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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2016	Feb. 17, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	Gaming & Leisure Properties, Inc.
Entity Central Index Key	0001575965
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 6.6
Entity Common Stock, Shares Outstanding		207,757,095
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Real estate investments, net	$ 3,739,091	$ 2,090,059
Land rights, net	590,758	0
Property and equipment, used in operations, net	119,427	129,747
Investment in direct financing lease, net	2,710,711	0
Cash and cash equivalents	36,556	41,875
Prepaid expenses	7,477	7,908
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net	0	3,563
Loan receivable	26,200	29,350
Deferred tax assets	3,922	2,447
Other assets	50,090	58,108
Total assets	7,369,330	2,448,155
Liabilities
Accounts payable	1,079	406
Accrued expenses	6,590	9,580
Accrued interest	33,743	17,623
Accrued salaries and wages	10,619	13,719
Gaming, property, and other taxes	32,584	24,702
Long-term debt, net of unamortized debt issuance costs	4,664,965	2,510,341
Deferred rental revenue	166,052	107,379
Deferred tax liabilities	265	232
Other liabilities	19,564	17,687
Total liabilities	4,935,461	2,701,669
Commitments and Contingencies (Note 10)
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2016 or December 31, 2015	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,676,827 and 115,594,321 shares issued at December 31, 2016 and December 31, 2015, respectively)	2,077	1,156
Additional paid-in capital	3,760,729	935,220
Retained accumulated deficit	(1,328,937)	(1,189,890)
Total shareholders’ equity (deficit)	2,433,869	(253,514)
Total liabilities and shareholders’ equity (deficit)	$ 7,369,330	$ 2,448,155

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Debt issuance costs, accumulated amortization (in dollars)	$ 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	207,676,827	115,594,321

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Rental income									$ 567,444	$ 392,075	$ 386,403
Income from direct financing lease									48,917	0	0
Real estate taxes paid by tenants									67,843	35,050	50,534
Total rental revenue and income from direct financing lease									684,204	427,125	436,937
Gaming									138,594	142,310	148,283
Food, beverage and other									11,067	11,213	11,621
Total revenues									833,865	580,648	596,841
Less promotional allowances									(5,610)	(5,595)	(5,773)
Net revenues	$ 238,799	$ 233,275	$ 207,361	$ 148,820	$ 128,689	$ 147,792	$ 149,867	$ 148,705	828,255	575,053	591,068
Operating expenses
Gaming									74,233	77,188	82,995
Food, beverage and other									8,230	8,586	9,734
Real estate taxes									69,448	36,412	52,154
General and administrative									86,167	85,669	80,836
Depreciation									109,554	109,783	106,843
Total operating expenses									347,632	317,638	332,562
Income from operations	148,863	143,306	120,817	67,637	64,453	65,291	62,871	64,800	480,623	257,415	258,506
Other income (expenses)
Interest expense									(185,896)	(124,183)	(117,030)
Interest income									2,123	2,332	2,444
Total other expenses									(183,773)	(121,851)	(114,586)
Income before income taxes									296,850	135,564	143,920
Income tax expense									7,545	7,442	5,113
Net income	$ 93,692	$ 89,600	$ 73,264	$ 32,749	$ 29,773	$ 33,229	$ 31,989	$ 33,131	$ 289,305	$ 128,122	$ 138,807
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.45	$ 0.43	$ 0.40	$ 0.28	$ 0.26	$ 0.29	$ 0.28	$ 0.29	$ 1.62	$ 1.12	$ 1.23
Diluted earnings per common share (in dollars per share)	$ 0.45	$ 0.43	$ 0.39	$ 0.27	$ 0.25	$ 0.28	$ 0.27	$ 0.28	$ 1.60	$ 1.08	$ 1.18

Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Accumulated Earnings (Deficit)
Balance at Dec. 31, 2013	$ 137,452	$ 887	$ 3,651	$ 132,914
Balance (in shares) at Dec. 31, 2013		88,659,448
Increase (Decrease) in Shareholders' Equity
Stock option activity	38,669	$ 21	38,648
Stock option activity (in shares)		2,184,980
Restricted stock activity	3,521	$ 2	3,519
Restricted stock activity (in shares)		156,839
Dividends paid, including Purging Distribution ($14.32 per common share)	(494,104)	$ 220	843,677	(1,338,001)
Dividends paid, including the Purging Distribution ($14.32 per common share) (in shares)		21,979,821
Distribution in connection with tax matter agreement	(635)		(635)
Net income	138,807			138,807
Balance at Dec. 31, 2014	(176,290)	$ 1,130	888,860	(1,066,280)
Balance (in shares) at Dec. 31, 2014		112,981,088
Increase (Decrease) in Shareholders' Equity
Stock option activity	34,646	$ 25	34,621
Stock option activity (in shares)		2,511,639
Restricted stock activity	11,740	$ 1	11,739
Restricted stock activity (in shares)		101,594
Dividends paid (in shares)		0
Dividends paid	(251,732)	$ 0	0	(251,732)
Net income	128,122			128,122
Balance at Dec. 31, 2015	$ (253,514)	$ 1,156	935,220	(1,189,890)
Balance (in shares) at Dec. 31, 2015	115,594,321	115,594,321
Increase (Decrease) in Shareholders' Equity
Issuance of common stock	$ 2,694,800	$ 861	2,693,939
Issuance of common stock, shares		86,074,167
Stock option activity	115,475	$ 59	115,416
Stock option activity (in shares)		5,870,282
Restricted stock activity	16,155	$ 1	16,154
Restricted stock activity (in shares)		138,057
Dividends paid (in shares)		0
Dividends paid	(428,352)	$ 0	0	(428,352)
Net income	289,305			289,305
Balance at Dec. 31, 2016	$ 2,433,869	$ 2,077	$ 3,760,729	$ (1,328,937)
Balance (in shares) at Dec. 31, 2016	207,676,827	207,676,827

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares													12 Months Ended
	Dec. 16, 2016	Sep. 23, 2016	Jun. 17, 2016	Mar. 25, 2016	Dec. 18, 2015	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015	Dec. 19, 2014	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Common stock, dividends per share, cash paid	$ 0.60	$ 0.60	$ 0.56	$ 0.56	$ 0.545	$ 0.545	$ 0.545	$ 0.545	$ 0.92	$ 0.52	$ 0.52	$ 0.52	$ 2.32	$ 2.18	$ 2.48
Common stock, dividends including purge distribution, per share, cash paid													$ 2.32	$ 2.18	$ 14.32

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income	$ 289,305	$ 128,122	$ 138,807
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	115,717	109,783	106,843
Amortization of debt issuance costs	15,146	14,016	8,057
(Gains) losses on dispositions of property	(455)	185	10
Deferred income taxes	(1,535)	(813)	(3,305)
Stock-based compensation	18,312	16,811	12,258
Straight-line rent adjustments	58,673	55,825	44,877
(Increase) decrease,
Prepaid expenses and other assets	7,565	(9,712)	(12,261)
(Decrease), increase
Accounts payable	506	(946)	(1,650)
Accrued expenses	(4,672)	4,241	(8,444)
Accrued interest	16,120	95	(527)
Accrued salaries and wages	(3,100)	1,138	2,244
Gaming, property and other taxes	913	(956)	527
Income taxes	0	0	(17,054)
Other liabilities	1,875	1,899	2,877
Net cash provided by operating activities	514,370	319,688	273,259
Investing activities
Capital project expenditures, net of reimbursements	(330)	(16,149)	(139,231)
Capital maintenance expenditures	(3,111)	(2,953)	(3,538)
Proceeds from sale of property and equipment	1,134	310	180
Funding of loan receivable	0	0	(43,000)
Principal payments on loan receivable	3,150	4,650	9,000
Acquisition of real estate assets	(3,267,992)	0	(140,730)
Collection of principal payments on investment in direct financing lease	48,533	0	0
Net cash used in investing activities	(3,218,616)	(14,142)	(317,319)
Financing activities
Dividends paid (including the Purging Distribution in 2014)	(428,352)	(251,732)	(494,104)
Proceeds from exercise of options	113,484	29,686	29,931
Proceeds from issuance of common stock, net of issuance costs	870,810	0	0
Proceeds from issuance of long-term debt	2,552,000	0	291,950
Financing costs	(31,911)	(9,500)	(306)
Payments of long-term debt	(377,104)	(68,098)	(32,024)
Distribution in connection with 2013 Pre-Spin tax matter agreement	0	0	(635)
Net cash provided by (used in) financing activities	2,698,927	(299,644)	(205,188)
Net (decrease) increase in cash and cash equivalents	(5,319)	5,902	(249,248)
Cash and cash equivalents at beginning of period	41,875	35,973	285,221
Cash and cash equivalents at end of period	$ 36,556	$ 41,875	$ 35,973

Business and Basis of Presentation	12 Months Ended
Business and Basis of Presentation	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the "TRS Properties," and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60, "Spinoffs and Reverse Spinoffs." The Company elected on its United States ("U.S.") federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirect wholly-owned subsidiary of the Company, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements (the "Purging Distribution"). The Purging Distribution, which was paid on February 18, 2014, totaled approximately $1.05 billion and was comprised of cash and GLPI common stock. Additionally, pursuant to the terms of a Pre-Filing Agreement with the IRS, on December 19, 2014, the Company made a one-time distribution of $37.0 million to shareholders in order to confirm the Company appropriately allocated its historical earnings and profits relative to the separation from Penn. See Note 13 for further details on the Purging Distribution and the distribution related to the Pre-Filing Agreement. 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(expiring October 31, 2028) 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. In April 2016, the Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. ("Pinnacle") for approximately $4.8 billion. GLPI leases these assets back to Pinnacle, under a triple-net lease with an initial term of 10 years (expiring April 30, 2026) with no purchase option, followed by five 5-year renewal options (exercisable by Pinnacle) on the same terms and conditions (the "Pinnacle Master Lease"). See Note 4 for further details surrounding the Pinnacle acquisition. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of December 31, 2016, GLPI’s portfolio consisted of 36 gaming and related facilities, including the TRS Properties, the real property associated with 18 gaming and related facilities operated by Penn, the real property associated with 15 gaming and related facilities operated by Pinnacle and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 14 states and contain approximately 14.8 million of rentable square feet. As of December 31, 2016, the Company's properties were 100% occupied. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. For example, on September 9, 2016 the Company purchased the real property assets of the Meadows Racetrack and Casino (the "Meadows") from Cannery Casino Resorts LLC ("CCR"). Concurrent with the Company's purchase of the Meadows' real estate assets, Pinnacle purchased the entities holding the Meadows' gaming and racing licenses and operating assets from CCR. GLPI leases the Meadows' real property assets to Pinnacle under a triple-net lease separate from the Pinnacle Master Lease with an initial term of 10 years with no purchase option and the option to renew for three successive 5-year terms and one 4-year term, at Pinnacle's option (the "Meadows Lease"). In order to conform to the current balance sheet presentation, the Company combined certain line items on the December 31, 2015 consolidated balance sheet. Specifically, the Company aggregated the line items other current assets and other assets into other assets and aggregated the line items current maturities of long-term debt and long-term debt, net of current maturities and unamortized debt issuance costs into long-term debt, net of unamortized debt issuance costs. These reclassifications were made only for presentation purposes and had no impact on the Company's financial position for the year ended December 31, 2015. The consolidated financial statements include the accounts of GLPI and its subsidiaries. All 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 may differ from those estimates.

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 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 FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs, and (iv) provide a scope exception for certain entities. The Company adopted ASU 2015-02 on January 1, 2016 and it had no impact on the Company's financial statements. Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"). This ASU provides clarifying guidance on what constitutes a business acquisition versus an asset acquisition. Specifically, the new guidance lays out a screen to more easily determine if a set of integrated assets and activities does in fact represent a business. Under the ASU 2017-01, when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets do not represent a business. ASU 2017-01 is effective for annual reporting periods beginning after December 15, 2017. As a REIT, GLPI generally acquires only real estate assets; therefore it does not expect this clarifying language to have an impact on the Company's accounting treatment of its acquisitions. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, a Consensus of the FASB Emerging Issues Task Force ("ASU 2016-15"). This ASU provides clarifying guidance on the presentation of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of ASU 2016-15 to impact its presentation of cash receipts and payments on its consolidated statements of cash flows. 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 early adopted ASU 2016-09 on January 1, 2017 and the new guidance did not have a significant impact on how the Company 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 the adoption of the new guidance to have a significant impact on the accounting treatment of its triple-net tenant leases, which are the primary source of revenue to the Company. Generally speaking, ASU 2016-02 will more significantly impact the accounting for leases in which GLPI is the lessee by requiring the Company to record a right of use asset and lease liability on its books for these leases at adoption. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. ASU 2014-09 provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. At the April 1, 2015 FASB meeting, the board voted to defer the effective date for the new revenue recognition standard to annual reporting periods beginning after December 15, 2017. The pronouncement was originally effective for annual reporting periods beginning after December 15, 2016, and companies are permitted to elect the adoption of the standard as of the original effective date. When adopted, the new guidance can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the impact of adopting this new accounting standard on its financial statements and internal revenue recognition policies. The Company does not believe the majority of its revenue recognition policies will be impacted by the new standard, as leases (the source of the Company's majority of revenues) are excluded from ASU 2014-09. Currently, the Company believes only the accounting treatment for the customer loyalty programs at the TRS properties will be impacted by the adoption of ASU 2014-09.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

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

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

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

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

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Cash and Cash Equivalents

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

Concentration of Credit Risk

Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Additionally, concentrations of credit risk may arise when revenues of the Company are derived from a small number of tenants. As of December 31, 2016, substantially all of the Company's real estate properties were leased to Penn or Pinnacle and approximately 62% and 36% (which does not include a full year of rent under the Pinnacle Master Lease or the Meadows Lease) of the Company's collective rental revenues and income from direct financing lease were derived from tenant leases with Penn and Pinnacle, respectively. Revenues from Penn and Pinnacle are reported in the Company's GLP Capital, L.P. reportable segment. Both Penn and Pinnacle are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K, Form 10-Q and Form 8-K with the Securities and Exchange Commission ("SEC"). According to Penn's filings with the SEC, Penn's net revenues were $3.0 billion, $2.8 billion and $2.6 billion for the years ended December 31, 2016, 2015 and 2014, respectively. According to Pinnacle's filings with the SEC, Pinnacle's net revenues were $2.4 billion, $2.3 billion and $2.2 billion for the years ended December 31, 2016, 2015 and 2014, respectively. Readers are directed to Penn and Pinnacle's respective websites for further financial information on these companies. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2016, the Company's portfolio of 34 leased properties and the TRS properties is diversified by location across 14 states.

Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, accounts receivable, loans receivable and the Company's net investment in direct financing lease related to the Pinnacle Master Lease. (See Note 8 for further details on the net investment in direct financing lease).

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

Prepaid Expenses and Other Assets

Prepaid expenses consist of expenditures for goods (other than inventories) or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance and other contracts that will be expensed during the subsequent year. It also includes property taxes that were paid in advance, as well as transaction costs that will be allocated to purchase price upon the closing of an asset acquisition. Other assets consists primarily of accounts receivable, deposits, food and beverage inventory and deferred compensation plan assets (See Note 10 for further details on the deferred compensation plan).

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

The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under ASC 820 "Fair Value Measurements and Disclosures" ("ASC 820"). Deferred compensation plan assets are included within other assets on the consolidated balance sheets.

Loan Receivable

The fair value of the loan receivable approximates the carrying value of the Company's loan receivable, as collection on the outstanding loan balance is reasonably assured and the interest rate approximates market rates for a similar instrument. The fair value measurement of the loan receivable is considered a Level 3 measurement as defined under ASC 820.

Long-term Debt

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

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



	December 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	36,556	$	36,556	$	41,875	$	41,875
Deferred compensation plan assets	17,593		17,593		14,833		14,833
Loan receivable	26,200		26,200		29,350		29,350
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	1,290,000		1,272,852		490,000		479,612
Senior unsecured notes	3,425,000		3,573,500		2,050,000		2,014,750

Real Estate Investments

Real estate investments primarily represent land and buildings leased to the Company's tenants. The Company records the acquisition of real estate assets at fair value, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 10 to 31 years.

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

Land Rights

Land rights represent the Company's rights to land subject to long-term ground leases. The Company records land rights at the acquisition date fair value of the long-term rights purchased from sellers. Land rights are amortized over the individual lease term of each ground lease, including all renewal options. Amortization expense related to the land rights is recorded within general and administrative expenses in the Company's consolidated statements of income. Land rights are monitored for potential impairment in much the same way as the Company's real estate assets. If the Company determines the carrying amount of a land right is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP.

Property and Equipment Used in Operations

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

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



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

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

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

Investments in Direct Financing Leases

The Company's investment in direct financing lease represents the building portion of the real estate assets acquired in the Pinnacle acquisition. As discussed in Note 8, the Pinnacle Master Lease is bifurcated between an operating lease and a direct financing lease, with the land assets qualifying for operating lease treatment and the building assets triggering direct financing lease treatment. Upon entry into a direct financing lease, the Company records the acquisition date fair value of the purchased buildings as the net investment in direct financing lease on its consolidated balance sheet. The gross investment in a direct financing lease represents the total future minimum lease payments attributable to the direct financing lease as well as the estimated residual value of the property. At any point in time, the difference between the net investment and gross investment in a direct financing lease represents the unearned income which is subsequently recognized as interest income and included in income from direct financing lease in the Company's consolidated statements of income. Unearned income is recognized over the applicable lease term using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property. Furthermore, the Company's investment in direct financing leases is reduced over the applicable lease term to its residual value by the building portion of rent.

If and when an investment in direct financing lease is identified for impairment evaluation, the Company will apply the guidance in both ASC 310 "Receivables" ("ASC 310") and ASC 360 "Property, Plant and Equipment" ("ASC 360"). Under ASC 310, the lease receivable portion of the net investment in direct financing leases is classified as a loan and identified for impairment when it becomes probable GLPI, as the lessor, will be unable to collect all rental payments associated with the Company's investment in direct financing leases. Under ASC 360, the residual value portion of the net investment in direct financing leases is monitored for impairment under the same method the Company applies to real estate investments.

Goodwill and Other Intangible Assets

At both December 31, 2016 and 2015, the Company had $75.5 million of goodwill and $9.6 million of other intangible assets within its consolidated balance sheets, resulting from the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville in connection with the Spin-Off. The Company's goodwill resides on the books of its Hollywood Casino Baton Rouge subsidiary, while the other intangible asset represents a gaming license on the books of its Hollywood Casino Perryville subsidiary. Both subsidiaries are members of the TRS Properties segment and are considered separate reporting units under ASC 350, "Intangibles - Goodwill and Other" ("ASC 350"). Goodwill is tested at the reporting unit level, which is an operating segment or one level below an operating segment for which discrete financial information is available.

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

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

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


•	Projected revenues and operating cash flows;


•	Theoretical construction costs and duration;


•	Pre-opening expenses;


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


•	Remaining useful life of the license

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

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

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

The Company determined the fair value of its goodwill and gaming license as of October 1, 2016 utilizing the forecasted cash flow methods described above and compared these values to the carrying value of the assets on its balance sheet. In determining the fair value of each asset, the Company incorporated recent operating trends of both TRS properties, as well as the expected impact of the opening of the MGM National Harbor in December 2016 on Hollywood Casino Perryville into its current year projections. After consideration of these facts, the fair value of both assets substantially exceeded their carrying amount, and as of October 1, 2016, the Company's goodwill and gaming license were not impaired.

Debt Issuance Costs

Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. In accordance with ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, the Company records long-term debt net of unamortized debt issuance costs on its consolidated balance sheets.

Loan Receivable

The Company may periodically loan funds to tenants. Loans are made at prevailing market interest rates and recorded on the Company's consolidated balance sheets at carrying value which approximates fair value. If the collectability of an outstanding loan balance is not reasonably assured, the Company will assess the loan's carrying value for potential impairment. If it is determined the loan is in fact impaired it will be written down or off completely. Currently, the Company does not have any allowances recorded against its loan receivable as the collection of the remaining principal and interest payments is reasonable assured. Interest income related to loans receivable is recorded in interest income within the Company's consolidated statements of income in the period earned.

Income Taxes

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

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

ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the three years ended December 31, 2016.

The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the consolidated balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2016, 2015 and 2014, the Company recognized $1 thousand, $59 thousand and $18 thousand of penalties and interest, net of deferred income taxes, respectively.

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

Revenue Recognition

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

The Company recognizes income from tenants subject to direct financing leases ratably over the lease term using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property. At lease inception, the Company records an asset which represents the Company's net investment in the direct financing lease. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, less unearned income. Over the lease term, the investment in the direct financing lease is reduced and income is recognized for the building portion of rent. Furthermore, as the net investment in direct financing lease includes only future minimum lease payments, percentage rent that is not fixed and determinable at the lease inception is excluded from the determination of the rent attributable to the leased assets and will therefore be recorded as income from the direct financing lease in the period earned. For further detail on the Company's direct financing lease refer to Note 8.

Additionally, in accordance with ASC 605, "Revenue Recognition," the Company records revenue for the real estate taxes paid by its tenants on the leased properties with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor. Similarly, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in general and administrative expense within the consolidated statement of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord.

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

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.

Gaming and Admission Taxes

For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where wagering occurs. At Hollywood Casino Baton Rouge, the gaming and admission tax is based on graduated tax rates. At Hollywood Casino Perryville the gaming tax rate is flat. The Company records gaming and admission taxes at the Company’s estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming and admission tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the three years ended December 31, 2016, these expenses, which are primarily recorded within gaming expense in the consolidated statements of income, totaled $57.7 million, $60.1 million and $66.8 million, respectively.

Earnings Per Share

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

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2016, 2015 and 2014:



	Year Ended December 31,
	2016	2015	2014
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	178,594	114,432	112,037
Assumed conversion of dilutive employee stock-based awards	1,699	3,755	5,340
Assumed conversion of restricted stock	171	170	209
Assumed conversion of performance-based restricted stock awards	158	82	—
Diluted weighted-average common shares outstanding	180,622	118,439	117,586

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2016, 2015 and 2014:



	Year Ended December 31,
	2016			2015			2014
	(in thousands, except per share amounts)
Calculation of basic EPS:
Net income	$	289,305		$	128,122		$	138,807
Less: Net income allocated to participating securities	(668		)	(517		)	(578		)
Net income attributable to common shareholders	$	288,637		$	127,605		$	138,229
Weighted-average common shares outstanding	178,594			114,432			112,037
Basic EPS	$	1.62		$	1.12		$	1.23

Calculation of diluted EPS:
Net income	$	289,305		$	128,122		$	138,807
Diluted weighted-average common shares outstanding	180,622			118,439			117,586
Diluted EPS	$	1.60		$	1.08		$	1.18

There were 23,954, 24,233 and 17,917 outstanding equity based awards during the years ended December 31, 2016, 2015 and 2014, respectively, that were not included in the computation of diluted EPS because they were antidilutive.

