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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2018	Feb. 08, 2019	Jun. 30, 2018
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, 2018
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 Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float			$ 7.2
Entity Common Stock, Shares Outstanding		214,638,534
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets
Real estate investments, net	$ 7,331,460	$ 3,662,045
Land rights, net	673,207	640,148
Property and equipment, used in operations, net	100,884	108,293
Mortgage loans receivable	303,684	0
Investment in direct financing lease, net	0	2,637,639
Cash and cash equivalents	25,783	29,054
Prepaid expenses	30,967	8,452
Goodwill	16,067	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	13,000
Deferred tax assets	5,178	4,478
Other assets	67,486	58,675
Total assets	8,577,293	7,246,882
Liabilities
Accounts payable	2,511	715
Accrued expenses	30,297	7,913
Accrued interest	45,261	33,241
Accrued salaries and wages	17,010	10,809
Gaming, property, and other taxes	42,879	35,399
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,853,497	4,442,880
Deferred rental revenue	293,911	232,023
Deferred tax liabilities	261	244
Other liabilities	26,059	25,411
Total liabilities	6,311,686	4,788,635
Commitments and Contingencies
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 and 212,717,549 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively)	2,142	2,127
Additional paid-in capital	3,952,503	3,933,829
Accumulated deficit	(1,689,038)	(1,477,709)
Total shareholders’ equity	2,265,607	2,458,247
Total liabilities and shareholders’ equity	$ 8,577,293	$ 7,246,882

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
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	214,211,932	212,717,549
Common stock, shares outstanding	214,211,932	212,717,549

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Rental income									$ 747,654	$ 671,190	$ 567,444
Income from direct financing lease									81,119	74,333	48,917
Interest income from mortgaged real estate									6,943	0	0
Real estate taxes paid by tenants									87,466	83,698	67,843
Total revenues	$ 303,317	$ 254,139	$ 254,221	$ 244,050	$ 240,697	$ 244,506	$ 243,391	$ 242,713	1,055,727	971,307	828,255
Operating expenses
Gaming, food, beverage and other									77,127	80,487	82,463
Real estate taxes									88,757	84,666	69,448
Land rights and ground lease expense									28,358	24,005	14,799
General and administrative									71,128	63,151	71,368
Depreciation									137,093	113,480	109,554
Goodwill impairment charges									59,454	0	0
Total operating expenses									461,917	365,789	347,632
Income from operations	123,884	164,834	153,241	151,851	150,117	152,699	152,696	150,006	593,810	605,518	480,623
Other income (expenses)
Interest expense									(247,684)	(217,068)	(185,896)
Interest income									1,827	1,935	2,123
Losses on debt extinguishment									(3,473)	0	0
Total other expenses									(249,330)	(215,133)	(183,773)
Income before income taxes									344,480	390,385	296,850
Income tax expense									4,964	9,787	7,545
Net income	$ 45,931	$ 104,815	$ 91,998	$ 96,772	$ 93,259	$ 97,014	$ 96,334	$ 93,991	$ 339,516	$ 380,598	$ 289,305
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.21	$ 0.49	$ 0.43	$ 0.45	$ 0.44	$ 0.46	$ 0.46	$ 0.45	$ 1.59	$ 1.80	$ 1.62
Diluted earnings per common share (in dollars per share)	$ 0.21	$ 0.49	$ 0.43	$ 0.45	$ 0.43	$ 0.45	$ 0.45	$ 0.45	$ 1.58	$ 1.79	$ 1.60
Real estate
Revenues
Total revenues									$ 923,182	$ 829,221	$ 684,204
Gaming, food, beverage and other
Revenues
Total revenues									$ 132,545	$ 142,086	$ 144,051

Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
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)			(428,352)
Net income	289,305			289,305
Balance at Dec. 31, 2016	2,433,869	$ 2,077	3,760,729	(1,328,937)
Balance (in shares) at Dec. 31, 2016		207,676,827
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)			(529,370)
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
Increase (Decrease) in Shareholders' Equity
Stock option activity	$ 19,815	$ 10	19,805
Stock option activity (in shares)		1,007,750
Restricted stock activity	(1,126)	$ 5	(1,131)
Restricted stock activity (in shares)		486,633
Dividends paid	(550,435)			(550,435)
Net income	339,516			339,516
Balance at Dec. 31, 2018	$ 2,265,607	$ 2,142	$ 3,952,503	$ (1,689,038)
Balance (in shares) at Dec. 31, 2018	214,211,932	214,211,932

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares													12 Months Ended
	Dec. 28, 2018	Sep. 21, 2018	Jun. 29, 2018	Mar. 23, 2018	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. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Common stock, dividends per share, cash paid	$ 0.68	$ 0.63	$ 0.63	$ 0.63	$ 0.63	$ 0.63	$ 0.62	$ 0.62	$ 0.60	$ 0.60	$ 0.56	$ 0.56	$ 2.57	$ 2.50	$ 2.32

