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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2017	Feb. 12, 2018	Jun. 30, 2017
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, 2017
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			$ 7.6
Entity Common Stock, Shares Outstanding		213,223,235
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Real estate investments, net	$ 3,662,045	$ 3,739,091
Land rights, net	640,148	590,758
Property and equipment, used in operations, net	108,293	119,427
Investment in direct financing lease, net	2,637,639	2,710,711
Cash and cash equivalents	29,054	36,556
Prepaid expenses	8,452	7,477
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	26,200
Deferred tax assets	4,478	3,922
Other assets	58,675	50,090
Total assets	7,246,882	7,369,330
Liabilities
Accounts payable	715	1,079
Accrued expenses	7,913	6,590
Accrued interest	33,241	33,743
Accrued salaries and wages	10,809	10,619
Gaming, property, and other taxes	35,399	32,584
Long-term debt, net of unamortized debt issuance costs	4,442,880	4,664,965
Deferred rental revenue	232,023	166,052
Deferred tax liabilities	244	265
Other liabilities	25,411	19,564
Total liabilities	4,788,635	4,935,461
Commitments and Contingencies (Note 10)
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2017 or December 31, 2016	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,717,549 and 207,676,827 shares issued at December 31, 2017 and December 31, 2016, respectively)	2,127	2,077
Additional paid-in capital	3,933,829	3,760,729
Retained accumulated deficit	(1,477,709)	(1,328,937)
Total shareholders’ equity	2,458,247	2,433,869
Total liabilities and shareholders’ equity	$ 7,246,882	$ 7,369,330

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
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	212,717,549	207,676,827

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Rental income									$ 671,190	$ 567,444	$ 392,075
Income from direct financing lease									74,333	48,917	0
Real estate taxes paid by tenants									83,698	67,843	35,050
Total rental revenue and income from direct financing lease									829,221	684,204	427,125
Gaming, food, beverage and other revenue									146,866	149,661	153,523
Total revenues									976,087	833,865	580,648
Less promotional allowances									(4,780)	(5,610)	(5,595)
Net revenues	$ 240,697	$ 244,506	$ 243,391	$ 242,713	$ 238,799	$ 233,275	$ 207,361	$ 148,820	971,307	828,255	575,053
Operating expenses
Gaming, food, beverage and other									80,487	82,463	85,774
Real estate taxes									84,666	69,448	36,412
Land rights and ground lease expense									24,005	14,799	2,812
General and administrative									63,151	71,368	82,857
Depreciation									113,480	109,554	109,783
Total operating expenses									365,789	347,632	317,638
Income from operations	150,117	152,699	152,696	150,006	148,863	143,306	120,817	67,637	605,518	480,623	257,415
Other income (expenses)
Interest expense									(217,068)	(185,896)	(124,183)
Interest income									1,935	2,123	2,332
Total other expenses									(215,133)	(183,773)	(121,851)
Income before income taxes									390,385	296,850	135,564
Income tax expense									9,787	7,545	7,442
Net income	$ 93,259	$ 97,014	$ 96,334	$ 93,991	$ 93,692	$ 89,600	$ 73,264	$ 32,749	$ 380,598	$ 289,305	$ 128,122
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.44	$ 0.46	$ 0.46	$ 0.45	$ 0.45	$ 0.43	$ 0.40	$ 0.28	$ 1.80	$ 1.62	$ 1.12
Diluted earnings per common share (in dollars per share)	$ 0.43	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.43	$ 0.39	$ 0.27	$ 1.79	$ 1.60	$ 1.08

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, 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	(251,732)	$ 0	0	(251,732)
Dividends paid (in shares)		0
Net income	128,122			128,122
Balance at Dec. 31, 2015	(253,514)	$ 1,156	935,220	(1,189,890)
Balance (in shares) at Dec. 31, 2015		115,594,321
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	(428,352)	$ 0	0	(428,352)
Dividends paid (in shares)		0
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
Increase (Decrease) in Shareholders' Equity
Issuance of common stock	$ 139,414	$ 38	139,376
Issuance of common stock, shares		3,864,872
Stock option activity	21,003	$ 10	20,993
Stock option activity (in shares)		1,013,984
Restricted stock activity	12,733	$ 2	12,731
Restricted stock activity (in shares)		161,866
Dividends paid	(529,370)	$ 0	0	(529,370)
Dividends paid (in shares)		0
Net income	380,598			380,598
Balance at Dec. 31, 2017	$ 2,458,247	$ 2,127	$ 3,933,829	$ (1,477,709)
Balance (in shares) at Dec. 31, 2017	212,717,549	212,717,549

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares													12 Months Ended
	Dec. 15, 2017	Sep. 22, 2017	Jun. 30, 2017	Mar. 24, 2017	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. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Common stock, dividends per share, cash paid	$ 0.63	$ 0.63	$ 0.62	$ 0.62	$ 0.60	$ 0.60	$ 0.56	$ 0.56	$ 0.545	$ 0.545	$ 0.545	$ 0.545	$ 2.50	$ 2.32	$ 2.18

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net income	$ 380,598	$ 289,305	$ 128,122
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	123,835	115,717	109,783
Amortization of debt issuance costs	13,026	15,146	14,016
Losses (gains) on dispositions of property	530	(455)	185
Deferred income taxes	(561)	(1,535)	(813)
Stock-based compensation	15,636	18,312	16,811
Straight-line rent adjustments	65,971	58,673	55,825
(Increase) decrease,
Prepaid expenses and other assets	(5,332)	7,565	(9,712)
(Decrease), increase
Accounts payable	(421)	506	(946)
Accrued expenses	411	(4,672)	4,241
Accrued interest	(502)	16,120	95
Accrued salaries and wages	190	(3,100)	1,138
Gaming, property and other taxes	(517)	913	(956)
Other liabilities	5,847	1,875	1,899
Net cash provided by operating activities	598,711	514,370	319,688
Investing activities
Capital project expenditures	(78)	(330)	(16,149)
Capital maintenance expenditures	(3,178)	(3,111)	(2,953)
Proceeds from sale of property and equipment	934	1,134	310
Principal payments on loan receivable	13,200	3,150	4,650
Acquisition of real estate assets	(83,252)	(3,267,992)	0
Collection of principal payments on investment in direct financing lease	73,072	48,533	0
Net cash provided by (used in) investing activities	698	(3,218,616)	(14,142)
Financing activities
Dividends paid	(529,370)	(428,352)	(251,732)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	18,157	113,484	29,686
Proceeds from issuance of common stock, net of issuance costs	139,414	870,810	0
Proceeds from issuance of long-term debt	100,000	2,552,000	0
Financing costs	0	(31,911)	(9,500)
Repayments of long-term debt	(335,112)	(377,104)	(68,098)
Net cash (used in) provided by financing activities	(606,911)	2,698,927	(299,644)
Net (decrease) increase in cash and cash equivalents	(7,502)	(5,319)	5,902
Cash and cash equivalents at beginning of period	36,556	41,875	35,973
Cash and cash equivalents at end of period	$ 29,054	$ 36,556	$ 41,875

Business and Basis of Presentation	12 Months Ended
Business and Basis of Presentation	Dec. 31, 2017
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 that began 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. 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 unitary 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 unitary 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, 2017, GLPI’s portfolio consisted of 38 gaming and related facilities, including the TRS Properties, the real property associated with 20 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 15.2 million of rentable square feet. As of December 31, 2017, 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 December 17, 2017, the Company entered into agreements to purchase two additional properties, Plainridge Park Casino and Belterra Park Gaming & Entertainment Center from Penn and Pinnacle, respectively. We will acquire these properties in connection with the proposed acquisition of Pinnacle by Penn pursuant to a definitive agreement and plan of merger between them, also dated December 17, 2017 (the "Merger"). Subject to and concurrently with the completion of the Merger, we have agreed to, among other things, amend our master lease with Pinnacle to allow for the sale by Pinnacle of the operating assets at Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort to Boyd Gaming Corporation (“Boyd”) and to enter into a new master lease agreement with Boyd on terms similar to the Company’s existing leases. The transaction which is subject to regulatory approval is expected to close in the second half of 2018. In order to conform to the current presentation of the statement of income, the Company combined certain line items on the consolidated statements of income for the years ended December 31, 2016 and 2015. Specifically, the Company aggregated the former revenue line items gaming revenue and food, beverage and other revenue into the line item gaming, food, beverage and other revenues and aggregated the former expense line items gaming expenses and food, beverage and other expenses into the line item gaming, food, beverage and other expenses. Furthermore, also to conform to the current presentation of the statement of income, the Company separated the general and administrative line item into the line items general and administrative expenses and land rights and ground lease expense on the consolidated statements of income for the years ended December 31, 2016 and 2015. This new line item includes the amortization of land rights and rent expense related to the Company's long-term ground leases. These reclassifications were made only for presentation purposes and had no impact on the Company's financial results for the years ended December 31, 2016 and 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, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The Company adopted ASU 2016-09 on January 1, 2017 and it did not have a significant impact on how the Company accounts for share-based payments. Accounting Pronouncements Not Yet Adopted In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ("ASU 2017-09"). This ASU provides clarity about which changes to the terms or conditions of a share-based payment award require the application of modification accounting. Specifically, ASU 2017-09 clarifies that changes to the terms or conditions of an award should be accounted for as a modification unless all of the following are met: 1) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified, 2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified and 3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. ASU 2017-09 is effective for annual reporting periods beginning after December 15, 2017. The Company adopted ASU 2017-09 on January 1, 2018 and does not expect the adoption of ASU 2017-09 to significantly impact its accounting for share-based payment awards, as changes to awards' terms and conditions subsequent to the grant date are unusual and infrequent in nature. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). This ASU simplifies an entity's goodwill impairment test by eliminating Step 2 from the test. The new guidance also amends the definition of impairment to a condition that exists when the carrying amount of goodwill exceeds its fair value. By eliminating Step 2 from the test, entities are no longer required to determine the implied fair value of goodwill by computing the fair value (at impairment testing date) of all assets and liabilities in a manner similar to that required in conjunction with business combinations. Upon the adoption of ASU 2017-04, an impairment charge is simply recorded as the difference between carrying value and fair value, when carrying value exceeds fair value. ASU 2017-04 is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect the adoption of ASU 2017-04 to significantly impact its goodwill impairment testing. 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. The Company adopted ASU 2017-01 on January 1, 2018 with no impact to 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. The Company adopted ASU 2016-15 on January 1, 2018, with no impact to its presentation of cash receipts and payments on its consolidated statements of cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument ("ASU 2016-13"). This ASU introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 sets forth an "expected credit loss" impairment model to replace the current "incurred loss" method of recognizing credit losses, which is intended to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. The Company does not expect the adoption of ASU 2016-13 to have a significant impact on its consolidated financial statements. 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. However, in November 2017, the FASB issued a proposed ASU, which would permit companies to apply the transition provisions of the lease accounting standard at its effective date (i.e. comparative financial statements would not be required). 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 consolidated balance sheet for these leases. 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 five-step 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 were 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 has completed its evaluation of the impact of adopting this new accounting standard on its financial statements and internal revenue recognition policies. The majority of the Company's revenue recognition policies will not be impacted by the new standard, as leases (the source of the Company's majority of revenues) are excluded from ASU 2014-09. Only the accounting treatment for the customer loyalty programs at the TRS properties will be impacted by the adoption of ASU 2014-09. Specifically, the recognition of revenue associated with these points based programs will be impacted by eliminating the current accrual for the cost of the points awarded at the time of play and instead deferring the portion of the revenue received from the customer at the time of play and attributed to the awarded points until a later period when the points are redeemed or forfeited. The revenue deferral will be calculated from the portion of the transaction price allocated to the points based upon their retail value. Under the former guidance, the cost of the points was recorded as an operating expense through the gaming, food, beverage and other expense line item of the Company's consolidated statement of income. In addition, upon the adoption of ASU 2014-09, promotional allowances representing the retail value of food, beverages and other services furnished to guests without charge will no longer be presented as a separate line item on the consolidated statements of income, rather they will be presented on a net basis within gaming, food, beverage and other revenue. This change has no impact to net revenues and is for presentation purposes only. The Company adopted ASU 2014-09 on January 1, 2018 using the modified retrospective approach and recorded a cumulative adjustment to retained earnings of approximately $400,000 at the adoption date.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

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, 2017, substantially all of the Company's real estate properties were leased to Penn or Pinnacle and approximately 53% and 45% 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 and Form 10-Q and current reports on Form 8-K with the Securities and Exchange Commission ("SEC"). 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, 2017, the Company's portfolio of 36 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, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	29,054	$	29,054	$	36,556	$	36,556
Deferred compensation plan assets	22,617		22,617		17,593		17,593
Loan receivable	13,000		13,000		26,200		26,200
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	1,055,000		1,045,600		1,290,000		1,272,852
Senior unsecured notes	3,425,000		3,574,688		3,425,000		3,573,500

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. Essentially, land rights represent the below market value of the related ground leases. 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 land rights and ground lease expense 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, 2017 and 2016, 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, 2017 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 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, 2017, the Company's goodwill and gaming license were not impaired.

As discussed in Note 2, the FASB recently issued ASU 2017-04, which simplifies the goodwill impairment test for public companies by eliminating Step 2 from the test. Upon the adoption of ASU 2017-04, an impairment charge is simply recorded as the difference between the carrying value and fair value of a reporting unit's goodwill, when the carrying value exceeds fair value. See Note 2 for further details on the new standard. The Company does not expect the adoption of ASU 2017-04 to significantly impact its goodwill impairment testing, as it has not recognized an impairment charge for goodwill or intangible assets since inception.

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, 2017.

The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the consolidated balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the year ended December 31, 2017, the Company recognized no penalties and interest, net of deferred income taxes and during the years ended December 31, 2016 and 2015, the Company recognized $1 thousand and $59 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 that began 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 land rights and ground lease expense within the consolidated statements 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. See Note 2 for a summary of anticipated changes to the recognition of revenue at the TRS Properties upon the adoption of ASU 2014-09 on January 1, 2018.

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 state gaming tax rate is flat, while the admission tax is based on graduated tax rates that increase as gross gaming revenues increase. At Hollywood Casino Perryville the state 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, 2017, these expenses, which are recorded within gaming, food, beverage and other expense in the consolidated statements of income, totaled $57.4 million, $57.7 million and $60.1 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, 2017, 2016 and 2015:



	Year Ended December 31,
	2017	2016	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	210,705	178,594	114,432
Assumed conversion of dilutive employee stock-based awards	644	1,699	3,755
Assumed conversion of restricted stock	155	171	170
Assumed conversion of performance-based restricted stock awards	1,248	158	82
Diluted weighted-average common shares outstanding	212,752	180,622	118,439

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
	2017			2016			2015
	(in thousands, except per share amounts)
Calculation of basic EPS:
Net income	$	380,598		$	289,305		$	128,122
Less: Net income allocated to participating securities	(622		)	(668		)	(517		)
Net income attributable to common shareholders	$	379,976		$	288,637		$	127,605
Weighted-average common shares outstanding	210,705			178,594			114,432
Basic EPS	$	1.80		$	1.62		$	1.12

Calculation of diluted EPS:
Net income	$	380,598		$	289,305		$	128,122
Diluted weighted-average common shares outstanding	212,752			180,622			118,439
Diluted EPS	$	1.79		$	1.60		$	1.08

There were 3,483, 23,954 and 24,233 outstanding equity based awards during the years ended December 31, 2017, 2016 and 2015, 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 restricted stock awards, including performance-based restricted stock awards, 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 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.