Stock-Based Compensation

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

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

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

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

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

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

See Note 14 for further information related to the stock-based compensation.

Segment Information

Consistent with how the Company’s Chief Operating Decision Maker reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its real estate assets) ("GLP Capital") and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 15 for further information with respect to the Company’s segments.

Statements of Cash Flows

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

Acquisitions

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisitions

On September 9, 2016, the Company acquired the real property assets of the Meadows from CCR for approximately $322.9 million. Concurrent with the Company's purchase of the Meadows' real estate assets, Pinnacle purchased the entities holding the Meadows' gaming and racing licenses and operating assets from CCR. GLPI leases the Meadows' real property assets to Pinnacle under a triple-net lease separate from the Pinnacle Master Lease with an initial term of 10 years with no purchase option and the option to renew for three successive 5-year terms and one 4-year term, at Pinnacle's option.

On April 28, 2016, the Company acquired substantially all of the real estate assets of Pinnacle, adding 14 properties to its real estate portfolio. The acquisition of Pinnacle's real estate assets was the final step in a series of transactions contemplated by the July 20, 2015 merger agreement between GLPI, Gold Merger Sub, LLC, a wholly owned subsidiary of GLPI ("Merger Sub"), and Pinnacle 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 Merger, GLPI contributed all of the equity interests of Gold Merger Sub to GLP Capital, L.P., a Pennsylvania limited partnership and a wholly owned subsidiary of GLPI ("GLP Capital"). At December 31, 2016, GLPI owns all of Pinnacle’s real property assets, other than Pinnacle’s Belterra Park property and excess land at certain locations. Approval of the Merger by GLPI shareholders and Pinnacle stockholders was obtained at separate special meetings held on March 15, 2016.

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 caused 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 of its real property assets and gaming and other operating assets, Pinnacle distributed to its stockholders all of the issued and outstanding shares of common stock of OpCo. As described above, on April 28, 2016, Pinnacle merged 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 SEC on December 23, 2015 and declared effective on February 16, 2016 (the "Joint Proxy Statement/Prospectus"), completing the Merger. Merger Sub, as the surviving company in the Merger, owns substantially all of Pinnacle’s real estate assets that were retained or transferred to Pinnacle in the separation and leases those assets back to Pinnacle pursuant to the triple-net 35-year (including extension renewals) Pinnacle Master Lease. A wholly-owned subsidiary of Pinnacle operates 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 was converted into 0.85 of a share of GLPI common stock, with cash paid in lieu of the issuance of fractional shares of GLPI common stock. Shares of GLPI common stock were also issued to satisfy GLPI's portion of the outstanding Pinnacle employee equity and cash-based incentive awards outstanding at the closing date. Approximately 56.0 million shares of GLPI common stock were issued as consideration in the Merger. Additionally, GLPI repaid $2.7 billion of Pinnacle's debt and paid $226.8 million of Pinnacle's transaction expenses related to the Merger. The acquisition of the Pinnacle real estate assets is accounted for as an asset acquisition under ASC 805 - Business Combinations. Under asset acquisition accounting, transaction costs incurred to acquire the purchased assets are also included as part of the asset cost. Inclusive of $28.3 million of the Company's own transaction expenses, the purchase price of the Pinnacle real estate assets was $4.8 billion. The Pinnacle Merger contributed approximately $237.5 million to the Company's net revenues for the year ended December 31, 2016 and resulted in approximately $36.2 million of additional operating expenses for the same period. Pinnacle is a publicly traded company that is subject to the informational filing requirements of the Securities and Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K, Form 10-Q and Form 8-K with the SEC. Readers are directed to Pinnacle's website for further financial information on Pinnacle.

Purchase price allocations are primarily based on the fair values of assets acquired and liabilities assumed at the time of acquisition. The following tables summarize the consideration transferred in the Merger and the purchase price allocation to the assets acquired in the Merger (in thousands):



Consideration
Cash	$	2,955,090
GLPI common stock	1,823,991
Fair value of total consideration transferred	$	4,779,081



Real estate investments, net	$	1,422,547
Land rights, net	596,920
Investment in direct financing lease, net	2,759,244
Prepaid expenses	111
Other assets	259
Total purchase price	$	4,779,081

As detailed above, the Company paid $3.0 billion in cash for the acquired Pinnacle real estate assets. In addition, as part of the consideration paid for the Pinnacle real estate assets acquired in the Merger, the Company issued shares of its common stock to Pinnacle stockholders and to Pinnacle to satisfy the Company's portion of Pinnacle's employee equity and cash-based incentive awards. The dollar value of the issued shares was $1.8 billion and is considered purchase price.

The real estate investments, net represent the land purchased from Pinnacle, while the land rights, net represent the Company's rights to land subject to long-term ground leases. The Company assumed ground leases at several of the acquired Pinnacle properties and immediately subleased the land back to Pinnacle. The investment in direct financing lease, net is the Company's investment in the buildings and building improvements purchased from Pinnacle. As detailed in Note 8, the Pinnacle Master Lease was bifurcated between an operating lease and direct financing lease. The accounting treatment for the buildings purchased under a direct financing lease required the Company to record its initial investment in the buildings as a receivable on its consolidated balance sheet, which is subsequently reduced over the lease term to its estimated residual value. The purchase price allocated to prepaid expenses and other assets represents the current and long-term portions of a director and officer liability insurance policy purchased from Pinnacle.

- 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
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-Name Accounting Standards Codification
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Real Estate Investments

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Real Estate Investments

Real estate investments, net, represents investments in 34 rental properties and the corporate headquarters building and is summarized as follows:



	December 31, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	2,057,391		$	453,739
Building and improvements	2,438,581			2,297,128
Total real estate investments	4,495,972			2,750,867
Less accumulated depreciation	(756,881		)	(660,808		)
Real estate investments, net	$	3,739,091		$	2,090,059

The increase in land and improvements is related to the Company's April 28, 2016 acquisition of substantially all of Pinnacle's real estate assets and to a lesser extent the Company's September 9, 2016 acquisition of the Meadows' real estate assets. The Meadows acquisition also contributed to the increase in building and improvements. As described in Note 8, however, the Company's acquisition of Pinnacle's building assets is recorded as an investment in direct financing lease.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References + Details

Land Rights

12 Months Ended

Dec. 31, 2016

Ground Leases, Net [Abstract]

Land Rights

Land rights, net represents the Company's rights to land subject to long-term ground leases. The Company assumed ground leases at several of the acquired Pinnacle properties and immediately subleased the land back to Pinnacle. The ground leases are amortized over the individual lease term of each ground lease, including all renewal options, which ranged from 33 years to 92 years at the Merger date. Land rights net, consists of the following:



	December 31, 2016			December 31, 2015
	(in thousands)
Land rights	$	596,921		$	—
Less accumulated amortization	(6,163		)	—
Land rights, net	$	590,758		$	—

Amortization expense related to the ground leases is recorded within general and administrative expenses in the consolidated statements of income and totaled $6.2 million for the year ended December 31, 2016.

As of December 31, 2016, estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands):



Year ending December 31,
2017	$	9,244
2018	9,244
2019	9,244
2020	9,244
2021	9,244
Thereafter	544,538
Total	$	590,758

Details of the significant ground leases are as follows. The Company leases land at the Belterra Casino Resort under two ground leases, each with an initial term of 5 years and nine automatic renewals of 5 years each. The renewal options extend the leases through 2049 and are not terminable by the Company. The lease includes a base portion which is adjusted at each renewal based upon the CPI and a variable portion which is adjusted annually based upon 1.5% of gross gaming wins in excess of $100 million.

The Company leases land at the Ameristar East Chicago property under a ground lease with an initial term of 30 years and two optional renewals of 30 years each. The lease extends through 2086 with all renewals. Rent under the lease is adjusted every 3 years based upon the CPI and does not include a variable portion.

The Company leases land at the River City Hotel and Casino under a ground lease with a term of 99 years that extends through 2108. The lease includes a base portion which is fixed and a variable portion which is adjusted annually based upon 2.5% of the annual gross receipts of the property less fixed rent payments made in the same year.

The Company leases land at the L'Auberge Lakes Charles property under a ground lease with an initial term of 10 years and six optional renewals of 10 years each. The lease extends through 2075 with all renewals. Rent under the lease is adjusted annually based upon the CPI and does not include a variable portion.

Property and Equipment Used in Operations

12 Months Ended

Dec. 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



	December 31, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	30,965		$	31,187
Building and improvements	117,350			117,314
Furniture, fixtures, and equipment	114,965			112,227
Construction in progress	330			354
Total property and equipment	263,610			261,082
Less accumulated depreciation	(144,183		)	(131,335		)
Property and equipment, net	$	119,427		$	129,747

Receivables

12 Months Ended

Dec. 31, 2016

Financing Receivable, Net [Abstract]

Receivables

Investment in Direct Financing Lease, Net

Under ASC 840 - Leases ("ASC 840"), the Pinnacle Master Lease is bifurcated between an operating lease and a direct financing lease. The fair value assigned to the land (inclusive of the land rights) qualifies for operating lease treatment, while the fair value assigned to the buildings is classified as a direct financing lease. Under ASC 840, the accounting treatment for direct financing leases requires the Company to record an investment in direct financing leases on its books at lease inception and subsequently recognize interest income and a reduction in the investment for the building portion of rent. This initial net investment represents the acquisition date fair value of the Pinnacle building assets, while the gross investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property. The difference between the gross investment and net investment represents the unearned income attributable to the direct financing lease which is subsequently recognized as interest income. The interest income recorded under the direct financing lease is included in income from direct financing lease in the Company's consolidated statements of income and is recognized over the 35-year lease term using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property. Furthermore, as the net investment in direct financing lease includes only future minimum lease payments, rent that is not fixed and determinable at the lease inception is excluded from the determination of the rent attributable to the leased assets and will therefore be recorded as income from direct financing lease in the period earned. The unguaranteed residual value is the Company's estimate of what it could realize upon the sale of the property at the end of the lease term.

The net investment in the direct financing lease is evaluated for impairment as necessary, if indicators of impairment are present, to determine if there has been an-other-than-temporary decline in the residual value of the property or a change in the lessee's credit worthiness. At December 31, 2016, there were no indicators of a decline in the estimated residual value of the property and collectability of the remaining receivable balance is reasonably assured.

The Company's investment in direct financing lease, net, consists of the following and represents the building assets acquired in the Merger:



	December 31, 2016			December 31, 2015
	(in thousands)
Minimum lease payments receivable	$	3,405,131		$	—
Unguaranteed residual value	689,811			—
Gross investment in direct financing lease	4,094,942			—
Less: unearned income	(1,384,231		)	—
Investment in direct financing lease, net	$	2,710,711		$	—

Loan Receivable

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. Simultaneously with the acquisition, GLPI also provided Casino Queen with a $43.0 million, five year term loan at 7% interest, pre-payable at any time, which, together with the sale proceeds, completely refinanced and retired all of Casino Queen’s outstanding long-term debt obligations. Since March 31, 2015, Casino Queen has been obligated to make mandatory principal payments on the loan on the last day of each calendar year quarter equal to 1.25% of the original loan balance. As of December 31, 2016, these mandatory principal payments, as well as additional principal payments, have reduced the balance of this loan to $26.2 million. The collectability of the remaining loan balance is reasonably assured, and as of December 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 statements of income in the period earned. GLPI leases the property back to Casino Queen on a triple-net basis on terms similar to those in the Master Leases and after giving effect to the rent escalator the Company received approximately $14.2 million in annual rent during the year ended December 31, 2016. 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. During October, 2016, the Company committed to provide a new unsecured loan of up to $13.0 million to an affiliate of Casino Queen to finance their acquisition of Lady Luck Casino in Marquette, Iowa. When the new unsecured loan is funded, Casino Queen will repay in full the five-year term loan discussed above.

Long-term Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Long-term Debt

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



	December 31, 2016			December 31, 2015
	(in thousands)
Unsecured term loan A	$	300,000		$	300,000
Unsecured term loan A-1	825,000			—
Unsecured $700 million revolver	165,000			190,000
$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
$400 million 4.375% senior unsecured notes due April 2021	400,000			—
$500 million 5.375% senior unsecured notes due November 2023	500,000			500,000
$975 million 5.375% senior unsecured notes due April 2026	975,000			—
Capital lease	1,341			1,389
Total long-term debt	4,716,341			2,541,389
Less: unamortized debt issuance costs	(51,376		)	(31,048		)
Total long-term debt, net of unamortized debt issuance costs	4,664,965			2,510,341
Less current maturities of long-term debt	(112		)	(102		)
Long-term debt, net of current maturities and unamortized debt issuance costs	$	4,664,853		$	2,510,239

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



2017	$	112
2018	1,015,117
2019	123
2020	1,000,129
2021	1,225,135
Over 5 years	1,475,725
Total minimum payments	$	4,716,341

Senior Unsecured Credit Facility

The Company has a $1,825 million dollar senior unsecured credit facility (the "Credit Facility"), consisting of a $700 million revolving credit facility, a $300 million Term Loan A facility, and an $825 million Term Loan A-1 facility. The revolving credit facility and the Term Loan A facility mature on October 28, 2018 and the Term Loan A-1 facility matures on April 28, 2021.

The interest rates payable on the loans are, at the Company's option, equal to either a LIBOR rate or a base rate plus an applicable margin, which ranges from 1.0% to 2.0% per annum for LIBOR loans and 0.0% to 1.0% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Credit Facility. At December 31, 2016, the applicable margin was 1.75% for LIBOR loans and 0.75% for base rate loans. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the revolving facility at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Credit Facility. At December 31, 2016, the commitment fee rate was 0.30%. The Company is not required to repay any loans under the Credit Facility prior to maturity on October 28, 2018 and may prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any LIBOR breakage costs of the lenders. The Company's wholly owned subsidiary, GLP Capital is the primary obligor under the Credit Facility, which is guaranteed by GLPI.

At December 31, 2016, the Credit Facility had a gross outstanding balance of $1,290 million, consisting of the $1,125 million Term Loan A and A-1 facilities and $165 million of borrowings under the revolving credit facility. Additionally, at December 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 $534.1 million of available borrowing capacity under the revolving credit facility as of December 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 December 31, 2016, the Company was in compliance with all required financial covenants under the Credit Facility.

Senior Unsecured Notes

On April 28, 2016, in connection with the Merger, the Company issued $400 million of 4.375% senior unsecured notes maturing on April 15, 2021 (the "2021 Notes") and $975 million of 5.375% senior unsecured notes maturing on April 15, 2026 (the "2026 Notes"). Interest on the 2021 Notes and 2026 Notes is payable semi-annually on April 15 and October 15 of each year, which commenced on October 15, 2016. The net proceeds from the sale of the 2021 Notes and 2026 Notes were used (i) to finance the repayment, redemption and/or discharge of certain Pinnacle debt obligations that the Company assumed in the Merger, (ii) to pay transaction-related fees and expenses related to the Merger and (iii) for general corporate purposes, which may include the acquisition, development and improvement of properties, capital expenditures, the repayment of borrowings under our revolving credit facility and other general business purposes.

In addition to the outstanding 2021 Notes and 2026 Notes, at December 31, 2016, the Company had $550 million outstanding of 4.375% senior unsecured notes maturing on November 1, 2018 (the "2018 Notes"), $1,000 million outstanding of 4.875% senior unsecured notes maturing on November 1, 2020 (the "2020 Notes") and $500 million outstanding of 5.375% senior unsecured notes maturing on November 1, 2023 (the "2023 Notes" and collectively with the 2018 Notes, the 2020 Notes, the 2021 Notes and the 2026 Notes, the "Notes"). Interest on each of the 2018 Notes, 2020 Notes and 2023 Notes, is payable semi-annually on May 1 and November 1 of each year.

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

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

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

At December 31, 2016, the Company was in compliance with all required financial 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 committed to provide a $1.875 billion senior unsecured 364-day term loan bridge facility (the "GLPI Bridge Facility"). The Company did not utilize the GLPI Bridge Facility to finance the Pinnacle transaction, as the Company raised the proceeds which, together with an incremental term loan under the Company's Credit Facility, were necessary to finance the Merger through a combination of debt and equity offerings. The GLPI Bridge Facility expired on July 30, 2016 unused.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Separation and Distribution Agreements

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. Similarly, pursuant to a Separation and Distribution Agreement between Pinnacle's operating company and GLPI (as successor to Pinnacle Entertainment), any liability arising from or relating to legal proceedings involving the business and operations of Pinnacle's real property holdings prior to the Merger will be retained by Pinnacle, and Pinnacle 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 or Pinnacle will be able to fully satisfy their indemnification obligations. Moreover, even if we ultimately succeed in recovering from Penn or Pinnacle any amounts for which we are liable, we may be temporarily required to bear those losses.

Litigation

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

Operating Lease Commitments

As part of the Spin-Off, Penn assigned to GLPI various leases on the land and buildings acquired in connection with the Spin-Off. The leases consist of annual base lease payments and, in some instances, a percentage rent based on a percent of adjusted gaming wins, as described in the respective leases. The following is a description of some of the more significant lease contracts that Penn assigned to GLPI:

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

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

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

During April 2016, the Company acquired the real estate assets of Pinnacle, including the rights to land subject to long-term ground leases. The Company assumed ground leases at several of the acquired Pinnacle properties and immediately subleased the land back to Pinnacle, who is responsible for payment directly to the landlord. The Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in general and administrative expense within the consolidated statement of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The portion of the ground lease rent that is fixed and determinable is included in the schedule below as a future commitment, while the portion of the ground lease rent that is variable is excluded from future commitments as the amounts are not fixed and determinable at December 31, 2016 and therefore considered contingent rent. For those ground leases with optional renewal terms extending beyond the 35-year lease term of the Pinnacle Master Lease, the Company has included only the renewals that align most closely to the 2051 termination date of the Pinnacle Master Lease in the schedule below, as it cannot be reasonably assured it will renew ground leases for land subleased to Pinnacle beyond the term of the Pinnacle Master Lease. The following is a description of the more significant lease contracts assumed from Pinnacle:

The Company leases land at the Belterra Casino Resort under two ground leases, each with an initial term of 5 years and nine automatic renewals of 5 years each. The renewal options extend the leases through 2049 and are not terminable by the Company. The lease includes a base portion which is adjusted at each renewal based upon the CPI and a variable portion which is adjusted annually based upon 1.5% of gross gaming wins in excess of $100 million.

In addition, the Company is liable under numerous operating leases for equipment and other miscellaneous assets, which expire at various dates through 2020.

Total rental expense under these agreements was $11.0 million, $5.4 million and $4.0 million for the years ended December 31, 2016, 2015 and 2014. This includes rent expense under the leases assigned to the Company at Spin-Off, leases for equipment and miscellaneous assets and the fixed and variable rent under the ground leases discussed above.

The future minimum lease commitments relating to noncancelable operating leases at December 31, 2016 are as follows (in thousands):



Year ending December 31, ⁽¹⁾
2017	$	8,693
2018	8,633
2019	8,182
2020	7,543
2021	7,552
Thereafter	482,942
Total	$	523,545

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

Capital Expenditure Commitments

The Company's current construction program for 2017 calls for approximately $0.4 million of capital expenditures for which the Company was contractually committed to spend at December 31, 2016.

Purchase Obligations

The Company has obligations to purchase various goods and services totaling $0.2 million at December 31, 2016, all of which will be incurred in 2017.

Employee Benefit Plans

The Company maintains a defined contribution plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary and/or their annual bonus in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions for the defined contribution plan were $0.3 million for each of the years ended December 31, 2016, 2015 and 2014.

The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for the years ended December 31, 2016, 2015 and 2014 were $0.7 million, $0.5 million and $0.4 million, respectively. The Company's deferred compensation liability, which was included in other liabilities within the consolidated balance sheet, was $17.7 million and $14.9 million at December 31, 2016 and 2015, respectively and primarily relates to balances contributed as part of the Spin-Off as related to the Company's executive officers that were previously employed by Penn. Assets held in the Trust were $17.6 million and $14.8 million at December 31, 2016 and 2015, respectively, and are included in other assets within the consolidated balance sheet.

Labor Agreements

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

Revenue Recognition

12 Months Ended

Dec. 31, 2016

Revenue Recognition [Abstract]

Revenue Recognition

As of December 31, 2016, 18 of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease and 14 of the Company's real estate investment properties were leased to a subsidiary of Pinnacle under the Pinnacle Master Lease. The obligations under the Penn and Pinnacle Master Leases are guaranteed by Penn and Pinnacle, respectively and by most Penn and Pinnacle subsidiaries that occupy and operate the facilities leased under the Master Leases. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the Penn Master Lease and a default by Pinnacle or its subsidiaries with regard to any facility will cause a default with regard to the Pinnacle Master Lease. Additionally, the newly acquired Meadows real estate assets are leased to Pinnacle under a single property triple-net lease separate from the Pinnacle Master Lease. GLPI also leases the Casino Queen property back to its operator on a triple-net basis on terms similar to those in the Master Leases.

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 to an amount equal to 4% of the average 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 net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month.

Similar to the Penn Master Lease, the Pinnacle Master 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 facilities, which is adjusted, subject to certain floors every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Pinnacle Master Lease during the preceding two years.

The Meadows Lease contains a fixed component, subject to annual escalators, and a component that is based on the performance of the facility, which is reset every two years to a fixed amount determined by multiplying (i) 4% by (ii) the average annual net revenues of the facility for the trailing two year period. The Meadows Lease contains an annual escalator provision for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of ten years or the year in which total rent is $31.0 million, at which point the escalator will be reduced to 2% annually thereafter.

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.

In addition to rent, as triple-net lessees, all of the Company's tenants are required to pay the following executory costs: (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 Company determined, based on facts and circumstances prevailing at the time of each lease's inception, that neither Penn, Casino Queen or Pinnacle could continue as a going concern without the properties that are leased to it under the respective master lease agreements (in the instance of Penn and Pinnacle) and single property lease (in the instance of Casino Queen) with GLPI. At lease inception, all of Casino Queen's revenues and substantially all of Penn and Pinnacle's revenues were generated from operations in connection with the leased properties. There are also various legal restrictions in the jurisdictions in which Penn, Casino Queen and Pinnacle 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 master leases, Penn and Pinnacle must make renewal elections 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, Casino Queen or Pinnacle 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. The lease term of the Pinnacle Master Lease is also 35 years, equal to the initial 10 year term plus all five of the 5-year renewal options.

As described above, subsequent to purchasing the majority of Pinnacle's real estate assets and leasing them back to Pinnacle, GLPI entered into a separate triple-net lease with Pinnacle to lease the newly acquired Meadows real estate assets to Pinnacle. Because this lease involves only a single property within Pinnacle's portfolio, GLPI concluded it was not reasonably assured at lease inception that Pinnacle would elect to exercise all lease renewal options. The Company concluded that failure by Pinnacle to renew the Meadows Lease would not impose a significant penalty on such tenant as this property's operations represent only an incremental portion of Pinnacle's total business at lease inception. Therefore, the Company concluded that the lease term of the Meadows Lease is 10 years, equal to the initial 10 year term only.