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating activities
Net income	$ 339,516	$ 380,598	$ 289,305
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	148,365	123,835	115,717
Amortization of debt issuance costs, bond premiums and original issuance discounts	12,167	13,026	15,146
Losses (gains) on dispositions of property	309	530	(455)
Deferred income taxes	(522)	(561)	(1,535)
Stock-based compensation	11,152	15,636	18,312
Straight-line rent adjustments	61,888	65,971	58,673
Losses on debt extinguishment	3,473	0	0
Goodwill impairment charges	59,454	0	0
(Increase) decrease,
Prepaid expenses and other assets	(673)	(5,332)	7,565
(Decrease), increase
Accounts payable	1,796	(421)	506
Accrued expenses	(126)	411	(4,672)
Accrued interest	12,020	(502)	16,120
Accrued salaries and wages	6,201	190	(3,100)
Gaming, property and other taxes	(149)	(517)	913
Other liabilities	(438)	5,847	1,875
Net cash provided by operating activities	654,433	598,711	514,370
Investing activities
Capital project expenditures	(20)	(78)	(330)
Capital maintenance expenditures	(4,284)	(3,178)	(3,111)
Proceeds from sale of property and equipment	3,211	934	1,134
Principal payments on loan receivable	0	13,200	3,150
Acquisition of real estate assets	(1,243,466)	(83,252)	(3,267,992)
Originations of mortgage loans receivable	(303,684)	0	0
Collections of principal payments on investment in direct financing lease	38,459	73,072	48,533
Net cash (used in) provided by investing activities	(1,509,784)	698	(3,218,616)
Financing activities
Dividends paid	(550,435)	(529,370)	(428,352)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	7,537	18,157	113,484
Proceeds from issuance of common stock, net of issuance costs	0	139,414	870,810
Proceeds from issuance of long-term debt	2,593,405	100,000	2,552,000
Financing costs	(32,426)	0	(31,911)
Repayments of long-term debt	(1,164,117)	(335,112)	(377,104)
Premium and related costs paid on tender of senior unsecured notes	(1,884)	0	0
Net cash provided by (used in) financing activities	852,080	(606,911)	2,698,927
Net decrease in cash and cash equivalents	(3,271)	(7,502)	(5,319)
Cash and cash equivalents at beginning of period	29,054	36,556	41,875
Cash and cash equivalents at end of period	$ 25,783	$ 29,054	$ 36,556

