income before income taxes	34,331	35,394
Income tax expense	386	810
Net income	33,945	34,584
Other Subsidiary Non-Issuers
Revenues
Rental	3,543	3,500
Real estate taxes paid by tenants	512	523
Total rental revenue	4,055	4,023
Gaming	35,383	36,379
Food, beverage and other	2,776	2,815
Total revenues	42,214	43,217
Less promotional allowances	(1,381)	(1,387)
Net revenues	40,833	41,830
Operating expenses
Gaming	18,934	19,016
Food, beverage and other	2,053	2,184
Real estate taxes	887	928
General and administrative	5,678	5,983
Depreciation	3,632	3,779
Total operating expenses	31,184	31,890
Income from operations	9,649	9,940
Other income (expenses)
Interest expense	0	0
Interest income	517	585
Intercompany dividends and interest	5,399	400
Total other expenses	5,916	985
Income before income taxes	15,565	10,925
Income tax expense	1,618	1,892
Net income	$ 13,947	$ 9,033

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net income	$ 32,749	$ 33,131
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	27,083	27,411
Amortization of debt issuance costs	5,582	2,020
(Gains) losses on dispositions of property	(15)	1
Deferred income taxes	(79)	(386)
Stock-based compensation	4,572	4,394
Straight-line rent adjustments	13,956	13,956
(Increase), decrease
Prepaid expenses and other current assets	3,849	838
Other assets	(1)	0
Intercompany	0	0
Increase, (decrease)
Accounts payable	45	(1,345)
Accrued expenses	(987)	415
Accrued interest	25,225	24,903
Accrued salaries and wages	(8,623)	(6,194)
Gaming, property and other taxes	(201)	(406)
Income taxes	0	1,572
Other current and non-current liabilities	703	449
Net cash provided by operating activities	103,858	100,759
Investing activities
Capital project expenditures, net of reimbursements	(265)	(5,640)
Capital maintenance expenditures	(362)	(951)
Proceeds from sale of property and equipment	233	5
Principal payments on loan receivable	1,537	538
Other investing activities	0	(36)
Net cash provided by (used in) investing activities	1,143	(6,084)
Financing activities
Dividends paid	(65,670)	(62,651)
Proceeds from exercise of options	23,089	10,394
Financing costs	(709)	0
Payments of long-term debt	(42,025)	(33,024)
Intercompany financing	0	0
Net cash used in financing activities	(85,315)	(85,281)
Net increase in cash and cash equivalents	19,686	9,394
Cash and cash equivalents at beginning of period	41,875	35,973
Cash and cash equivalents at end of period	61,561	45,367
Eliminations
Operating activities
Net income	(15,143)	(10,486)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	0	0
Amortization of debt issuance costs	0	0
(Gains) losses on dispositions of property	0	0
Deferred income taxes	0	0
Stock-based compensation	0	0
Straight-line rent adjustments	0	0
(Increase), decrease
Prepaid expenses and other current assets	2,262	0
Other assets	0	0
Intercompany	0	0
Increase, (decrease)
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property and other taxes	0	0
Income taxes	(2,262)	0
Other current and non-current liabilities	0	0
Net cash provided by operating activities	(15,143)	(10,486)
Investing activities
Capital project expenditures, net of reimbursements	0	0
Capital maintenance expenditures	0	0
Proceeds from sale of property and equipment	0	0
Principal payments on loan receivable	0	0
Other investing activities		0
Net cash provided by (used in) investing activities	0	0
Financing activities
Dividends paid	0	0
Proceeds from exercise of options	0	0
Financing costs	0	0
Payments of long-term debt	0	0
Intercompany financing	15,143	10,486
Net cash used in financing activities	15,143	10,486
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Parent Guarantor
Operating activities
Net income	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	0	0
Amortization of debt issuance costs	0	0
(Gains) losses on dispositions of property	0	0
Deferred income taxes	0	0
Stock-based compensation	0	0
Straight-line rent adjustments	0	0
(Increase), decrease
Prepaid expenses and other current assets	0	0
Other assets	0	0
Intercompany	0	0
Increase, (decrease)
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property and other taxes	0	0
Income taxes	0	0
Other current and non-current liabilities	0	0
Net cash provided by operating activities	0	0
Investing activities
Capital project expenditures, net of reimbursements	0	0
Capital maintenance expenditures	0	0
Proceeds from sale of property and equipment	0	0
Principal payments on loan receivable	0	0
Other investing activities		0
Net cash provided by (used in) investing activities	0	0
Financing activities
Dividends paid	(65,670)	(62,651)
Proceeds from exercise of options	23,089	10,394
Financing costs	0	0
Payments of long-term debt	0	0
Intercompany financing	42,581	49,614
Net cash used in financing activities	0	(2,643)
Net increase in cash and cash equivalents	0	(2,643)
Cash and cash equivalents at beginning of period	0	2,643
Cash and cash equivalents at end of period	0	0
Subsidiary Issuers