As of December 31, 2016, the future minimum rental income from the Company's properties under non-cancelable operating leases, including any reasonably assured rental periods, was as follows (in thousands):



Year ending December 31,	Future Rental Payments Receivable		Straight-Line Rent Adjustments			Future Income to be Recognized Related to Operating Leases
2017	$	683,200	$	(64,981	)	$	618,219
2018	671,380		(50,641		)	620,739
2019	622,203		11,141			633,344
2020	622,203		11,141			633,344
2021	622,203		11,141			633,344
Thereafter	17,003,035		248,251			17,251,286
Total	$	20,224,224	$	166,052		$	20,390,276

For the years ended December 31, 2016, 2015 and 2014, GLPI recognized $43.8 million, $43.5 million and $40.5 million, respectively, in contingent rental income from Hollywood Casino Columbus and Hollywood Casino Toledo related to clause (ii) in the paragraph above. The expected future minimum rental income from these properties, as well as the portion of the expected future rent based on the performance of the Company's leased facilities that will reset after a certain passage of time as detailed above are excluded from the table above as they are considered contingent rental income under ASC 840 "Leases." Furthermore, during the years ended December 31, 2016, 2015 and 2014 the Company recognized $9.1 million, $4.0 million and $0.5 million, respectively of rental income related to the annual rent escalators described above. Any anticipated future rent escalations are also excluded from the table above.

As of December 31, 2016, the expected future cash receipts to be recognized as income, as well as the cash receipts to be applied against the investment in direct financing lease from the Company's properties under the non-cancelable direct financing lease, inclusive of the fixed portion of ground lease rent and including any reasonably assured rental periods, is as follows (in thousands):



Year ending December 31,	Cash Receipts to be Recorded as Income		Cash Receipts to be Applied Against the Investment in Direct Financing Lease
2017	$	68,672	$	73,073
2018	66,509		45,244
2019	64,722		32,881
2020	63,057		34,546
2021	61,391		36,212
Thereafter	1,059,880		1,798,944
Total	$	1,384,231	$	2,020,900

The portion of the ground lease rent that is fixed and determinable is included in the schedule above as future income, while the portion of the ground lease rent that is variable, as well as, the property taxes the Company's records as revenue are excluded from future minimum revenue as the amounts are not fixed and determinable at December 31, 2016. Furthermore, any contingent rent the Company expects to receive from tenants is excluded from the above schedules as it is not fixed and determinable at December 31, 2016.

The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2016, 2015 and 2014:



	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Video lottery	$	119,390	$	122,292	$	127,572
Table game	18,069		18,799		19,120
Poker	1,135		1,219		1,591
Total gaming revenue, net of cash incentives	$	138,594	$	142,310	$	148,283

The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2016, 2015 and 2014 are as follows:



	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Food and beverage	$	5,482	$	5,512	$	5,732
Other	128		83		41
Total promotional allowances	$	5,610	$	5,595	$	5,773

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2016, 2015 and 2014 are as follows:



	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Food and beverage	$	2,305	$	2,343	$	2,766
Other	61		38		15
Total cost of complimentary services	$	2,366	$	2,381	$	2,781

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

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



Year ended December 31,	2016			2015
	(in thousands)
Deferred tax assets:
Accrued expenses	$	1,655		$	2,125
Property and equipment	5,818			4,414
Net deferred tax assets	7,473			6,539
Deferred tax liabilities:
Property and equipment	(2,192		)	(2,959		)
Intangibles	(1,624		)	(1,365		)
Net deferred tax liabilities	(3,816		)	(4,324		)
Net:	$	3,657		$	2,215

The provision for income taxes charged to operations for years ended December 31, 2016, 2015 and 2014 was as follows:



Year ended December 31,	2016			2015			2014
	(in thousands)
Current tax expense
Federal	$	6,004		$	4,945		$	6,115
State	3,076			3,310			2,303
Total current	9,080			8,255			8,418
Deferred tax (benefit) expense
Federal	(1,324		)	(533		)	(2,680		)
State	(211		)	(280		)	(625		)
Total deferred	(1,535		)	(813		)	(3,305		)
Total provision	$	7,545		$	7,442		$	5,113

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2016, 2015 and 2014:



Year ended December 31,	2016		2015		2014
Percent of pretax income
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	0.7	%	1.3	%	0.7	%
REIT conversion benefit	(33.2	)%	(31.3	)%	(31.8	)%
Other miscellaneous items	—	%	0.5	%	(0.3	)%
	2.5	%	5.5	%	3.6	%



Year ended December 31,	2016			2015			2014
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	103,897		$	47,447		$	50,372
State and local income taxes	2,039			1,702			964
REIT conversion benefit	(98,459		)	(42,438		)	(45,777		)
Permanent differences	44			61			52
Other miscellaneous items	24			670			(498		)
	$	7,545		$	7,442		$	5,113

The Company is still subject to federal income tax examinations for its years ended December 31, 2016, 2015, and 2014.

Shareholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Shareholders' Equity

Common Stock

On August 9, 2016, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $400 million of its common stock from time to time through a sales agent in "at the market" offerings (the "ATM Program"). Actual sales will depend on a variety of factors, including market conditions, the trading price of the Company's common stock and determinations of the appropriate sources of funding for proposed transactions. The Company may sell the shares in amounts and at times to be determined by the Company, but has no obligation to sell any of the shares in the ATM Program. The ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the ATM Program (whether under any forward sale agreement or through a sales agent), have an aggregate sales price in excess of $400 million. The Company expects, that if it enters into a forward sale contract, to physically settle each forward sale agreement with the forward purchaser on one or more dates specified by the Company prior to the maturity date of that particular forward sale agreement, in which case the aggregate net cash proceeds at settlement will equal the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case proceeds may or may not be received or cash may be owed to the forward purchaser.

In connection with the ATM Program, the Company engaged a sales agent who may receive compensation of up to 2% of the gross sales price of the shares sold. Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2% of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement.

Through December 31, 2016, GLPI sold 1,321,999 shares of its common stock at an average price of $35.00 per share under the ATM Program, which generated gross proceeds of approximately $46.3 million (net proceeds of approximately $45.6 million). The Company used the net proceeds from the ATM Program to partially fund its acquisition of the Meadows' real estate assets. As of December 31, 2016, the Company had $353.7 million remaining for issuance under the ATM Program and had not entered into any forward sale agreements.

On April 6, 2016, the Company closed a 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 included 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 $825.2 million in net proceeds from the offering and used the net proceeds from the offering to partially fund its 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 assumed by the Company in connection with the Merger and the payment of transaction-related fees and expenses.

Additionally, on April 28, 2016, in connection with the Merger, the Company issued approximately 56.0 million shares of its common stock to Pinnacle stockholders and to Pinnacle to satisfy the Company's portion of Pinnacle's employee equity and cash-based incentive awards as consideration for the Pinnacle real estate assets.

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2016, 2015 and 2014:



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
April 25, 2016	June 2, 2016	Common Stock	$	0.56	Second Quarter 2016	June 17, 2016	$	113,212
August 3, 2016	September 12, 2016	Common Stock	$	0.60	Third Quarter 2016	September 23, 2016	$	124,262
November 4, 2016	December 5, 2016	Common Stock	$	0.60	Fourth Quarter 2016	December 16, 2016	$	124,466
2015
February 3, 2015	March 10, 2015	Common Stock	$	0.545	First Quarter 2015	March 27, 2015	$	62,072
May 1, 2015	June 11, 2015	Common Stock	$	0.545	Second Quarter 2015	June 26, 2015	$	62,348
July 30, 2015	September 14, 2015	Common Stock	$	0.545	Third Quarter 2015	September 25, 2015	$	62,456
October 28, 2015	December 1, 2015	Common Stock	$	0.545	Fourth Quarter 2015	December 18, 2015	$	62,814
2014
February 18, 2014	March 7, 2014	Common Stock	$	0.52	First Quarter 2014	March 28, 2014	$	58,008
May 30, 2014	June 12, 2014	Common Stock	$	0.52	Second Quarter 2014	June 27, 2014	$	58,207
September 3, 2014	September 15, 2014	Common Stock	$	0.52	Third Quarter 2014	September 26, 2014	$	58,464
November 18, 2014	December 2, 2014	Common Stock	$	0.92	Fourth Quarter 2014	December 19, 2014	$	103,712

In addition for the years ended December 31, 2016, 2015 and 2014, dividend payments were made to or accrued for GLPI restricted stock award holders and for both GLPI and Penn unvested employee stock options in the amount of $1.1 million, $2.0 million and $4.0 million, respectively.

Additionally, on February 18, 2014, GLPI made the Purging Distribution, which totaled $1.05 billion and was comprised of cash and GLPI common stock, to distribute the accumulated earnings and profits related to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off. Shareholders were given the option to elect either an all-cash or all-stock dividend, subject to a total cash limitation of $210.0 million. Of the 88,691,827 shares of common stock outstanding on the record date, approximately 54.3% elected the cash distribution and approximately 45.7% elected a stock distribution or made no election. Shareholders electing cash received $4.358049 plus 0.195747 additional GLPI shares per common share held on the record date. Shareholders electing stock or not making an election received 0.309784 additional GLPI shares per common share held on the record date. Stock dividends were paid based on the volume weighted average price for the three trading days ended February 13, 2014 of $38.2162 per share. Approximately 22.0 million shares were issued in connection with this dividend payment. In addition, cash distributions were made to GLPI and Penn employee restricted stock award holders in the amount of $1.0 million for the Purging Distribution.

Additionally, pursuant to the terms of a Pre-Filing Agreement with the IRS, on December 19, 2014, the Company made a one-time distribution of $37.0 million to shareholders in order to confirm the Company appropriately allocated its historical earnings and profits relative to the separation from Penn in response to the Pre-Filing Agreement requested from the Internal Revenue Service and to ensure that the Company had distributed 100% of its taxable income for the 2014 year. The total distribution of $0.92 per share was made to shareholders during the fourth quarter of 2014 and included a regular quarterly dividend of $0.52 per share and a one-time dividend of $0.40 per share. In addition, cash distributions were made to or accrued for both GLPI restricted stock award holders and GLPI and Penn unvested employee stock options in the amount of $0.7 million for the one-time distribution.

A summary of the Company's common stock distributions for the years ended December 31, 2016, 2015 and 2014 is as follows (unaudited):



	Year Ended December 31,
	2016			2015			2014
	(in dollars per share)
Qualified dividends	$	0.1050		$	0.0698		$	12.24
Non-qualified dividends	2.0746			1.9462			1.90
Capital gains	0.0624			0.0012			0.16
Non-taxable return of capital	0.0780			0.1628			0.02
Total distributions per common share	$	2.32		$	2.18		$	14.32

Percentage classified as qualified dividends	4.53		%	3.21		%	85.47		%
Percentage classified as non-qualified dividends	89.42		%	89.45		%	13.27		%
Percentage classified as capital gains	2.69		%	—		%	1.12		%
Percentage classified as non-taxable return of capital	3.36		%	7.34		%	0.14		%
	100.00		%	100.00		%	100.00		%

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: 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(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: 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))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: 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(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: 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(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: 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 10: 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(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph (SX 210.3-04)
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2016

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

Stock-Based Compensation

As of December 31, 2016, the Company had 3,496,611 shares available for future issuance under the 2013 Long Term Incentive Compensation Plan (the "2013 Plan") that was approved by shareholders on October 23, 2013. The 2013 Plan provides for the Company to issue stock options (incentive and/or non-qualified), restricted stock awards, including performance-based restricted stock awards, phantom stock units and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards.

As of December 31, 2016, there was no remaining unrecognized compensation cost related to stock options. For the years ended December 31, 2016, 2015 and 2014, the Company recognized $20 thousand, $2.8 million and $5.8 million, respectively of compensation expense associated with these awards. In addition, for the years ended December 31, 2016, 2015 and 2014 the Company also recognized $4.5 million, $11.3 million and $15.3 million, respectively, of compensation expense relating to the $2.32, $2.18 and $2.48, respectively, per share dividends paid on vested employee stock options.

The following tables contain information on stock options issued and outstanding for the year ended December 31, 2016 :



	Number of Option Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2015	7,927,066		$	19.82
Exercised	(5,870,282	)	19.67
Canceled	(402	)	15.78
Outstanding at December 31, 2016	2,056,382		$	20.25	1.49	$	21,411



	Exercise Price Range				Total
	$17.33 to $26.45		$28.63 to $35.87		$17.33 to $35.87
Outstanding options
Number outstanding	2,015,909		40,473		2,056,382
Weighted-average remaining contractual life (years)	1.51		0.54		1.49
Weighted-average exercise price	$	20.01	$	32.25	$	20.25
Exercisable options
Number outstanding	2,015,909		40,473		2,056,382
Weighted-average exercise price	$	20.01	$	32.25	$	20.25

The Company had 2,056,382 stock options that were exercisable at December 31, 2016 with a weighted average exercise price of $20.25 which had an intrinsic value of $21.4 million and a weighted-average remaining contractual term of 1.49 years. The aggregate intrinsic value of stock options exercised for the years ended December 31, 2016, 2015 and 2014 was $75.0 million, $47.8 million and $43.1 million, respectively. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases.

As of December 31, 2016, there was $5.7 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.40 years. For the years ended December 31, 2016, 2015 and 2014, the Company recognized $7.3 million, $5.9 million and $3.6 million, respectively, of compensation expense associated with these awards. The total fair value of awards released for the years ended December 31, 2016, 2015 and 2014, was $5.3 million, $4.5 million and $4.9 million, respectively.

The following table contains information on restricted stock award activity for the years ended December 31, 2016 and 2015:



	Number of Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2014	468,841		$	34.31
Granted	164,612		$	29.37
Released	(160,234	)	$	33.85
Canceled	(9,455	)	$	32.38
Outstanding at December 31, 2015	463,764		$	32.76
Granted	168,966		$	27.80
Released	(204,596	)	$	33.21
Canceled	(14,892	)	$	30.51
Outstanding at December 31, 2016	413,242		$	30.59

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 upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year return of the MSCI US REIT index. As of December 31, 2016, there was $9.6 million of total unrecognized compensation cost, which will be recognized over the awards' remaining weighted average vesting period of 1.68 years. For the years ended December 31, 2016, 2015 and 2014, the Company recognized $11.0 million, $8.1 million and $2.9 million, respectively, of compensation expense associated with these awards.

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2016 and 2015:



	Number of Performance-Based Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2014	543,556		$	22.93
Granted	548,000		$	17.29
Released	—		$	—
Canceled	—		$	—
Outstanding at December 31, 2015	1,091,556		$	20.10
Granted	558,000		$	17.22
Released	—		$	—
Canceled ⁽¹⁾	(543,556	)	$	22.93
Outstanding at December 31, 2016	1,106,000		$	17.25


⁽¹⁾	The performance-based restricted stock awards granted in 2014 did not vest as the Company's performance was below the threshold for vesting.

As of December 31, 2016, there was $0.1 million of total unrecognized compensation cost for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI and will be recognized over the awards' remaining weighted average vesting period of 0.09 years. For the years ended December 31, 2016, 2015 and 2014, the Company recognized $1.2 million, $3.7 million and $2.5 million, respectively of compensation expense associated with these awards. In addition, the Company also recognized $56 thousand, $0.2 million, and $0.8 million respectively, of compensation expense for the years ended December 31, 2016, 2015 and 2014 relating to the $2.32, $2.18, and $2.48, respectively, per share dividends paid on unvested PSUs and the Purging Distribution dividend for the year ended December 31, 2014. Amounts paid by the Company for the years ended December 31, 2016, 2015 and 2014 on these cash-settled awards totaled $2.3 million, $3.8 million and $3.7 million, respectively.

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.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Segment Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

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



	GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total
	(in thousands)
For the year ended December 31, 2016
Net revenues	$	684,204	$	144,051	$	—		$	828,255
Income from operations	454,682		25,941		—			480,623
Interest, net	183,777		10,402		(10,406		)	183,773
Income before income taxes	281,311		15,539		—			296,850
Income tax expense	1,016		6,529		—			7,545
Net income	280,295		9,010		—			289,305
Depreciation	98,171		11,383		—			109,554
Capital project expenditures, net of reimbursements	229		101		—			330
Capital maintenance expenditures	—		3,111		—			3,111

For the year ended December 31, 2015
Net revenues	$	427,125	$	147,928	$	—		$	575,053
Income from operations	232,701		24,714		—			257,415
Interest, net	121,855		10,402		(10,406		)	121,851
Income before income taxes	121,252		14,312		—			135,564
Income tax expense	1,338		6,104		—			7,442
Net income	119,914		8,208		—			128,122
Depreciation	97,424		12,359		—			109,783
Capital project expenditures, net of reimbursements	10,252		5,897		—			16,149
Capital maintenance expenditures	—		2,953		—			2,953

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

Balance sheet at December 31, 2016
Total assets	$	7,156,501	$	212,829	$	—		$	7,369,330

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

⁽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=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Summarized Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Selected Quarterly Financial Information [Abstract]

Summarized Quarterly Data

Summarized Quarterly Data (Unaudited)

The following table summarizes the quarterly results of operations for the years ended December 31, 2016 and 2015:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2016
Net revenues	$	148,820	$	207,361	$	233,275	$	238,799	⁽¹⁾
Income from operations	67,637		120,817		143,306		148,863		⁽¹⁾
Net income	32,749		73,264		89,600		93,692		⁽¹⁾

Earnings per common share:
Basic earnings per common share	$	0.28	$	0.40	$	0.43	$	0.45
Diluted earnings per common share	$	0.27	$	0.39	$	0.43	$	0.45

2015
Net revenues	$	148,705	$	149,867	$	147,792	$	128,689	⁽²⁾
Income from operations	64,800		62,871		65,291		64,453
Net income	33,131		31,989		33,229		29,773

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

⁽¹⁾

During April 2016, the Company acquired substantially all of the real estate assets of Pinnacle and subsequently leased these assets back to Pinnacle under a triple-net master lease, which significantly increased the Company's net revenues, income from operations and net income. The acquisition of the Meadows' real property assets in September 2016 also contributed to the Company's improved operating results in the fourth quarter of 2016 as compared to the third quarter of 2016. See Note 4 for further details surrounding the Pinnacle and Meadows acquisitions.

⁽²⁾

During the fourth quarter of 2015, Penn received a significant real estate tax refund related to a property reassessment of a GLPI owned property, which directly offset its real estate taxes paid during the quarter. Although tenants are responsible for the payment of real estate taxes under the triple-net lease structure, the Company is required to record revenue for the real estate taxes paid by its tenants on the leased properties with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor. This tax refund resulted in the lower net revenues in the fourth quarter of 2015, as compared to the preceding quarters of 2015, but had no impact on income from operations or net income.

Supplemental Disclosures of Cash Flow Information

12 Months Ended

Dec. 31, 2016

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information

Supplemental disclosures of cash flow information are as follows:



Year ended December 31,	2016	2015	2014
	(in thousands
Cash paid for income taxes, net of refunds received	7,362	9,785	20,092
Cash paid for interest	154,527	109,966	109,376

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 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 (on which to build its corporate headquarters), in exchange for the payment of $725,000 in cash to WPC, plus taxes and closing costs. In addition, the Company reimbursed WPC approximately $270,000 for site work and pre-development costs previously completed per the Sale Agreement. Also in connection with the 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 costs related to the building with WPC or the Construction Manager subsequent to 2015. The Company paid approximately $433,000 and $244,000, respectively, to WPC during the years ended December 31, 2015 and 2014 in connection with construction costs paid by WPC on the Company's behalf. 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 years ended December 31, 2015 and 2014, the Company paid approximately $175,000 and $59,000, respectively, 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 years ended December 31, 2016 and 2015, the Company paid approximately $30,000 and $10,000 to the WPCOA, respectively. 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.

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

12 Months Ended

Dec. 31, 2016

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

GLPI guarantees the Notes issued by its subsidiaries, GLP Capital, L.P. and GLP Financing II, Inc. Each of the subsidiary issuers is 100% owned by GLPI. The guarantees of GLPI are full and unconditional. GLPI is not subject to any material or significant restrictions on its ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries, except as provided by applicable law. None of GLPI's subsidiaries guarantee the Notes.

Summarized balance sheet information as of December 31, 2016 and 2015 and summarized income statement and cash flow information for the years ended December 31, 2016, 2015 and 2014 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below.