Business and Basis of Presentation	12 Months Ended
Business and Basis of Presentation	Dec. 31, 2018
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 ("ASC 505"). 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 GLPI, together with an indirect wholly-owned subsidiary, 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 originally leased 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"). On October 15, 2018, the Company completed its previously announced transactions with Penn, Pinnacle and Boyd Gaming Corporation ("Boyd") to accommodate Penn's acquisition of the majority of Pinnacle's operations, pursuant to a definitive agreement and plan of merger between Penn and Pinnacle, dated December 17, 2017 (the "Penn-Pinnacle Merger"). Concurrent with the Penn-Pinnacle Merger, the Company amended the Pinnacle Master Lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd (the "Amended Pinnacle Master Lease") and entered into a new unitary triple-net master lease agreement with Boyd for these properties on terms similar to the Company’s existing master leases. The Company also purchased the real estate assets of Plainridge Park Casino ("Plainridge Park") from Penn for $250.0 million, exclusive of transaction fees and taxes and added this property to the Amended Pinnacle Master Lease. The Amended Pinnacle Master Lease was assumed by Penn at the consummation of the Penn-Pinnacle Merger. The Company also entered into a mortgage loan agreement with Boyd in connection with Boyd's acquisition of Belterra Park Gaming & Entertainment Center ("Belterra Park"), whereby the Company loaned Boyd $57.7 million. See Note 4 for further details surrounding the original Pinnacle acquisition and the subsequent acquisition of Pinnacle by Penn. 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, 2018, GLPI’s portfolio consisted of interests in 46 gaming and related facilities, including the TRS Properties, the real property associated with 33 gaming and related facilities operated by Penn, the real property associated with 6 gaming and related facilities operated by Eldorado (including one mortgaged facility), the real property associated with 4 gaming and related facilities operated by Boyd (including one mortgaged facility) and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 16 states and contain approximately 23.5 million square feet. As of December 31, 2018, 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. In addition to the acquisition of Plainridge Park described above, on October 1, 2018, the Company closed its previously announced transaction to acquire certain real property assets from Tropicana Entertainment Inc. (“Tropicana”) and certain of its affiliates pursuant to a Purchase and Sale Agreement (the “Real Estate Purchase Agreement”) dated April 15, 2018 between Tropicana and GLP Capital L.P., the operating partnership of GLPI (“GLP Capital”), which was subsequently amended on October 1, 2018 (as amended, the “Amended Real Estate Purchase Agreement”). Pursuant to the terms of the Amended Real Estate Purchase Agreement, the Company acquired the real estate assets of Tropicana Atlantic City, Tropicana Evansville, Tropicana Laughlin, Trop Casino Greenville and the Belle of Baton Rouge (the “GLP Assets”) from Tropicana for an aggregate cash purchase price of $964.0 million, exclusive of transaction fees and taxes (the "Tropicana Acquisition"). Concurrent with the Tropicana Acquisition, Eldorado Resorts, Inc. ("Eldorado") acquired the operating assets of these properties from Tropicana pursuant to an Agreement and Plan of Merger dated April 15, 2018 by and among Tropicana, GLP Capital, Eldorado and a wholly-owned subsidiary of Eldorado (the "Tropicana Merger Agreement") and leased the GLP Assets from the Company pursuant to the terms of a new unitary triple-net master lease with a 15-year initial term, with no purchase option followed by four successive 5 -year renewal periods (exercisable by Eldorado) on the same terms and conditions (the “Eldorado Master Lease”). Additionally, on October 1, 2018 the Company made a mortgage loan to Eldorado in the amount of $246.0 million in connection with Eldorado’s acquisition of Lumière Place (together with the Tropicana Acquisition the "Tropicana Transactions"). 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, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In May 2017, the Financial Accounting Standards Board ("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 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. 2017-01, 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 May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). This new standard replaces all preceding U.S. GAAP guidance on this topic and eliminates 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. 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 $410,000 at the adoption date. The majority of the Company's revenue recognition policies were not impacted by the new revenue 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 was impacted by the adoption of ASU 2014-09. See Note 12 for further details on the adoption impact of ASU 2014-09 at the TRS Properties. Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ("ASU 2018-15"). This ASU clarifies that entities should follow the guidance for capitalizing implementation costs incurred to develop or obtain internal-use software to account for implementation costs of cloud computing arrangements that are service contracts. ASU 2018-15 does not change the accounting for the service component of a cloud computing arrangement. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not expect the adoption of ASU 2018-15 to have a significant impact on its consolidated financial statements. 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 expects the adoption of ASU 2017-04 to simplify the analysis required under the goodwill impairment test. 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 mortgage and other loans receivable, 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. 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 sheets for these leases. The Company's accounting treatment of its triple-net tenant leases, which are the primary source of revenues to the Company is not significantly impacted by the adoption of ASU 2016-02, other than to eliminate the real estate tax gross-up discussed below. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018 and was originally required to be adopted on a modified retrospective basis, meaning the new leasing model would need to be applied to the earliest year presented in the financial statements and thereafter. However, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements ("ASU 2018-11") which permits companies to apply the transition provisions of the lease accounting standard at its effective date (i.e. comparative financial statements are not required). Furthermore, in December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842): Narrow Scope Improvements for Lessors ("ASU 2018-20"). ASU 2018-20 clarifies that lessor costs paid directly to a third-party by a lessee on behalf of the lessor, are no longer required to be recognized in the lessor's financial statements. Therefore, upon the adoption of ASU 2016-02, the Company will no longer gross-up its financial statements for real estate taxes paid directly to third-parties by its tenants. The Company notes, however, that ground leases for which the tenant pays the landlord directly on the Company's behalf are still required to be grossed-up within its consolidated financial statements upon the adoption of ASU 2016-02 as these are not considered lessor costs. On January 1, 2019, the Company prospectively adopted ASU 2016-02 using the new transition option available under ASU 2018-11 and recorded a right-of-use asset and related lease liability of approximately $180 million on its consolidated balance sheet to represent its future lease obligations.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

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, 2018, substantially all of the Company's real estate properties were leased to Penn, Eldorado and Boyd. During the year ended December 31, 2018, approximately 93% of the Company's collective income from real estate (excluding real estate taxes and ground leases paid by tenants) was derived from tenant leases with Penn and its acquiree Pinnacle, whereas approximately 3% and 2% of the Company's collective income from real estate (excluding real estate taxes and ground leases paid by tenants) was derived from tenant leases and mortgage loans with Eldorado and Boyd, respectively. Figures for Eldorado and Boyd represent partial years of revenue as both leases commenced in the fourth quarter of 2018. Revenues from our tenants are reported in the Company's GLP Capital, L.P. reportable segment. Penn, Eldorado and Boyd 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, Eldorado and Boyd'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, 2018, the Company's portfolio of 46 properties is diversified by location across 16 states.

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

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

Prepaid Expenses and Other Assets

Prepaid expenses consist of expenditures for goods (other than inventories) or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance and other contracts that will be expensed during the subsequent year. It also includes property taxes that were paid in advance, as well as transaction costs that will be allocated to purchase price upon the closing of an asset acquisition. Other assets consists primarily of accounts receivable, deposits, food and beverage inventory and deferred compensation plan assets (See Note 11 for further details on the deferred compensation plan).

Fair Value of Financial Assets and Liabilities

Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below:


•	Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.


•	Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals.


•	Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity.

The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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. Deferred compensation plan assets are included within other assets on the consolidated balance sheets.