The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards 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, 2017

Business Combinations [Abstract]

Acquisitions

Current Year Acquisition

On May 1, 2017, the Company acquired the real property assets of Bally's Casino Tunica (subsequently re-branded as the 1^st Jackpot Casino) and Resorts Casino Tunica (the "Tunica Properties") for $82.9 million. The Company acquired both Bally's Casino Tunica and Resorts Casino Tunica, as well as the Resorts Hotel and land at Bally's Casino Tunica. Land rights to three long-term ground leases related to the Tunica Properties were also acquired in the transaction. The Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the consolidated statements of income as the Company has concluded that as the lessee it is the primary obligor under these ground leases. As the primary obligor under these ground leases, the Company will record annual obligations of $2.7 million in its financial statements as both revenue and expense. However, the Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord.

Penn purchased the operating assets of the Tunica Properties directly from the seller, operates both properties and leases the real property assets from the Company under the Penn Master Lease. The initial annual cash rent of $9.0 million for the Tunica Properties will be subject to rent escalators and adjustments consistent with the other properties under the Penn Master Lease.

Prior Year Acquisitions

On September 9, 2016, the Company acquired the real property assets of the Meadows Racetrack and Casino (the "Meadows") from Cannery Casino Resorts ("CCR") for approximately $323.3 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 (the "Meadows Lease").

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 "Pinnacle Merger"). Following the Pinnacle 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, 2017, GLPI owns all of Pinnacle’s real property assets, other than Pinnacle’s Belterra Park Gaming & Entertainment Center property and excess land at certain locations. Approval of the Pinnacle 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 Pinnacle 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 Pinnacle Merger. Merger Sub, as the surviving company in the Pinnacle 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 Pinnacle Merger, each share of Pinnacle common stock issued and outstanding immediately prior to the effective time of the Pinnacle 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 Pinnacle Merger. Additionally, GLPI repaid $2.7 billion of Pinnacle's debt and paid $226.8 million of Pinnacle's transaction expenses related to the Pinnacle 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 $352.5 million and $237.5 million to the Company's net revenues for the years ended December 31, 2017 and 2016, respectively and resulted in approximately $54.2 million and $36.2 million of additional operating expenses for the same periods. 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 Pinnacle Merger and the purchase price allocation to the assets acquired in the Pinnacle 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 Pinnacle 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 acquired ground leases at several of the 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.

Real Estate Investments

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Real Estate Investments

Real estate investments, net, represents investments in 36 rental properties and the corporate headquarters building and is summarized as follows:



	December 31, 2017			December 31, 2016
	(in thousands)
Land and improvements	$	2,057,928		$	2,057,391
Building and improvements	2,461,573			2,438,581
Total real estate investments	4,519,501			4,495,972
Less accumulated depreciation	(857,456		)	(756,881		)
Real estate investments, net	$	3,662,045		$	3,739,091

Land Rights

12 Months Ended

Dec. 31, 2017

Ground Leases, Net [Abstract]

Land Rights

Land rights, net represent the Company's rights to land subject to long-term ground leases. The Company obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. These land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. Because the market rents to be received under the Company's triple-net tenant leases were greater than the rents to be paid under the acquired ground leases, the Company concluded that the ground leases were below market and were therefore required to be recorded as a definite lived asset (land rights) on its books.

The land rights are amortized over the individual lease term of each ground lease, including all renewal options, which ranged from 25 years to 92 years at their respective acquisition dates. Land rights net, consists of the following:



	December 31, 2017			December 31, 2016
	(in thousands)
Land rights	$	656,666		$	596,921
Less accumulated amortization	(16,518		)	(6,163		)
Land rights, net	$	640,148		$	590,758

Amortization expense related to the ground leases is recorded within land rights and ground lease expense in the consolidated statements of income and totaled $10.4 million and $6.2 million for the years ended December 31, 2017 and 2016, respectively.

As of December 31, 2017, estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands):



Year ending December 31,
2018	$	10,910
2019	10,910
2020	10,910
2021	10,910
2022	10,910
Thereafter	585,598
Total	$	640,148

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.

The Company leases land at the Resorts Casino Tunica property under a ground lease with an initial term of 3 years and nine optional renewals of 5 years each. The lease extends through 2042 with all renewals. The lease has an annual fixed rent provision and does not include a variable portion.

The Company leases land at the 1^st Jackpot Casino (formerly known as Bally's Casino Tunica) under two ground leases. The first ground lease has an initial term of 6 years and nine optional renewals of 6 years each. The lease extends through 2054 with all renewals. Rent under this lease is adjusted annually based upon the CPI and does not include a variable portion. The second lease has an initial term of 10 years with ten optional renewals of 5 years each. The lease extends through 2055 with all renewals. The lease has an annual fixed rent provision and a variable portion which is adjusted annually based upon net gaming revenues of up to 4%, dependent on the property's operating results.

Property and Equipment Used in Operations

12 Months Ended

Dec. 31, 2017

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, 2017			December 31, 2016
	(in thousands)
Land and improvements	$	30,276		$	30,965
Building and improvements	116,286			117,350
Furniture, fixtures, and equipment	114,972			114,965
Construction in progress	8			330
Total property and equipment	261,542			263,610
Less accumulated depreciation	(153,249		)	(144,183		)
Property and equipment, net	$	108,293		$	119,427

Receivables

12 Months Ended

Dec. 31, 2017

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 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. 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, 2017, 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 from Pinnacle:



	December 31, 2017			December 31, 2016
	(in thousands)
Minimum lease payments receivable	$	3,263,387		$	3,405,131
Unguaranteed residual value	689,811			689,811
Gross investment in direct financing lease	3,953,198			4,094,942
Less: unearned income	(1,315,559		)	(1,384,231		)
Investment in direct financing lease, net	$	2,637,639		$	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. GLPI leases the property back to Casino Queen on a triple-net basis on terms similar to those in the Master Leases. The lease has an initial term of 15 years and the tenant has an option to renew it at the same terms and conditions for four successive five-year periods (the "Casino Queen Lease").

Simultaneously with the Casino Queen 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. On March 13, 2017, the outstanding principal and interest on this loan was repaid in full and GLPI simultaneously provided a new unsecured $13.0 million, 5.5 year term loan to CQ Holding Company, Inc., an affiliate of Casino Queen, to partially finance their acquisition of Lady Luck Casino in Marquette, Iowa. The cash proceeds were net settled. The new loan bears an interest rate of 15% and is pre-payable at any time. As of December 31, 2017, the balance of the new loan is $13.0 million. The collectability of the loan balance is reasonably assured, and as of December 31, 2017, there is no indication that the obligor will not remit all mandatory principal and interest payments in full and on time. 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.

Long-term Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Long-term Debt

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



	December 31, 2017			December 31, 2016
	(in thousands)
Unsecured term loan A	$	230,000		$	300,000
Unsecured term loan A-1	825,000			825,000
Unsecured $700 million revolver	—			165,000
$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			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			975,000
Capital lease	1,230			1,341
Total long-term debt	4,481,230			4,716,341
Less: unamortized debt issuance costs	(38,350		)	(51,376		)
Total long-term debt, net of unamortized debt issuance costs	$	4,442,880		$	4,664,965

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2017 (in thousands):



2018	$	780,117
2019	123
2020	1,000,129
2021	1,225,136
2022	142
Over 5 years	1,475,583
Total minimum payments	$	4,481,230

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, 2017, the applicable margin was 1.50% for LIBOR loans and 0.50% for base rate loans. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the revolving facility at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Credit Facility. At December 31, 2017, the commitment fee rate was 0.25%. The Company is not required to repay any loans under the Credit Facility prior to maturity on October 28, 2018 and may prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any LIBOR breakage costs of the lenders. The Company's wholly owned subsidiary, GLP Capital is the primary obligor under the Credit Facility, which is guaranteed by GLPI.

At December 31, 2017, the Credit Facility had a gross outstanding balance of $1,055 million. Additionally, at December 31, 2017, the Company was contingently obligated under letters of credit issued pursuant to the senior unsecured credit facility with face amounts aggregating approximately $0.4 million, resulting in $699.6 million of available borrowing capacity under the revolving credit facility as of December 31, 2017.

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, 2017, the Company was in compliance with all required financial covenants under the Credit Facility.

Senior Unsecured Notes

At December 31, 2017, 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"), $400 million of 4.375% senior unsecured notes maturing on April 15, 2021 (the "2021 Notes"), $500 million outstanding of 5.375% senior unsecured notes maturing on November 1, 2023 (the "2023 Notes") and $975 million of 5.375% senior unsecured notes maturing on April 15, 2026 (the "2026 Notes"and collectively with the 2018 Notes, the 2020 Notes, the 2021 Notes and the 2023 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. Interest on the 2021 Notes and 2026 Notes is payable semi-annually on April 15 and October 15 of each year and commenced on October 15, 2016.

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, 2017, 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.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

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 Pinnacle 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 Boomtown Biloxi 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 Hollywood Casino Tunica 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 for the land utilized in connection with the operations of Hollywood Casino Bangor, which 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 Hollywood Casino Bangor, is for an initial term of fifteen years, with three ten-year renewal options.

During May 2017, the Company acquired the real estate assets of the Tunica Properties, including the rights to land subject to long-term ground leases. The Company assumed three ground leases related to the acquired Tunica Properties and immediately subleased the land to Penn, 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 land rights and ground lease expense within the consolidated statements of income as the Company has concluded that as the lessee it is the primary obligor under these 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, 2017 and therefore considered contingent rent. For those ground leases with optional renewal terms extending beyond the 35-year lease term of the Penn Master Lease, the Company has included only the renewals that align most closely to the 2048 termination date of the Penn Master Lease in the schedule below, as it cannot be reasonably assured it will renew ground leases for land subleased to Penn beyond the term of the Penn Master Lease. The following is a description of the lease contracts assumed from the acquisition of the Tunica Properties:

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. 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 2023.

Total rental expense under these agreements was $15.8 million, $11.0 million and $5.4 million for the years ended December 31, 2017, 2016 and 2015. 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, as of inception of the lease, relating to noncancelable operating leases at December 31, 2017 are as follows (in thousands):



Year ending December 31, ⁽¹⁾
2018	$	10,735
2019	10,743
2020	10,705
2021	10,691
2022	10,679
Thereafter	546,433
Total	$	599,986

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

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, 2017, 2016 and 2015.

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, 2017, 2016 and 2015 were $0.6 million, $0.7 million and $0.5 million, respectively. The Company's deferred compensation liability, which was included in other liabilities within the consolidated balance sheet, was $22.7 million and $17.7 million at December 31, 2017 and 2016, 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 $22.6 million and $17.6 million at December 31, 2017 and 2016, 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 161 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, 2017

Revenue Recognition [Abstract]

Revenue Recognition

As of December 31, 2017, 20 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 of 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 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, including coverage of the landlord's interests, (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 in Note 4, 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 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, 2017, 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
2018	$	683,054	$	(51,866	)	$	631,188
2019	632,578		11,215			643,793
2020	632,578		11,215			643,793
2021	632,578		11,215			643,793
2022	632,578		11,215			643,793
Thereafter	16,641,083		239,029			16,880,112
Total	$	19,854,449	$	232,023		$	20,086,472

For the years ended December 31, 2017, 2016 and 2015, GLPI recognized $46.8 million, $43.8 million and $43.5 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, 2017, 2016 and 2015 the Company recognized $17.5 million, $9.1 million and $4.0 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, 2017, 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
2018	$	72,283	$	45,244
2019	70,497		32,881
2020	68,831		34,546
2021	67,166		36,212
2022	65,500		37,878
Thereafter	1,163,686		1,761,067
Total	$	1,507,963	$	1,947,828

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, 2017. 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, 2017.

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

The following table discloses the components of gaming, food, beverage and other revenue within the consolidated statements of income for the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Video lottery	$	118,998	$	119,390	$	122,292
Table game	17,218		18,069		18,799
Poker	1,182		1,135		1,219
Food, beverage and other	9,468		11,067		11,213
Total gaming, food, beverage and other revenue, net of cash incentives	$	146,866	$	149,661	$	153,523

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.

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

The Company elected on its U.S. federal income tax return for its taxable year that began 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. As a result of the Tax Cuts and Job Act, the corporate tax rate was permanently lowered from the existing maximum rate of 35% to 21%, effective for tax years including or commencing January 1, 2018. As a result of the reduction of the corporate tax rate, U.S. generally accepted accounting principles require companies to re-value their deferred tax assets and liabilities as of the date of the enactment, with resulting tax effects accounted for in the reported period of enactment. As such, the Company revalued its net deferred tax asset at December 31, 2017. This revaluation resulted in a reduction in the value of its net deferred tax asset of approximately $1.8 million, which was recorded as additional income tax expense in the Company’s consolidated statement of income for the year ended December 31, 2017.

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



Year ended December 31,	2017			2016
	(in thousands)
Deferred tax assets:
Accrued expenses	$	1,597		$	1,655
Property and equipment	4,823			5,818
Net deferred tax assets	6,420			7,473
Deferred tax liabilities:
Property and equipment	(902		)	(2,192		)
Intangibles	(1,284		)	(1,624		)
Net deferred tax liabilities	(2,186		)	(3,816		)
Net:	$	4,234		$	3,657

The provision for income taxes charged to operations for years ended December 31, 2017, 2016 and 2015 was as follows:



Year ended December 31,	2017			2016			2015
	(in thousands)
Current tax expense
Federal	$	7,039		$	6,004		$	4,945
State	3,309			3,076			3,310
Total current	10,348			9,080			8,255
Deferred tax (benefit) expense
Federal	(166		)	(1,324		)	(533		)
State	(395		)	(211		)	(280		)
Total deferred	(561		)	(1,535		)	(813		)
Total provision	$	9,787		$	7,545		$	7,442

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2017, 2016 and 2015:



Year ended December 31,	2017		2016		2015
Percent of pretax income
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	0.6	%	0.7	%	1.3	%
Federal tax rate change	0.5	%	—	%	—	%
REIT conversion benefit	(33.6	)%	(33.2	)%	(31.3	)%
Other miscellaneous items	—	%	—	%	0.5	%
	2.5	%	2.5	%	5.5	%



Year ended December 31,	2017			2016			2015
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	136,636		$	103,897		$	47,447
State and local income taxes	2,284			2,039			1,702
Federal tax rate change	1,818			—			—
REIT conversion benefit	(130,876		)	(98,459		)	(42,438		)
Permanent differences	49			44			61
Other miscellaneous items	(124		)	24			670
	$	9,787		$	7,545		$	7,442

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

Shareholders' Equity

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Shareholders' Equity

Common Stock

ATM Program

During August 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.

During the year ended December 31, 2017, GLPI sold 3,864,872 shares of its common stock at an average price of $36.22 per share under the ATM Program, which generated gross proceeds of approximately $140.0 million (net proceeds of approximately $139.4 million). Program to date, the Company has sold 5,186,871 shares of its common stock at an average price of $35.91 per share under the ATM Program and generated gross proceeds of approximately $186.3 million (net proceeds of approximately $185.0 million). The Company used the net proceeds from the ATM Program to partially fund its acquisition of the Meadows' and Tunica real estate assets. As of December 31, 2017, the Company had $213.7 million remaining for issuance under the ATM Program and had not entered into any forward sale agreements.