At December 31, 2016 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,863,568		$	1,875,523		$	—		$	3,739,091
Land rights, net	—			—			590,758			—			590,758
Property and equipment, used in operations, net	—			22,598			96,829			—			119,427
Investment in direct financing lease, net	—			—			2,710,711			—			2,710,711
Cash and cash equivalents	—			11,774			24,782			—			36,556
Prepaid expenses	—			3,106			3,629			742			7,477
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $9,500 at December 31, 2016	—			—			—			—			—
Loan receivable	—			—			26,200			—			26,200
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,433,869			5,211,835			2,947,915			(10,593,619		)	—
Deferred tax assets				—			3,922			—			3,922
Other assets	—			37,335			12,755			—			50,090
Total assets	$	2,433,869		$	7,343,811		$	8,378,122		$	(10,786,472	)	$	7,369,330

Liabilities
Accounts payable	$	—		$	413		$	666		$	—		$	1,079
Accrued expenses	—			434			6,156			—			6,590
Accrued interest	—			33,743			—			—			33,743
Accrued salaries and wages	—			7,911			2,708			—			10,619
Gaming, property, and other taxes	—			21,364			11,220			—			32,584
Income taxes	—			18			(760		)	742			—
Long-term debt, net of unamortized debt issuance costs	—			4,664,965			—			—			4,664,965
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			163,204			2,848			—			166,052
Deferred tax liabilities	—			—			265			—			265
Other liabilities	—			17,890			1,674			—			19,564
Total liabilities	—			4,909,942			218,372			(192,853		)	4,935,461

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2016)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 207,676,827 shares issued at December 31, 2016)	2,077			2,077			2,077			(4,154		)	2,077
Additional paid-in capital	3,760,730			3,760,730			9,338,083			(13,098,814		)	3,760,729
Retained accumulated (deficit) earnings	(1,328,938		)	(1,328,938		)	(1,180,410		)	2,509,349			(1,328,937		)
Total shareholders’ equity (deficit)	2,433,869			2,433,869			8,159,750			(10,593,619		)	2,433,869
Total liabilities and shareholders’ equity (deficit)	$	2,433,869		$	7,343,811		$	8,378,122		$	(10,786,472	)	$	7,369,330



Year ended December 31, 2016 Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	383,553		$	183,891		$	—		$	567,444
Income from direct financing lease	—		—			48,917			—			48,917
Real estate taxes paid by tenants	—		41,441			26,402			—			67,843
Total rental revenue and income from direct financing lease	—		424,994			259,210			—			684,204
Gaming	—		—			138,594			—			138,594
Food, beverage and other	—		—			11,067			—			11,067
Total revenues	—		424,994			408,871			—			833,865
Less promotional allowances	—		—			(5,610		)	—			(5,610		)
Net revenues	—		424,994			403,261			—			828,255
Operating expenses
Gaming	—		—			74,233			—			74,233
Food, beverage and other	—		—			8,230			—			8,230
Real estate taxes	—		41,510			27,938			—			69,448
General and administrative	—		51,137			35,030			—			86,167
Depreciation	—		93,476			16,078			—			109,554
Total operating expenses	—		186,123			161,509			—			347,632
Income from operations	—		238,871			241,752			—			480,623

Other income (expenses)
Interest expense	—		(185,896		)	—			—			(185,896		)
Interest income	—		169			1,954			—			2,123
Intercompany dividends and interest	—		318,047			19,670			(337,717		)	—
Total other expenses	—		132,320			21,624			(337,717		)	(183,773		)

Income before income taxes	—		371,191			263,376			(337,717		)	296,850
Income tax expense	—		1,016			6,529			—			7,545
Net income	$	—	$	370,175		$	256,847		$	(337,717	)	$	289,305



Year ended December 31, 2016 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	370,175		$	256,847		$	(337,717	)	$	289,305
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			93,476			22,241			—			115,717
Amortization of debt issuance costs	—			15,146			—			—			15,146
(Gains) losses on dispositions of property	—			(471		)	16			—			(455		)
Deferred income taxes	—			—			(1,535		)	—			(1,535		)
Stock-based compensation	—			18,312			—			—			18,312
Straight-line rent adjustments	—			55,825			2,848			—			58,673

(Increase) decrease,
Prepaid expenses and other assets	—			6,939			(1,554		)	2,180			7,565
Intercompany	—			21			(21		)	—			—
(Decrease) increase,
Accounts payable	—			119			387			—			506
Accrued expenses	—			(4,303		)	(369		)	—			(4,672		)
Accrued interest	—			16,120			—			—			16,120
Accrued salaries and wages	—			(2,817		)	(283		)	—			(3,100		)
Gaming, property and other taxes	—			899			14			—			913
Income taxes	—			59			2,121			(2,180		)	—
Other liabilities	—			1,589			286			—			1,875
Net cash provided by (used in) operating activities	—			571,089			280,998			(337,717		)	514,370
Investing activities
Capital project expenditures, net of reimbursements	—			(229		)	(101		)	—			(330		)
Capital maintenance expenditures	—			—			(3,111		)	—			(3,111		)
Proceeds from sale of property and equipment	—			897			237			—			1,134
Principal payments on loan receivable	—			—			3,150			—			3,150
Acquisition of real estate assets	—			—			(3,267,992		)	—			(3,267,992		)
Collection of principal payments on investment in direct financing lease	—			—			48,533			—			48,533
Net cash provided by (used in) investing activities	—			668			(3,219,284		)	—			(3,218,616		)
Financing activities
Dividends paid	(428,352		)	—			—			—			(428,352		)
Proceeds from exercise of options	113,484			—			—			—			113,484
Proceeds from issuance of common stock, net of issuance costs	870,810			—			—			—			870,810
Proceeds from issuance of long-term debt	—			2,552,000			—			—			2,552,000
Financing costs	—			(31,911		)	—			—			(31,911		)
Payments of long-term debt	—			(377,104		)	—			—			(377,104		)
Intercompany financing	(555,942		)	(2,711,684		)	2,929,909			337,717			—
Net cash (used in) provided by financing activities	—			(568,699		)	2,929,909			337,717			2,698,927
Net increase (decrease) in cash and cash equivalents	—			3,058			(8,377		)	—			(5,319		)
Cash and cash equivalents at beginning of period	—			8,716			33,159			—			41,875
Cash and cash equivalents at end of period	$	—		$	11,774		$	24,782		$	—		$	36,556



At December 31, 2015 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
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	—			—			2,554			(107		)	2,447
Other assets	—			55,094			3,014			—			58,108
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			—
Long-term debt, net of unamortized debt issuance costs	—			2,510,341			—			—			2,510,341
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			107,379			—			—			107,379
Deferred tax liabilities	—			—			339			(107		)	232
Other liabilities	—			16,303			1,384			—			17,687
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 accumulated (deficit) earnings	(1,189,890		)	(1,189,891		)	(944,520		)	2,134,411			(1,189,890		)
Total shareholders’ (deficit) equity	(253,514		)	(253,514		)	144,694			108,820			(253,514		)
Total liabilities and shareholders’ (deficit) equity	$	(253,514	)	$	2,435,632		$	347,997		$	(81,960	)	$	2,448,155



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

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

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



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

Decrease (increase),
Prepaid expenses and other assets	—			(9,988		)	1,699			(1,423		)	(9,712		)
Intercompany	—			2,484			(2,484		)	—			—
(Decrease) increase,	0			0						0
Accounts payable	—			(1,013		)	67			—			(946		)
Accrued expenses	—			4,104			137			—			4,241
Accrued interest	—			95			—			—			95
Accrued salaries and wages	—			715			423			—			1,138
Gaming, property and other taxes	—			(898		)	(58		)	—			(956		)
Income taxes	—			125			(1,548		)	1,423			—
Other liabilities	—			1,934			(35		)	—			1,899
Net cash provided by (used in) operating activities	—			311,268			51,806			(43,386		)	319,688
Investing activities
Capital project expenditures, net of reimbursements	—			(10,252		)	(5,897		)	—			(16,149		)
Capital maintenance expenditures	—			—			(2,953		)	—			(2,953		)
Proceeds from sale of property and equipment	—			304			6			—			310
Funding of loan receivable	—			—			—			—			—
Principal payments on loan receivable	—			—			4,650			—			4,650
Net cash used in investing activities	—			(9,948		)	(4,194		)	—			(14,142		)
Financing activities
Dividends paid	(251,732		)	—			—			—			(251,732		)
Proceeds from exercise of options	29,686			—			—			—			29,686
Financing costs	—			(9,500		)	—			—			(9,500		)
Payments of long-term debt	—			(68,098		)	—			—			(68,098		)
Intercompany financing	219,403			(219,456		)	(43,333		)	43,386			—
Net cash (used in) provided by financing activities	(2,643		)	(297,054		)	(43,333		)	43,386			(299,644		)
Net (decrease) increase in cash and cash equivalents	(2,643		)	4,266			4,279			—			5,902
Cash and cash equivalents at beginning of period	2,643			4,450			28,880			—			35,973
Cash and cash equivalents at end of period	$	—		$	8,716		$	33,159		$	—		$	41,875



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

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

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



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

(Increase) decrease,
Prepaid expenses and other assets	(1,464		)	(10,741		)	(1,554		)	1,498			(12,261		)
Intercompany	800			(4,015		)	3,215			—			—
Increase (decrease),	0			0						0
Accounts payable	(16,995		)	15,526			(181		)	—			(1,650		)
Accrued expenses	(7,944		)	119			(619		)	—			(8,444		)
Accrued interest	—			(527		)	—			—			(527		)
Accrued salaries and wages	2,882			—			(638		)	—			2,244
Gaming, property and other taxes	871			—			(344		)	—			527
Income taxes	(1,441		)	(7,625		)	(6,490		)	(1,498		)	(17,054		)
Other liabilities	1,585			—			1,292			—			2,877
Net cash provided by (used in) operating activities	548,803			338,567			656,715			(1,270,826		)	273,259
Investing activities
Capital project expenditures, net of reimbursements	(1,613		)	(137,618		)	—			—			(139,231		)
Capital maintenance expenditures	—			—			(3,538		)	—			(3,538		)
Proceeds from sale of property and equipment	—			150			30			—			180
Funding of loan receivable	—			—			(43,000		)	—			(43,000		)
Principal payments on loan receivable	—			—			9,000			—			9,000
Acquisition of real estate	—			—			(140,730		)	—			(140,730		)
Net cash used in investing activities	(1,613		)	(137,468		)	(178,238		)	—			(317,319		)
Financing activities
Dividends paid, including the Purging Distribution	(494,104		)	—			—			—			(494,104		)
Proceeds from exercise of options	29,931			—			—			—			29,931
Proceeds from issuance of long-term debt	—			291,950			—			—			291,950
Financing costs	—			(306		)	—			—			(306		)
Payments of long-term debt	—			(32,024		)	—			—			(32,024		)
Intercompany financing	(122,540		)	(677,364		)	(470,922		)	1,270,826			—
Distribution in connection with 2013 Pre-Spin tax matter agreement	(635		)	—			—			—			(635		)
Net cash (used in) provided by financing activities	(587,348		)	(417,744		)	(470,922		)	1,270,826			(205,188		)
Net (decrease) increase in cash and cash equivalents	(40,158		)	(216,645		)	7,555			—			(249,248		)
Cash and cash equivalents at beginning of period	42,801			221,095			21,325			$	—		285,221
Cash and cash equivalents at end of period	$	2,643		$	4,450		$	28,880		$	—		$	35,973

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On February 1, 2017, the Company declared a regular quarterly cash dividend of $0.62 per share, which is payable on March 24, 2017 to shareholders of record as of March 13, 2017.

Schedule III Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

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

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

SCHEDULE III

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

December 31, 2016

(in thousands)



				Initial Cost to Company				Net Capitalized Costs (Retirements) Subsequent to Acquisition			Gross Amount at which Carried at Close of Period										Life on which Depreciation in Latest Income Statement is Computed
																			Original Date of Construction / Renovation
Description	Location	Encumbrances		Land and Improvements		Buildings and Improvements					Land and Improvements		Buildings and Improvements		Total ⁽¹⁾		Accumulated Depreciation		Original Date of Construction / Renovation	Date Acquired
Rental Properties:
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	$	—	$	15,251	$	342,393	$	(29	)	$	15,222	$	342,392	$	357,614	$	111,147	1997/2009	11/1/2013	31
Hollywood Casino Aurora	Aurora, IL	—		4,937		98,378		(383		)	4,936		97,996		102,932		56,987		1993/2002/ 2012	11/1/2013	30
Hollywood Casino Joliet	Joliet, IL	—		19,214		101,104		—			19,214		101,104		120,318		49,876		1992/2003/ 2010	11/1/2013	31
Argosy Casino Alton	Alton, IL	—		—		6,462		—			—		6,462		6,462		4,142		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,093		—			12,003		144,093		156,096		24,285		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105			38,266		188,622		226,888		30,756		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—			35,102		233,069		268,171		112,007		1997/2010	11/1/2013	31
Hollywood Casino at Penn National Race Course	Grantville, PA	—		25,500		161,810		—			25,500		161,810		187,310		61,543		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		(426		)	65,678		126,689		192,367		26,157		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—			12,883		84,257		97,140		25,828		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—			9,313		38,947		48,260		16,302		2005	11/1/2013	31
Hollywood Casino Bay St. Louis	Bay St. Louis, MS	—		59,388		87,352		(229		)	59,176		87,335		146,511		43,806		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		(77		)	23,391		143,301		166,692		53,553		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—			4,634		42,031		46,665		23,727		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		(137		)	3,286		63,083		66,369		40,419		1994/2006	11/1/2013	15
Hollywood Casino St. Louis	Maryland Heights, MO	—		44,198		177,063		—			44,198		177,063		221,261		51,839		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway ⁽²⁾	Dayton, OH	—		3,211		—		86,288			3,211		86,288		89,499		6,598		2014	11/1/2013	31
Hollywood Casino at Mahoning Valley Race Track ⁽²⁾	Youngstown, OH	—		5,683		—		94,314			5,833		94,164		99,997		6,922		2014	11/1/2013	31
Casino Queen	East St. Louis, IL	—		70,716		70,014		—			70,716		70,014		140,730		9,005		1999	1/23/2014	31
Ameristar Black Hawk	Black Hawk, CO	—		238,864		—		—			238,864		—		238,864		—		N/A	4/28/2016	N/A
Belterra Casino Resort	Florence, IN	—		56,368		—		—			56,368		—		56,368		—		N/A	4/28/2016	N/A
Ameristar Council Bluffs	Council Bluffs, IA	—		78,707		—		—			78,707		—		78,707		—		N/A	4/28/2016	N/A
L'Auberge Baton Rouge	Baton Rouge, LA	—		199,316		—		—			199,316		—		199,316		—		N/A	4/28/2016	N/A



Boomtown Bossier City	Bossier City, LA	—		77,152		—		—		77,152		—		77,152		—		N/A	4/28/2016	N/A
Boomtown New Orleans	Boomtown, LA	—		43,761		—		—		43,761		—		43,761		—		N/A	4/28/2016	N/A
Ameristar Vicksburg	Vicksburg, MS	—		97,900		—		—		97,900		—		97,900		—		N/A	4/28/2016	N/A
Ameristar Kansas City	Kansas City, MO	—		222,231		—		—		222,231		—		222,231		—		N/A	4/28/2016	N/A
Ameristar St. Charles	St. Charles, MO	—		363,203		—		—		363,203		—		363,203		—		N/A	4/28/2016	N/A
Jackpot Properties	Jackpot, NV	—		45,045		—		—		45,045		—		45,045		—		N/A	4/28/2016	N/A
The Meadows Racetrack and Casino	Washington, PA	—		181,532		141,370		—		181,532		141,370		322,902		1,651		2006	9/9/2016	31
		$	—	$	2,057,347	$	2,249,959	$	179,426	$	2,056,641	$	2,430,090	$	4,486,731	$	756,550
Headquarters Property:
GLPI Corporate Office ⁽³⁾	Wyomissing, PA	$	—	$	750	$	8,465	$	26	$	750	$	8,491	$	9,241	$	331	2014/2015	9/19/2014	31
		$	—	$	2,058,097	$	2,258,424	$	179,452	$	2,057,391	$	2,438,581	$	4,495,972	$	756,881

(1)The Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. and subsequently leased the assets back to Pinnacle in April 2016. As discussed further in the footnotes to the Consolidated Financial Statements, however, the Pinnacle Master Lease was bifurcated between an operating lease and a direct financing lease, resulting in the land that is subject to operating lease treatment being recorded as a real estate asset on the Company's consolidated balance sheet, while the building assets that triggered direct financing lease treatment are recorded as an investment in direct financing lease on the Company's consolidated balance sheet. Additionally, at several of the properties acquired from Pinnacle, the Company acquired land lease rights only (rights to land subject to long-term ground leases). Land lease rights are recorded as land rights on the Company's consolidated balance sheet and amortized through general and administrative expense. Therefore, although the schedule above discloses the Company's real estate investments as required, the Company directs readers to the Consolidated Financial Statements for a complete understanding of the assets acquired from Pinnacle. The aggregate cost for federal income tax purposes of the properties listed above was $6.90 billion at December 31, 2016. This amount includes the tax basis of all real property assets acquired from Pinnacle, including building assets.

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

⁽³⁾The Company's corporate headquarters building was completed in October 2015. The land was purchased on September 19, 2014 and construction on the building occurred through October 2015.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2016, 2015 and 2014 is as follows:



	Year Ended December 31,
	2016			2015			2014
Real Estate:	(in thousands)
Balance at the beginning of the period	$	2,750,867		$	2,742,845		$	2,433,114
Acquisitions	1,745,449			—			140,730
Capital expenditures and assets placed in service	82			8,478			181,404
Dispositions	(426		)	(456		)	(12,403		)
Balance at the end of the year	$	4,495,972		$	2,750,867		$	2,742,845
Accumulated Depreciation:
Balance at the beginning of the period	$	(660,808	)	$	(565,297	)	$	(484,488	)
Depreciation expense	(96,073		)	(95,511		)	(92,750		)
Dispositions	—			—			11,941
Balance at the end of the year	$	(756,881	)	$	(660,808	)	$	(565,297	)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Cash and Cash Equivalents

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

Concentration of Credit Risk

Prepaid Expenses and Other Assets

Fair Value of Financial Instruments

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

Cash and Cash Equivalents

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

Deferred Compensation Plan Assets

Loan Receivable

Long-term Debt

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

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



	December 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	36,556	$	36,556	$	41,875	$	41,875
Deferred compensation plan assets	17,593		17,593		14,833		14,833
Loan receivable	26,200		26,200		29,350		29,350
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	1,290,000		1,272,852		490,000		479,612
Senior unsecured notes	3,425,000		3,573,500		2,050,000		2,014,750

Real Estate Investments

Land Rights

Property and Equipment Used in Operations

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



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

Investment in Direct Financing Leases

Investments in Direct Financing Leases

Goodwill and Other Intangible Assets


•	Projected revenues and operating cash flows;


•	Theoretical construction costs and duration;


•	Pre-opening expenses;


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


•	Remaining useful life of the license

Loan Receivable

Gaming and Admission Taxes

Earnings Per Share



	Year Ended December 31,
	2016	2015	2014
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	178,594	114,432	112,037
Assumed conversion of dilutive employee stock-based awards	1,699	3,755	5,340
Assumed conversion of restricted stock	171	170	209
Assumed conversion of performance-based restricted stock awards	158	82	—
Diluted weighted-average common shares outstanding	180,622	118,439	117,586

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2016, 2015 and 2014:



	Year Ended December 31,
	2016			2015			2014
	(in thousands, except per share amounts)
Calculation of basic EPS:
Net income	$	289,305		$	128,122		$	138,807
Less: Net income allocated to participating securities	(668		)	(517		)	(578		)
Net income attributable to common shareholders	$	288,637		$	127,605		$	138,229
Weighted-average common shares outstanding	178,594			114,432			112,037
Basic EPS	$	1.62		$	1.12		$	1.23

Calculation of diluted EPS:
Net income	$	289,305		$	128,122		$	138,807
Diluted weighted-average common shares outstanding	180,622			118,439			117,586
Diluted EPS	$	1.60		$	1.08		$	1.18

Stock-Based Compensation

See Note 14 for further information related to the stock-based compensation.

Segment Information

Statements of Cash Flows

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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 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):



	December 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	36,556	$	36,556	$	41,875	$	41,875
Deferred compensation plan assets	17,593		17,593		14,833		14,833
Loan receivable	26,200		26,200		29,350		29,350
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	1,290,000		1,272,852		490,000		479,612
Senior unsecured notes	3,425,000		3,573,500		2,050,000		2,014,750

Schedule of property, plant and equipment, useful lives

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



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

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



	Year Ended December 31,
	2016	2015	2014
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	178,594	114,432	112,037
Assumed conversion of dilutive employee stock-based awards	1,699	3,755	5,340
Assumed conversion of restricted stock	171	170	209
Assumed conversion of performance-based restricted stock awards	158	82	—
Diluted weighted-average common shares outstanding	180,622	118,439	117,586

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

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2016, 2015 and 2014:



	Year Ended December 31,
	2016			2015			2014
	(in thousands, except per share amounts)
Calculation of basic EPS:
Net income	$	289,305		$	128,122		$	138,807
Less: Net income allocated to participating securities	(668		)	(517		)	(578		)
Net income attributable to common shareholders	$	288,637		$	127,605		$	138,229
Weighted-average common shares outstanding	178,594			114,432			112,037
Basic EPS	$	1.62		$	1.12		$	1.23

Calculation of diluted EPS:
Net income	$	289,305		$	128,122		$	138,807
Diluted weighted-average common shares outstanding	180,622			118,439			117,586
Diluted EPS	$	1.60		$	1.08		$	1.18

Acquisitions Acquisitions (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of Consideration Transferred in Asset Acquisitions

The following tables summarize the consideration transferred in the Merger and the purchase price allocation to the assets acquired in the Merger (in thousands):



Consideration
Cash	$	2,955,090
GLPI common stock	1,823,991
Fair value of total consideration transferred	$	4,779,081

Schedule of Purchase Price Allocation



Real estate investments, net	$	1,422,547
Land rights, net	596,920
Investment in direct financing lease, net	2,759,244
Prepaid expenses	111
Other assets	259
Total purchase price	$	4,779,081

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, represents investments in 34 rental properties and the corporate headquarters building and is summarized as follows:



	December 31, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	2,057,391		$	453,739
Building and improvements	2,438,581			2,297,128
Total real estate investments	4,495,972			2,750,867
Less accumulated depreciation	(756,881		)	(660,808		)
Real estate investments, net	$	3,739,091		$	2,090,059

Land Rights (Tables)

12 Months Ended

Dec. 31, 2016

Ground Leases, Net [Abstract]

Schedule of Land Rights, Net

Land rights net, consists of the following:



	December 31, 2016			December 31, 2015
	(in thousands)
Land rights	$	596,921		$	—
Less accumulated amortization	(6,163		)	—
Land rights, net	$	590,758		$	—

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2016, estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands):



Year ending December 31,
2017	$	9,244
2018	9,244
2019	9,244
2020	9,244
2021	9,244
Thereafter	544,538
Total	$	590,758

Property and Equipment Used in Operations (Tables)

12 Months Ended

Dec. 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



	December 31, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	30,965		$	31,187
Building and improvements	117,350			117,314
Furniture, fixtures, and equipment	114,965			112,227
Construction in progress	330			354
Total property and equipment	263,610			261,082
Less accumulated depreciation	(144,183		)	(131,335		)
Property and equipment, net	$	119,427		$	129,747

Receivables (Tables)

12 Months Ended

Dec. 31, 2016

Financing Receivable, Net [Abstract]

Schedule of Components of Real Estate Investments Held Under Direct Financing Leases [Table Text Block]

The Company's investment in direct financing lease, net, consists of the following and represents the building assets acquired in the Merger:



	December 31, 2016			December 31, 2015
	(in thousands)
Minimum lease payments receivable	$	3,405,131		$	—
Unguaranteed residual value	689,811			—
Gross investment in direct financing lease	4,094,942			—
Less: unearned income	(1,384,231		)	—
Investment in direct financing lease, net	$	2,710,711		$	—

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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



	December 31, 2016			December 31, 2015
	(in thousands)
Unsecured term loan A	$	300,000		$	300,000
Unsecured term loan A-1	825,000			—
Unsecured $700 million revolver	165,000			190,000
$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
$400 million 4.375% senior unsecured notes due April 2021	400,000			—
$500 million 5.375% senior unsecured notes due November 2023	500,000			500,000
$975 million 5.375% senior unsecured notes due April 2026	975,000			—
Capital lease	1,341			1,389
Total long-term debt	4,716,341			2,541,389
Less: unamortized debt issuance costs	(51,376		)	(31,048		)
Total long-term debt, net of unamortized debt issuance costs	4,664,965			2,510,341
Less current maturities of long-term debt	(112		)	(102		)
Long-term debt, net of current maturities and unamortized debt issuance costs	$	4,664,853		$	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 December 31, 2016 (in thousands):



2017	$	112
2018	1,015,117
2019	123
2020	1,000,129
2021	1,225,135
Over 5 years	1,475,725
Total minimum payments	$	4,716,341

- 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=64930739&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=64930785&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=64930785&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

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease commitments relating to noncancelable operating leases at December 31, 2016 are as follows (in thousands):



Year ending December 31, ⁽¹⁾
2017	$	8,693
2018	8,633
2019	8,182
2020	7,543
2021	7,552
Thereafter	482,942
Total	$	523,545

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2016

Revenue Recognition [Abstract]