Mortgage Loans Receivable

The fair value of the mortgage loans receivable approximates the carrying value of the Company's mortgage loans receivable, as collection on the outstanding loan balances is reasonably assured. 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, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	25,783	$	25,783	$	29,054	$	29,054
Deferred compensation plan assets	22,709		22,709		22,617		22,617
Mortgage loans receivable	303,684		303,684		—		—
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	927,000		909,308		1,055,000		1,045,600
Senior unsecured notes	4,975,000		4,958,455		3,425,000		3,574,688

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. Assets measured at fair value on a nonrecurring basis during the year ended December 31, 2018 are categorized in the table below based upon the lowest level of significant input to the valuation. There were no assets measured at fair value on a nonrecurring basis during the year ended December 31, 2017 or liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2018 and 2017.



	Level 1		Level 2		Level 3		Total Impairment Charges Recorded during the Year Ended December 31, 2018
	(in thousands)
Assets:
Goodwill	$	—	$	—	$	16,067	$	59,454
Loan receivable	—		—		13,000		1,500
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	29,067	$	60,954

Goodwill

During the year ended December 31, 2018, the Company recorded goodwill impairment charges of $59.5 million on its Baton Rouge reporting unit, resulting from a significant reduction in the long-term earnings forecast of this property. The Company utilized the income approach to measure the fair value of goodwill, which involves a number of key assumptions, such as cash flow forecasts and discount rates. See Note 9 for additional information regarding the calculation of the impairment charge.

Loan Receivable

During the fourth quarter of 2018, the Company recorded an impairment charge of $1.5 million related to the paid-in-kind interest income on its loan receivable with Casino Queen. The Company determined, based upon facts and circumstances existing at December 31, 2018, that the paid-in-kind interest due to the Company at December 31, 2018 is not expected to be collected. Therefore, the Company did not recognize the paid-in-kind interest income due to the Company for the quarter ended December 31, 2018 and took a charge for the previously recognized paid-in-kind interest income through the Company’s consolidated statement of earnings as a reversal of the paid-in-kind interest income recognized earlier in the year. See Note 8 for further details surrounding the Casino Queen loan.

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.

Mortgage Loans Receivable

The Company may periodically loan funds to casino owner-operators via secured mortgage loans for the purchase of gaming related properties. Mortgage loans are recorded on the Company's consolidated balance sheets at carrying value which approximates fair value. If the collectability of an outstanding mortgage 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. At December 31, 2018, the Company does not have any allowances recorded against its mortgage loans receivable as the collection of the remaining principal and interest payments is reasonable assured. Interest income related to mortgage loans receivable is recorded as revenue from mortgaged real estate within the Company's consolidated statements of income in the period earned.

Investments in Direct Financing Leases

As discussed in Note 8, prior to the Penn-Pinnacle Merger, the Pinnacle Master Lease was 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. This net investment in direct financing lease was unwound in conjunction with the Penn-Pinnacle Merger, via the fourth amendment to the Pinnacle Master. As a result of this amendment, the Company reassessed the lease's classification and determined the new lease agreement qualified for operating lease treatment under ASC 840 - Leases ("ASC 840"). Therefore, subsequent to the Penn-Pinnacle Merger, the Pinnacle Master Lease is treated as an operating lease in its entirety and the building assets previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were recorded as real estate assets on the Company's consolidated balance sheet. At December 31, 2017, the Company's investment in direct financing lease represented the building portion of the real estate assets acquired in the original Pinnacle transaction.

Goodwill and Other Intangible Assets

The Company's goodwill and intangible assets are the result of 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. In accordance with ASC 350, the Company tests goodwill for impairment subsequent to testing its other long-lived assets for impairment.

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 utilizes a discounted cash flow model, which relies 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 fair value of goodwill. If the implied fair 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.

The Company calculates the fair value of its 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. For further information on the Company's evaluation of its goodwill and gaming license for impairment during the year ended December 31, 2018, see Note 9.

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. Similarly, the Company records long-term debt net of any unamortized bond premiums and original issuance discounts on its consolidated balance sheets.

Loans 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.

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, 2018.

The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the consolidated balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2018 and 2017, the Company recognized no penalties and interest, net of deferred income taxes and during the year ended December 31, 2016, the Company recognized $1 thousand of penalties and interest, net of deferred 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 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. In conjunction with the Penn-Pinnacle Merger on October 15, 2108, the Company's only direct financing lease was unwound and the master lease it was associated with qualified for operating lease treatment in its entirety. For further details refer to Note 8.

Additionally, in accordance with ASC 606 - Revenue from Contracts with Customers ("ASC 606"), 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.

The Company may periodically loan funds to casino owner-operators via secured mortgage loans for the purchase of gaming related properties. Interest income related to mortgage loans receivable is recorded as revenue from mortgaged real estate within the Company's consolidated statements of income in the period earned.