Stock Issued in Connection with Pinnacle Transaction

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 Pinnacle Merger and the payment of transaction-related fees and expenses.

Additionally, on April 28, 2016, in connection with the Pinnacle 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, 2017, 2016 and 2015:



Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2017
February 1, 2017	March 13, 2017	Common Stock	$	0.62	First Quarter 2017	March 24, 2017	$	129,007
April 25, 2017	June 16, 2017	Common Stock	$	0.62	Second Quarter 2017	June 30, 2017	$	131,554
July 25, 2017	September 8, 2017	Common Stock	$	0.63	Third Quarter 2017	September 22, 2017	$	133,936
October 19, 2017	December 1, 2017	Common Stock	$	0.63	Fourth Quarter 2017	December 15, 2017	$	133,942
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

In addition for the years ended December 31, 2017, 2016 and 2015, dividend payments were made to or accrued for GLPI restricted stock award holders and for both GLPI and Penn unvested employee stock options in the amount of $0.9 million, $1.1 million and $2.0 million, respectively.

A summary of the Company's common stock distributions for the years ended December 31, 2017, 2016 and 2015 is as follows (unaudited):



	Year Ended December 31,
	2017			2016			2015
	(in dollars per share)
Qualified dividends	$	0.0543		$	0.1050		$	0.0698
Non-qualified dividends	2.2436			2.0746			1.9462
Capital gains	0.0371			0.0624			0.0012
Non-taxable return of capital	0.1650			0.0780			0.1628
Total distributions per common share	$	2.50		$	2.32		$	2.18

Percentage classified as qualified dividends	2.17		%	4.53		%	3.21		%
Percentage classified as non-qualified dividends	89.75		%	89.42		%	89.45		%
Percentage classified as capital gains	1.48		%	2.69		%	—		%
Percentage classified as non-taxable return of capital	6.60		%	3.36		%	7.34		%
	100.00		%	100.00		%	100.00		%

Stock-Based Compensation

12 Months Ended

Dec. 31, 2017

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

Stock-Based Compensation

As of December 31, 2017, the Company had 2,755,796 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 restricted stock awards, including performance-based restricted stock awards and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards.

In connection with the Spin-Off, each outstanding option 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 phantom stock units ("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. These awards are not counted against the 2013 Plan limit mentioned above.

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 cost relating to restricted stock awards and performance-based restricted stock awards will be amortized to expense over the awards’ remaining vesting periods.

As of December 31, 2017, there was no remaining unrecognized compensation cost related to stock options. For the years ended December 31, 2016 and 2015, the Company recognized $20 thousand and $2.8 million, respectively of compensation expense associated with these awards. In addition, for the years ended December 31, 2016 and 2015 the Company also recognized $4.5 million and $11.3 million, respectively, of compensation expense relating to the $2.32 and $2.18, 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, 2017 :



	Number of Option Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2016	2,056,382		$	20.25
Exercised	(1,013,984	)	20.71
Canceled	(1,653	)	24.15
Outstanding at December 31, 2017	1,040,745		$	19.80	0.77	$	17,902

The Company had 1,040,745 stock options that were exercisable at December 31, 2017 with an exercise price range from $17.33 to $26.45 and a weighted average exercise price of $19.80 which had an intrinsic value of $17.9 million and a weighted-average remaining contractual term of 0.77 years. The aggregate intrinsic value of stock options exercised for the years ended December 31, 2017, 2016 and 2015 was $14.9 million, $75.0 million and $47.8 million, respectively. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases.

As of December 31, 2017, there was $5.4 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.75 years. For the years ended December 31, 2017, 2016 and 2015, the Company recognized $6.0 million, $7.3 million and $5.9 million, respectively, of compensation expense associated with these awards. The total fair value of awards released for the years ended December 31, 2017, 2016 and 2015, was $7.3 million, $5.3 million and $4.5 million, respectively.

The following table contains information on restricted stock award activity for the years ended December 31, 2017 and 2016:



	Number of Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2015	463,764		$	32.76
Granted	168,966		$	27.80
Released	(204,596	)	$	33.21
Canceled	(14,892	)	$	30.51
December 31, 2016	413,242		$	30.59
Granted	184,791		$	30.89
Released	(251,313	)	$	32.05
Canceled	(1,976	)	$	30.37
Outstanding at December 31, 2017	344,744		$	29.69

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 companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. The triple-net measurement group includes publicly traded REITs deriving at least 75% of revenues from triple-net leases. As of December 31, 2017, there was $9.9 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, 2017, 2016 and 2015, the Company recognized $9.7 million, $11.0 million and $8.1 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, 2017 and 2016:



	Number of Performance-Based Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2015	1,091,556		$	20.10
Granted	558,000		$	17.22
Released	—		$	—
Canceled ⁽¹⁾	(543,556	)	$	22.93
December 31, 2016	1,106,000		$	17.25
Granted	558,000		$	17.95
Released	—		$	—
Canceled	—		$	—
Outstanding at December 31, 2017	1,664,000		$	17.49


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

Segment Information

12 Months Ended

Dec. 31, 2017

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, 2017
Net revenues	$	829,221	$	142,086	$	—		$	971,307
Income from operations	578,661		26,857		—			605,518
Interest, net	215,136		10,403		(10,406		)	215,133
Income before income taxes	373,931		16,454		—			390,385
Income tax expense	1,099		8,688		—			9,787
Net income	372,832		7,766		—			380,598
Depreciation	102,652		10,828		—			113,480
Capital project expenditures	78		—		—			78
Capital maintenance expenditures	—		3,178		—			3,178

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	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	10,252		5,897		—			16,149
Capital maintenance expenditures	—		2,953		—			2,953

Balance sheet at December 31, 2017
Total assets	$	7,045,747	$	201,135	$	—		$	7,246,882

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

⁽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)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2017
Net revenues	$	242,713	$	243,391	$	244,506	$	240,697
Income from operations	150,006		152,696		152,699		150,117
Net income	93,991		96,334		97,014		93,259

Earnings per common share:
Basic earnings per common share	$	0.45	$	0.46	$	0.46	$	0.44
Diluted earnings per common share	$	0.45	$	0.45	$	0.45	$	0.43

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

⁽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.

Supplemental Disclosures of Cash Flow Information and Noncash Activities

12 Months Ended

Dec. 31, 2017

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

Supplemental Disclosures of Cash Flow Information and Noncash Activities

Supplemental disclosures of cash flow information are as follows:



Year ended December 31,	2017	2016	2015
	(in thousands)
Cash paid for income taxes, net of refunds received	11,646	7,362	9,785
Cash paid for interest	204,442	154,527	109,966

Noncash investing and financing activities are as follows:



Year ended December 31,	2017		2016		2015
	(in thousands)
Equity raised to partially finance the Pinnacle transaction	$	—	$	1,823,991	$	—

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2017
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, 2017, 2016 and 2015, the Company paid approximately $35,000, $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, 2017

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

Supplementary 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, 2017 and 2016 and summarized income statement and cash flow information for the years ended December 31, 2017, 2016 and 2015 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below.



At December 31, 2017 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,794,840		$	1,867,205		$	—		$	3,662,045
Land rights, net	—			58,635			581,513			—			640,148
Property and equipment, used in operations, net	—			20,568			87,725			—			108,293
Investment in direct financing lease, net	—			—			2,637,639			—			2,637,639
Cash and cash equivalents	—			6,734			22,320			—			29,054
Prepaid expenses	—			4,067			2,746			1,639			8,452
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Loan receivable	—			—			13,000			—			13,000
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,458,247			5,087,893			2,959,174			(10,505,314		)	—
Deferred tax assets				—			4,478			—			4,478
Other assets	—			42,485			16,190			—			58,675
Total assets	$	2,458,247		$	7,208,817		$	8,277,088		$	(10,697,270	)	$	7,246,882

Liabilities
Accounts payable	$	—		$	619		$	96		$	—		$	715
Accrued expenses	—			672			7,241			—			7,913
Accrued interest	—			33,241			—			—			33,241
Accrued salaries and wages	—			7,832			2,977			—			10,809
Gaming, property, and other taxes	—			21,135			14,264			—			35,399
Income taxes	—			(306		)	(1,333		)	1,639			—
Long-term debt, net of unamortized debt issuance costs	—			4,442,880			—			—			4,442,880
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			220,019			12,004			—			232,023
Deferred tax liabilities	—			—			244			—			244
Other liabilities	—			24,478			933			—			25,411
Total liabilities	—			4,750,570			230,021			(191,956		)	4,788,635

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2017)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 212,717,549 shares issued at December 31, 2017)	2,127			2,127			2,127			(4,254		)	2,127
Additional paid-in capital	3,933,829			3,933,831			9,498,755			(13,432,586		)	3,933,829
Retained accumulated (deficit) earnings	(1,477,709		)	(1,477,711		)	(1,453,815		)	2,931,526			(1,477,709		)
Total shareholders’ equity (deficit)	2,458,247			2,458,247			8,047,067			(10,505,314		)	2,458,247
Total liabilities and shareholders’ equity (deficit)	$	2,458,247		$	7,208,817		$	8,277,088		$	(10,697,270	)	$	7,246,882



Year ended December 31, 2017 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	398,070		$	273,120		$	—		$	671,190
Income from direct financing lease	—		—			74,333			—			74,333
Real estate taxes paid by tenants	—		43,672			40,026			—			83,698
Total rental revenue and income from direct financing lease	—		441,742			387,479			—			829,221
Gaming, food, beverage and other	—		—			146,866			—			146,866
Total revenues	—		441,742			534,345			—			976,087
Less promotional allowances	—		—			(4,780		)	—			(4,780		)
Net revenues	—		441,742			529,565			—			971,307
Operating expenses
Gaming, food, beverage and other	—		—			80,487			—			80,487
Real estate taxes	—		43,755			40,911			—			84,666
Land rights and ground lease expense	—		5,895			18,110			—			24,005
General and administrative	—		39,863			23,288			—			63,151
Depreciation	—		93,948			19,532			—			113,480
Total operating expenses	—		183,461			182,328			—			365,789
Income from operations	—		258,281			347,237			—			605,518

Other income (expenses)
Interest expense	—		(217,068		)	—			—			(217,068		)
Interest income	—		—			1,935			—			1,935
Intercompany dividends and interest	—		451,295			12,318			(463,613		)	—
Total other expenses	—		234,227			14,253			(463,613		)	(215,133		)

Income before income taxes	—		492,508			361,490			(463,613		)	390,385
Income tax expense	—		1,099			8,688			—			9,787
Net income	$	—	$	491,409		$	352,802		$	(463,613	)	$	380,598



Year ended December 31, 2017 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	491,409		$	352,802		$	(463,613	)	$	380,598
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			95,058			28,777			—			123,835
Amortization of debt issuance costs	—			13,026			—			—			13,026
Losses on dispositions of property	—			—			530			—			530
Deferred income taxes	—			—			(561		)	—			(561		)
Stock-based compensation	—			15,636			—			—			15,636
Straight-line rent adjustments	—			56,815			9,156			—			65,971

(Increase) decrease,
Prepaid expenses and other assets	—			(5,703		)	1,268			(897		)	(5,332		)
Intercompany	—			317			(317		)	—			—
(Decrease) increase,
Accounts payable	—			148			(569		)	—			(421		)
Accrued expenses	—			103			308			—			411
Accrued interest	—			(502		)	—			—			(502		)
Accrued salaries and wages	—			(79		)	269			—			190
Gaming, property and other taxes	—			(505		)	(12		)	—			(517		)
Income taxes	—			(325		)	(572		)	897			—
Other liabilities	—			6,591			(744		)	—			5,847
Net cash provided by (used in) operating activities	—			671,989			390,335			(463,613		)	598,711
Investing activities
Capital project expenditures	—			(78		)	—			—			(78		)
Capital maintenance expenditures	—			—			(3,178		)	—			(3,178		)
Proceeds from sale of property and equipment	—			10			924			—			934
Principal payments on loan receivable	—			—			13,200			—			13,200
Acquisition of real estate assets	—			(82,866		)	(386		)	—			(83,252		)
Collection of principal payments on investment in direct financing lease	—			—			73,072			—			73,072
Net cash provided by (used in) investing activities	—			(82,934		)	83,632			—			698
Financing activities
Dividends paid	(529,370		)	—			—			—			(529,370		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	18,157			—			—			—			18,157
Proceeds from issuance of common stock, net of issuance costs	139,414			—			—			—			139,414
Proceeds from issuance of long-term debt	—			100,000			—			—			100,000
Financing costs	—			—			—			—			—
Payments of long-term debt	—			(335,112		)				—			(335,112		)
Intercompany financing	371,799			(358,983		)	(476,429		)	463,613			—
Net cash (used in) provided by financing activities	—			(594,095		)	(476,429		)	463,613			(606,911		)
Net increase (decrease) in cash and cash equivalents	—			(5,040		)	(2,462		)	—			(7,502		)
Cash and cash equivalents at beginning of period	—			11,774			24,782			—			36,556
Cash and cash equivalents at end of period	$	—		$	6,734		$	22,320		$	—		$	29,054



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
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 Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—	$	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	—		424,994			259,210			—			684,204
Gaming, food, beverage and other	—		—			149,661			—			149,661
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, food, beverage and other	—		—			82,463			—			82,463
Real estate taxes	—		41,510			27,938			—			69,448
Land rights and ground lease expense	—		2,685			12,114			—			14,799
General and administrative	—		48,452			22,916			—			71,368
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	—			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

Decrease (increase),
Prepaid expenses and other assets	—			6,939			(1,554		)	2,180			7,565
Intercompany	—			21			(21		)	—			—
(Decrease) increase,	0			0						0
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	—			(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, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	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



Year ended December 31, 2015 Consolidating Statement of Income	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, food, beverage and other	—		—			153,523			—			153,523
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, food, beverage and other	—		—			85,774			—			85,774
Real estate taxes	—		33,041			3,371			—			36,412
Land rights and ground lease expense	—		2,812			—			—			2,812
General and administrative	—		59,138			23,719			—			82,857
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 sales of property	—			152			33			—			185
Deferred income taxes	—			—			(813		)	—			(813		)
Stock-based compensation	—			16,811			—			—			16,811
Straight-line rent adjustments	—			55,825			—			—			55,825

(Increase) decrease,
Prepaid expenses and other assets	—			(9,988		)	1,699			(1,423		)	(9,712		)
Intercompany	—			2,484			(2,484		)	—			—
Increase (decrease),	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	—			(10,252		)	(5,897		)	—			(16,149		)
Capital maintenance expenditures	—			—			(2,953		)	—			(2,953		)
Proceeds from sale of property and equipment	—			304			6			—			310
Principal payments on loan receivable	—			—			4,650			—			4,650
Net cash used in investing activities	—			(9,948		)	(4,194		)	—			(14,142		)
Financing activities
Dividends paid	(251,732		)	—			—			—			(251,732		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	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

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On February 1, 2018, the Company declared a regular quarterly cash dividend of $0.63 per share, which is payable on March 23, 2018 to shareholders of record as of March 9, 2018. During January 2018, the Company repaid $45 million of borrowings under its Term Loan A facility.