Schedule of future minimum lease payments receivable from operating leases



Year ending December 31,	Future Rental Payments Receivable		Straight-Line Rent Adjustments			Future Income to be Recognized Related to Operating Leases
2017	$	683,200	$	(64,981	)	$	618,219
2018	671,380		(50,641		)	620,739
2019	622,203		11,141			633,344
2020	622,203		11,141			633,344
2021	622,203		11,141			633,344
Thereafter	17,003,035		248,251			17,251,286
Total	$	20,224,224	$	166,052		$	20,390,276

Schedule of future minimum lease payments receivable from capital leases



Year ending December 31,	Cash Receipts to be Recorded as Income		Cash Receipts to be Applied Against the Investment in Direct Financing Lease
2017	$	68,672	$	73,073
2018	66,509		45,244
2019	64,722		32,881
2020	63,057		34,546
2021	61,391		36,212
Thereafter	1,059,880		1,798,944
Total	$	1,384,231	$	2,020,900

Schedule of the components of gaming revenue

The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2016, 2015 and 2014:



	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Video lottery	$	119,390	$	122,292	$	127,572
Table game	18,069		18,799		19,120
Poker	1,135		1,219		1,591
Total gaming revenue, net of cash incentives	$	138,594	$	142,310	$	148,283

Schedule of amounts included in promotional allowances



	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Food and beverage	$	5,482	$	5,512	$	5,732
Other	128		83		41
Total promotional allowances	$	5,610	$	5,595	$	5,773

Schedule of the estimated cost of providing complimentary services

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2016, 2015 and 2014 are as follows:



	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Food and beverage	$	2,305	$	2,343	$	2,766
Other	61		38		15
Total cost of complimentary services	$	2,366	$	2,381	$	2,781

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

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



Year ended December 31,	2016			2015
	(in thousands)
Deferred tax assets:
Accrued expenses	$	1,655		$	2,125
Property and equipment	5,818			4,414
Net deferred tax assets	7,473			6,539
Deferred tax liabilities:
Property and equipment	(2,192		)	(2,959		)
Intangibles	(1,624		)	(1,365		)
Net deferred tax liabilities	(3,816		)	(4,324		)
Net:	$	3,657		$	2,215

Schedule of Components of Income Tax Expense

The provision for income taxes charged to operations for years ended December 31, 2016, 2015 and 2014 was as follows:



Year ended December 31,	2016			2015			2014
	(in thousands)
Current tax expense
Federal	$	6,004		$	4,945		$	6,115
State	3,076			3,310			2,303
Total current	9,080			8,255			8,418
Deferred tax (benefit) expense
Federal	(1,324		)	(533		)	(2,680		)
State	(211		)	(280		)	(625		)
Total deferred	(1,535		)	(813		)	(3,305		)
Total provision	$	7,545		$	7,442		$	5,113

Schedules of Effective Income Tax Rate Reconciliations

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2016, 2015 and 2014:



Year ended December 31,	2016		2015		2014
Percent of pretax income
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	0.7	%	1.3	%	0.7	%
REIT conversion benefit	(33.2	)%	(31.3	)%	(31.8	)%
Other miscellaneous items	—	%	0.5	%	(0.3	)%
	2.5	%	5.5	%	3.6	%



Year ended December 31,	2016			2015			2014
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	103,897		$	47,447		$	50,372
State and local income taxes	2,039			1,702			964
REIT conversion benefit	(98,459		)	(42,438		)	(45,777		)
Permanent differences	44			61			52
Other miscellaneous items	24			670			(498		)
	$	7,545		$	7,442		$	5,113

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Dividends Declared

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2016, 2015 and 2014:



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
April 25, 2016	June 2, 2016	Common Stock	$	0.56	Second Quarter 2016	June 17, 2016	$	113,212
August 3, 2016	September 12, 2016	Common Stock	$	0.60	Third Quarter 2016	September 23, 2016	$	124,262
November 4, 2016	December 5, 2016	Common Stock	$	0.60	Fourth Quarter 2016	December 16, 2016	$	124,466
2015
February 3, 2015	March 10, 2015	Common Stock	$	0.545	First Quarter 2015	March 27, 2015	$	62,072
May 1, 2015	June 11, 2015	Common Stock	$	0.545	Second Quarter 2015	June 26, 2015	$	62,348
July 30, 2015	September 14, 2015	Common Stock	$	0.545	Third Quarter 2015	September 25, 2015	$	62,456
October 28, 2015	December 1, 2015	Common Stock	$	0.545	Fourth Quarter 2015	December 18, 2015	$	62,814
2014
February 18, 2014	March 7, 2014	Common Stock	$	0.52	First Quarter 2014	March 28, 2014	$	58,008
May 30, 2014	June 12, 2014	Common Stock	$	0.52	Second Quarter 2014	June 27, 2014	$	58,207
September 3, 2014	September 15, 2014	Common Stock	$	0.52	Third Quarter 2014	September 26, 2014	$	58,464
November 18, 2014	December 2, 2014	Common Stock	$	0.92	Fourth Quarter 2014	December 19, 2014	$	103,712

Dividends Classification

A summary of the Company's common stock distributions for the years ended December 31, 2016, 2015 and 2014 is as follows (unaudited):



	Year Ended December 31,
	2016			2015			2014
	(in dollars per share)
Qualified dividends	$	0.1050		$	0.0698		$	12.24
Non-qualified dividends	2.0746			1.9462			1.90
Capital gains	0.0624			0.0012			0.16
Non-taxable return of capital	0.0780			0.1628			0.02
Total distributions per common share	$	2.32		$	2.18		$	14.32

Percentage classified as qualified dividends	4.53		%	3.21		%	85.47		%
Percentage classified as non-qualified dividends	89.42		%	89.45		%	13.27		%
Percentage classified as capital gains	2.69		%	—		%	1.12		%
Percentage classified as non-taxable return of capital	3.36		%	7.34		%	0.14		%
	100.00		%	100.00		%	100.00		%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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

Schedule of Share-based Compensation, Stock Options Activity

The following tables contain information on stock options issued and outstanding for the year ended December 31, 2016 :



	Number of Option Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2015	7,927,066		$	19.82
Exercised	(5,870,282	)	19.67
Canceled	(402	)	15.78
Outstanding at December 31, 2016	2,056,382		$	20.25	1.49	$	21,411

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



	Exercise Price Range				Total
	$17.33 to $26.45		$28.63 to $35.87		$17.33 to $35.87
Outstanding options
Number outstanding	2,015,909		40,473		2,056,382
Weighted-average remaining contractual life (years)	1.51		0.54		1.49
Weighted-average exercise price	$	20.01	$	32.25	$	20.25
Exercisable options
Number outstanding	2,015,909		40,473		2,056,382
Weighted-average exercise price	$	20.01	$	32.25	$	20.25

Schedule of Share-based Compensation, Restricted Stock Awards Activity

The following table contains information on restricted stock award activity for the years ended December 31, 2016 and 2015:



	Number of Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2014	468,841		$	34.31
Granted	164,612		$	29.37
Released	(160,234	)	$	33.85
Canceled	(9,455	)	$	32.38
Outstanding at December 31, 2015	463,764		$	32.76
Granted	168,966		$	27.80
Released	(204,596	)	$	33.21
Canceled	(14,892	)	$	30.51
Outstanding at December 31, 2016	413,242		$	30.59

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

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2016 and 2015:



	Number of Performance-Based Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2014	543,556		$	22.93
Granted	548,000		$	17.29
Released	—		$	—
Canceled	—		$	—
Outstanding at December 31, 2015	1,091,556		$	20.10
Granted	558,000		$	17.22
Released	—		$	—
Canceled ⁽¹⁾	(543,556	)	$	22.93
Outstanding at December 31, 2016	1,106,000		$	17.25

Segment Information (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment



	GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total
	(in thousands)
For the year ended December 31, 2016
Net revenues	$	684,204	$	144,051	$	—		$	828,255
Income from operations	454,682		25,941		—			480,623
Interest, net	183,777		10,402		(10,406		)	183,773
Income before income taxes	281,311		15,539		—			296,850
Income tax expense	1,016		6,529		—			7,545
Net income	280,295		9,010		—			289,305
Depreciation	98,171		11,383		—			109,554
Capital project expenditures, net of reimbursements	229		101		—			330
Capital maintenance expenditures	—		3,111		—			3,111

For the year ended December 31, 2015
Net revenues	$	427,125	$	147,928	$	—		$	575,053
Income from operations	232,701		24,714		—			257,415
Interest, net	121,855		10,402		(10,406		)	121,851
Income before income taxes	121,252		14,312		—			135,564
Income tax expense	1,338		6,104		—			7,442
Net income	119,914		8,208		—			128,122
Depreciation	97,424		12,359		—			109,783
Capital project expenditures, net of reimbursements	10,252		5,897		—			16,149
Capital maintenance expenditures	—		2,953		—			2,953

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

Balance sheet at December 31, 2016
Total assets	$	7,156,501	$	212,829	$	—		$	7,369,330

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

⁽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.

Summarized Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Selected Quarterly Financial Information [Abstract]

Schedule of Quarterly Financial Information

The following table summarizes the quarterly results of operations for the years ended December 31, 2016 and 2015:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2016
Net revenues	$	148,820	$	207,361	$	233,275	$	238,799	⁽¹⁾
Income from operations	67,637		120,817		143,306		148,863		⁽¹⁾
Net income	32,749		73,264		89,600		93,692		⁽¹⁾

Earnings per common share:
Basic earnings per common share	$	0.28	$	0.40	$	0.43	$	0.45
Diluted earnings per common share	$	0.27	$	0.39	$	0.43	$	0.45

2015
Net revenues	$	148,705	$	149,867	$	147,792	$	128,689	⁽²⁾
Income from operations	64,800		62,871		65,291		64,453
Net income	33,131		31,989		33,229		29,773

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

⁽¹⁾

⁽²⁾

Supplemental Disclosures of Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2016

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosures of cash flow information are as follows:



Year ended December 31,	2016	2015	2014
	(in thousands
Cash paid for income taxes, net of refunds received	7,362	9,785	20,092
Cash paid for interest	154,527	109,966	109,376

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

12 Months Ended

Dec. 31, 2016

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

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



At December 31, 2016 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,863,568		$	1,875,523		$	—		$	3,739,091
Land rights, net	—			—			590,758			—			590,758
Property and equipment, used in operations, net	—			22,598			96,829			—			119,427
Investment in direct financing lease, net	—			—			2,710,711			—			2,710,711
Cash and cash equivalents	—			11,774			24,782			—			36,556
Prepaid expenses	—			3,106			3,629			742			7,477
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $9,500 at December 31, 2016	—			—			—			—			—
Loan receivable	—			—			26,200			—			26,200
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,433,869			5,211,835			2,947,915			(10,593,619		)	—
Deferred tax assets				—			3,922			—			3,922
Other assets	—			37,335			12,755			—			50,090
Total assets	$	2,433,869		$	7,343,811		$	8,378,122		$	(10,786,472	)	$	7,369,330

Liabilities
Accounts payable	$	—		$	413		$	666		$	—		$	1,079
Accrued expenses	—			434			6,156			—			6,590
Accrued interest	—			33,743			—			—			33,743
Accrued salaries and wages	—			7,911			2,708			—			10,619
Gaming, property, and other taxes	—			21,364			11,220			—			32,584
Income taxes	—			18			(760		)	742			—
Long-term debt, net of unamortized debt issuance costs	—			4,664,965			—			—			4,664,965
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			163,204			2,848			—			166,052
Deferred tax liabilities	—			—			265			—			265
Other liabilities	—			17,890			1,674			—			19,564
Total liabilities	—			4,909,942			218,372			(192,853		)	4,935,461

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2016)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 207,676,827 shares issued at December 31, 2016)	2,077			2,077			2,077			(4,154		)	2,077
Additional paid-in capital	3,760,730			3,760,730			9,338,083			(13,098,814		)	3,760,729
Retained accumulated (deficit) earnings	(1,328,938		)	(1,328,938		)	(1,180,410		)	2,509,349			(1,328,937		)
Total shareholders’ equity (deficit)	2,433,869			2,433,869			8,159,750			(10,593,619		)	2,433,869
Total liabilities and shareholders’ equity (deficit)	$	2,433,869		$	7,343,811		$	8,378,122		$	(10,786,472	)	$	7,369,330



Year ended December 31, 2016 Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	383,553		$	183,891		$	—		$	567,444
Income from direct financing lease	—		—			48,917			—			48,917
Real estate taxes paid by tenants	—		41,441			26,402			—			67,843
Total rental revenue and income from direct financing lease	—		424,994			259,210			—			684,204
Gaming	—		—			138,594			—			138,594
Food, beverage and other	—		—			11,067			—			11,067
Total revenues	—		424,994			408,871			—			833,865
Less promotional allowances	—		—			(5,610		)	—			(5,610		)
Net revenues	—		424,994			403,261			—			828,255
Operating expenses
Gaming	—		—			74,233			—			74,233
Food, beverage and other	—		—			8,230			—			8,230
Real estate taxes	—		41,510			27,938			—			69,448
General and administrative	—		51,137			35,030			—			86,167
Depreciation	—		93,476			16,078			—			109,554
Total operating expenses	—		186,123			161,509			—			347,632
Income from operations	—		238,871			241,752			—			480,623

Other income (expenses)
Interest expense	—		(185,896		)	—			—			(185,896		)
Interest income	—		169			1,954			—			2,123
Intercompany dividends and interest	—		318,047			19,670			(337,717		)	—
Total other expenses	—		132,320			21,624			(337,717		)	(183,773		)

Income before income taxes	—		371,191			263,376			(337,717		)	296,850
Income tax expense	—		1,016			6,529			—			7,545
Net income	$	—	$	370,175		$	256,847		$	(337,717	)	$	289,305



Year ended December 31, 2016 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	370,175		$	256,847		$	(337,717	)	$	289,305
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			93,476			22,241			—			115,717
Amortization of debt issuance costs	—			15,146			—			—			15,146
(Gains) losses on dispositions of property	—			(471		)	16			—			(455		)
Deferred income taxes	—			—			(1,535		)	—			(1,535		)
Stock-based compensation	—			18,312			—			—			18,312
Straight-line rent adjustments	—			55,825			2,848			—			58,673

(Increase) decrease,
Prepaid expenses and other assets	—			6,939			(1,554		)	2,180			7,565
Intercompany	—			21			(21		)	—			—
(Decrease) increase,
Accounts payable	—			119			387			—			506
Accrued expenses	—			(4,303		)	(369		)	—			(4,672		)
Accrued interest	—			16,120			—			—			16,120
Accrued salaries and wages	—			(2,817		)	(283		)	—			(3,100		)
Gaming, property and other taxes	—			899			14			—			913
Income taxes	—			59			2,121			(2,180		)	—
Other liabilities	—			1,589			286			—			1,875
Net cash provided by (used in) operating activities	—			571,089			280,998			(337,717		)	514,370
Investing activities
Capital project expenditures, net of reimbursements	—			(229		)	(101		)	—			(330		)
Capital maintenance expenditures	—			—			(3,111		)	—			(3,111		)
Proceeds from sale of property and equipment	—			897			237			—			1,134
Principal payments on loan receivable	—			—			3,150			—			3,150
Acquisition of real estate assets	—			—			(3,267,992		)	—			(3,267,992		)
Collection of principal payments on investment in direct financing lease	—			—			48,533			—			48,533
Net cash provided by (used in) investing activities	—			668			(3,219,284		)	—			(3,218,616		)
Financing activities
Dividends paid	(428,352		)	—			—			—			(428,352		)
Proceeds from exercise of options	113,484			—			—			—			113,484
Proceeds from issuance of common stock, net of issuance costs	870,810			—			—			—			870,810
Proceeds from issuance of long-term debt	—			2,552,000			—			—			2,552,000
Financing costs	—			(31,911		)	—			—			(31,911		)
Payments of long-term debt	—			(377,104		)	—			—			(377,104		)
Intercompany financing	(555,942		)	(2,711,684		)	2,929,909			337,717			—
Net cash (used in) provided by financing activities	—			(568,699		)	2,929,909			337,717			2,698,927
Net increase (decrease) in cash and cash equivalents	—			3,058			(8,377		)	—			(5,319		)
Cash and cash equivalents at beginning of period	—			8,716			33,159			—			41,875
Cash and cash equivalents at end of period	$	—		$	11,774		$	24,782		$	—		$	36,556



At December 31, 2015 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
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	—			—			2,554			(107		)	2,447
Other assets	—			55,094			3,014			—			58,108
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			—
Long-term debt, net of unamortized debt issuance costs	—			2,510,341			—			—			2,510,341
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			107,379			—			—			107,379
Deferred tax liabilities	—			—			339			(107		)	232
Other liabilities	—			16,303			1,384			—			17,687
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 accumulated (deficit) earnings	(1,189,890		)	(1,189,891		)	(944,520		)	2,134,411			(1,189,890		)
Total shareholders’ (deficit) equity	(253,514		)	(253,514		)	144,694			108,820			(253,514		)
Total liabilities and shareholders’ (deficit) equity	$	(253,514	)	$	2,435,632		$	347,997		$	(81,960	)	$	2,448,155



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

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

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



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

Decrease (increase),
Prepaid expenses and other assets	—			(9,988		)	1,699			(1,423		)	(9,712		)
Intercompany	—			2,484			(2,484		)	—			—
(Decrease) increase,	0			0						0
Accounts payable	—			(1,013		)	67			—			(946		)
Accrued expenses	—			4,104			137			—			4,241
Accrued interest	—			95			—			—			95
Accrued salaries and wages	—			715			423			—			1,138
Gaming, property and other taxes	—			(898		)	(58		)	—			(956		)
Income taxes	—			125			(1,548		)	1,423			—
Other liabilities	—			1,934			(35		)	—			1,899
Net cash provided by (used in) operating activities	—			311,268			51,806			(43,386		)	319,688
Investing activities
Capital project expenditures, net of reimbursements	—			(10,252		)	(5,897		)	—			(16,149		)
Capital maintenance expenditures	—			—			(2,953		)	—			(2,953		)
Proceeds from sale of property and equipment	—			304			6			—			310
Funding of loan receivable	—			—			—			—			—
Principal payments on loan receivable	—			—			4,650			—			4,650
Net cash used in investing activities	—			(9,948		)	(4,194		)	—			(14,142		)
Financing activities
Dividends paid	(251,732		)	—			—			—			(251,732		)
Proceeds from exercise of options	29,686			—			—			—			29,686
Financing costs	—			(9,500		)	—			—			(9,500		)
Payments of long-term debt	—			(68,098		)	—			—			(68,098		)
Intercompany financing	219,403			(219,456		)	(43,333		)	43,386			—
Net cash (used in) provided by financing activities	(2,643		)	(297,054		)	(43,333		)	43,386			(299,644		)
Net (decrease) increase in cash and cash equivalents	(2,643		)	4,266			4,279			—			5,902
Cash and cash equivalents at beginning of period	2,643			4,450			28,880			—			35,973
Cash and cash equivalents at end of period	$	—		$	8,716		$	33,159		$	—		$	41,875



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

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

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



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

(Increase) decrease,
Prepaid expenses and other assets	(1,464		)	(10,741		)	(1,554		)	1,498			(12,261		)
Intercompany	800			(4,015		)	3,215			—			—
Increase (decrease),	0			0						0
Accounts payable	(16,995		)	15,526			(181		)	—			(1,650		)
Accrued expenses	(7,944		)	119			(619		)	—			(8,444		)
Accrued interest	—			(527		)	—			—			(527		)
Accrued salaries and wages	2,882			—			(638		)	—			2,244
Gaming, property and other taxes	871			—			(344		)	—			527
Income taxes	(1,441		)	(7,625		)	(6,490		)	(1,498		)	(17,054		)
Other liabilities	1,585			—			1,292			—			2,877
Net cash provided by (used in) operating activities	548,803			338,567			656,715			(1,270,826		)	273,259
Investing activities
Capital project expenditures, net of reimbursements	(1,613		)	(137,618		)	—			—			(139,231		)
Capital maintenance expenditures	—			—			(3,538		)	—			(3,538		)
Proceeds from sale of property and equipment	—			150			30			—			180
Funding of loan receivable	—			—			(43,000		)	—			(43,000		)
Principal payments on loan receivable	—			—			9,000			—			9,000
Acquisition of real estate	—			—			(140,730		)	—			(140,730		)
Net cash used in investing activities	(1,613		)	(137,468		)	(178,238		)	—			(317,319		)
Financing activities
Dividends paid, including the Purging Distribution	(494,104		)	—			—			—			(494,104		)
Proceeds from exercise of options	29,931			—			—			—			29,931
Proceeds from issuance of long-term debt	—			291,950			—			—			291,950
Financing costs	—			(306		)	—			—			(306		)
Payments of long-term debt	—			(32,024		)	—			—			(32,024		)
Intercompany financing	(122,540		)	(677,364		)	(470,922		)	1,270,826			—
Distribution in connection with 2013 Pre-Spin tax matter agreement	(635		)	—			—			—			(635		)
Net cash (used in) provided by financing activities	(587,348		)	(417,744		)	(470,922		)	1,270,826			(205,188		)
Net (decrease) increase in cash and cash equivalents	(40,158		)	(216,645		)	7,555			—			(249,248		)
Cash and cash equivalents at beginning of period	42,801			221,095			21,325			$	—		285,221
Cash and cash equivalents at end of period	$	2,643		$	4,450		$	28,880		$	—		$	35,973

Business and Basis of Presentation (Narrative) (Details) $ in Thousands, ft² in Millions			12 Months Ended
	Dec. 19, 2014 USD ($)	Feb. 18, 2014 USD ($)	Dec. 31, 2016 USD ($) ft² state property renewaloption
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio			36
Number of real estate properties			34
Number of states across which the portfolio of properties is diversified \| state			14
Net rentable area \| ft²			14.8
Real estate, occupancy percentage			100.00%
Purging Distribution
Organization Consolidation and Presentation of Financial Statements [Line Items]
Purging distribution \| $		$ 1,050,000
Pre-Filing Agreement Distribution
Organization Consolidation and Presentation of Financial Statements [Line Items]
Pre-filing agreement distribution \| $	$ 37,000
Pinnacle Entertainment, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Asset acquisition, consideration transferred \| $			$ 4,779,081
Penn National Gaming Inc
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract			15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption			4
Lessor leasing arrangements, operating lease, renewal term			5 years
Number of real estate properties			18
Pinnacle Entertainment, Inc. Meadows Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract			10 years
Pinnacle Entertainment, Inc. Meadows Lease Term One [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements operating leases number of renewal options \| renewaloption			3
Pinnacle Entertainment, Inc. Meadows Lease For First Three Terms [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating lease, renewal term			5 years
Pinnacle Entertainment, Inc. Meadows Lease Term Four [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements operating leases number of renewal options \| renewaloption			1
Pinnacle Entertainment, Inc. Meadows Lease For Fourth Term [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating lease, renewal term			4 years
Pinnacle Entertainment, Inc. Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract			10 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption			5
Lessor leasing arrangements, operating lease, renewal term			5 years
Number of real estate properties			14
Pinnacle Entertainment, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties			15