Gaming revenue generated by the TRS Properties mainly consists of revenue from slot machines and to a lesser extent, table game and poker revenue. Gaming revenue from slot machines 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, including promotional allowances in accordance with ASC 606. The Company also defers a portion of the revenue received from customers (who participate in the points based loyalty programs) at the time of play and attributed to the awarded points until a later period when the points are redeemed or forfeited. See Note 12 for a summary of the changes to the recognition of revenue at the TRS Properties related to the adoption of ASU 2014-09 on January 1, 2018.

Gaming Taxes

For the TRS Properties, the Company is subject to gaming taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company 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. The Company records gaming 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 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, 2018, these expenses, which are recorded within gaming, food, beverage and other expense in the consolidated statements of income, totaled $56.0 million, $57.4 million and $57.7 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, 2018, 2017 and 2016:



	Year Ended December 31,
	2018	2017	2016
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	213,720	210,705	178,594
Assumed conversion of dilutive employee stock-based awards	206	644	1,699
Assumed conversion of restricted stock awards	80	155	171
Assumed conversion of performance-based restricted stock awards	773	1,248	158
Diluted weighted-average common shares outstanding	214,779	212,752	180,622

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2018, 2017 and 2016:



	Year Ended December 31,
	2018			2017			2016
	(in thousands, except per share amounts)
Calculation of basic EPS:
Net income	$	339,516		$	380,598		$	289,305
Less: Net income allocated to participating securities	(475		)	(622		)	(668		)
Net income attributable to common shareholders	$	339,041		$	379,976		$	288,637
Weighted-average common shares outstanding	213,720			210,705			178,594
Basic EPS	$	1.59		$	1.80		$	1.62

Calculation of diluted EPS:
Net income	$	339,516		$	380,598		$	289,305
Diluted weighted-average common shares outstanding	214,779			212,752			180,622
Diluted EPS	$	1.58		$	1.79		$	1.60

There were 13,335 outstanding equity based awards during the year ended December 31, 2018 and 3,483 and 23,954 outstanding equity based awards during the years ended December 31, 2017 and 2016, respectively, that were not included in the computation of diluted EPS because they were antidilutive.

Stock-Based Compensation

The Company's Amended and Restated 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 15 for further information related to 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 16 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, 2018

Business Combinations [Abstract]

Acquisitions

The Company accounts for its acquisitions of real estate assets as asset acquisitions 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.

Current Year Acquisitions

On October 15, 2018, in conjunction with the Penn-Pinnacle Merger the Company acquired the real property assets of Plainridge Park Casino from Penn for approximately $250.9 million. This property was added to the Amended Pinnacle Master Lease via the fourth amendment to the Pinnacle Master Lease and is leased to Penn who will continue to operate the property. The initial annual cash rent of $25.0 million for Plainridge Park will not be subject to rent escalators or adjustments.

Also in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended via the fourth amendment to such lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd and to increase fixed rent under the lease by an additional $13.9 million annually. The Company entered into a new unitary triple-net master lease agreement with Boyd for these properties on terms similar to the Company’s existing master leases. As a result of the fourth amendment to the Pinnacle Master Lease, the Company reassessed the lease's classification and determined the new lease agreement qualified for operating lease treatment under ASC 840. Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety, the building assets of $2.6 billion previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were recorded as real estate assets on the Company's consolidated balance sheet and all rent received under the Amended Pinnacle Master Lease is recorded as rental income on the Company's consolidated statement of income. The Amended Pinnacle Master Lease was assumed by Penn at the consummation of the Penn-Pinnacle Merger.

On October 1, 2018, the Company acquired the real property assets of five casino properties from Tropicana and certain of its affiliates for approximately $992.5 million, pursuant to the Real Estate Purchase Agreement dated April 15, 2018 between Tropicana and GLP Capital, which was subsequently amended on October 1, 2018. Pursuant to the terms of the Amended Real Estate Purchase Agreement, the Company acquired the real estate assets of Tropicana Atlantic City, Tropicana Evansville, Tropicana Laughlin, Trop Casino Greenville and the Belle of Baton Rouge and the rights to six long-term ground leases for land on which the operations of the acquired Tropicana properties reside. Concurrent with the Tropicana Acquisition, Eldorado acquired the operating assets of these properties from Tropicana pursuant to the Tropicana Merger Agreement and leased the GLP Assets from the Company pursuant to the terms of a new unitary triple-net master lease with a 15-year initial term, with no purchase option followed by four successive 5-year renewal periods (exercisable by Eldorado) on the same terms and conditions. Initial annual rent under the Eldorado Master Lease is $87.6 million.

Purchase price allocations are primarily based on the fair values of assets acquired and liabilities assumed at the time of acquisition. The following table summarizes the purchase price allocation of the assets acquired in the Tropicana Acquisition (in thousands):



Real estate investments, net	$	948,217
Land rights, net	44,331
Total purchase price	$	992,548

Prior Year Acquisitions

2017

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. 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.