Schedule III Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

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, 2017

(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	$	(30	)	$	15,222	$	342,392	$	357,614	$	124,203	1997/2009	11/1/2013	31
Hollywood Casino Aurora	Aurora, IL	—		4,937		98,378		(383		)	4,936		97,996		102,932		60,978		1993/2002/ 2012	11/1/2013	30
Hollywood Casino Joliet	Joliet, IL	—		19,214		101,104		—			19,214		101,104		120,318		55,119		1992/2003/ 2010	11/1/2013	31
Argosy Casino Alton	Alton, IL	—		—		6,462		—			—		6,462		6,462		4,302		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,093		—			12,003		144,093		156,096		29,566		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105			38,266		188,622		226,888		38,132		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—			35,102		233,069		268,171		120,949		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		68,266		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		(436		)	65,668		126,689		192,357		30,973		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—			12,883		84,257		97,140		28,896		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—			9,313		38,947		48,260		18,020		2005	11/1/2013	31
Hollywood Casino Gulf Coast	Bay St. Louis, MS	—		59,388		87,352		(229		)	59,176		87,335		146,511		47,006		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		(77		)	23,391		143,301		166,692		58,364		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—			4,634		42,031		46,665		25,293		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		(137		)	3,286		63,083		66,369		43,434		1994/2006	11/1/2013	15
Hollywood Casino St. Louis	Maryland Heights, MO	—		44,198		177,063		—			44,198		177,063		221,261		63,611		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway ⁽²⁾	Dayton, OH	—		3,211		—		86,288			3,211		86,288		89,499		9,382		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		9,970		2014	11/1/2013	31
Resorts Casino Tunica	Tunica, MS	—		—		12,860		—			—		12,860		12,860		791		1994/1996/ 2005/2014	5/1/2017	31
1^st Jackpot Casino (formerly known as Bally's Casino Tunica)	Tunica, MS	—		161		10,100		—			161		10,100		10,261		234		1995	5/1/2017	31
Casino Queen	East St. Louis, IL	—		70,716		70,014		—			70,716		70,014		140,730		12,049		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		386		181,918		141,370		323,288		7,311		2006	9/9/2016	31
		$	—	$	2,057,508	$	2,272,919	$	179,801	$	2,057,178	$	2,453,050	$	4,510,228	$	856,849
Headquarters Property:
GLPI Corporate Office ⁽³⁾	Wyomissing, PA	$	—	$	750	$	8,465	$	58	$	750	$	8,523	$	9,273	$	607	2014/2015	9/19/2014	31
		$	—	$	2,058,258	$	2,281,384	$	179,859	$	2,057,928	$	2,461,573	$	4,519,501	$	857,456

(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 land rights and ground lease expense on the Company's consolidated statement of income. 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 $6.92 billion at December 31, 2017. 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, 2017, 2016 and 2015 is as follows:



	Year Ended December 31,
	2017			2016			2015
Real Estate:	(in thousands)
Balance at the beginning of the period	$	4,495,972		$	2,750,867		$	2,742,845
Acquisitions	23,507			1,745,449			—
Capital expenditures and assets placed in service	32			82			8,478
Dispositions	(10		)	(426		)	(456		)
Balance at the end of the year	$	4,519,501		$	4,495,972		$	2,750,867
Accumulated Depreciation:
Balance at the beginning of the period	$	(756,881	)	$	(660,808	)	$	(565,297	)
Depreciation expense	(100,576		)	(96,073		)	(95,511		)
Dispositions	1			—			—
Balance at the end of the year	$	(857,456	)	$	(756,881	)	$	(660,808	)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

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, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	29,054	$	29,054	$	36,556	$	36,556
Deferred compensation plan assets	22,617		22,617		17,593		17,593
Loan receivable	13,000		13,000		26,200		26,200
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	1,055,000		1,045,600		1,290,000		1,272,852
Senior unsecured notes	3,425,000		3,574,688		3,425,000		3,573,500

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,
	2017	2016	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	210,705	178,594	114,432
Assumed conversion of dilutive employee stock-based awards	644	1,699	3,755
Assumed conversion of restricted stock	155	171	170
Assumed conversion of performance-based restricted stock awards	1,248	158	82
Diluted weighted-average common shares outstanding	212,752	180,622	118,439

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
	2017			2016			2015
	(in thousands, except per share amounts)
Calculation of basic EPS:
Net income	$	380,598		$	289,305		$	128,122
Less: Net income allocated to participating securities	(622		)	(668		)	(517		)
Net income attributable to common shareholders	$	379,976		$	288,637		$	127,605
Weighted-average common shares outstanding	210,705			178,594			114,432
Basic EPS	$	1.80		$	1.62		$	1.12

Calculation of diluted EPS:
Net income	$	380,598		$	289,305		$	128,122
Diluted weighted-average common shares outstanding	212,752			180,622			118,439
Diluted EPS	$	1.79		$	1.60		$	1.08

Stock-Based Compensation

The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards 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

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, 2017

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, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	29,054	$	29,054	$	36,556	$	36,556
Deferred compensation plan assets	22,617		22,617		17,593		17,593
Loan receivable	13,000		13,000		26,200		26,200
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	1,055,000		1,045,600		1,290,000		1,272,852
Senior unsecured notes	3,425,000		3,574,688		3,425,000		3,573,500

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,
	2017	2016	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	210,705	178,594	114,432
Assumed conversion of dilutive employee stock-based awards	644	1,699	3,755
Assumed conversion of restricted stock	155	171	170
Assumed conversion of performance-based restricted stock awards	1,248	158	82
Diluted weighted-average common shares outstanding	212,752	180,622	118,439

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, 2017, 2016 and 2015:



	Year Ended December 31,
	2017			2016			2015
	(in thousands, except per share amounts)
Calculation of basic EPS:
Net income	$	380,598		$	289,305		$	128,122
Less: Net income allocated to participating securities	(622		)	(668		)	(517		)
Net income attributable to common shareholders	$	379,976		$	288,637		$	127,605
Weighted-average common shares outstanding	210,705			178,594			114,432
Basic EPS	$	1.80		$	1.62		$	1.12

Calculation of diluted EPS:
Net income	$	380,598		$	289,305		$	128,122
Diluted weighted-average common shares outstanding	212,752			180,622			118,439
Diluted EPS	$	1.79		$	1.60		$	1.08

Acquisitions Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Schedule of Consideration Transferred in Asset Acquisitions

The following tables summarize the consideration transferred in the Pinnacle Merger and the purchase price allocation to the assets acquired in the Pinnacle 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, 2017

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, represents investments in 36 rental properties and the corporate headquarters building and is summarized as follows:



	December 31, 2017			December 31, 2016
	(in thousands)
Land and improvements	$	2,057,928		$	2,057,391
Building and improvements	2,461,573			2,438,581
Total real estate investments	4,519,501			4,495,972
Less accumulated depreciation	(857,456		)	(756,881		)
Real estate investments, net	$	3,662,045		$	3,739,091

Land Rights (Tables)

12 Months Ended

Dec. 31, 2017

Ground Leases, Net [Abstract]

Schedule of Land Rights, Net

Land rights net, consists of the following:



	December 31, 2017			December 31, 2016
	(in thousands)
Land rights	$	656,666		$	596,921
Less accumulated amortization	(16,518		)	(6,163		)
Land rights, net	$	640,148		$	590,758

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2017, estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands):



Year ending December 31,
2018	$	10,910
2019	10,910
2020	10,910
2021	10,910
2022	10,910
Thereafter	585,598
Total	$	640,148

Property and Equipment Used in Operations (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017			December 31, 2016
	(in thousands)
Land and improvements	$	30,276		$	30,965
Building and improvements	116,286			117,350
Furniture, fixtures, and equipment	114,972			114,965
Construction in progress	8			330
Total property and equipment	261,542			263,610
Less accumulated depreciation	(153,249		)	(144,183		)
Property and equipment, net	$	108,293		$	119,427

Receivables (Tables)

12 Months Ended

Dec. 31, 2017

Financing Receivable, Net [Abstract]

Schedule of Components of Direct Financing Lease Investments [Table Text Block]

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



	December 31, 2017			December 31, 2016
	(in thousands)
Minimum lease payments receivable	$	3,263,387		$	3,405,131
Unguaranteed residual value	689,811			689,811
Gross investment in direct financing lease	3,953,198			4,094,942
Less: unearned income	(1,315,559		)	(1,384,231		)
Investment in direct financing lease, net	$	2,637,639		$	2,710,711

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017			December 31, 2016
	(in thousands)
Unsecured term loan A	$	230,000		$	300,000
Unsecured term loan A-1	825,000			825,000
Unsecured $700 million revolver	—			165,000
$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			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			975,000
Capital lease	1,230			1,341
Total long-term debt	4,481,230			4,716,341
Less: unamortized debt issuance costs	(38,350		)	(51,376		)
Total long-term debt, net of unamortized debt issuance costs	$	4,442,880		$	4,664,965

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, 2017 (in thousands):



2018	$	780,117
2019	123
2020	1,000,129
2021	1,225,136
2022	142
Over 5 years	1,475,583
Total minimum payments	$	4,481,230

- 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=84159872&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=75038535&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=84159872&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=84159872&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=84159872&loc=d3e21521-112644

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum lease commitments, as of inception of the lease, relating to noncancelable operating leases at December 31, 2017 are as follows (in thousands):



Year ending December 31, ⁽¹⁾
2018	$	10,735
2019	10,743
2020	10,705
2021	10,691
2022	10,679
Thereafter	546,433
Total	$	599,986

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2017

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
2018	$	683,054	$	(51,866	)	$	631,188
2019	632,578		11,215			643,793
2020	632,578		11,215			643,793
2021	632,578		11,215			643,793
2022	632,578		11,215			643,793
Thereafter	16,641,083		239,029			16,880,112
Total	$	19,854,449	$	232,023		$	20,086,472

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
2018	$	72,283	$	45,244
2019	70,497		32,881
2020	68,831		34,546
2021	67,166		36,212
2022	65,500		37,878
Thereafter	1,163,686		1,761,067
Total	$	1,507,963	$	1,947,828

Schedule of the components of gaming, food, beverage and other revenue

The following table discloses the components of gaming, food, beverage and other revenue within the consolidated statements of income for the years ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
	2017		2016		2015
	(in thousands)
Video lottery	$	118,998	$	119,390	$	122,292
Table game	17,218		18,069		18,799
Poker	1,182		1,135		1,219
Food, beverage and other	9,468		11,067		11,213
Total gaming, food, beverage and other revenue, net of cash incentives	$	146,866	$	149,661	$	153,523

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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,	2017			2016
	(in thousands)
Deferred tax assets:
Accrued expenses	$	1,597		$	1,655
Property and equipment	4,823			5,818
Net deferred tax assets	6,420			7,473
Deferred tax liabilities:
Property and equipment	(902		)	(2,192		)
Intangibles	(1,284		)	(1,624		)
Net deferred tax liabilities	(2,186		)	(3,816		)
Net:	$	4,234		$	3,657

Schedule of Components of Income Tax Expense

The provision for income taxes charged to operations for years ended December 31, 2017, 2016 and 2015 was as follows:



Year ended December 31,	2017			2016			2015
	(in thousands)
Current tax expense
Federal	$	7,039		$	6,004		$	4,945
State	3,309			3,076			3,310
Total current	10,348			9,080			8,255
Deferred tax (benefit) expense
Federal	(166		)	(1,324		)	(533		)
State	(395		)	(211		)	(280		)
Total deferred	(561		)	(1,535		)	(813		)
Total provision	$	9,787		$	7,545		$	7,442

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, 2017, 2016 and 2015:



Year ended December 31,	2017		2016		2015
Percent of pretax income
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	0.6	%	0.7	%	1.3	%
Federal tax rate change	0.5	%	—	%	—	%
REIT conversion benefit	(33.6	)%	(33.2	)%	(31.3	)%
Other miscellaneous items	—	%	—	%	0.5	%
	2.5	%	2.5	%	5.5	%



Year ended December 31,	2017			2016			2015
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	136,636		$	103,897		$	47,447
State and local income taxes	2,284			2,039			1,702
Federal tax rate change	1,818			—			—
REIT conversion benefit	(130,876		)	(98,459		)	(42,438		)
Permanent differences	49			44			61
Other miscellaneous items	(124		)	24			670
	$	9,787		$	7,545		$	7,442

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Dividends Declared

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2017, 2016 and 2015:



Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2017
February 1, 2017	March 13, 2017	Common Stock	$	0.62	First Quarter 2017	March 24, 2017	$	129,007
April 25, 2017	June 16, 2017	Common Stock	$	0.62	Second Quarter 2017	June 30, 2017	$	131,554
July 25, 2017	September 8, 2017	Common Stock	$	0.63	Third Quarter 2017	September 22, 2017	$	133,936
October 19, 2017	December 1, 2017	Common Stock	$	0.63	Fourth Quarter 2017	December 15, 2017	$	133,942
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

Dividends Classification

A summary of the Company's common stock distributions for the years ended December 31, 2017, 2016 and 2015 is as follows (unaudited):



	Year Ended December 31,
	2017			2016			2015
	(in dollars per share)
Qualified dividends	$	0.0543		$	0.1050		$	0.0698
Non-qualified dividends	2.2436			2.0746			1.9462
Capital gains	0.0371			0.0624			0.0012
Non-taxable return of capital	0.1650			0.0780			0.1628
Total distributions per common share	$	2.50		$	2.32		$	2.18

Percentage classified as qualified dividends	2.17		%	4.53		%	3.21		%
Percentage classified as non-qualified dividends	89.75		%	89.42		%	89.45		%
Percentage classified as capital gains	1.48		%	2.69		%	—		%
Percentage classified as non-taxable return of capital	6.60		%	3.36		%	7.34		%
	100.00		%	100.00		%	100.00		%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 :



	Number of Option Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2016	2,056,382		$	20.25
Exercised	(1,013,984	)	20.71
Canceled	(1,653	)	24.15
Outstanding at December 31, 2017	1,040,745		$	19.80	0.77	$	17,902

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, 2017 and 2016:



	Number of Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2015	463,764		$	32.76
Granted	168,966		$	27.80
Released	(204,596	)	$	33.21
Canceled	(14,892	)	$	30.51
December 31, 2016	413,242		$	30.59
Granted	184,791		$	30.89
Released	(251,313	)	$	32.05
Canceled	(1,976	)	$	30.37
Outstanding at December 31, 2017	344,744		$	29.69

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, 2017 and 2016:



	Number of Performance-Based Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2015	1,091,556		$	20.10
Granted	558,000		$	17.22
Released	—		$	—
Canceled ⁽¹⁾	(543,556	)	$	22.93
December 31, 2016	1,106,000		$	17.25
Granted	558,000		$	17.95
Released	—		$	—
Canceled	—		$	—
Outstanding at December 31, 2017	1,664,000		$	17.49

Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017
Net revenues	$	829,221	$	142,086	$	—		$	971,307
Income from operations	578,661		26,857		—			605,518
Interest, net	215,136		10,403		(10,406		)	215,133
Income before income taxes	373,931		16,454		—			390,385
Income tax expense	1,099		8,688		—			9,787
Net income	372,832		7,766		—			380,598
Depreciation	102,652		10,828		—			113,480
Capital project expenditures	78		—		—			78
Capital maintenance expenditures	—		3,178		—			3,178

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	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	10,252		5,897		—			16,149
Capital maintenance expenditures	—		2,953		—			2,953

Balance sheet at December 31, 2017
Total assets	$	7,045,747	$	201,135	$	—		$	7,246,882

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

⁽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, 2017

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, 2017 and 2016:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2017
Net revenues	$	242,713	$	243,391	$	244,506	$	240,697
Income from operations	150,006		152,696		152,699		150,117
Net income	93,991		96,334		97,014		93,259