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details)	12 Months Ended
	Dec. 31, 2016
Maximum [Member]
Cash and Cash Equivalents [Line Items]
Investment maturity date for cash equivalent classification	3 months

Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016 USD ($) property state	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) property state	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Concentration Risk [Line Items]
Net Revenues	$ 238,799	$ 233,275	$ 207,361	$ 148,820	$ 128,689	$ 147,792	$ 149,867	$ 148,705	$ 828,255	$ 575,053	$ 591,068
Number of leased properties \| property	34								34
Number of states across which the portfolio of properties is diversified \| state	14								14
Penn National Gaming Inc
Concentration Risk [Line Items]
Net Revenues									$ 3,000,000	2,800,000	2,600,000
Pinnacle Entertainment, Inc.
Concentration Risk [Line Items]
Net Revenues									$ 2,400,000	$ 2,300,000	$ 2,200,000
Sales Revenue, Net [Member] \| Penn National Gaming Inc
Concentration Risk [Line Items]
Concentration risk, percentage									62.00%
Sales Revenue, Net [Member] \| Pinnacle Entertainment, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage									36.00%

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 36,556	$ 41,875
Deferred compensation plan assets	17,593	14,833
Loan receivable	26,200	29,350
Financial liabilities:
Senior unsecured credit facility	1,290,000	490,000
Senior unsecured notes	3,425,000	2,050,000
Fair Value
Financial assets:
Cash and cash equivalents	36,556	41,875
Deferred compensation plan assets	17,593	14,833
Loan receivable	26,200	29,350
Financial liabilities:
Senior unsecured credit facility	1,272,852	479,612
Senior unsecured notes	$ 3,573,500	$ 2,014,750

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements	12 Months Ended
	Dec. 31, 2016
Minimum [Member]
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	10 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	31 years

Summary of Significant Accounting Policies (Property and Equipment Used in Operations) (Details)	12 Months Ended
	Dec. 31, 2016
Land improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	15 years
Building and improvements \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	5 years
Building and improvements \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years
Furniture, fixtures, and equipment \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	3 years
Furniture, fixtures, and equipment \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years

Summary of Significant Accounting Policies (Goodwill and Other Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Goodwill	$ 75,521	$ 75,521
Other intangible assets	$ 9,577	$ 9,577

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income tax penalties and interest, net of deferred income taxes	$ 1	$ 59	$ 18
REIT taxable income distribution requirement	90.00%
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year	4 years

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Gaming and Admission Taxes
Gaming and admission taxes	$ 57.7	$ 60.1	$ 66.8

Summary of Significant Accounting Policies (Earnings Per Share) (Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic weighted-average common shares outstanding	178,594	114,432	112,037
Diluted weighted-average common shares outstanding	180,622	118,439	117,586
Employee stock options
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	1,699	3,755	5,340
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	171	170	209
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	158	82	0

Summary of Significant Accounting Policies (Earnings Per Share) (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Calculation of basic EPS:
Net income	$ 93,692	$ 89,600	$ 73,264	$ 32,749	$ 29,773	$ 33,229	$ 31,989	$ 33,131	$ 289,305	$ 128,122	$ 138,807
Less: Net income allocated to participating securities									(668)	(517)	(578)
Net income attributable to common shareholders									$ 288,637	$ 127,605	$ 138,229
Basic weighted-average common shares outstanding									178,594,000	114,432,000	112,037,000
Basic earnings per common share (in dollars per share)	$ 0.45	$ 0.43	$ 0.40	$ 0.28	$ 0.26	$ 0.29	$ 0.28	$ 0.29	$ 1.62	$ 1.12	$ 1.23
Calculation of diluted EPS:
Net income	$ 93,692	$ 89,600	$ 73,264	$ 32,749	$ 29,773	$ 33,229	$ 31,989	$ 33,131	$ 289,305	$ 128,122	$ 138,807
Diluted weighted-average common shares outstanding									180,622,000	118,439,000	117,586,000
Diluted earnings per common share (in dollars per share)	$ 0.45	$ 0.43	$ 0.39	$ 0.27	$ 0.25	$ 0.28	$ 0.27	$ 0.28	$ 1.60	$ 1.08	$ 1.18
Antidilutive securities excluded from computation of earnings per share (in shares)									23,954	24,233	17,917

Summary of Significant Accounting Policies (Segment Information) (Details)	12 Months Ended
	Dec. 31, 2016 segment
Segment Information
Number of reportable segments	2

Acquisitions (Narrative) (Details) $ in Thousands, shares in Millions		12 Months Ended
	Apr. 28, 2016 USD ($) shares	Dec. 31, 2016 USD ($) property renewaloption
Acquisitions
Number of Real Estate Properties \| property		34
Pinnacle Entertainment, Inc. Meadows Lease
Acquisitions
Lessor leasing arrangements, operating leases, term of contract		10 years
Pinnacle Entertainment, Inc. Meadows Lease Term One [Member]
Acquisitions
Lessor leasing arrangements operating leases number of renewal options \| renewaloption		3
Pinnacle Entertainment, Inc. Meadows Lease For First Three Terms [Member]
Acquisitions
Lessor leasing arrangements, operating lease, renewal term		5 years
Pinnacle Entertainment, Inc. Meadows Lease Term Four [Member]
Acquisitions
Lessor leasing arrangements operating leases number of renewal options \| renewaloption		1
Pinnacle Entertainment, Inc. Meadows Lease For Fourth Term [Member]
Acquisitions
Lessor leasing arrangements, operating lease, renewal term		4 years
Pinnacle Entertainment, Inc. Master Lease
Acquisitions
Lessor leasing arrangements, operating leases, term of contract		10 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption		5
Lessor leasing arrangements, operating lease, renewal term		5 years
Number of Real Estate Properties \| property		14
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods		35 years
The Meadows Racetrack and Casino
Acquisitions
Asset acquisition, consideration transferred		$ 322,900
Pinnacle Entertainment, Inc.
Acquisitions
Asset acquisition, consideration transferred		4,779,081
Asset Acquisition, Conversion of Share of Acquiree to Share of Acquirer	0.85
Stock Issued During Period, Shares, Acquisitions \| shares	56.0
Debt of Acquiree paid by Acquirer at Acquisition Date	$ 2,700,000
Payments for Seller's Transaction Fees by Acquirer Related to Real Estate Acquisitions		226,800
Payments for Transaction Fees Related to Real Estate Acquisitions		28,300
Asset acquisition, pro forma information, revenue from acquired properties since acquisition date, actual		237,500
Asset acquisition, pro forma information, operating expenses of acquired properties since acquisition date, actual		$ 36,200

Acquisitions (Consideration Transferred) (Details) - Pinnacle Entertainment, Inc. $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Acquisitions
Cash	$ 2,955,090
GLPI common stock	1,823,991
Fair value of total consideration transferred	$ 4,779,081

Acquisitions (Purchase Price Allocation Components) (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Business Combinations [Abstract]
Real estate investments, net	$ 1,422,547
Land rights, net	596,920
Investment in direct financing lease, net	2,759,244
Prepaid expenses	111
Other assets	259
Total purchase price	$ 4,779,081

Acquisitions (Purchase Price Allocation) (Narrative) (Details) - Pinnacle Entertainment, Inc. $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Acquisitions
Asset acquisition, consideration transferred, cash	$ 2,955,090
Asset acquisition, consideration transferred, equity interests issued or issuable.	$ 1,823,991

Real Estate Investments (Details) $ in Thousands	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($)
Real estate investments
Number of real estate properties \| property	34
Total real estate investments	$ 4,495,972	$ 2,750,867
Less accumulated depreciation	(756,881)	(660,808)
Real estate investments, net	3,739,091	2,090,059
Land and improvements
Real estate investments
Total real estate investments	2,057,391	453,739
Building and improvements
Real estate investments
Total real estate investments	$ 2,438,581	$ 2,297,128

Land Rights (Details) $ in Thousands	12 Months Ended
Land Rights (Details) $ in Thousands	Dec. 31, 2016 USD ($) property renewaloption	Dec. 31, 2015 USD ($)
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 596,921	$ 0
Less accumulated amortization	(6,163)	0
Land rights, net	590,758	0
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Land rights, net	590,758	$ 0
Ground leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense, land rights	6,200
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2017	9,244
2018	9,244
2019	9,244
2020	9,244
2021	9,244
Thereafter	$ 544,538
Ground leases [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	33 years
Ground leases [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years
Belterra Casino Resort [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	5 years
Lessor leasing arrangements operating leases number of renewal options \| property	9
Lessor leasing arrangements, operating lease, renewal term	5 years
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent	1.50%
Operating leases, revenue threshold for paying variable rent	$ 100,000
Ameristar East Chicago [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	30 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	2
Lessor leasing arrangements, operating lease, renewal term	30 years
Operating leases, frequency base rent is adjusted	3 years
River City Hotel and Casino [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	99 years
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent	2.50%
L'Auberge St. Charles [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	10 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	6
Lessor leasing arrangements, operating lease, renewal term	10 years

Property and Equipment Used in Operations (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property and equipment used in operations
Total property and equipment	$ 263,610	$ 261,082
Less accumulated depreciation	(144,183)	(131,335)
Property and equipment, net	119,427	129,747
Land and improvements
Property and equipment used in operations
Total property and equipment	30,965	31,187
Building and improvements
Property and equipment used in operations
Total property and equipment	117,350	117,314
Furniture, fixtures, and equipment
Property and equipment used in operations
Total property and equipment	114,965	112,227
Construction in progress
Property and equipment used in operations
Total property and equipment	$ 330	$ 354

Receivables (Investment in Direct Financing Lease, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Loans and Leases Receivable Disclosure [Line Items]
Minimum lease payments receivable	$ 3,405,131	$ 0
Unguaranteed residual value	689,811	0
Gross investment in direct financing lease	4,094,942	0
Less: unearned income	(1,384,231)	0
Investment in direct financing lease, net	$ 2,710,711	$ 0
Pinnacle Entertainment, Inc. Master Lease
Loans and Leases Receivable Disclosure [Line Items]
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	35 years

Receivables (Loan Receivable) (Details)	1 Months Ended	12 Months Ended
Receivables (Loan Receivable) (Details)	Jan. 31, 2014 USD ($)	Dec. 31, 2016 USD ($) renewaloption	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Amount paid for acquisition		$ (3,267,992,000)	$ 0	$ (140,730,000)
Loan receivable		$ 26,200,000	$ 29,350,000
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Amount paid for acquisition	$ (140,700,000)
Payments by registrant for term loans granted to third party	$ (43,000,000)
Term of term loan	5 years
Interest rate on term loan (as a percent)	7.00%
Mandatory Quarterly Principal Payment Due on Term Loan to Third Party, Percent		1.25%
Loan receivable		$ 26,200,000
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Annual rent of property leased back on a triple net basis		$ 14,200,000
Lessor leasing arrangements, operating leases, term of contract		15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption		4
Lessor leasing arrangements, operating lease, renewal term		5 years
Casino Queen \| Unsecured Debt [Member]
Loans and Leases Receivable Disclosure [Line Items]
Unsecured loan committed by GLPI (up to)		$ 13,000,000.0

Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Long-term debt
Long-term debt, gross	$ 4,716,341,000	$ 2,541,389,000
Unamortized debt issuance costs	(51,376,000)	(31,048,000)
Total long-term debt, net of unamortized debt issuance costs	4,664,965,000	2,510,341,000
Current maturities of long-term debt	(112,000)	(102,000)
Long-term debt, net of current maturities and unamortized debt issuance costs	4,664,853,000	2,510,239,000
Unsecured term loan A facility
Long-term debt
Long-term debt, gross	300,000,000	300,000,000
Unsecured term loan A -1 facility
Long-term debt
Long-term debt, gross	825,000,000	0
Unsecured $700 million revolver
Long-term debt
Long-term debt, gross	165,000,000	190,000,000
Debt Instrument face amount	700,000,000	700,000,000
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Long-term debt, gross	550,000,000	550,000,000
Debt Instrument face amount	$ 550,000,000	$ 550,000,000
Stated interest rate percentage on debt	4.375%	4.375%
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt, gross	$ 1,000,000,000	$ 1,000,000,000
Debt Instrument face amount	$ 1,000,000,000	$ 1,000,000,000
Stated interest rate percentage on debt	4.875%	4.875%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Long-term debt, gross	$ 400,000,000	$ 0
Debt Instrument face amount	$ 400,000,000
Stated interest rate percentage on debt	4.375%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt, gross	$ 500,000,000	500,000,000
Debt Instrument face amount	$ 500,000,000	$ 500,000,000
Stated interest rate percentage on debt	5.375%	5.375%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross	$ 975,000,000	$ 0
Debt Instrument face amount	$ 975,000,000
Stated interest rate percentage on debt	5.375%
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	$ 1,290,000,000
Capital lease
Long-term debt
Long-term debt, gross	$ 1,341,000	$ 1,389,000

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Future minimum repayments of long-term debt
2017	$ 112
2018	1,015,117
2019	123
2020	1,000,129
2021	1,225,135
Over 5 years	1,475,725
Long-term debt	$ 4,716,341	$ 2,541,389

Long-term Debt (Senior Unsecured Credit Facility) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,825,000,000
Long-term debt, gross	4,716,341,000	$ 2,541,389,000
Letters of credit outstanding	900,000
Available borrowing capacity	534,100,000
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	$ 1,290,000,000
Unsecured $700 million revolver
Long-term debt
Commitment fee percentage	0.30%
Minimum [Member] \| Unsecured $700 million revolver
Long-term debt
Commitment fee percentage	0.15%
Maximum [Member] \| Unsecured $700 million revolver
Long-term debt
Commitment fee percentage	0.35%
London Interbank Offered Rate (LIBOR) [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	1.75%
London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	1.00%
London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	2.00%
Base Rate [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	0.75%
Base Rate [Member] \| Minimum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	0.00%
Base Rate [Member] \| Maximum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	1.00%
Unsecured $700 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 700,000,000
Outstanding balance on revolving credit facility	165,000,000
Unsecured term loan A facility
Long-term debt
Line of credit facility, maximum borrowing capacity	300,000,000
Unsecured term loan A -1 facility
Long-term debt
Line of credit facility, maximum borrowing capacity	825,000,000
Term Loan Facilities [Member]
Long-term debt
Outstanding balance on revolving credit facility	$ 1,125,000,000

Long-term Debt (Senior Unsecured Notes) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) subsidiary	Dec. 31, 2015 USD ($)
Long-term debt
Long-term debt	$ 4,664,965,000	$ 2,510,341,000
Long-term debt, gross	$ 4,716,341,000	2,541,389,000
Number of wholly-owned subsidiary note issuers \| subsidiary	2
Senior Unsecured Notes 4.375 Percent Due 2021 [Member]
Long-term debt
Debt Instrument, Face Amount	$ 400,000,000
Stated interest rate percentage on debt	4.375%
Long-term debt, gross	$ 400,000,000	0
Senior Unsecured Notes 5.375 Percent Due 2026 [Member]
Long-term debt
Debt Instrument, Face Amount	$ 975,000,000
Stated interest rate percentage on debt	5.375%
Long-term debt, gross	$ 975,000,000	0
Senior Unsecured Notes 4.375 Percent Due 2018 [Member]
Long-term debt
Debt Instrument, Face Amount	$ 550,000,000	$ 550,000,000
Stated interest rate percentage on debt	4.375%	4.375%
Long-term debt, gross	$ 550,000,000	$ 550,000,000
Senior Unsecured Notes 4.875 Percent Due 2020 [Member]
Long-term debt
Debt Instrument, Face Amount	$ 1,000,000,000	$ 1,000,000,000
Stated interest rate percentage on debt	4.875%	4.875%
Long-term debt, gross	$ 1,000,000,000	$ 1,000,000,000
Senior Unsecured Notes 5.375 Percent Due 2023 [Member]
Long-term debt
Debt Instrument, Face Amount	$ 500,000,000	$ 500,000,000
Stated interest rate percentage on debt	5.375%	5.375%
Long-term debt, gross	$ 500,000,000	$ 500,000,000
Senior Notes [Member]
Long-term debt
Debt instrument redemption price, percentage	100.00%
Senior Notes [Member] \| Change of Control [Member]
Long-term debt
Debt instrument redemption price, percentage	101.00%
Minimum [Member]
Long-term debt
Number of days prior to maturity notes can be redeemed and receive make-whole redemption premium	90 days

Long-term Debt (Capital Lease) (Narrative) (Details)	12 Months Ended
Long-term Debt (Capital Lease) (Narrative) (Details)	Dec. 31, 2016
Capital lease
Long-term debt
Debt instrument term	30 years

Long-term Debt (Bridge Facility) (Details)	12 Months Ended
Long-term Debt (Bridge Facility) (Details)	Dec. 31, 2016 USD ($)
Long-term debt
Maximum borrowing capacity	$ 1,825,000,000
Bridge Facility [Member]
Long-term debt
Maximum borrowing capacity	$ 1,875,000,000
Debt instrument term	364 days

Commitments and Contingencies (Operating Lease Commitments) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) property renewaloption	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Operating Leased Assets [Line Items]
Operating leases, rent expense \| $	$ 11.0	$ 5.4	$ 4.0
Casino in Biloxi Mississippi [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	99 years
Lease agreement period after which annual lease rental will be increased at specified percentage	5 years
Lease agreement percentage increase in annual lease rental after specified period	15.00%
Casino in Tunica Mississippi [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	5 years
Leasing arrangements operating leases number of renewal options	9
Leasing arrangements, operating leases, renewal term	5 years
Lease agreement percentage of gross revenue for determination of annual revenue sharing provision	4.00%
City of Bangor [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	15 years
Leasing arrangements operating leases number of renewal options	3
Leasing arrangements, operating leases, renewal term	10 years
Operating leases, rent expense, minimum rentals \| $	$ 0.1
Pinnacle Entertainment, Inc. Master Lease
Operating Leased Assets [Line Items]
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	35 years
Lessor leasing arrangements operating leases number of renewal options	5
Lessor leasing arrangements, operating lease, renewal term	5 years
Belterra Casino Resort [Member]
Operating Leased Assets [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	5 years
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent	1.50%
Operating leases, revenue threshold for paying variable rent \| $	$ 100.0
Lessor leasing arrangements operating leases number of renewal options \| property	9
Lessor leasing arrangements, operating lease, renewal term	5 years
Ameristar East Chicago [Member]
Operating Leased Assets [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	30 years
Operating leases, frequency base rent is adjusted	3 years
Lessor leasing arrangements operating leases number of renewal options	2
Lessor leasing arrangements, operating lease, renewal term	30 years
River City Hotel and Casino [Member]
Operating Leased Assets [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	99 years
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent	2.50%
L'Auberge St. Charles [Member]
Operating Leased Assets [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	10 years
Lessor leasing arrangements operating leases number of renewal options	6
Lessor leasing arrangements, operating lease, renewal term	10 years

Commitments and Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2017	$ 8,693
2018	8,633
2019	8,182
2020	7,543
2021	7,552
Thereafter	482,942
Total	$ 523,545

Commitments and Contingencies (Capital Expenditure Commitments) (Details) $ in Millions	Dec. 31, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Construction program capital expenditures for next fiscal year	$ 0.4

Commitments and Contingencies (Purchase Obligations) (Details) $ in Millions	Dec. 31, 2016 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligations	$ 0.2

Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.3	$ 0.3	$ 0.3
Deferred compensation arrangement employer contribution vesting period	5 years
Deferred compensation arrangement with individual, employer contribution	$ 0.7	0.5	$ 0.4
Deferred compensation plan liabilities	17.7	14.9
Deferred compensation plan assets	$ 17.6	$ 14.8
Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	6.00%

Commitments and Contingencies (Labor Agreements) (Details)	12 Months Ended
	Dec. 31, 2016 employee
Labor Agreements [Line Items]
Agreements with SEATU Union number of employees	210
Maximum [Member] \| Number of Employees, Total [Member] \| Unionized Employees Concentration Risk [Member]
Labor Agreements [Line Items]
Threshold number of employees under agreement for separate disclosure of unions (more than)	50

Revenue Recognition (Narrative) (Details)	12 Months Ended
Revenue Recognition (Narrative) (Details)	Dec. 31, 2016 USD ($) property renewaloption	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Revenue, Major Customer [Line Items]
Number of real estate properties \| property	34
Contingent revenue \| $	$ 9,100,000	$ 4,000,000	$ 500,000
Penn National Gaming Inc
Revenue, Major Customer [Line Items]
Number of real estate properties \| property	18
Annual rent escalator	2.00%
Operating leases, frequency the property performance-based rent structure is adjusted	5 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	35 years
Lessor leasing arrangements, operating leases, term of contract	15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	4
Lessor leasing arrangements, operating lease, renewal term	5 years
Penn National Gaming Inc \| Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue, Major Customer [Line Items]
Percentage of the change in net revenues from the preceding month (of 2 facilities under the Master Lease) used for adjustment in rent structure	20.00%
Contingent revenue \| $	$ 43,800,000	$ 43,500,000	$ 40,500,000
Penn National Gaming Inc \| All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue, Major Customer [Line Items]
Period used in calculation of average net revenues	5 years
Pinnacle Entertainment, Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property	14
Capital leases, annual rental escalation percentage	2.00%
Capital leases, frequency the property performance-based rent structure is adjusted	2 years
Capital leases, percent of the average changes in net revenues of property used to calculate rent increase	4.00%
Period used in calculation of average net revenues	2 years
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	35 years
Lessor leasing arrangements, operating leases, term of contract	10 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	5
Lessor leasing arrangements, operating lease, renewal term	5 years
Pinnacle Entertainment, Inc. Meadows Lease
Revenue, Major Customer [Line Items]
Annual rent escalator	5.00%
Operating leases, frequency the property performance-based rent structure is adjusted	2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Period used in calculation of average net revenues	2 years
Annual rent escalator over a period of time contingent upon the achievement of certain rent coverage ratio threshold (in percentage)	5.00%
Period existing upon achievement of certain rent coverage ratio	10 years
Amount of rent available upon achievement of certain rent coverage ratio \| $	$ 31,000,000.0
Percentage at which rent escalation will be reduced upon achievement of certain threshold	2.00%
Lessor leasing arrangements, operating leases, term of contract	10 years
Casino Queen
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods	35 years
Annual rent escalator	2.00%
Operating leases, frequency the property performance-based rent structure is adjusted	5 years
Percent of the average changes in net revenues of property used to calculate rent increase	4.00%
Period used in calculation of the average change in net revenues	5 years
Lessor leasing arrangements, operating leases, term of contract	15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	4
Lessor leasing arrangements, operating lease, renewal term	5 years