2016

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 Penn (following the Penn-Pinnacle Merger) under a triple-net 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 Penn'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"). 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 the majority of Pinnacle’s real property assets, 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 originally leased those assets back to Pinnacle pursuant to the Pinnacle Master Lease. Subsequent to the Penn-Pinnacle Merger, a wholly-owned subsidiary of Penn operates the leased gaming facilities as a tenant under the Amended 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. 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 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 represented the Company's investment in the buildings and building improvements purchased from Pinnacle at the time of the original Pinnacle transaction. As detailed in Note 8, the Pinnacle Master Lease was originally 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 was subsequently reduced over the lease term to its estimated residual value. In conjunction with the Penn-Pinnacle Merger, the direct financing lease was unwound and the Pinnacle Master Lease qualified for operating lease treatment in its entirety. For further details refer to Note 8. 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, 2018

Real Estate [Abstract]

Real Estate Investments

Real estate investments, net, represent investments in 42 rental properties and the corporate headquarters building and is summarized as follows:



	December 31, 2018			December 31, 2017
	(in thousands)
Land and improvements	$	2,552,475		$	2,057,928
Building and improvements	5,762,071			2,461,573
Total real estate investments	8,314,546			4,519,501
Less accumulated depreciation	(983,086		)	(857,456		)
Real estate investments, net	$	7,331,460		$	3,662,045

The increase in real estate investments was driven by the Penn-Pinnacle Merger, which resulted in the reclassification of the building assets under the Pinnacle Master Lease that were previously classified as an investment in direct financing lease on the Company's balance sheet to real estate investments and to a lesser extent the Tropicana Acquisition and the purchase of Plainridge Park. For further information on the Company's acquisitions see Note 4.

Land Rights

12 Months Ended

Dec. 31, 2018

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 10 years to 92 years at their respective acquisition dates. Land rights net, consists of the following:



	December 31, 2018			December 31, 2017
	(in thousands)
Land rights	$	700,997		$	656,666
Less accumulated amortization	(27,790		)	(16,518		)
Land rights, net	$	673,207		$	640,148

Amortization expense related to the ground leases is recorded within land rights and ground lease expense in the consolidated statements of income and totaled $11.3 million, $10.4 million and $6.2 million for the years ended December 31, 2018, 2017 and 2016, respectively.

As of December 31, 2018, estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands):



Year ending December 31,
2019	$	12,359
2020	12,359
2021	12,359
2022	12,359
2023	12,359
Thereafter	611,412
Total	$	673,207

Details of the Company's 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 first ground 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 second ground lease has a fixed rent provision only.

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 rent provision tied to the property's performance.

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 rent provision tied to the property's performance.

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 rent provision tied to the property's performance.

The Company leases land at the 1^st Jackpot Casino 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 rent provision tied to the property's performance. The second ground 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.

The Company leases land at the Belle of Baton Rouge property under two ground leases. The first ground lease has an initial term of 5 years and two automatic renewals of 5 years each. The lease extends through 2028 with the automatic renewals. Rent under this lease increases by 3% every 2 years and does not include a variable portion tied to the property's performance. The second ground lease has an initial term of 17 years, followed by one automatic 3-year renewal and eight optional renewals of 10 years each. The lease extends through 2083 with all renewals. Rent under this lease is adjusted every 5 years based upon the CPI and does not include a variable rent provision tied to the property's performance.

The Company leases land at the Tropicana Evansville Casino under a ground lease with an initial term of 10 years and two optional 5-year renewals, one optional 12-year renewal, one optional 3-year renewal, and five optional 5-year renewals. The lease extends through 2055 with all renewals. The lease agreement has an annual fixed rent provision, a portion of which was prepaid at the casino's opening and the tenant receives rental credits from the landlord extending through the end of the current term. Additionally, the lease contains a variable portion which is adjusted annually based upon the annual gross receipts of the property. Rent paid to the landlord under this provision is graduated and ranges from 2% to 12% of annual gross receipts dependent on the actual revenues of the property.

The Company leases land at the Trop Casino Greenville under three ground leases. The first ground lease has an initial term of 7 years and four optional renewals of varying lengths, which extend the lease through 2038. The lease has an annual fixed rent provision, which is adjusted at each renewal based upon the CPI and does not include a variable rent provision tied to the property's performance. The second ground lease has an initial term of 20 years and six optional renewals of 5 years each. The lease extends through 2044 with all renewals. The lease has an annual fixed rent provision and does not include a variable rent provision tied to the property's performance. The third ground lease has an initial term of 6 years with nine optional renewals of 6 years each. The lease extends through 2057 with all renewals. Rent under the lease is adjusted annually based upon the CPI, with minimum annual increases of 3.3% and does not include a variable rent provision tied to the property's performance.