Earnings per common share:
Basic earnings per common share	$	0.45	$	0.46	$	0.46	$	0.44
Diluted earnings per common share	$	0.45	$	0.45	$	0.45	$	0.43

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

⁽¹⁾

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables)

12 Months Ended

Dec. 31, 2017

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosures of cash flow information are as follows:



Year ended December 31,	2017	2016	2015
	(in thousands)
Cash paid for income taxes, net of refunds received	11,646	7,362	9,785
Cash paid for interest	204,442	154,527	109,966

Schedule of Noncash or Part Noncash Acquisitions

Noncash investing and financing activities are as follows:



Year ended December 31,	2017		2016		2015
	(in thousands)
Equity raised to partially finance the Pinnacle transaction	$	—	$	1,823,991	$	—

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

12 Months Ended

Dec. 31, 2017

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, 2017 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,794,840		$	1,867,205		$	—		$	3,662,045
Land rights, net	—			58,635			581,513			—			640,148
Property and equipment, used in operations, net	—			20,568			87,725			—			108,293
Investment in direct financing lease, net	—			—			2,637,639			—			2,637,639
Cash and cash equivalents	—			6,734			22,320			—			29,054
Prepaid expenses	—			4,067			2,746			1,639			8,452
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Loan receivable	—			—			13,000			—			13,000
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,458,247			5,087,893			2,959,174			(10,505,314		)	—
Deferred tax assets				—			4,478			—			4,478
Other assets	—			42,485			16,190			—			58,675
Total assets	$	2,458,247		$	7,208,817		$	8,277,088		$	(10,697,270	)	$	7,246,882

Liabilities
Accounts payable	$	—		$	619		$	96		$	—		$	715
Accrued expenses	—			672			7,241			—			7,913
Accrued interest	—			33,241			—			—			33,241
Accrued salaries and wages	—			7,832			2,977			—			10,809
Gaming, property, and other taxes	—			21,135			14,264			—			35,399
Income taxes	—			(306		)	(1,333		)	1,639			—
Long-term debt, net of unamortized debt issuance costs	—			4,442,880			—			—			4,442,880
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			220,019			12,004			—			232,023
Deferred tax liabilities	—			—			244			—			244
Other liabilities	—			24,478			933			—			25,411
Total liabilities	—			4,750,570			230,021			(191,956		)	4,788,635

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2017)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 212,717,549 shares issued at December 31, 2017)	2,127			2,127			2,127			(4,254		)	2,127
Additional paid-in capital	3,933,829			3,933,831			9,498,755			(13,432,586		)	3,933,829
Retained accumulated (deficit) earnings	(1,477,709		)	(1,477,711		)	(1,453,815		)	2,931,526			(1,477,709		)
Total shareholders’ equity (deficit)	2,458,247			2,458,247			8,047,067			(10,505,314		)	2,458,247
Total liabilities and shareholders’ equity (deficit)	$	2,458,247		$	7,208,817		$	8,277,088		$	(10,697,270	)	$	7,246,882



Year ended December 31, 2017 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	398,070		$	273,120		$	—		$	671,190
Income from direct financing lease	—		—			74,333			—			74,333
Real estate taxes paid by tenants	—		43,672			40,026			—			83,698
Total rental revenue and income from direct financing lease	—		441,742			387,479			—			829,221
Gaming, food, beverage and other	—		—			146,866			—			146,866
Total revenues	—		441,742			534,345			—			976,087
Less promotional allowances	—		—			(4,780		)	—			(4,780		)
Net revenues	—		441,742			529,565			—			971,307
Operating expenses
Gaming, food, beverage and other	—		—			80,487			—			80,487
Real estate taxes	—		43,755			40,911			—			84,666
Land rights and ground lease expense	—		5,895			18,110			—			24,005
General and administrative	—		39,863			23,288			—			63,151
Depreciation	—		93,948			19,532			—			113,480
Total operating expenses	—		183,461			182,328			—			365,789
Income from operations	—		258,281			347,237			—			605,518

Other income (expenses)
Interest expense	—		(217,068		)	—			—			(217,068		)
Interest income	—		—			1,935			—			1,935
Intercompany dividends and interest	—		451,295			12,318			(463,613		)	—
Total other expenses	—		234,227			14,253			(463,613		)	(215,133		)

Income before income taxes	—		492,508			361,490			(463,613		)	390,385
Income tax expense	—		1,099			8,688			—			9,787
Net income	$	—	$	491,409		$	352,802		$	(463,613	)	$	380,598



Year ended December 31, 2017 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	491,409		$	352,802		$	(463,613	)	$	380,598
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			95,058			28,777			—			123,835
Amortization of debt issuance costs	—			13,026			—			—			13,026
Losses on dispositions of property	—			—			530			—			530
Deferred income taxes	—			—			(561		)	—			(561		)
Stock-based compensation	—			15,636			—			—			15,636
Straight-line rent adjustments	—			56,815			9,156			—			65,971

(Increase) decrease,
Prepaid expenses and other assets	—			(5,703		)	1,268			(897		)	(5,332		)
Intercompany	—			317			(317		)	—			—
(Decrease) increase,
Accounts payable	—			148			(569		)	—			(421		)
Accrued expenses	—			103			308			—			411
Accrued interest	—			(502		)	—			—			(502		)
Accrued salaries and wages	—			(79		)	269			—			190
Gaming, property and other taxes	—			(505		)	(12		)	—			(517		)
Income taxes	—			(325		)	(572		)	897			—
Other liabilities	—			6,591			(744		)	—			5,847
Net cash provided by (used in) operating activities	—			671,989			390,335			(463,613		)	598,711
Investing activities
Capital project expenditures	—			(78		)	—			—			(78		)
Capital maintenance expenditures	—			—			(3,178		)	—			(3,178		)
Proceeds from sale of property and equipment	—			10			924			—			934
Principal payments on loan receivable	—			—			13,200			—			13,200
Acquisition of real estate assets	—			(82,866		)	(386		)	—			(83,252		)
Collection of principal payments on investment in direct financing lease	—			—			73,072			—			73,072
Net cash provided by (used in) investing activities	—			(82,934		)	83,632			—			698
Financing activities
Dividends paid	(529,370		)	—			—			—			(529,370		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	18,157			—			—			—			18,157
Proceeds from issuance of common stock, net of issuance costs	139,414			—			—			—			139,414
Proceeds from issuance of long-term debt	—			100,000			—			—			100,000
Financing costs	—			—			—			—			—
Payments of long-term debt	—			(335,112		)				—			(335,112		)
Intercompany financing	371,799			(358,983		)	(476,429		)	463,613			—
Net cash (used in) provided by financing activities	—			(594,095		)	(476,429		)	463,613			(606,911		)
Net increase (decrease) in cash and cash equivalents	—			(5,040		)	(2,462		)	—			(7,502		)
Cash and cash equivalents at beginning of period	—			11,774			24,782			—			36,556
Cash and cash equivalents at end of period	$	—		$	6,734		$	22,320		$	—		$	29,054



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
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 Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—	$	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	—		424,994			259,210			—			684,204
Gaming, food, beverage and other	—		—			149,661			—			149,661
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, food, beverage and other	—		—			82,463			—			82,463
Real estate taxes	—		41,510			27,938			—			69,448
Land rights and ground lease expense	—		2,685			12,114			—			14,799
General and administrative	—		48,452			22,916			—			71,368
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	—			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

Decrease (increase),
Prepaid expenses and other assets	—			6,939			(1,554		)	2,180			7,565
Intercompany	—			21			(21		)	—			—
(Decrease) increase,	0			0						0
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	—			(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, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	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



Year ended December 31, 2015 Consolidating Statement of Income	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, food, beverage and other	—		—			153,523			—			153,523
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, food, beverage and other	—		—			85,774			—			85,774
Real estate taxes	—		33,041			3,371			—			36,412
Land rights and ground lease expense	—		2,812			—			—			2,812
General and administrative	—		59,138			23,719			—			82,857
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 sales of property	—			152			33			—			185
Deferred income taxes	—			—			(813		)	—			(813		)
Stock-based compensation	—			16,811			—			—			16,811
Straight-line rent adjustments	—			55,825			—			—			55,825

(Increase) decrease,
Prepaid expenses and other assets	—			(9,988		)	1,699			(1,423		)	(9,712		)
Intercompany	—			2,484			(2,484		)	—			—
Increase (decrease),	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	—			(10,252		)	(5,897		)	—			(16,149		)
Capital maintenance expenditures	—			—			(2,953		)	—			(2,953		)
Proceeds from sale of property and equipment	—			304			6			—			310
Principal payments on loan receivable	—			—			4,650			—			4,650
Net cash used in investing activities	—			(9,948		)	(4,194		)	—			(14,142		)
Financing activities
Dividends paid	(251,732		)	—			—			—			(251,732		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	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

Business and Basis of Presentation (Narrative) (Details) $ in Thousands, ft² in Millions	12 Months Ended
	Dec. 31, 2017 ft² state property renewaloption	Dec. 31, 2016 USD ($)
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	38
Number of real estate properties	36
Number of states across which the portfolio of properties is diversified \| state	14
Net rentable area \| ft²	15.2
Real estate, occupancy percentage	100.00%
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	20
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

New Accounting Pronouncements New Accounting Pronouncements (Details)	Jan. 01, 2018 USD ($)
Accounting Standards Update 2014-09 [Member] \| Scenario, Forecast \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement's cumulative adjustment to retained earnings	$ 400,000

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details)	12 Months Ended
	Dec. 31, 2017
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)	12 Months Ended
	Dec. 31, 2017 property state
Concentration Risk [Line Items]
Number of leased properties \| property	36
Number of states across which the portfolio of properties is diversified \| state	14
Sales Revenue, Net [Member] \| Penn National Gaming Inc
Concentration Risk [Line Items]
Concentration risk, percentage	53.00%
Sales Revenue, Net [Member] \| Pinnacle Entertainment, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	45.00%

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 29,054	$ 36,556
Deferred compensation plan assets	22,617	17,593
Loan receivable	13,000	26,200
Financial liabilities:
Senior unsecured credit facility	1,055,000	1,290,000
Senior unsecured notes	3,425,000	3,425,000
Fair Value
Financial assets:
Cash and cash equivalents	29,054	36,556
Deferred compensation plan assets	22,617	17,593
Loan receivable	13,000	26,200
Financial liabilities:
Senior unsecured credit facility	1,045,600	1,272,852
Senior unsecured notes	$ 3,574,688	$ 3,573,500

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements	12 Months Ended
	Dec. 31, 2017
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, 2017
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, 2017	Dec. 31, 2016
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income tax penalties and interest, net of deferred income taxes	$ 0	$ 1	$ 59
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Gaming and Admission Taxes
Gaming and admission taxes	$ 57.4	$ 57.7	$ 60.1

Summary of Significant Accounting Policies (Earnings Per Share) (Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic weighted-average common shares outstanding	210,705	178,594	114,432
Diluted weighted-average common shares outstanding	212,752	180,622	118,439
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	644	1,699	3,755
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	155	171	170
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	1,248	158	82

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Calculation of basic EPS:
Net income	$ 93,259	$ 97,014	$ 96,334	$ 93,991	$ 93,692	$ 89,600	$ 73,264	$ 32,749	$ 380,598	$ 289,305	$ 128,122
Less: Net income allocated to participating securities									(622)	(668)	(517)
Net income attributable to common shareholders									$ 379,976	$ 288,637	$ 127,605
Basic weighted-average common shares outstanding									210,705,000	178,594,000	114,432,000
Basic earnings per common share (in dollars per share)	$ 0.44	$ 0.46	$ 0.46	$ 0.45	$ 0.45	$ 0.43	$ 0.40	$ 0.28	$ 1.80	$ 1.62	$ 1.12
Calculation of diluted EPS:
Net income	$ 93,259	$ 97,014	$ 96,334	$ 93,991	$ 93,692	$ 89,600	$ 73,264	$ 32,749	$ 380,598	$ 289,305	$ 128,122
Diluted weighted-average common shares outstanding									212,752,000	180,622,000	118,439,000
Diluted earnings per common share (in dollars per share)	$ 0.43	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.43	$ 0.39	$ 0.27	$ 1.79	$ 1.60	$ 1.08
Antidilutive securities excluded from computation of earnings per share (in shares)									3,483	23,954	24,233

Summary of Significant Accounting Policies (Segment Information) (Details)	12 Months Ended
	Dec. 31, 2017 segment
Segment Information
Number of reportable segments	2

Acquisitions (Narrative) (Details) $ in Thousands, shares in Millions			12 Months Ended
	May 01, 2017 USD ($)	Apr. 28, 2016 USD ($) shares	Apr. 30, 2018 USD ($)	Dec. 31, 2017 USD ($) property renewaloption	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Acquisitions
Payments to Acquire Real Estate				$ 83,252	$ 3,267,992	$ 0
Operating leases, rent expense				15,800	11,000	5,400
Rental income				$ 671,190	567,444	$ 392,075
Number of Real Estate Properties \| property				36
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
Tunica Properties
Acquisitions
Payments to Acquire Real Estate	$ 82,900
Tunica Properties \| Scenario, Forecast
Acquisitions
Operating leases, rent expense			$ 2,700
Rental income			$ 9,000
The Meadows Racetrack and Casino
Acquisitions
Payments to Acquire Real Estate					323,300
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				$ 352,500	237,500
Asset acquisition, pro forma information, operating expenses of acquired properties since acquisition date, actual				$ 54,200	$ 36,200

Acquisitions (Consideration Transferred) (Details) - Pinnacle Entertainment, Inc. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Acquisitions
Cash		$ 2,955,090
GLPI common stock	$ 0	1,823,991	$ 0
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. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Acquisitions
Asset acquisition, consideration transferred, cash		$ 2,955,090
Asset acquisition, consideration transferred, equity interests issued or issuable.	$ 0	$ 1,823,991	$ 0

Real Estate Investments (Details) $ in Thousands	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($)
Real estate investments
Number of real estate properties \| property	36
Total real estate investments	$ 4,519,501	$ 4,495,972
Less accumulated depreciation	(857,456)	(756,881)
Real estate investments, net	3,662,045	3,739,091
Land and improvements
Real estate investments
Total real estate investments	2,057,928	2,057,391
Building and improvements
Real estate investments
Total real estate investments	$ 2,461,573	$ 2,438,581