Revenue Recognition (Future Minimum Lease Payments Receivable - Operating Leases (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Future Rental Payments Receivable
2017	$ 683,200
2018	671,380
2019	622,203
2020	622,203
2021	622,203
Thereafter	17,003,035
Total	20,224,224
Straight-Line Rent Adjustments
2017	(64,981)
2018	(50,641)
2019	11,141
2020	11,141
2021	11,141
Thereafter	248,251
Total	166,052
Future Income to be Recognized Related to Operating Leases
2017	618,219
2018	620,739
2019	633,344
2020	633,344
2021	633,344
Thereafter	17,251,286
Total	$ 20,390,276

Revenue Recognition (Expected Cash Receipts from Direct Financing Lease) (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Cash Receipts to be Recorded as Income
2017	$ 68,672
2018	66,509
2019	64,722
2020	63,057
2021	61,391
Thereafter	1,059,880
Total	1,384,231
Cash Receipts to be Applied Against the Investment in Direct Financing Lease
2017	73,073
2018	45,244
2019	32,881
2020	34,546
2021	36,212
Thereafter	1,798,944
Total	$ 2,020,900

Revenue Recognition (Components of Gaming Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue from External Customer [Line Items]
Gaming Revenue	$ 138,594	$ 142,310	$ 148,283
Video lottery
Revenue from External Customer [Line Items]
Gaming Revenue	119,390	122,292	127,572
Table game
Revenue from External Customer [Line Items]
Gaming Revenue	18,069	18,799	19,120
Poker
Revenue from External Customer [Line Items]
Gaming Revenue	$ 1,135	$ 1,219	$ 1,591

Revenue Recognition (Amounts Included in Promotional Allowance) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue from External Customer [Line Items]
Promotional Allowances	$ 5,610	$ 5,595	$ 5,773
Food and beverage
Revenue from External Customer [Line Items]
Promotional Allowances	5,482	5,512	5,732
Other
Revenue from External Customer [Line Items]
Promotional Allowances	$ 128	$ 83	$ 41

Revenue Recognition (Estimated Cost of Providing Complimemtary Services) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue from External Customer [Line Items]
Cost of Complimentary Services	$ 2,366	$ 2,381	$ 2,781
Food and beverage
Revenue from External Customer [Line Items]
Cost of Complimentary Services	2,305	2,343	2,766
Other
Revenue from External Customer [Line Items]
Cost of Complimentary Services	$ 61	$ 38	$ 15

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Accrued expenses	$ 1,655	$ 2,125
Property and equipment	5,818	4,414
Net deferred tax assets	7,473	6,539
Deferred tax liabilities:
Property and equipment	(2,192)	(2,959)
Intangibles	(1,624)	(1,365)
Net deferred tax liabilities	(3,816)	(4,324)
Net:	$ 3,657	$ 2,215

Income Taxes (Provision for Income Taxes - Current and Deferred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current tax expense
Federal	$ 6,004	$ 4,945	$ 6,115
State	3,076	3,310	2,303
Total current	9,080	8,255	8,418
Deferred tax (benefit) expense
Federal	(1,324)	(533)	(2,680)
State	(211)	(280)	(625)
Deferred income taxes	(1,535)	(813)	(3,305)
Total provision	$ 7,545	$ 7,442	$ 5,113

Income Taxes (Effective Income Tax Rate Reconciliation, Percent) (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	35.00%	35.00%	35.00%
State and local income taxes	0.70%	1.30%	0.70%
REIT conversion benefit	(33.20%)	(31.30%)	(31.80%)
Other miscellaneous items	0.00%	0.50%	(0.30%)
Effective income tax rate reconciliation, effective income tax rate, percent	2.50%	5.50%	3.60%

Income Taxes (Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax	$ 103,897	$ 47,447	$ 50,372
State and local income taxes	2,039	1,702	964
REIT conversion benefit	(98,459)	(42,438)	(45,777)
Permanent differences	44	61	52
Other miscellaneous items	24	670	(498)
Total provision	$ 7,545	$ 7,442	$ 5,113

Shareholders' Equity (Common Stock) (Details) - USD ($)				5 Months Ended	12 Months Ended
Shareholders' Equity (Common Stock) (Details) - USD ($)	Aug. 09, 2016	Apr. 28, 2016	Apr. 06, 2016	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock			$ 825,200,000
Proceeds from issuance of common stock, net of issuance costs					$ 870,810,000	$ 0	$ 0
Common Stock
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			28,750,000		86,074,167
Shares Issued, Price Per Share			$ 30.00
At The Market Program [Member]
Class of Stock [Line Items]
Shares Authorized to Be Issued, Value, New Shares	$ 400,000,000
Stock Issued During Period, Shares, New Issues				1,321,999
Proceeds from Issuance of Common Stock				$ 46,300,000
Proceeds from issuance of common stock, net of issuance costs				45,600,000
Common Stock, Value, Remaining Under Amount Authorized to be Issued				$ 353,700,000	$ 353,700,000
Maximum [Member] \| At The Market Program [Member]
Class of Stock [Line Items]
At The Market Offering Program, Percentage of Commission to be Received on Gross Sales Price of Shares Sold	2.00%
At The Market Offering Program, Percentage of Commission to be Paid on Sale Price of Borrowed Shares of Common Stock	2.00%
Weighted average \| At The Market Program [Member]
Class of Stock [Line Items]
Shares Issued, Price Per Share				$ 35.00	$ 35.00
Over-Allotment Option [Member] \| Common Stock
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			3,750,000
Pinnacle Entertainment, Inc.
Class of Stock [Line Items]
Stock Issued During Period, Shares, Acquisitions		56,000,000

Shareholders' Equity (Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands																									3 Months Ended												12 Months Ended
	Dec. 16, 2016	Nov. 04, 2016	Sep. 23, 2016	Aug. 03, 2016	Jun. 17, 2016	Apr. 25, 2016	Mar. 25, 2016	Jan. 29, 2016	Dec. 18, 2015	Oct. 28, 2015	Sep. 25, 2015	Jul. 30, 2015	Jun. 26, 2015	May 01, 2015	Mar. 27, 2015	Feb. 03, 2015	Dec. 19, 2014	Nov. 18, 2014	Sep. 26, 2014	Sep. 03, 2014	Jun. 27, 2014	May 30, 2014	Mar. 28, 2014	Feb. 18, 2014	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends [Abstract]
Dividends Payable, Date Declared		Nov. 04, 2016		Aug. 03, 2016		Apr. 25, 2016		Jan. 29, 2016		Oct. 28, 2015		Jul. 30, 2015		May 01, 2015		Feb. 03, 2015		Nov. 18, 2014		Sep. 03, 2014		May 30, 2014		Feb. 18, 2014
Dividends Payable, Date of Record																									Dec. 05, 2016	Sep. 12, 2016	Jun. 02, 2016	Feb. 22, 2016	Dec. 01, 2015	Sep. 14, 2015	Jun. 11, 2015	Mar. 10, 2015	Dec. 02, 2014	Sep. 15, 2014	Jun. 12, 2014	Mar. 07, 2014
Common stock, dividends, per share, declared		$ 0.60		$ 0.60		$ 0.56		$ 0.56		$ 0.545		$ 0.545		$ 0.545		$ 0.545		$ 0.92		$ 0.52		$ 0.52		$ 0.52
Common stock, dividends per share, cash paid	$ 0.60		$ 0.60		$ 0.56		$ 0.56		$ 0.545		$ 0.545		$ 0.545		$ 0.545		$ 0.92		$ 0.52		$ 0.52		$ 0.52														$ 2.32	$ 2.18	$ 2.48
Dividends Payable, Date to be Paid																									Dec. 16, 2016	Sep. 23, 2016	Jun. 17, 2016	Mar. 25, 2016	Dec. 18, 2015	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015	Dec. 19, 2014	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014
Payments of Ordinary Dividends, Common Stock	$ 124,466		$ 124,262		$ 113,212		$ 65,345		$ 62,814		$ 62,456		$ 62,348		$ 62,072		$ 103,712		$ 58,464		$ 58,207		$ 58,008

Shareholders' Equity (Dividends) (Narrative) (Details) - USD ($)																										12 Months Ended
	Dec. 16, 2016	Nov. 04, 2016	Sep. 23, 2016	Aug. 03, 2016	Jun. 17, 2016	Apr. 25, 2016	Mar. 25, 2016	Jan. 29, 2016	Dec. 18, 2015	Oct. 28, 2015	Sep. 25, 2015	Jul. 30, 2015	Jun. 26, 2015	May 01, 2015	Mar. 27, 2015	Feb. 03, 2015	Dec. 19, 2014	Nov. 18, 2014	Sep. 26, 2014	Sep. 03, 2014	Jun. 27, 2014	May 30, 2014	Mar. 28, 2014	Feb. 18, 2014	Feb. 13, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends
Dividends, share-based compensation																										$ 1,100,000	$ 2,000,000	$ 4,000,000
Taxable income distributions, percent																											100.00%
Common stock, dividends per share, cash paid	$ 0.60		$ 0.60		$ 0.56		$ 0.56		$ 0.545		$ 0.545		$ 0.545		$ 0.545		$ 0.92		$ 0.52		$ 0.52		$ 0.52			$ 2.32	$ 2.18	$ 2.48
Quarterly dividend declared (in dollars per share)		$ 0.60		$ 0.60		$ 0.56		$ 0.56		$ 0.545		$ 0.545		$ 0.545		$ 0.545		$ 0.92		$ 0.52		$ 0.52		$ 0.52
Purging Distribution
Dividends
Dividends, share-based compensation																								$ 1,000,000
Purging distribution																								1,050,000,000
Total cash limitation on purging distribution																								$ 210,000,000.0
Common stock outstanding (in shares)																								88,691,827
Percentage of stockholders who elected the cash distribution																								54.30%
Percentage of stockholders who elected a stock distribution or made no election																								45.70%
Cash dividend distributed per common share held by shareholders who elected cash distribution (in dollars per share)																								$ 4.358049
Stock dividend distributed per common share held by shareholders who elected cash distribution																								0.195747
Stock dividend distributed per common share held by shareholders who elected stock distribution or made no election																								0.309784
Period of trading days taken for calculation of volume weighted average price																									3 days
Common Stock Dividends, Shares																								22,000,000
Purging Distribution \| Weighted average
Dividends
Volume weighted average price (in dollars per share)																									$ 38.2162
Pre-Filing Agreement Distribution
Dividends
Dividends, share-based compensation																	$ 700,000
Pre-filing agreement distribution																	$ 37,000,000
Regular dividend
Dividends
Common stock, dividends per share, cash paid																	$ 0.52
Quarterly dividend declared (in dollars per share)																		0.52
One-time dividends
Dividends
Common stock, dividends per share, cash paid																	$ 0.40
Quarterly dividend declared (in dollars per share)																		$ 0.40

Shareholders' Equity (Dividend Classification) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 2.32	$ 2.18	$ 14.32
Classification of distribution as a percent	100.00%	100.00%	100.00%
Qualified dividends
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 0.1050	$ 0.0698	$ 12.24
Classification of distribution as a percent	4.53%	3.21%	85.47%
Non-qualified dividends
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 2.0746	$ 1.9462	$ 1.90
Classification of distribution as a percent	89.42%	89.45%	13.27%
Capital gains
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 0.0624	$ 0.0012	$ 0.16
Classification of distribution as a percent	2.69%	0.00%	1.12%
Non-taxable return of capital
Dividends
Common stock, dividends including purge distribution, per share, cash paid	$ 0.0780	$ 0.1628	$ 0.02
Classification of distribution as a percent	3.36%	7.34%	0.14%

Stock-Based Compensation (Stock Options Issued and Outstanding) (Details) - Employee stock options $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares) \| shares	7,927,066
Exercised (in shares) \| shares	(5,870,282)
Canceled (in shares) \| shares	(402)
Outstanding at end of period (in shares) \| shares	2,056,382
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at period start (in dollars per share) \| $ / shares	$ 19.82
Exercised (in dollars per share) \| $ / shares	19.67
Canceled (in dollars per share) \| $ / shares	15.78
Outstanding at period end (in dollars per share) \| $ / shares	$ 20.25
Weighted average remaining contractual term, outstanding options	1 year 5 months 26 days
Aggregate intrinsic value of outstanding stock options \| $	$ 21,411

Stock-Based Compensation (Options Outstanding and Exercisable by Price Range) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Exercise Price Range From Dollars 17.33 to Dollars 26.45 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, number of outstanding options	2,015,909
Weighted average remaining contractual term, outstanding options	1 year 6 months 3 days
Exercise price range, outstanding options, weighted average exercise price (in dollars per share)	$ 20.01
Exercise price range, number of exercisable options	2,015,909
Exercise price range, exercisable options, weighted average exercise price (in dollars per share)	$ 20.01
Exercise price range, lower range limit	17.33
Exercise price range, upper range limit	$ 26.45
Exercise Price Range From Dollars 28.63 to Dollars 35.87 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, number of outstanding options	40,473
Weighted average remaining contractual term, outstanding options	6 months 14 days
Exercise price range, outstanding options, weighted average exercise price (in dollars per share)	$ 32.25
Exercise price range, number of exercisable options	40,473
Exercise price range, exercisable options, weighted average exercise price (in dollars per share)	$ 32.25
Exercise price range, lower range limit	28.63
Exercise price range, upper range limit	$ 35.87
Employee stock options
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	2,056,382	7,927,066
Weighted average remaining contractual term, outstanding options	1 year 5 months 26 days
Weighted average exercise price of outstanding options (in dollars per share)	$ 20.25	$ 19.82
Number of options exercisable	2,056,382
Weighted average exercise price of exercisable options (in dollars per share)	$ 20.25

Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at the beginning of the period (in shares)	463,764	468,841
Granted (in shares)	168,966	164,612
Released (in shares)	(204,596)	(160,234)
Canceled (in shares)	(14,892)	(9,455)
Outstanding at the end of the period (in shares)	413,242	463,764
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning of Period	$ 32.76	$ 34.31
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	27.80	29.37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	33.21	33.85
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	30.51	32.38
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, End of Period	$ 30.59	$ 32.76

Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,091,556	543,556
Granted (in shares)	558,000	548,000
Released (in shares)	0	0
Canceled (in shares)	(543,556)	0
Outstanding at the end of the period (in shares)	1,106,000	1,091,556
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning of Period	$ 20.10	$ 22.93
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	17.22	17.29
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	22.93	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, End of Period	$ 17.25	$ 20.10

Stock-Based Compensation (Narrative) (Details) - USD ($)													12 Months Ended
	Dec. 16, 2016	Sep. 23, 2016	Jun. 17, 2016	Mar. 25, 2016	Dec. 18, 2015	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015	Dec. 19, 2014	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance													3,496,611
Number of awards converted per award held															2
Common stock, dividends per share, cash paid	$ 0.60	$ 0.60	$ 0.56	$ 0.56	$ 0.545	$ 0.545	$ 0.545	$ 0.545	$ 0.92	$ 0.52	$ 0.52	$ 0.52	$ 2.32	$ 2.18	$ 2.48
Period of total shareholder return upon which the percentage of shares vesting at the end of the measurement period will be based													3 years
Period of return of the MSCI US REIT index against which total shareholder return measured													3 years
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost													$ 0
Allocated share-based compensation expense													20,000	$ 2,800,000	$ 5,800,000
Allocated share based compensation expense related to dividend paid													$ 4,500,000	11,300,000	15,300,000
Number of exercisable options outstanding													2,056,382
Weighted average exercise price of exercisable options outstanding (in dollars per share)													$ 20.25
Intrinsic value of exercisable options outstanding													$ 21,400,000
Weighted average remaining contractual term of exercisable options													1 year 5 months 26 days
Aggregate intrinsic value of options exercised													$ 75,000,000	47,800,000	43,100,000
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost													$ 5,700,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost													1 year 4 months 25 days
Allocated share-based compensation expense													$ 7,300,000	5,900,000	3,600,000
Fair value of restricted stock awards released in period													5,300,000	4,500,000	4,900,000
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost													$ 9,600,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost													1 year 8 months 4 days
Allocated share-based compensation expense													$ 11,000,000	8,100,000	2,900,000
Performance-based restricted stock awards \| End Of Measurement Period Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards vesting period													3 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost													$ 100,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost													1 month 2 days
Allocated share-based compensation expense													$ 1,200,000	3,700,000	2,500,000
Allocated share based compensation expense related to dividend paid													56,000	200,000	800,000
Share-based liabilities paid for cash-settled awards													$ 2,300,000	$ 3,800,000	$ 3,700,000

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment information
Net Revenues	$ 238,799	$ 233,275	$ 207,361	$ 148,820	$ 128,689	$ 147,792	$ 149,867	$ 148,705	$ 828,255	$ 575,053	$ 591,068
Income from operations	148,863	143,306	120,817	67,637	64,453	65,291	62,871	64,800	480,623	257,415	258,506
Interest, net									183,773	121,851	114,586
Income before income taxes									296,850	135,564	143,920
Income tax expense									7,545	7,442	5,113
Net income	93,692	$ 89,600	$ 73,264	$ 32,749	29,773	$ 33,229	$ 31,989	$ 33,131	289,305	128,122	138,807
Depreciation									109,554	109,783	106,843
Capital project expenditures, net of reimbursements									330	16,149	139,231
Capital maintenance expenditures									3,111	2,953	3,538
Total assets	7,369,330				2,448,155				7,369,330	2,448,155
Eliminations
Segment information
Net Revenues									0	0	0
Income from operations									0	0	0
Interest, net									(10,406)	(10,406)	(10,408)
Income before income taxes									0	0	0
Income tax expense									0	0	0
Net income									0	0	0
Depreciation									0	0	0
Capital project expenditures, net of reimbursements									0	0	0
Capital maintenance expenditures									0	0	0
Total assets	0				0				0	0
GLP Capital
Segment information
Net Revenues									684,204	427,125	436,944
Income from operations									454,682	232,701	234,971
Interest, net									183,777	121,855	114,588
Income before income taxes									281,311	121,252	130,791
Income tax expense									1,016	1,338	211
Net income									280,295	119,914	130,580
Depreciation									98,171	97,424	94,582
Capital project expenditures, net of reimbursements									229	10,252	139,231
Capital maintenance expenditures									0	0	0
Total assets	7,156,501				2,223,373				7,156,501	2,223,373
TRS Properties
Segment information
Net Revenues									144,051	147,928	154,124
Income from operations									25,941	24,714	23,535
Interest, net									10,402	10,402	10,406
Income before income taxes									15,539	14,312	13,129
Income tax expense									6,529	6,104	4,902
Net income									9,010	8,208	8,227
Depreciation									11,383	12,359	12,261
Capital project expenditures, net of reimbursements									101	5,897	0
Capital maintenance expenditures									3,111	2,953	$ 3,538
Total assets	$ 212,829				$ 224,782				$ 212,829	$ 224,782

Summarized Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Selected Quarterly Financial Information [Abstract]
Net Revenues	$ 238,799	$ 233,275	$ 207,361	$ 148,820	$ 128,689	$ 147,792	$ 149,867	$ 148,705	$ 828,255	$ 575,053	$ 591,068
Income from operations	148,863	143,306	120,817	67,637	64,453	65,291	62,871	64,800	480,623	257,415	258,506
Net income	$ 93,692	$ 89,600	$ 73,264	$ 32,749	$ 29,773	$ 33,229	$ 31,989	$ 33,131	$ 289,305	$ 128,122	$ 138,807
Earnings Per Share
Basic earnings per common share (in dollars per share)	$ 0.45	$ 0.43	$ 0.40	$ 0.28	$ 0.26	$ 0.29	$ 0.28	$ 0.29	$ 1.62	$ 1.12	$ 1.23
Diluted earnings per common share (in dollars per share)	$ 0.45	$ 0.43	$ 0.39	$ 0.27	$ 0.25	$ 0.28	$ 0.27	$ 0.28	$ 1.60	$ 1.08	$ 1.18

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 7,362	$ 9,785	$ 20,092
Cash paid for interest	$ 154,527	$ 109,966	$ 109,376

Related Party Transactions (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 19, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Wyomissing Professional Center Inc \| Chief Executive Officer
Related Party Transaction [Line Items]
Purchases from related party	$ 725
Amount of related party transaction	$ 270		$ 433	$ 244
CB Consulting Group LLC \| Chairman of the Board and Chief Executive Officer's Son
Related Party Transaction [Line Items]
Amount of related party transaction			175	$ 59
Percentage of construction cost paid to Construction Manager for management services				3.00%
Wyomissing Professional Center Owners' Association \| Chief Executive Officer
Related Party Transaction [Line Items]
Amount of related party transaction		$ 30	$ 10