Property and Equipment Used in Operations

12 Months Ended

Dec. 31, 2018

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 at the TRS Properties



	December 31, 2018			December 31, 2017
	(in thousands)
Land and improvements	$	30,431		$	30,276
Building and improvements	116,776			116,286
Furniture, fixtures, and equipment	117,247			114,972
Construction in progress	284			8
Total property and equipment	264,738			261,542
Less accumulated depreciation	(163,854		)	(153,249		)
Property and equipment, net	$	100,884		$	108,293

Receivables

12 Months Ended

Dec. 31, 2018

Financing Receivable, Net [Abstract]

Receivables

Mortgage Loans Receivable

At December 31, 2018, the Company has financial interests in two casino properties through secured mortgage loans to the respective casino owner-operators. On October 1, 2018, Eldorado purchased the real estate assets of Lumière Place Casino and Hotel from Tropicana for a cash purchase price of $246.0 million, exclusive of transaction fees. Financing for the transaction was provided by the Company in the form of $246.0 million secured mortgage loan on Lumière Place (the "Lumière Loan"). The Lumière Loan bears interest at a rate equal to approximately 9.00%. Until the one-year anniversary of the closing, the Lumière Loan will be secured by a first mortgage lien on Lumière Place. On the one-year anniversary of the Lumière Loan, the mortgage and the related deed of trust on the Lumière Place property will terminate and the loan will continue unsecured until its final maturity on the two-year anniversary of the closing. The parties anticipate that the Lumière Loan will be fully repaid on or prior to maturity by way of substitution of one or more additional Eldorado properties acceptable to Eldorado and the Company, which will be transferred to the Company and added to the Eldorado Master Lease.

On October 15, 2018, Boyd purchased the real estate assets of Belterra Park from Pinnacle for a cash purchase price of $57.7 million, exclusive of transaction fees. Financing for the transaction was provided by the Company in the form of $57.7 million secured mortgage loan on Belterra Park (the "Belterra Park Loan"). The Belterra Park Loan bears interest at a rate equal to 11.11% and matures in connection with the expiration of the Boyd Master Lease (as may be extended at the tenant's option to April 30, 2051).

Investment in Direct Financing Lease, Net

At the time of the original Pinnacle transaction, the fair value assigned to the land (inclusive of the land rights) at the time of acquisition qualified for operating lease treatment, while the fair value assigned to the buildings was classified as a direct financing lease. Under ASC 840, the accounting treatment for direct financing leases required 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 was 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 was included in income from direct financing lease on the Company's consolidated statements of income and was recognized over the original 35-year lease term using the effective interest rate method which produced a constant periodic rate of return on the net investment in the leased property. Furthermore, as the net investment in direct financing lease included only future minimum lease payments, rent that was not fixed and determinable at the lease inception was excluded from the determination of the rent attributable to the leased assets and was therefore recorded as income from direct financing lease in the period earned. The unguaranteed residual value was the Company's estimate of what it could realize upon the sale of the property at the end of the lease term.

On October 15, 2018, in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended via the fourth amendment to such lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd. As a result of this amendment, the Company reassessed the lease's classification and determined the new lease agreement qualified for operating lease treatment under ASC 840. Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety, the building assets previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were recorded as real estate assets on the Company's consolidated balance sheet and all rent received under the Amended Pinnacle Master Lease is recorded as rental income on the Company's consolidated statement of income.

At December 31, 2017, the Company's investment in direct financing lease, net, consisted of the following and represented the building assets initially acquired from Pinnacle:



	December 31, 2017
	(in thousands)
Minimum lease payments receivable	$	3,263,387
Unguaranteed residual value	689,811
Gross investment in direct financing lease	3,953,198
Less: unearned income	(1,315,559		)
Investment in direct financing lease, net	$	2,637,639

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.

The Company evaluates loans for impairment when it is probable that it will not be able to collect all amounts due according to contractual terms. All amounts due under the contractual terms means that both contractual interest payments and contractual principal payments of a loan will be collected as scheduled in the loan agreement. Indicators of impairment may include delinquent payments, a decline in the credit worthiness of a debtor, or a decline in the underlying property/tenant’s performance. The Company measures loan impairment based upon the present value of expected future cash flows discounted at the loan’s original effective interest rate. The determination of whether loans are impaired involves judgments and assumptions based on objective and subjective factors. If an impairment occurs, the Company will reduce the carrying value of the loan and record a corresponding charge to net income.

On June 12, 2018, the Company received a Notice of Event of Default under the Senior Credit Agreement of CQ Holding Company from Citizens Bank, N.A. ("Citizens"), which reported a covenant default under their senior secured agreement. Under the terms of that agreement, when an event of default occurs, CQ Holding Company is prohibited from making cash payments to unsecured lenders such as GLPI. Therefore, the interest due from CQ Holding Company in June, September and December 2018 under the Company's unsecured loan was paid in kind in the amount of $1.5 million. In addition to the covenant violation noted above under the senior credit agreement with Citizens, CQ Holding Company also had a payment default under their senior credit agreement with Citizens. Furthermore, the Company has notified Casino Queen of Events of Default under the Company's unsecured loan with CQ Holding Company, related to financial covenant violations during the year ended December 31, 2018.