Operating activities
Net income	33,945	34,584
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	23,451	23,632
Amortization of debt issuance costs	5,582	2,020
(Gains) losses on dispositions of property	0	0
Deferred income taxes	0	0
Stock-based compensation	4,572	4,394
Straight-line rent adjustments	13,956	13,956
(Increase), decrease
Prepaid expenses and other current assets	1,313	(593)
Other assets	0	0
Intercompany	(579)	2,365
Increase, (decrease)
Accounts payable	181	(1,800)
Accrued expenses	(803)	408
Accrued interest	25,225	24,903
Accrued salaries and wages	(7,313)	(5,730)
Gaming, property and other taxes	(40)	(613)
Income taxes	152	847
Other current and non-current liabilities	713	532
Net cash provided by operating activities	100,355	98,905
Investing activities
Capital project expenditures, net of reimbursements	(164)	(609)
Capital maintenance expenditures	0	0
Proceeds from sale of property and equipment	0	0
Principal payments on loan receivable	0	0
Other investing activities		(36)
Net cash provided by (used in) investing activities	(164)	(645)
Financing activities
Dividends paid	0	0
Proceeds from exercise of options	0	0
Financing costs	(709)	0
Payments of long-term debt	(42,025)	(33,024)
Intercompany financing	(42,581)	(49,666)
Net cash used in financing activities	(85,315)	(82,690)
Net increase in cash and cash equivalents	14,876	15,570
Cash and cash equivalents at beginning of period	8,716	4,450
Cash and cash equivalents at end of period	23,592	20,020
Other Subsidiary Non-Issuers
Operating activities
Net income	13,947	9,033
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,632	3,779
Amortization of debt issuance costs	0	0
(Gains) losses on dispositions of property	(15)	1
Deferred income taxes	(79)	(386)
Stock-based compensation	0	0
Straight-line rent adjustments	0	0
(Increase), decrease
Prepaid expenses and other current assets	274	1,431
Other assets	(1)	0
Intercompany	579	(2,365)
Increase, (decrease)
Accounts payable	(136)	455
Accrued expenses	(184)	7
Accrued interest	0	0
Accrued salaries and wages	(1,310)	(464)
Gaming, property and other taxes	(161)	207
Income taxes	2,110	725
Other current and non-current liabilities	(10)	(83)
Net cash provided by operating activities	18,646	12,340
Investing activities
Capital project expenditures, net of reimbursements	(101)	(5,031)
Capital maintenance expenditures	(362)	(951)
Proceeds from sale of property and equipment	233	5
Principal payments on loan receivable	1,537	538
Other investing activities		0
Net cash provided by (used in) investing activities	1,307	(5,439)
Financing activities
Dividends paid	0	0
Proceeds from exercise of options	0	0
Financing costs	0	0
Payments of long-term debt	0	0
Intercompany financing	(15,143)	(10,434)
Net cash used in financing activities	(15,143)	(10,434)
Net increase in cash and cash equivalents	4,810	(3,533)
Cash and cash equivalents at beginning of period	33,159	28,880
Cash and cash equivalents at end of period	$ 37,969	$ 25,347

Subsequent Event (Details) - USD ($)								3 Months Ended
Subsequent Event (Details) - USD ($)	Apr. 28, 2016	Apr. 25, 2016	Apr. 06, 2016	Mar. 31, 2016	Mar. 28, 2016	Jan. 29, 2016	Feb. 03, 2015	Jun. 30, 2016	Mar. 31, 2016	Mar. 31, 2015	Apr. 11, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Announced number of shares for public offering				25,000,000	19,000,000
Common stock, par value (in dollars per share)				$ 0.01					$ 0.01			$ 0.01
Duration of underwriters option to purchase shares				30 days
Dividends payable, date declared						Jan. 29, 2016	Feb. 03, 2015
Dividends declared per common share (in dollars per share)						$ 0.56	$ 0.545
Dividends payable, date to be paid									Mar. 25, 2016	Mar. 27, 2015
Dividends payable, date of record									Feb. 22, 2016	Mar. 10, 2015
Underwriters' Option
Subsequent Event [Line Items]
Shares issued in public offering				3,750,000
Subsequent Event
Subsequent Event [Line Items]
Public offering price per share (in dollars per share)			$ 30.00
Shares issued in public offering			28,750,000
Proceeds from new issuance of common stock			$ 826,000,000
Proceeds from debt, net of issuance costs	$ 1,357,000,000
Dividends payable, date declared		Apr. 25, 2016
Dividends declared per common share (in dollars per share)		$ 0.56
Dividends payable, date to be paid								Jun. 17, 2016
Dividends payable, date of record								Jun. 02, 2016
Subsequent Event \| Senior Unsecured Notes \| Senior Unsecured Notes Due 2021
Subsequent Event [Line Items]
Face amount of debt											$ 400,000,000
Debt instrument, interest rate, stated percentage											4.375%
Subsequent Event \| Senior Unsecured Notes \| Senior Unsecured Notes Due 2026
Subsequent Event [Line Items]
Face amount of debt											$ 975,000,000
Debt instrument, interest rate, stated percentage											5.375%
Subsequent Event \| Underwriters' Option
Subsequent Event [Line Items]
Shares issued in public offering			3,750,000