Land Rights (Details) $ in Thousands	12 Months Ended
Land Rights (Details) $ in Thousands	Dec. 31, 2017 USD ($) property lease renewaloption	Dec. 31, 2016 USD ($)
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 656,666	$ 596,921
Less accumulated amortization	(16,518)	(6,163)
Land rights, net	640,148	590,758
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Land rights, net	640,148	590,758
Off-Market Favorable Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense, land rights	10,400	$ 6,200
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2018	10,910
2019	10,910
2020	10,910
2021	10,910
2022	10,910
Thereafter	$ 585,598
Off-Market Favorable Lease [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	25 years
Off-Market Favorable Lease [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years
Subsidiary of Pinnacle Entertainment, Inc. [Member] \| Belterra Casino Resort IN [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, Operating Lease, Term of Contract	5 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options \| property	9
Lessee, Operating Lease, Renewal Term	5 years
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent	1.50%
Lessee Leasing Arrangements Operating Leases, Number of Ground Leases \| lease	2
Operating leases, revenue threshold for paying variable rent	$ 100,000
Subsidiary of Pinnacle Entertainment, Inc. [Member] \| Ameristar East Chicago IN [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, Operating Lease, Term of Contract	30 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options \| renewaloption	2
Lessee, Operating Lease, Renewal Term	30 years
Operating leases, frequency base rent is adjusted	3 years
Subsidiary of Pinnacle Entertainment, Inc. [Member] \| River City Hotel and Casino MO [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, Operating Lease, Term of Contract	99 years
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent	2.50%
Subsidiary of Pinnacle Entertainment, Inc. [Member] \| L'Auberge St. Charles LA [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, Operating Lease, Term of Contract	10 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options \| renewaloption	6
Lessee, Operating Lease, Renewal Term	10 years
Subsidiary of Penn National Gaming Inc [Member] \| Resorts Casino Tunica, MS [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, Operating Lease, Term of Contract	3 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options \| property	9
Lessee, Operating Lease, Renewal Term	5 years
Subsidiary of Penn National Gaming Inc [Member] \| 1st Jackpot Casino, MS [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements Operating Leases, Number of Ground Leases \| lease	2
Subsidiary of Penn National Gaming Inc [Member] \| 1st Jackpot Casino, MS, Under First of Two Ground Leases [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, Operating Lease, Term of Contract	6 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options \| renewaloption	9
Lessee, Operating Lease, Renewal Term	6 years
Subsidiary of Penn National Gaming Inc [Member] \| 1st Jackpot Casino, MS, Under Second of Two Ground Leases [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, Operating Lease, Term of Contract	10 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options \| renewaloption	10
Lessee, Operating Lease, Renewal Term	5 years
Lease Agreement, Percentage of Gaming Revenues for Determination of Annual Variable Rent (up to)	4.00%

Property and Equipment Used in Operations (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property and equipment used in operations
Total property and equipment	$ 261,542	$ 263,610
Less accumulated depreciation	(153,249)	(144,183)
Property and equipment, net	108,293	119,427
Land and improvements
Property and equipment used in operations
Total property and equipment	30,276	30,965
Building and improvements
Property and equipment used in operations
Total property and equipment	116,286	117,350
Furniture, fixtures, and equipment
Property and equipment used in operations
Total property and equipment	114,972	114,965
Construction in progress
Property and equipment used in operations
Total property and equipment	$ 8	$ 330

Receivables (Investment in Direct Financing Lease, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Loans and Leases Receivable Disclosure [Line Items]
Minimum lease payments receivable	$ 3,263,387	$ 3,405,131
Unguaranteed residual value	689,811	689,811
Gross investment in direct financing lease	3,953,198	4,094,942
Less: unearned income	(1,315,559)	(1,384,231)
Investment in direct financing lease, net	$ 2,637,639	$ 2,710,711
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) $ in Thousands		1 Months Ended	12 Months Ended
Receivables (Loan Receivable) (Details) $ in Thousands	Mar. 13, 2017 USD ($)	Jan. 31, 2014 USD ($)	Dec. 31, 2017 USD ($) renewaloption	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Payments to Acquire Real Estate			$ 83,252	$ 3,267,992	$ 0
Loan receivable			$ 13,000	$ 26,200
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Payments to Acquire Real Estate		$ 140,700
Casino Queen
Loans and Leases Receivable Disclosure [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
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Debt Instrument face amount		$ 43,000
Debt instrument term		5 years
Stated interest rate percentage on debt		7.00%
CQ Holding Company Inc. [Member] \| Unsecured Debt [Member]
Loans and Leases Receivable Disclosure [Line Items]
Debt Instrument face amount	$ 13,000
Debt instrument term	5 years 6 months
Stated interest rate percentage on debt	15.00%
Loan receivable			$ 13,000

Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Long-term debt
Long-term debt, gross	$ 4,481,230,000	$ 4,716,341,000
Unamortized debt issuance costs	(38,350,000)	(51,376,000)
Total long-term debt, net of unamortized debt issuance costs	4,442,880,000	4,664,965,000
Unsecured term loan A facility
Long-term debt
Long-term debt, gross	230,000,000	300,000,000
Unsecured term loan A -1 facility
Long-term debt
Long-term debt, gross	825,000,000	825,000,000
Unsecured $700 million revolver
Long-term debt
Long-term debt, gross	0	165,000,000
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	$ 400,000,000
Debt Instrument face amount	$ 400,000,000	$ 400,000,000
Stated interest rate percentage on debt	4.375%	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	$ 975,000,000
Debt Instrument face amount	$ 975,000,000	$ 975,000,000
Stated interest rate percentage on debt	5.375%	5.375%
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	$ 1,055,000,000
Capital lease
Long-term debt
Long-term debt, gross	$ 1,230,000	$ 1,341,000

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Future minimum repayments of long-term debt
2018	$ 780,117
2019	123
2020	1,000,129
2021	1,225,136
2022	142
Over 5 years	1,475,583
Long-term debt	$ 4,481,230	$ 4,716,341

Long-term Debt (Senior Unsecured Credit Facility) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,825,000,000
Long-term debt, gross	4,481,230,000	$ 4,716,341,000
Letters of credit outstanding	400,000
Line of credit facility, available borrowing capacity	699,600,000
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	$ 1,055,000,000
Unsecured $700 million revolver
Long-term debt
Commitment fee percentage	0.25%
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	1.50%
London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	1.00%
London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	2.00%
Base Rate [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	0.50%
Base Rate [Member] \| Minimum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	0.00%
Base Rate [Member] \| Maximum [Member] \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	1.00%
Unsecured $700 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 700,000,000
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

Long-term Debt (Senior Unsecured Notes) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017 USD ($) subsidiary	Dec. 31, 2016 USD ($)
Long-term debt
Long-term debt	$ 4,442,880,000	$ 4,664,965,000
Long-term debt, gross	$ 4,481,230,000	4,716,341,000
Number of wholly-owned subsidiary note issuers \| subsidiary	2
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 4.375 Percent Due 2021 [Member]
Long-term debt
Debt Instrument face amount	$ 400,000,000	$ 400,000,000
Stated interest rate percentage on debt	4.375%	4.375%
Long-term debt, gross	$ 400,000,000	$ 400,000,000
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 Unsecured Notes 5.375 Percent Due 2026 [Member]
Long-term debt
Debt Instrument face amount	$ 975,000,000	$ 975,000,000
Stated interest rate percentage on debt	5.375%	5.375%
Long-term debt, gross	$ 975,000,000	$ 975,000,000
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, 2017
Capital lease
Long-term debt
Debt instrument term	30 years

Commitments and Contingencies (Operating Lease Commitments) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) property lease renewaloption	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Operating Leased Assets [Line Items]
Operating leases, rent expense \| $	$ 15.8	$ 11.0	$ 5.4
Penn National Gaming Inc
Operating Leased Assets [Line Items]
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	35 years
Boomtown Biloxi MS [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, 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%
Hollywood Casino Tunica MS [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	5 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options	9
Lessee, Operating Lease, Renewal Term	5 years
Lease agreement percentage of gross revenue for determination of annual revenue sharing provision	4.00%
Hollywood Casino Bangor ME [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	15 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options	3
Lessee, Operating Lease, Renewal Term	10 years
Operating leases, rent expense, minimum rentals \| $	$ 0.1
Tunica Properties [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Lessee Leasing Arrangements Operating Leases, Number of Ground Leases \| lease	3
Resorts Casino Tunica, MS [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	3 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options \| property	9
Lessee, Operating Lease, Renewal Term	5 years
1st Jackpot Casino, MS [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Lessee Leasing Arrangements Operating Leases, Number of Ground Leases \| lease	2
1st Jackpot Casino, MS, Under First of Two Ground Leases [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	6 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options	9
Lessee, Operating Lease, Renewal Term	6 years
1st Jackpot Casino, MS, Under Second of Two Ground Leases [Member] \| Subsidiary of Penn National Gaming Inc [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	10 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options	10
Lessee, Operating Lease, Renewal Term	5 years
Lease Agreement, Percentage of Gaming Revenues for Determination of Annual Variable Rent (up to)	4.00%
Pinnacle Entertainment, Inc. Master Lease
Operating Leased Assets [Line Items]
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	35 years
Belterra Casino Resort IN [Member] \| Subsidiary of Pinnacle Entertainment, Inc. [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	5 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options \| property	9
Lessee, Operating Lease, Renewal Term	5 years
Lessee Leasing Arrangements Operating Leases, Number of Ground Leases \| lease	2
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent	1.50%
Operating leases, revenue threshold for paying variable rent \| $	$ 100.0
Ameristar East Chicago IN [Member] \| Subsidiary of Pinnacle Entertainment, Inc. [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	30 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options	2
Lessee, Operating Lease, Renewal Term	30 years
Operating leases, frequency base rent is adjusted	3 years
River City Hotel and Casino MO [Member] \| Subsidiary of Pinnacle Entertainment, Inc. [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	99 years
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent	2.50%
L'Auberge St. Charles LA [Member] \| Subsidiary of Pinnacle Entertainment, Inc. [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract	10 years
Lessee Leasing Arrangements Operating Leases Number of Renewal Options	6
Lessee, Operating Lease, Renewal Term	10 years

Commitments and Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2018	$ 10,735
2019	10,743
2020	10,705
2021	10,691
2022	10,679
Thereafter	546,433
Total	$ 599,986

Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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	$ 0.6	0.7	$ 0.5
Deferred compensation plan liabilities	22.7	17.7
Deferred compensation plan assets	$ 22.6	$ 17.6
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, 2017 employee
Labor Agreements [Line Items]
Agreements with SEATU Union number of employees	161
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, 2017 USD ($) property renewaloption	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Revenue, Major Customer [Line Items]
Number of real estate properties \| property	36
Contingent revenue \| $	$ 17,500,000	$ 9,100,000	$ 4,000,000
Penn National Gaming Inc
Revenue, Major Customer [Line Items]
Number of real estate properties \| property	20
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 \| $	$ 46,800,000	$ 43,800,000	$ 43,500,000
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
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	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, 2017 USD ($)
Future Rental Payments Receivable
2018	$ 683,054
2019	632,578
2020	632,578
2021	632,578
2022	632,578
Thereafter	16,641,083
Total	19,854,449
Straight-Line Rent Adjustments
2018	(51,866)
2019	11,215
2020	11,215
2021	11,215
2022	11,215
Thereafter	239,029
Total	232,023
Future Income to be Recognized Related to Operating Leases
2018	631,188
2019	643,793
2020	643,793
2021	643,793
2022	643,793
Thereafter	16,880,112
Total	$ 20,086,472

Revenue Recognition (Expected Cash Receipts from Direct Financing Lease) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Cash Receipts to be Recorded as Income
2018	$ 72,283
2019	70,497
2020	68,831
2021	67,166
2022	65,500
Thereafter	1,163,686
Total	1,507,963
Cash Receipts to be Applied Against the Investment in Direct Financing Lease
2018	45,244
2019	32,881
2020	34,546
2021	36,212
2022	37,878
Thereafter	1,761,067
Total	$ 1,947,828

Revenue Recognition (Components of Gaming Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue from External Customer [Line Items]
Food, beverage and other revenue	$ 9,468	$ 11,067	$ 11,213
Gaming, food, beverage and other revenue	146,866	149,661	153,523
Video lottery
Revenue from External Customer [Line Items]
Gaming revenue	118,998	119,390	122,292
Table game
Revenue from External Customer [Line Items]
Gaming revenue	17,218	18,069	18,799
Poker
Revenue from External Customer [Line Items]
Gaming revenue	$ 1,182	$ 1,135	$ 1,219

Income Taxes Income Taxes Narrative (Details) $ in Millions	12 Months Ended
Income Taxes Income Taxes Narrative (Details) $ in Millions	Dec. 31, 2017 USD ($)
Income Tax Disclosure [Abstract]
Reduction in deferred tax assets	$ 1.8

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Accrued expenses	$ 1,597	$ 1,655
Property and equipment	4,823	5,818
Net deferred tax assets	6,420	7,473
Deferred tax liabilities:
Property and equipment	(902)	(2,192)
Intangibles	(1,284)	(1,624)
Net deferred tax liabilities	(2,186)	(3,816)
Net:	$ 4,234	$ 3,657

Income Taxes (Provision for Income Taxes - Current and Deferred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current tax expense
Federal	$ 7,039	$ 6,004	$ 4,945
State	3,309	3,076	3,310
Total current	10,348	9,080	8,255
Deferred tax (benefit) expense
Federal	(166)	(1,324)	(533)
State	(395)	(211)	(280)
Deferred income taxes	(561)	(1,535)	(813)
Total provision	$ 9,787	$ 7,545	$ 7,442

Income Taxes (Effective Income Tax Rate Reconciliation, Percent) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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	0.60%	0.70%	1.30%
Federal tax rate change	0.50%	0.00%	0.00%
REIT conversion benefit	(33.60%)	(33.20%)	(31.30%)
Other miscellaneous items	0.00%	0.00%	0.50%
Effective income tax rate reconciliation, effective income tax rate, percent	2.50%	2.50%	5.50%

Income Taxes (Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax	$ 136,636	$ 103,897	$ 47,447
State and local income taxes	2,284	2,039	1,702
Federal tax rate change	1,818	0	0
REIT conversion benefit	(130,876)	(98,459)	(42,438)
Permanent differences	49	44	61
Other miscellaneous items	(124)	24	670
Total provision	$ 9,787	$ 7,545	$ 7,442

Shareholders' Equity (Common Stock) (Details) - USD ($)				12 Months Ended			17 Months Ended
Shareholders' Equity (Common Stock) (Details) - USD ($)	Aug. 09, 2016	Apr. 28, 2016	Apr. 06, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock			$ 825,200,000
Proceeds from issuance of common stock, net of issuance costs				$ 139,414,000	$ 870,810,000	$ 0
Common Stock
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			28,750,000	3,864,872	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				3,864,872			5,186,871
Weighted-Average Price of Shares Issued				$ 36.22			$ 35.91
Proceeds from Issuance of Common Stock				$ 140,000,000			$ 186,300,000
Proceeds from issuance of common stock, net of issuance costs				139,400,000			185,000,000
Common Stock, Value, Remaining Under Amount Authorized to be Issued				$ 213,700,000			$ 213,700,000
Maximum [Member] \| At The Market Program [Member]
Class of Stock [Line Items]
At The Market Offering Program, Percentage of Commission to be Paid 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%
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. 15, 2017	Oct. 19, 2017	Sep. 22, 2017	Jul. 25, 2017	Jun. 30, 2017	Apr. 25, 2017	Mar. 24, 2017	Feb. 01, 2017	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. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	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, 2017	Dec. 31, 2016	Dec. 31, 2015
Dividends [Abstract]
Dividends Payable, Date Declared		Oct. 19, 2017		Jul. 25, 2017		Apr. 25, 2017		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
Dividends Payable, Date of Record																									Dec. 01, 2017	Sep. 08, 2017	Jun. 16, 2017	Mar. 13, 2017	Dec. 05, 2016	Sep. 12, 2016	Jun. 02, 2016	Feb. 22, 2016	Dec. 01, 2015	Sep. 14, 2015	Jun. 11, 2015	Mar. 10, 2015
Common stock, dividends, per share, declared		$ 0.63		$ 0.63		$ 0.62		$ 0.62		$ 0.60		$ 0.60		$ 0.56		$ 0.56		$ 0.545		$ 0.545		$ 0.545		$ 0.545
Common stock, dividends per share, cash paid	$ 0.63		$ 0.63		$ 0.62		$ 0.62		$ 0.60		$ 0.60		$ 0.56		$ 0.56		$ 0.545		$ 0.545		$ 0.545		$ 0.545														$ 2.50	$ 2.32	$ 2.18
Dividends Payable, Date to be Paid																									Dec. 15, 2017	Sep. 22, 2017	Jun. 30, 2017	Mar. 24, 2017	Dec. 16, 2016	Sep. 23, 2016	Jun. 17, 2016	Mar. 25, 2016	Dec. 18, 2015	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015
Payments of Ordinary Dividends, Common Stock	$ 133,942		$ 133,936		$ 131,554		$ 129,007		$ 124,466		$ 124,262		$ 113,212		$ 65,345		$ 62,814		$ 62,456		$ 62,348		$ 62,072