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets
Real estate investments, net	$ 3,739,091	$ 2,090,059
Land rights, net	590,758	0
Property and equipment, used in operations, net	119,427	129,747
Investment in direct financing lease, net	2,710,711	0
Cash and cash equivalents	36,556	41,875	$ 35,973	$ 285,221
Prepaid expenses	7,477	7,908
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net	0	3,563
Loan receivable	26,200	29,350
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets	3,922	2,447
Other assets	50,090	58,108
Total assets	7,369,330	2,448,155
Liabilities
Accounts payable	1,079	406
Accrued expenses	6,590	9,580
Accrued interest	33,743	17,623
Accrued salaries and wages	10,619	13,719
Gaming, property, and other taxes	32,584	24,702
Income taxes	0	0
Long-term debt, net of unamortized debt issuance costs	4,664,965	2,510,341
Intercompany loan payable	0	0
Deferred rental revenue	166,052	107,379
Deferred tax liabilities	265	232
Other liabilities	19,564	17,687
Total liabilities	4,935,461	2,701,669
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2016 or December 31, 2015	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,676,827 and 115,594,321 shares issued at December 31, 2016 and December 31, 2015, respectively)	2,077	1,156
Additional paid-in capital	3,760,729	935,220
Retained accumulated (deficit) earnings	(1,328,937)	(1,189,890)
Total shareholders’ equity (deficit)	2,433,869	(253,514)	(176,290)	137,452
Total liabilities and shareholders’ equity (deficit)	7,369,330	2,448,155
Debt issuance costs, accumulated amortization (in dollars)	$ 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 issued	207,676,827	115,594,321
Common stock, shares authorized	500,000,000	500,000,000
Consolidation, Eliminations
Assets
Real estate investments, net	$ 0	$ 0
Land rights, net	0
Property and equipment, used in operations, net	0	0
Investment in direct financing lease, net	0
Cash and cash equivalents	0	0	0	0
Prepaid expenses	742	2,922
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net	0	0
Loan receivable	0	0
Intercompany loan receivable	(193,595)	(193,595)
Intercompany transactions and investment in subsidiaries	(10,593,619)	108,820
Deferred tax assets	0	(107)
Other assets	0	0
Total assets	(10,786,472)	(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	742	2,922
Long-term debt, net of unamortized debt issuance costs	0	0
Intercompany loan payable	(193,595)	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities	0	(107)
Other liabilities	0	0
Total liabilities	(192,853)	(190,780)
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2016 or December 31, 2015	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,676,827 and 115,594,321 shares issued at December 31, 2016 and December 31, 2015, respectively)	(4,154)	(2,312)
Additional paid-in capital	(13,098,814)	(2,023,279)
Retained accumulated (deficit) earnings	2,509,349	2,134,411
Total shareholders’ equity (deficit)	(10,593,619)	108,820
Total liabilities and shareholders’ equity (deficit)	$ (10,786,472)	(81,960)
GLP Capital, L.P.
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries by parent company	100.00%
GLP Financing II, Inc.
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries by parent company	100.00%
Parent Guarantor
Assets
Real estate investments, net	$ 0	0
Land rights, net	0
Property and equipment, used in operations, net	0	0
Investment in direct financing lease, net	0
Cash and cash equivalents	0	0	2,643	42,801
Prepaid expenses	0	0
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net	0	0
Loan receivable	0	0
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,433,869	(253,514)
Deferred tax assets		0
Other assets	0	0
Total assets	2,433,869	(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
Long-term debt, net of unamortized debt issuance costs	0	0
Intercompany loan payable	0	0
Deferred rental revenue	0	0
Deferred tax liabilities	0	0
Other liabilities	0	0
Total liabilities	0	0
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2016 or December 31, 2015	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,676,827 and 115,594,321 shares issued at December 31, 2016 and December 31, 2015, respectively)	2,077	1,156
Additional paid-in capital	3,760,730	935,220
Retained accumulated (deficit) earnings	(1,328,938)	(1,189,890)
Total shareholders’ equity (deficit)	2,433,869	(253,514)
Total liabilities and shareholders’ equity (deficit)	$ 2,433,869	$ (253,514)
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	207,676,827	115,594,321
Common stock, shares authorized	500,000,000	500,000,000
Subsidiary Issuers
Assets
Real estate investments, net	$ 1,863,568	$ 1,955,290
Land rights, net	0
Property and equipment, used in operations, net	22,598	24,494
Investment in direct financing lease, net	0
Cash and cash equivalents	11,774	8,716	4,450	221,095
Prepaid expenses	3,106	3,768
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net	0	3,563
Loan receivable	0	0
Intercompany loan receivable	193,595	193,595
Intercompany transactions and investment in subsidiaries	5,211,835	191,112
Deferred tax assets	0	0
Other assets	37,335	55,094
Total assets	7,343,811	2,435,632
Liabilities
Accounts payable	413	127
Accrued expenses	434	4,737
Accrued interest	33,743	17,623
Accrued salaries and wages	7,911	10,728
Gaming, property, and other taxes	21,364	21,949
Income taxes	18	(41)
Long-term debt, net of unamortized debt issuance costs	4,664,965	2,510,341
Intercompany loan payable	0	0
Deferred rental revenue	163,204	107,379
Deferred tax liabilities	0	0
Other liabilities	17,890	16,303
Total liabilities	4,909,942	2,689,146
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2016 or December 31, 2015	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,676,827 and 115,594,321 shares issued at December 31, 2016 and December 31, 2015, respectively)	2,077	1,156
Additional paid-in capital	3,760,730	935,221
Retained accumulated (deficit) earnings	(1,328,938)	(1,189,891)
Total shareholders’ equity (deficit)	2,433,869	(253,514)
Total liabilities and shareholders’ equity (deficit)	7,343,811	2,435,632
Debt issuance costs, accumulated amortization (in dollars)	9,500	5,937
Non-Guarantor Subsidiaries [Member]
Assets
Real estate investments, net	1,875,523	134,769
Land rights, net	590,758
Property and equipment, used in operations, net	96,829	105,253
Investment in direct financing lease, net	2,710,711
Cash and cash equivalents	24,782	33,159	$ 28,880	$ 21,325
Prepaid expenses	3,629	1,218
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net	0	0
Loan receivable	26,200	29,350
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,947,915	(46,418)
Deferred tax assets	3,922	2,554
Other assets	12,755	3,014
Total assets	8,378,122	347,997
Liabilities
Accounts payable	666	279
Accrued expenses	6,156	4,843
Accrued interest	0	0
Accrued salaries and wages	2,708	2,991
Gaming, property, and other taxes	11,220	2,753
Income taxes	(760)	(2,881)
Long-term debt, net of unamortized debt issuance costs	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	2,848	0
Deferred tax liabilities	265	339
Other liabilities	1,674	1,384
Total liabilities	218,372	203,303
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2016 or December 31, 2015	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,676,827 and 115,594,321 shares issued at December 31, 2016 and December 31, 2015, respectively)	2,077	1,156
Additional paid-in capital	9,338,083	1,088,058
Retained accumulated (deficit) earnings	(1,180,410)	(944,520)
Total shareholders’ equity (deficit)	8,159,750	144,694
Total liabilities and shareholders’ equity (deficit)	$ 8,378,122	$ 347,997

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Rental income									$ 567,444	$ 392,075	$ 386,403
Income from direct financing lease									48,917	0	0
Real estate taxes paid by tenants									67,843	35,050	50,534
Total rental revenue and income from direct financing lease									684,204	427,125	436,937
Gaming									138,594	142,310	148,283
Food, beverage and other									11,067	11,213	11,621
Total revenues									833,865	580,648	596,841
Less promotional allowances									(5,610)	(5,595)	(5,773)
Net revenues	$ 238,799	$ 233,275	$ 207,361	$ 148,820	$ 128,689	$ 147,792	$ 149,867	$ 148,705	828,255	575,053	591,068
Operating expenses
Gaming									74,233	77,188	82,995
Food, beverage and other									8,230	8,586	9,734
Real estate taxes									69,448	36,412	52,154
General and administrative									86,167	85,669	80,836
Depreciation									109,554	109,783	106,843
Total operating expenses									347,632	317,638	332,562
Income from operations	148,863	143,306	120,817	67,637	64,453	65,291	62,871	64,800	480,623	257,415	258,506
Other income (expenses)
Interest expense									(185,896)	(124,183)	(117,030)
Interest income									2,123	2,332	2,444
Intercompany dividends and interest									0	0	0
Total other expenses									(183,773)	(121,851)	(114,586)
Income before income taxes									296,850	135,564	143,920
Income tax expense									7,545	7,442	5,113
Net income	$ 93,692	$ 89,600	$ 73,264	$ 32,749	$ 29,773	$ 33,229	$ 31,989	$ 33,131	289,305	128,122	138,807
Eliminations
Revenues
Rental income									0	0	0
Income from direct financing lease									0
Real estate taxes paid by tenants									0	0	0
Total rental revenue and income from direct financing lease									0	0	0
Gaming									0	0	0
Food, beverage and other									0	0	0
Total revenues									0	0	0
Less promotional allowances									0	0	0
Net revenues									0	0	0
Operating expenses
Gaming									0	0	0
Food, beverage and other									0	0	0
Real estate taxes									0	0	0
General and administrative									0	0	0
Depreciation									0	0	0
Total operating expenses									0	0	0
Income from operations									0	0	0
Other income (expenses)
Interest expense									0	0	0
Interest income									0	0	0
Intercompany dividends and interest									(337,717)	(43,386)	(1,270,826)
Total other expenses									(337,717)	(43,386)	(1,270,826)
Income before income taxes									(337,717)	(43,386)	(1,270,826)
Income tax expense									0	0	0
Net income									(337,717)	(43,386)	(1,270,826)
Parent Guarantor
Revenues
Rental income									0	0	0
Income from direct financing lease									0
Real estate taxes paid by tenants									0	0	0
Total rental revenue and income from direct financing lease									0	0	0
Gaming									0	0	0
Food, beverage and other									0	0	7
Total revenues									0	0	7
Less promotional allowances									0	0	0
Net revenues									0	0	7
Operating expenses
Gaming									0	0	0
Food, beverage and other									0	0	0
Real estate taxes									0	0	0
General and administrative									0	0	54,073
Depreciation									0	0	1,832
Total operating expenses									0	0	55,905
Income from operations									0	0	(55,898)
Other income (expenses)
Interest expense									0	0	(11)
Interest income									0	0	0
Intercompany dividends and interest									0	0	612,326
Total other expenses									0	0	612,315
Income before income taxes									0	0	556,417
Income tax expense									0	0	0
Net income									0	0	556,417
Subsidiary Issuers
Revenues
Rental income									383,553	378,075	373,231
Income from direct financing lease									0
Real estate taxes paid by tenants									41,441	33,041	48,570
Total rental revenue and income from direct financing lease									424,994	411,116	421,801
Gaming									0	0	0
Food, beverage and other									0	0	0
Total revenues									424,994	411,116	421,801
Less promotional allowances									0	0	0
Net revenues									424,994	411,116	421,801
Operating expenses
Gaming									0	0	0
Food, beverage and other									0	0	0
Real estate taxes									41,510	33,041	48,576
General and administrative									51,137	61,950	2,758
Depreciation									93,476	94,380	89,833
Total operating expenses									186,123	189,371	141,167
Income from operations									238,871	221,745	280,634
Other income (expenses)
Interest expense									(185,896)	(124,183)	(117,016)
Interest income									169	10	0
Intercompany dividends and interest									318,047	36,292	39,805
Total other expenses									132,320	(87,881)	(77,211)
Income before income taxes									371,191	133,864	203,423
Income tax expense									1,016	1,338	210
Net income									370,175	132,526	203,213
Non-Guarantor Subsidiaries [Member]
Revenues
Rental income									183,891	14,000	13,172
Income from direct financing lease									48,917
Real estate taxes paid by tenants									26,402	2,009	1,964
Total rental revenue and income from direct financing lease									259,210	16,009	15,136
Gaming									138,594	142,310	148,283
Food, beverage and other									11,067	11,213	11,614
Total revenues									408,871	169,532	175,033
Less promotional allowances									(5,610)	(5,595)	(5,773)
Net revenues									403,261	163,937	169,260
Operating expenses
Gaming									74,233	77,188	82,995
Food, beverage and other									8,230	8,586	9,734
Real estate taxes									27,938	3,371	3,578
General and administrative									35,030	23,719	24,005
Depreciation									16,078	15,403	15,178
Total operating expenses									161,509	128,267	135,490
Income from operations									241,752	35,670	33,770
Other income (expenses)
Interest expense									0	0	(3)
Interest income									1,954	2,322	2,444
Intercompany dividends and interest									19,670	7,094	618,695
Total other expenses									21,624	9,416	621,136
Income before income taxes									263,376	45,086	654,906
Income tax expense									6,529	6,104	4,903
Net income									$ 256,847	$ 38,982	$ 650,003

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income	$ 93,692	$ 89,600	$ 73,264	$ 32,749	$ 29,773	$ 33,229	$ 31,989	$ 33,131	$ 289,305	$ 128,122	$ 138,807
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									115,717	109,783	106,843
Amortization of debt issuance costs									15,146	14,016	8,057
(Gains) losses on dispositions of property									(455)	185	10
Deferred income taxes									(1,535)	(813)	(3,305)
Stock-based compensation									18,312	16,811	12,258
Straight-line rent adjustments									58,673	55,825	44,877
(Increase) decrease,
Prepaid expenses and other assets									7,565	(9,712)	(12,261)
Intercompany									0	0	0
(Decrease), increase
Accounts payable									506	(946)	(1,650)
Accrued expenses									(4,672)	4,241	(8,444)
Accrued interest									16,120	95	(527)
Accrued salaries and wages									(3,100)	1,138	2,244
Gaming, property and other taxes									913	(956)	527
Income taxes									0	0	(17,054)
Other liabilities									1,875	1,899	2,877
Net cash provided by operating activities									514,370	319,688	273,259
Investing activities
Capital project expenditures, net of reimbursements									(330)	(16,149)	(139,231)
Capital maintenance expenditures									(3,111)	(2,953)	(3,538)
Proceeds from sale of property and equipment									1,134	310	180
Funding of loan receivable									0	0	(43,000)
Principal payments on loan receivable									3,150	4,650	9,000
Acquisition of real estate assets									(3,267,992)	0	(140,730)
Collection of principal payments on investment in direct financing lease									48,533	0	0
Net cash used in investing activities									(3,218,616)	(14,142)	(317,319)
Financing activities
Dividends paid (including the Purging Distribution in 2014)									(428,352)	(251,732)	(494,104)
Proceeds from exercise of options									113,484	29,686	29,931
Proceeds from issuance of common stock, net of issuance costs									870,810	0	0
Proceeds from issuance of long-term debt									2,552,000	0	291,950
Financing costs									(31,911)	(9,500)	(306)
Payments of long-term debt									(377,104)	(68,098)	(32,024)
Distribution in connection with 2013 Pre-Spin tax matter agreement									0	0	(635)
Intercompany financing									0	0	0
Net cash provided by (used in) financing activities									2,698,927	(299,644)	(205,188)
Net (decrease) increase in cash and cash equivalents									(5,319)	5,902	(249,248)
Cash and cash equivalents at beginning of period				41,875				35,973	41,875	35,973	285,221
Cash and cash equivalents at end of period	36,556				41,875				36,556	41,875	35,973
Eliminations
Operating activities
Net income									(337,717)	(43,386)	(1,270,826)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									0	0	0
Amortization of debt issuance costs									0	0	0
(Gains) losses on dispositions of property									0	0	0
Deferred income taxes									0	0	0
Stock-based compensation									0	0	0
Straight-line rent adjustments									0	0	0
(Increase) decrease,
Prepaid expenses and other assets									2,180	(1,423)	1,498
Intercompany									0	0	0
(Decrease), increase
Accounts payable									0	0	0
Accrued expenses									0	0	0
Accrued interest									0	0	0
Accrued salaries and wages									0	0	0
Gaming, property and other taxes									0	0	0
Income taxes									(2,180)	1,423	(1,498)
Other liabilities									0	0	0
Net cash provided by operating activities									(337,717)	(43,386)	(1,270,826)
Investing activities
Capital project expenditures, net of reimbursements									0	0	0
Capital maintenance expenditures									0	0	0
Proceeds from sale of property and equipment									0	0	0
Funding of loan receivable										0	0
Principal payments on loan receivable									0	0	0
Acquisition of real estate assets									0		0
Collection of principal payments on investment in direct financing lease									0
Net cash used in investing activities									0	0	0
Financing activities
Dividends paid (including the Purging Distribution in 2014)									0	0	0
Proceeds from exercise of options									0	0	0
Proceeds from issuance of common stock, net of issuance costs									0
Proceeds from issuance of long-term debt									0		0
Financing costs									0	0	0
Payments of long-term debt									0	0	0
Distribution in connection with 2013 Pre-Spin tax matter agreement											0
Intercompany financing									337,717	43,386	1,270,826
Net cash provided by (used in) financing activities									337,717	43,386	1,270,826
Net (decrease) increase in cash and cash equivalents									0	0	0
Cash and cash equivalents at beginning of period				0				0	0	0	0
Cash and cash equivalents at end of period	0				0				0	0	0
Parent Guarantor
Operating activities
Net income									0	0	556,417
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									0	0	1,832
Amortization of debt issuance costs									0	0	0
(Gains) losses on dispositions of property									0	0	2
Deferred income taxes									0	0	0
Stock-based compensation									0	0	12,258
Straight-line rent adjustments									0	0	0
(Increase) decrease,
Prepaid expenses and other assets									0	0	(1,464)
Intercompany									0	0	800
(Decrease), increase
Accounts payable									0	0	(16,995)
Accrued expenses									0	0	(7,944)
Accrued interest									0	0	0
Accrued salaries and wages									0	0	2,882
Gaming, property and other taxes									0	0	871
Income taxes									0	0	(1,441)
Other liabilities									0	0	1,585
Net cash provided by operating activities									0	0	548,803
Investing activities
Capital project expenditures, net of reimbursements									0	0	(1,613)
Capital maintenance expenditures									0	0	0
Proceeds from sale of property and equipment									0	0	0
Funding of loan receivable										0	0
Principal payments on loan receivable									0	0	0
Acquisition of real estate assets									0		0
Collection of principal payments on investment in direct financing lease									0
Net cash used in investing activities									0	0	(1,613)
Financing activities
Dividends paid (including the Purging Distribution in 2014)									(428,352)	(251,732)	(494,104)
Proceeds from exercise of options									113,484	29,686	29,931
Proceeds from issuance of common stock, net of issuance costs									870,810
Proceeds from issuance of long-term debt									0		0
Financing costs									0	0	0
Payments of long-term debt									0	0	0
Distribution in connection with 2013 Pre-Spin tax matter agreement											(635)
Intercompany financing									(555,942)	219,403	(122,540)
Net cash provided by (used in) financing activities									0	(2,643)	(587,348)
Net (decrease) increase in cash and cash equivalents									0	(2,643)	(40,158)
Cash and cash equivalents at beginning of period				0				2,643	0	2,643	42,801
Cash and cash equivalents at end of period	0				0				0	0	2,643
Subsidiary Issuers
Operating activities
Net income									370,175	132,526	203,213
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									93,476	94,380	89,833
Amortization of debt issuance costs									15,146	14,016	8,057
(Gains) losses on dispositions of property									(471)	152	(150)
Deferred income taxes									0	0	0
Stock-based compensation									18,312	16,811	0
Straight-line rent adjustments									55,825	55,825	44,877
(Increase) decrease,
Prepaid expenses and other assets									6,939	(9,988)	(10,741)
Intercompany									21	2,484	(4,015)
(Decrease), increase
Accounts payable									119	(1,013)	15,526
Accrued expenses									(4,303)	4,104	119
Accrued interest									16,120	95	(527)
Accrued salaries and wages									(2,817)	715	0
Gaming, property and other taxes									899	(898)	0
Income taxes									59	125	(7,625)
Other liabilities									1,589	1,934	0
Net cash provided by operating activities									571,089	311,268	338,567
Investing activities
Capital project expenditures, net of reimbursements									(229)	(10,252)	(137,618)
Capital maintenance expenditures									0	0	0
Proceeds from sale of property and equipment									897	304	150
Funding of loan receivable										0	0
Principal payments on loan receivable									0	0	0
Acquisition of real estate assets									0		0
Collection of principal payments on investment in direct financing lease									0
Net cash used in investing activities									668	(9,948)	(137,468)
Financing activities
Dividends paid (including the Purging Distribution in 2014)									0	0	0
Proceeds from exercise of options									0	0	0
Proceeds from issuance of common stock, net of issuance costs									0
Proceeds from issuance of long-term debt									2,552,000		291,950
Financing costs									(31,911)	(9,500)	(306)
Payments of long-term debt									(377,104)	(68,098)	(32,024)
Distribution in connection with 2013 Pre-Spin tax matter agreement											0
Intercompany financing									(2,711,684)	(219,456)	(677,364)
Net cash provided by (used in) financing activities									(568,699)	(297,054)	(417,744)
Net (decrease) increase in cash and cash equivalents									3,058	4,266	(216,645)
Cash and cash equivalents at beginning of period				8,716				4,450	8,716	4,450	221,095
Cash and cash equivalents at end of period	11,774				8,716				11,774	8,716	4,450
Non-Guarantor Subsidiaries [Member]
Operating activities
Net income									256,847	38,982	650,003
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									22,241	15,403	15,178
Amortization of debt issuance costs									0	0	0
(Gains) losses on dispositions of property									16	33	158
Deferred income taxes									(1,535)	(813)	(3,305)
Stock-based compensation									0	0	0
Straight-line rent adjustments									2,848	0	0
(Increase) decrease,
Prepaid expenses and other assets									(1,554)	1,699	(1,554)
Intercompany									(21)	(2,484)	3,215
(Decrease), increase
Accounts payable									387	67	(181)
Accrued expenses									(369)	137	(619)
Accrued interest									0	0	0
Accrued salaries and wages									(283)	423	(638)
Gaming, property and other taxes									14	(58)	(344)
Income taxes									2,121	(1,548)	(6,490)
Other liabilities									286	(35)	1,292
Net cash provided by operating activities									280,998	51,806	656,715
Investing activities
Capital project expenditures, net of reimbursements									(101)	(5,897)	0
Capital maintenance expenditures									(3,111)	(2,953)	(3,538)
Proceeds from sale of property and equipment									237	6	30
Funding of loan receivable										0	(43,000)
Principal payments on loan receivable									3,150	4,650	9,000
Acquisition of real estate assets									(3,267,992)		(140,730)
Collection of principal payments on investment in direct financing lease									48,533
Net cash used in investing activities									(3,219,284)	(4,194)	(178,238)
Financing activities
Dividends paid (including the Purging Distribution in 2014)									0	0	0
Proceeds from exercise of options									0	0	0
Proceeds from issuance of common stock, net of issuance costs									0
Proceeds from issuance of long-term debt									0		0
Financing costs									0	0	0
Payments of long-term debt									0	0	0
Distribution in connection with 2013 Pre-Spin tax matter agreement											0
Intercompany financing									2,929,909	(43,333)	(470,922)
Net cash provided by (used in) financing activities									2,929,909	(43,333)	(470,922)
Net (decrease) increase in cash and cash equivalents									(8,377)	4,279	7,555
Cash and cash equivalents at beginning of period				$ 33,159				$ 28,880	33,159	28,880	21,325
Cash and cash equivalents at end of period	$ 24,782				$ 33,159				$ 24,782	$ 33,159	$ 28,880

Subsequent Event (Details) - $ / shares														3 Months Ended
Subsequent Event (Details) - $ / shares	Feb. 01, 2017	Nov. 04, 2016	Aug. 03, 2016	Apr. 25, 2016	Jan. 29, 2016	Oct. 28, 2015	Jul. 30, 2015	May 01, 2015	Feb. 03, 2015	Nov. 18, 2014	Sep. 03, 2014	May 30, 2014	Feb. 18, 2014	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Subsequent Event [Line Items]
Dividends Payable, Date Declared		Nov. 04, 2016	Aug. 03, 2016	Apr. 25, 2016	Jan. 29, 2016	Oct. 28, 2015	Jul. 30, 2015	May 01, 2015	Feb. 03, 2015	Nov. 18, 2014	Sep. 03, 2014	May 30, 2014	Feb. 18, 2014
Common stock, dividends, per share, declared		$ 0.60	$ 0.60	$ 0.56	$ 0.56	$ 0.545	$ 0.545	$ 0.545	$ 0.545	$ 0.92	$ 0.52	$ 0.52	$ 0.52
Dividends Payable, Date to be Paid															Dec. 16, 2016	Sep. 23, 2016	Jun. 17, 2016	Mar. 25, 2016	Dec. 18, 2015	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015	Dec. 19, 2014	Sep. 26, 2014	Jun. 27, 2014	Mar. 28, 2014
Dividends Payable, Date of Record															Dec. 05, 2016	Sep. 12, 2016	Jun. 02, 2016	Feb. 22, 2016	Dec. 01, 2015	Sep. 14, 2015	Jun. 11, 2015	Mar. 10, 2015	Dec. 02, 2014	Sep. 15, 2014	Jun. 12, 2014	Mar. 07, 2014
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Date Declared	Feb. 01, 2017
Common stock, dividends, per share, declared	$ 0.62
Dividends Payable, Date to be Paid														Mar. 24, 2017
Dividends Payable, Date of Record														Mar. 13, 2017