Shareholders' Equity (Dividends) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Dividends [Abstract]
Dividends, share-based compensation	$ 0.9	$ 1.1	$ 2.0

Shareholders' Equity (Dividend Classification) (Details) - $ / shares													12 Months Ended
	Dec. 15, 2017	Sep. 22, 2017	Jun. 30, 2017	Mar. 24, 2017	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. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Dividends
Common stock, dividends per share, cash paid	$ 0.63	$ 0.63	$ 0.62	$ 0.62	$ 0.60	$ 0.60	$ 0.56	$ 0.56	$ 0.545	$ 0.545	$ 0.545	$ 0.545	$ 2.50	$ 2.32	$ 2.18
Common stock, dividends, classification of distribution as a percent													100.00%	100.00%	100.00%
Qualified dividends
Dividends
Common stock, dividends per share, cash paid													$ 0.0543	$ 0.1050	$ 0.0698
Common stock, dividends, classification of distribution as a percent													2.17%	4.53%	3.21%
Non-qualified dividends
Dividends
Common stock, dividends per share, cash paid													$ 2.2436	$ 2.0746	$ 1.9462
Common stock, dividends, classification of distribution as a percent													89.75%	89.42%	89.45%
Capital gains
Dividends
Common stock, dividends per share, cash paid													$ 0.0371	$ 0.0624	$ 0.0012
Common stock, dividends, classification of distribution as a percent													1.48%	2.69%	0.00%
Non-taxable return of capital
Dividends
Common stock, dividends per share, cash paid													$ 0.1650	$ 0.0780	$ 0.1628
Common stock, dividends, classification of distribution as a percent													6.60%	3.36%	7.34%

Stock-Based Compensation (Stock Options Issued and Outstanding) (Details) - Employee stock options $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares) \| shares	2,056,382
Exercised (in shares) \| shares	(1,013,984)
Canceled (in shares) \| shares	(1,653)
Outstanding at end of period (in shares) \| shares	1,040,745
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	$ 20.25
Exercised (in dollars per share) \| $ / shares	20.71
Canceled (in dollars per share) \| $ / shares	24.15
Outstanding at period end (in dollars per share) \| $ / shares	$ 19.80
Weighted average remaining contractual term, outstanding options	9 months 6 days
Aggregate intrinsic value of outstanding stock options \| $	$ 17,902

Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
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)	413,242	463,764
Granted (in shares)	184,791	168,966
Released (in shares)	(251,313)	(204,596)
Canceled (in shares)	(1,976)	(14,892)
Outstanding at the end of the period (in shares)	344,744	413,242
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	$ 30.59	$ 32.76
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	30.89	27.80
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	32.05	33.21
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	30.37	30.51
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, End of Period	$ 29.69	$ 30.59

Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
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)	1,106,000	1,091,556
Granted (in shares)	558,000	558,000
Released (in shares)	0	0
Canceled (in shares)	0	(543,556)
Outstanding at the end of the period (in shares)	1,664,000	1,106,000
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	$ 17.25	$ 20.10
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	17.95	17.22
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	0	22.93
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, End of Period	$ 17.49	$ 17.25

Stock-Based Compensation (Narrative) (Details) - USD ($)														9 Months Ended	12 Months Ended
	Dec. 15, 2017	Sep. 22, 2017	Jun. 30, 2017	Mar. 24, 2017	Dec. 16, 2016	Sep. 23, 2016	Jun. 17, 2016	Mar. 25, 2016	Dec. 18, 2015	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015	Nov. 01, 2013	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance															2,755,796
Number of awards converted per award held													2
Common stock, dividends per share, cash paid	$ 0.63	$ 0.63	$ 0.62	$ 0.62	$ 0.60	$ 0.60	$ 0.56	$ 0.56	$ 0.545	$ 0.545	$ 0.545	$ 0.545			$ 2.50	$ 2.32	$ 2.18
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit															17.33
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit															$ 26.45
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
Allocated share based compensation expense related to dividend paid																4,500,000	11,300,000
Number of exercisable options outstanding															1,040,745
Weighted average exercise price of exercisable options outstanding (in dollars per share)															$ 19.80
Intrinsic value of exercisable options outstanding															$ 17,900,000
Weighted average remaining contractual term of exercisable options															9 months 6 days
Aggregate intrinsic value of options exercised															$ 14,900,000	75,000,000	47,800,000
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost															$ 5,400,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost															1 year 8 months 30 days
Allocated share-based compensation expense															$ 6,000,000	7,300,000	5,900,000
Fair value of restricted stock awards released in period															7,300,000	5,300,000	4,500,000
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost															$ 9,900,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost															1 year 8 months 4 days
Allocated share-based compensation expense															$ 9,700,000	$ 11,000,000	$ 8,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Revenues From Triple-Net Leases														75.00%
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

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment information
Net Revenues	$ 240,697	$ 244,506	$ 243,391	$ 242,713	$ 238,799	$ 233,275	$ 207,361	$ 148,820	$ 971,307	$ 828,255	$ 575,053
Income from operations	150,117	152,699	152,696	150,006	148,863	143,306	120,817	67,637	605,518	480,623	257,415
Interest, net									215,133	183,773	121,851
Income before income taxes									390,385	296,850	135,564
Income tax expense									9,787	7,545	7,442
Net income	93,259	$ 97,014	$ 96,334	$ 93,991	93,692	$ 89,600	$ 73,264	$ 32,749	380,598	289,305	128,122
Depreciation									113,480	109,554	109,783
Capital project expenditures									78	330	16,149
Capital maintenance expenditures									3,178	3,111	2,953
Total assets	7,246,882				7,369,330				7,246,882	7,369,330
Eliminations
Segment information
Net Revenues									0	0	0
Income from operations									0	0	0
Interest, net									(10,406)	(10,406)	(10,406)
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									0	0	0
Capital maintenance expenditures									0	0	0
Total assets	0				0				0	0
GLP Capital
Segment information
Net Revenues									829,221	684,204	427,125
Income from operations									578,661	454,682	232,701
Interest, net									215,136	183,777	121,855
Income before income taxes									373,931	281,311	121,252
Income tax expense									1,099	1,016	1,338
Net income									372,832	280,295	119,914
Depreciation									102,652	98,171	97,424
Capital project expenditures									78	229	10,252
Capital maintenance expenditures									0	0	0
Total assets	7,045,747				7,156,501				7,045,747	7,156,501
TRS Properties
Segment information
Net Revenues									142,086	144,051	147,928
Income from operations									26,857	25,941	24,714
Interest, net									10,403	10,402	10,402
Income before income taxes									16,454	15,539	14,312
Income tax expense									8,688	6,529	6,104
Net income									7,766	9,010	8,208
Depreciation									10,828	11,383	12,359
Capital project expenditures									0	101	5,897
Capital maintenance expenditures									3,178	3,111	$ 2,953
Total assets	$ 201,135				$ 212,829				$ 201,135	$ 212,829

Summarized Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Net Revenues	$ 240,697	$ 244,506	$ 243,391	$ 242,713	$ 238,799	$ 233,275	$ 207,361	$ 148,820	$ 971,307	$ 828,255	$ 575,053
Income from operations	150,117	152,699	152,696	150,006	148,863	143,306	120,817	67,637	605,518	480,623	257,415
Net income	$ 93,259	$ 97,014	$ 96,334	$ 93,991	$ 93,692	$ 89,600	$ 73,264	$ 32,749	$ 380,598	$ 289,305	$ 128,122
Earnings Per Share
Basic earnings per common share (in dollars per share)	$ 0.44	$ 0.46	$ 0.46	$ 0.45	$ 0.45	$ 0.43	$ 0.40	$ 0.28	$ 1.80	$ 1.62	$ 1.12
Diluted earnings per common share (in dollars per share)	$ 0.43	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.43	$ 0.39	$ 0.27	$ 1.79	$ 1.60	$ 1.08

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 11,646	$ 7,362	$ 9,785
Cash paid for interest	$ 204,442	$ 154,527	$ 109,966

Supplemental Disclosures of Cash Flow Information and Noncash Activities Supplemental Disclosures of Cash Flow Information and Noncash Activities (Noncash Investing and Financing Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pinnacle Entertainment, Inc.
Noncash or Part Noncash Acquisitions [Line Items]
Asset acquisition, consideration transferred, equity interests issued or issuable.	$ 0	$ 1,823,991	$ 0

Related Party Transactions (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 19, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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		$ 35	$ 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, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets
Real estate investments, net	$ 3,662,045	$ 3,739,091
Land rights, net	640,148	590,758
Property and equipment, used in operations, net	108,293	119,427
Investment in direct financing lease, net	2,637,639	2,710,711
Cash and cash equivalents	29,054	36,556	$ 41,875	$ 35,973
Prepaid expenses	8,452	7,477
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	26,200
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets	4,478	3,922
Other assets	58,675	50,090
Total assets	7,246,882	7,369,330
Liabilities
Accounts payable	715	1,079
Accrued expenses	7,913	6,590
Accrued interest	33,241	33,743
Accrued salaries and wages	10,809	10,619
Gaming, property, and other taxes	35,399	32,584
Income taxes	0	0
Long-term debt, net of unamortized debt issuance costs	4,442,880	4,664,965
Intercompany loan payable	0	0
Deferred rental revenue	232,023	166,052
Deferred tax liabilities	244	265
Other liabilities	25,411	19,564
Total liabilities	4,788,635	4,935,461
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2017 or December 31, 2016	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,717,549 and 207,676,827 shares issued at December 31, 2017 and December 31, 2016, respectively)	2,127	2,077
Additional paid-in capital	3,933,829	3,760,729
Retained accumulated (deficit) earnings	(1,477,709)	(1,328,937)
Total shareholders’ equity	2,458,247	2,433,869	(253,514)	(176,290)
Total liabilities and shareholders’ equity	$ 7,246,882	$ 7,369,330
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	212,717,549	207,676,827
Common stock, shares authorized	500,000,000	500,000,000
Consolidation, Eliminations
Assets
Real estate investments, net	$ 0	$ 0
Land rights, net	0	0
Property and equipment, used in operations, net	0	0
Investment in direct financing lease, net	0	0
Cash and cash equivalents	0	0	0	0
Prepaid expenses	1,639	742
Goodwill	0	0
Other intangible assets	0	0
Loan receivable	0	0
Intercompany loan receivable	(193,595)	(193,595)
Intercompany transactions and investment in subsidiaries	(10,505,314)	(10,593,619)
Deferred tax assets	0	0
Other assets	0	0
Total assets	(10,697,270)	(10,786,472)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	1,639	742
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	0
Other liabilities	0	0
Total liabilities	(191,956)	(192,853)
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2017 or December 31, 2016	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,717,549 and 207,676,827 shares issued at December 31, 2017 and December 31, 2016, respectively)	(4,254)	(4,154)
Additional paid-in capital	(13,432,586)	(13,098,814)
Retained accumulated (deficit) earnings	2,931,526	2,509,349
Total shareholders’ equity	(10,505,314)	(10,593,619)
Total liabilities and shareholders’ equity	(10,697,270)	(10,786,472)
Parent Guarantor
Assets
Real estate investments, net	0	0
Land rights, net	0	0
Property and equipment, used in operations, net	0	0
Investment in direct financing lease, net	0	0
Cash and cash equivalents	0	0	0	2,643
Prepaid expenses	0	0
Goodwill	0	0
Other intangible assets	0	0
Loan receivable	0	0
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,458,247	2,433,869
Deferred tax assets		0
Other assets	0	0
Total assets	2,458,247	2,433,869
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 ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2017 or December 31, 2016	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,717,549 and 207,676,827 shares issued at December 31, 2017 and December 31, 2016, respectively)	2,127	2,077
Additional paid-in capital	3,933,829	3,760,730
Retained accumulated (deficit) earnings	(1,477,709)	(1,328,938)
Total shareholders’ equity	2,458,247	2,433,869
Total liabilities and shareholders’ equity	$ 2,458,247	$ 2,433,869
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	212,717,549	207,676,827
Common stock, shares authorized	500,000,000	500,000,000
Subsidiary Issuers
Assets
Real estate investments, net	$ 1,794,840	$ 1,863,568
Land rights, net	58,635	0
Property and equipment, used in operations, net	20,568	22,598
Investment in direct financing lease, net	0	0
Cash and cash equivalents	6,734	11,774	8,716	4,450
Prepaid expenses	4,067	3,106
Goodwill	0	0
Other intangible assets	0	0
Loan receivable	0	0
Intercompany loan receivable	193,595	193,595
Intercompany transactions and investment in subsidiaries	5,087,893	5,211,835
Deferred tax assets	0	0
Other assets	42,485	37,335
Total assets	7,208,817	7,343,811
Liabilities
Accounts payable	619	413
Accrued expenses	672	434
Accrued interest	33,241	33,743
Accrued salaries and wages	7,832	7,911
Gaming, property, and other taxes	21,135	21,364
Income taxes	(306)	18
Long-term debt, net of unamortized debt issuance costs	4,442,880	4,664,965
Intercompany loan payable	0	0
Deferred rental revenue	220,019	163,204
Deferred tax liabilities	0	0
Other liabilities	24,478	17,890
Total liabilities	4,750,570	4,909,942
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2017 or December 31, 2016	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,717,549 and 207,676,827 shares issued at December 31, 2017 and December 31, 2016, respectively)	2,127	2,077
Additional paid-in capital	3,933,831	3,760,730
Retained accumulated (deficit) earnings	(1,477,711)	(1,328,938)
Total shareholders’ equity	2,458,247	2,433,869
Total liabilities and shareholders’ equity	7,208,817	7,343,811
Non-Guarantor Subsidiaries
Assets
Real estate investments, net	1,867,205	1,875,523
Land rights, net	581,513	590,758
Property and equipment, used in operations, net	87,725	96,829
Investment in direct financing lease, net	2,637,639	2,710,711
Cash and cash equivalents	22,320	24,782	$ 33,159	$ 28,880
Prepaid expenses	2,746	3,629
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	26,200
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,959,174	2,947,915
Deferred tax assets	4,478	3,922
Other assets	16,190	12,755
Total assets	8,277,088	8,378,122
Liabilities
Accounts payable	96	666
Accrued expenses	7,241	6,156
Accrued interest	0	0
Accrued salaries and wages	2,977	2,708
Gaming, property, and other taxes	14,264	11,220
Income taxes	(1,333)	(760)
Long-term debt, net of unamortized debt issuance costs	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	12,004	2,848
Deferred tax liabilities	244	265
Other liabilities	933	1,674
Total liabilities	230,021	218,372
Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2017 or December 31, 2016	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,717,549 and 207,676,827 shares issued at December 31, 2017 and December 31, 2016, respectively)	2,127	2,077
Additional paid-in capital	9,498,755	9,338,083
Retained accumulated (deficit) earnings	(1,453,815)	(1,180,410)
Total shareholders’ equity	8,047,067	8,159,750
Total liabilities and shareholders’ equity	$ 8,277,088	$ 8,378,122
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%

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Rental income									$ 671,190	$ 567,444	$ 392,075
Income from direct financing lease									74,333	48,917	0
Real estate taxes paid by tenants									83,698	67,843	35,050
Total rental revenue and income from direct financing lease									829,221	684,204	427,125
Gaming, food, beverage and other revenue									146,866	149,661	153,523
Total revenues									976,087	833,865	580,648
Less promotional allowances									(4,780)	(5,610)	(5,595)
Net revenues	$ 240,697	$ 244,506	$ 243,391	$ 242,713	$ 238,799	$ 233,275	$ 207,361	$ 148,820	971,307	828,255	575,053
Operating expenses
Gaming, food, beverage and other									80,487	82,463	85,774
Real estate taxes									84,666	69,448	36,412
Land rights and ground lease expense									24,005	14,799	2,812
General and administrative									63,151	71,368	82,857
Depreciation									113,480	109,554	109,783
Total operating expenses									365,789	347,632	317,638
Income from operations	150,117	152,699	152,696	150,006	148,863	143,306	120,817	67,637	605,518	480,623	257,415
Other income (expenses)
Interest expense									(217,068)	(185,896)	(124,183)
Interest income									1,935	2,123	2,332
Intercompany dividends and interest									0	0	0
Total other expenses									(215,133)	(183,773)	(121,851)
Income before income taxes									390,385	296,850	135,564
Income tax expense									9,787	7,545	7,442
Net income	$ 93,259	$ 97,014	$ 96,334	$ 93,991	$ 93,692	$ 89,600	$ 73,264	$ 32,749	380,598	289,305	128,122
Eliminations
Revenues
Rental income									0	0	0
Income from direct financing lease									0	0
Real estate taxes paid by tenants									0	0	0
Total rental revenue and income from direct financing lease									0	0	0
Gaming, food, beverage and other revenue									0	0	0
Total revenues									0	0	0
Less promotional allowances									0	0	0
Net revenues									0	0	0
Operating expenses
Gaming, food, beverage and other									0	0	0
Real estate taxes									0	0	0
Land rights and ground lease expense									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									(463,613)	(337,717)	(43,386)
Total other expenses									(463,613)	(337,717)	(43,386)
Income before income taxes									(463,613)	(337,717)	(43,386)
Income tax expense									0	0	0
Net income									(463,613)	(337,717)	(43,386)
Parent Guarantor
Revenues
Rental income									0	0	0
Income from direct financing lease									0	0
Real estate taxes paid by tenants									0	0	0
Total rental revenue and income from direct financing lease									0	0	0
Gaming, food, beverage and other revenue									0	0	0
Total revenues									0	0	0
Less promotional allowances									0	0	0
Net revenues									0	0	0
Operating expenses
Gaming, food, beverage and other									0	0	0
Real estate taxes									0	0	0
Land rights and ground lease expense									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									0	0	0
Total other expenses									0	0	0
Income before income taxes									0	0	0
Income tax expense									0	0	0
Net income									0	0	0
Subsidiary Issuers
Revenues
Rental income									398,070	383,553	378,075
Income from direct financing lease									0	0
Real estate taxes paid by tenants									43,672	41,441	33,041
Total rental revenue and income from direct financing lease									441,742	424,994	411,116
Gaming, food, beverage and other revenue									0	0	0
Total revenues									441,742	424,994	411,116
Less promotional allowances									0	0	0
Net revenues									441,742	424,994	411,116
Operating expenses
Gaming, food, beverage and other									0	0	0
Real estate taxes									43,755	41,510	33,041
Land rights and ground lease expense									5,895	2,685	2,812
General and administrative									39,863	48,452	59,138
Depreciation									93,948	93,476	94,380
Total operating expenses									183,461	186,123	189,371
Income from operations									258,281	238,871	221,745
Other income (expenses)
Interest expense									(217,068)	(185,896)	(124,183)
Interest income									0	169	10
Intercompany dividends and interest									451,295	318,047	36,292
Total other expenses									234,227	132,320	(87,881)
Income before income taxes									492,508	371,191	133,864
Income tax expense									1,099	1,016	1,338
Net income									491,409	370,175	132,526
Non-Guarantor Subsidiaries
Revenues
Rental income									273,120	183,891	14,000
Income from direct financing lease									74,333	48,917
Real estate taxes paid by tenants									40,026	26,402	2,009
Total rental revenue and income from direct financing lease									387,479	259,210	16,009
Gaming, food, beverage and other revenue									146,866	149,661	153,523
Total revenues									534,345	408,871	169,532
Less promotional allowances									(4,780)	(5,610)	(5,595)
Net revenues									529,565	403,261	163,937
Operating expenses
Gaming, food, beverage and other									80,487	82,463	85,774
Real estate taxes									40,911	27,938	3,371
Land rights and ground lease expense									18,110	12,114	0
General and administrative									23,288	22,916	23,719
Depreciation									19,532	16,078	15,403
Total operating expenses									182,328	161,509	128,267
Income from operations									347,237	241,752	35,670
Other income (expenses)
Interest expense									0	0	0
Interest income									1,935	1,954	2,322
Intercompany dividends and interest									12,318	19,670	7,094
Total other expenses									14,253	21,624	9,416
Income before income taxes									361,490	263,376	45,086
Income tax expense									8,688	6,529	6,104
Net income									$ 352,802	$ 256,847	$ 38,982

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net income	$ 93,259	$ 97,014	$ 96,334	$ 93,991	$ 93,692	$ 89,600	$ 73,264	$ 32,749	$ 380,598	$ 289,305	$ 128,122
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									123,835	115,717	109,783
Amortization of debt issuance costs									13,026	15,146	14,016
Losses (gains) on dispositions of property									530	(455)	185
Deferred income taxes									(561)	(1,535)	(813)
Stock-based compensation									15,636	18,312	16,811
Straight-line rent adjustments									65,971	58,673	55,825
(Increase) decrease,
Prepaid expenses and other assets									(5,332)	7,565	(9,712)
Intercompany									0	0	0
(Decrease), increase
Accounts payable									(421)	506	(946)
Accrued expenses									411	(4,672)	4,241
Accrued interest									(502)	16,120	95
Accrued salaries and wages									190	(3,100)	1,138
Gaming, property and other taxes									(517)	913	(956)
Income taxes									0	0	0
Other liabilities									5,847	1,875	1,899
Net cash provided by operating activities									598,711	514,370	319,688
Investing activities
Capital project expenditures									(78)	(330)	(16,149)
Capital maintenance expenditures									(3,178)	(3,111)	(2,953)
Proceeds from sale of property and equipment									934	1,134	310
Principal payments on loan receivable									13,200	3,150	4,650
Acquisition of real estate assets									(83,252)	(3,267,992)	0
Collection of principal payments on investment in direct financing lease									73,072	48,533	0
Net cash provided by (used in) investing activities									698	(3,218,616)	(14,142)
Financing activities
Dividends paid									(529,370)	(428,352)	(251,732)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings									18,157	113,484	29,686
Proceeds from issuance of common stock, net of issuance costs									139,414	870,810	0
Proceeds from issuance of long-term debt									100,000	2,552,000	0
Financing costs									0	(31,911)	(9,500)
Repayments of long-term debt									(335,112)	(377,104)	(68,098)
Intercompany financing									0	0	0
Net cash (used in) provided by financing activities									(606,911)	2,698,927	(299,644)
Net (decrease) increase in cash and cash equivalents									(7,502)	(5,319)	5,902
Cash and cash equivalents at beginning of period				36,556				41,875	36,556	41,875	35,973
Cash and cash equivalents at end of period	29,054				36,556				29,054	36,556	41,875
Eliminations
Operating activities
Net income									(463,613)	(337,717)	(43,386)
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
Losses (gains) 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									(897)	2,180	(1,423)
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									897	(2,180)	1,423
Other liabilities									0	0	0
Net cash provided by operating activities									(463,613)	(337,717)	(43,386)
Investing activities
Capital project expenditures									0	0	0
Capital maintenance expenditures									0	0	0
Proceeds from sale of property and equipment									0	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	0
Net cash provided by (used in) investing activities									0	0	0
Financing activities
Dividends paid									0	0	0
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings									0	0	0
Proceeds from issuance of common stock, net of issuance costs									0	0
Proceeds from issuance of long-term debt									0	0
Financing costs									0	0	0
Repayments of long-term debt									0	0	0
Intercompany financing									463,613	337,717	43,386
Net cash (used in) provided by financing activities									463,613	337,717	43,386
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	0
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
Losses (gains) 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									0	0	0
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									0	0	0
Other liabilities									0	0	0
Net cash provided by operating activities									0	0	0
Investing activities
Capital project expenditures									0	0	0
Capital maintenance expenditures									0	0	0
Proceeds from sale of property and equipment									0	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	0
Net cash provided by (used in) investing activities									0	0	0
Financing activities
Dividends paid									(529,370)	(428,352)	(251,732)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings									18,157	113,484	29,686
Proceeds from issuance of common stock, net of issuance costs									139,414	870,810
Proceeds from issuance of long-term debt									0	0
Financing costs									0	0	0
Repayments of long-term debt									0	0	0
Intercompany financing									371,799	(555,942)	219,403
Net cash (used in) provided by financing activities									0	0	(2,643)
Net (decrease) increase in cash and cash equivalents									0	0	(2,643)
Cash and cash equivalents at beginning of period				0				0	0	0	2,643
Cash and cash equivalents at end of period	0				0				0	0	0
Subsidiary Issuers
Operating activities
Net income									491,409	370,175	132,526
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									95,058	93,476	94,380
Amortization of debt issuance costs									13,026	15,146	14,016
Losses (gains) on dispositions of property									0	(471)	152
Deferred income taxes									0	0	0
Stock-based compensation									15,636	18,312	16,811
Straight-line rent adjustments									56,815	55,825	55,825
(Increase) decrease,
Prepaid expenses and other assets									(5,703)	6,939	(9,988)
Intercompany									317	21	2,484
(Decrease), increase
Accounts payable									148	119	(1,013)
Accrued expenses									103	(4,303)	4,104
Accrued interest									(502)	16,120	95
Accrued salaries and wages									(79)	(2,817)	715
Gaming, property and other taxes									(505)	899	(898)
Income taxes									(325)	59	125
Other liabilities									6,591	1,589	1,934
Net cash provided by operating activities									671,989	571,089	311,268
Investing activities
Capital project expenditures									(78)	(229)	(10,252)
Capital maintenance expenditures									0	0	0
Proceeds from sale of property and equipment									10	897	304
Principal payments on loan receivable									0	0	0
Acquisition of real estate assets									(82,866)	0
Collection of principal payments on investment in direct financing lease									0	0
Net cash provided by (used in) investing activities									(82,934)	668	(9,948)
Financing activities
Dividends paid									0	0	0
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings									0	0	0
Proceeds from issuance of common stock, net of issuance costs									0	0
Proceeds from issuance of long-term debt									100,000	2,552,000
Financing costs									0	(31,911)	(9,500)
Repayments of long-term debt									(335,112)	(377,104)	(68,098)
Intercompany financing									(358,983)	(2,711,684)	(219,456)
Net cash (used in) provided by financing activities									(594,095)	(568,699)	(297,054)
Net (decrease) increase in cash and cash equivalents									(5,040)	3,058	4,266
Cash and cash equivalents at beginning of period				11,774				8,716	11,774	8,716	4,450
Cash and cash equivalents at end of period	6,734				11,774				6,734	11,774	8,716
Non-Guarantor Subsidiaries
Operating activities
Net income									352,802	256,847	38,982
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									28,777	22,241	15,403
Amortization of debt issuance costs									0	0	0
Losses (gains) on dispositions of property									530	16	33
Deferred income taxes									(561)	(1,535)	(813)
Stock-based compensation									0	0	0
Straight-line rent adjustments									9,156	2,848	0
(Increase) decrease,
Prepaid expenses and other assets									1,268	(1,554)	1,699
Intercompany									(317)	(21)	(2,484)
(Decrease), increase
Accounts payable									(569)	387	67
Accrued expenses									308	(369)	137
Accrued interest									0	0	0
Accrued salaries and wages									269	(283)	423
Gaming, property and other taxes									(12)	14	(58)
Income taxes									(572)	2,121	(1,548)
Other liabilities									(744)	286	(35)
Net cash provided by operating activities									390,335	280,998	51,806
Investing activities
Capital project expenditures									0	(101)	(5,897)
Capital maintenance expenditures									(3,178)	(3,111)	(2,953)
Proceeds from sale of property and equipment									924	237	6
Principal payments on loan receivable									13,200	3,150	4,650
Acquisition of real estate assets									(386)	(3,267,992)
Collection of principal payments on investment in direct financing lease									73,072	48,533
Net cash provided by (used in) investing activities									83,632	(3,219,284)	(4,194)
Financing activities
Dividends paid									0	0	0
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings									0	0	0
Proceeds from issuance of common stock, net of issuance costs									0	0
Proceeds from issuance of long-term debt									0	0
Financing costs									0	0	0
Repayments of long-term debt										0	0
Intercompany financing									(476,429)	2,929,909	(43,333)
Net cash (used in) provided by financing activities									(476,429)	2,929,909	(43,333)
Net (decrease) increase in cash and cash equivalents									(2,462)	(8,377)	4,279
Cash and cash equivalents at beginning of period				$ 24,782				$ 33,159	24,782	33,159	28,880
Cash and cash equivalents at end of period	$ 22,320				$ 24,782				$ 22,320	$ 24,782	$ 33,159

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions														1 Months Ended	3 Months Ended
	Feb. 01, 2018	Oct. 19, 2017	Jul. 25, 2017	Apr. 25, 2017	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	Jan. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	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
Subsequent Event [Line Items]
Dividends Payable, Date Declared		Oct. 19, 2017	Jul. 25, 2017	Apr. 25, 2017	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
Common stock, dividends, per share, declared		$ 0.63	$ 0.63	$ 0.62	$ 0.62	$ 0.60	$ 0.60	$ 0.56	$ 0.56	$ 0.545	$ 0.545	$ 0.545	$ 0.545
Dividends Payable, Date to be Paid																Dec. 15, 2017	Sep. 22, 2017	Jun. 30, 2017	Mar. 24, 2017	Dec. 16, 2016	Sep. 23, 2016	Jun. 17, 2016	Mar. 25, 2016	Dec. 18, 2015	Sep. 25, 2015	Jun. 26, 2015	Mar. 27, 2015
Dividends Payable, Date of Record																Dec. 01, 2017	Sep. 08, 2017	Jun. 16, 2017	Mar. 13, 2017	Dec. 05, 2016	Sep. 12, 2016	Jun. 02, 2016	Feb. 22, 2016	Dec. 01, 2015	Sep. 14, 2015	Jun. 11, 2015	Mar. 10, 2015
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Date Declared	Feb. 01, 2018
Common stock, dividends, per share, declared	$ 0.63
Dividends Payable, Date to be Paid															Mar. 23, 2018
Dividends Payable, Date of Record															Mar. 09, 2018
Unsecured term loan A facility \| Subsequent Event [Member]
Subsequent Event [Line Items]
Repayments of Debt														$ 45