During the fourth quarter of 2018, the Company became aware of Casino Queen's intent to sell its operations to a third-party gaming operator. At December 31, 2018, active negotiations for the sale of Casino Queen's operations were taking place. Despite the payment and covenant defaults noted above, at this time, full payment of the principal is still expected, due to the anticipation that the operations will be sold in the near term for an amount allowing for repayment of the full $13.0 million of loan principal due to GLPI. However, the paid-in-kind interest due to the Company at December 31, 2018 is not expected to be collected, resulting in an impairment charge of $1.5 million during the fourth quarter of 2018. The Company did not recognize the paid-in-kind interest income due to the Company for the quarter ended December 31, 2018 and took a charge for the previously recognized paid-in-kind interest income through the Company’s consolidated statement of earnings as a reversal of the paid-in-kind interest income recognized earlier in the year. The Company cannot be 100% certain that the sale of Casino Queen's operations will come to fruition. The culmination of the actual transaction could result in further impairment charges for the Company. At December 31, 2018, the balance of the loan is $13.0 million. The loan balance is recorded at carrying value which approximates fair value.

At December 31, 2018, all lease payments due from Casino Queen remain current and the Casino Queen Lease remains in compliance with all covenants.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The only goodwill of the Company is the goodwill recorded on the books of Hollywood Casino Baton Rouge, in connection with Penn's purchase of this entity prior to the Spin-Off. The original assets and liabilities of GLPI, including goodwill and intangible assets were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of ASC 505. There is no goodwill recorded on the Company's GLP Capital segment, which holds the Company's REIT operations.

Changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 are as follows:



	TRS Properties Business Segment
	(in thousands)
Balance at December 31, 2016	$	75,521
Acquisitions	—
Impairment losses	—
Balance at December 31, 2017	$	75,521
Acquisitions	—
Impairment losses	(59,454		)
Balance at December 31, 2018	$	16,067

During the year ended December 31, 2018, the Company recorded a goodwill impairment charge of $59.5 million in connection with its operations at Hollywood Casino Baton Rouge. This charge was driven by general market deterioration in the Baton Rouge region and the smoking ban at all Baton Rouge, Louisiana casinos that went into effect during the second quarter of 2018, both of which significantly impacted the Company's forecasted cash flows for this reporting unit. Subsequent to conducting its impairment tests on other long-lived assets, including the gaming license described below, the Company performed Step 1 of the goodwill impairment test, which indicated a potential impairment. Step 1 of the goodwill impairment test involved the determination of the fair value of the Baton Rouge reporting unit and its comparison to the reporting unit's carrying amount. Using a discounted cash flow model, which relied on projected EBITDA to determine the reporting unit's future cash flows, the Company calculated a fair value that was less than the reporting unit's carrying value and proceeded to Step 2. In Step 2 of the goodwill impairment test, the Company performed a fair value allocation as if the reporting unit had been acquired in a business combination and assigned the fair value of the reporting unit calculated in Step 1 to all assets and liabilities of the reporting unit, including any unrecognized intangible assets. Any residual fair value was allocated to goodwill to arrive at the implied fair value of goodwill. After completing the Step 2 allocation, the Company determined the goodwill on its Baton Rouge reporting unit had an implied fair value of $16.1 million and recorded the impairment charge of $59.5 million during the fourth quarter of 2018.

In accordance with ASC 350, the Company considers its gaming license at the Hollywood Casino Perryville property 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. The Company conducted its annual impairment assessment of the gaming license on October 1, 2018 using the Greenfield Method which estimates the fair value of the gaming license assuming the Company built a casino with similar utility to that of the existing facility. This method also assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. Based upon these assumptions and the Company's current forecasted cash flows for this reporting unit, the gaming license was not impaired. At both December 31, 2018 and 2017, the gaming license had a carrying value of $9.6 million.

Long-term Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-term Debt

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



	December 31, 2018			December 31, 2017
	(in thousands)
Unsecured $1,175 million revolver	$	402,000		$	—
Unsecured term loan A	—			230,000
Unsecured term loan A-1	525,000			825,000
$550 million 4.375% senior unsecured notes due November 2018	—			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
$850 million 5.250% senior unsecured notes due June 2025	850,000			—
$975 million 5.375% senior unsecured notes due April 2026	975,000			975,000
$500 million 5.750% senior unsecured notes due June 2028	500,000			—
$750 million 5.30% senior unsecured notes due January 2029	750,000			—
Capital lease	1,112			1,230
Total long-term debt	5,903,112			4,481,230
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(49,615		)	(38,350		)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	5,853,497		$	4,442,880

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2018 (in thousands):



2019	$	123
2020	1,000,129
2021	925,135
2022	142
2023	902,149
Over 5 years	3,075,434
Total minimum payments	$	5,903,112

Senior Unsecured Credit Facility

The Company's senior unsecured credit facility (the "Credit Facility"), consists of a $1,175 million revolving credit facility and a $525 million Term Loan A-1 facility. On May 21, 2018, the Company entered into the second amendment to the Credit Facility, which increased the Company's revolving commitments to an aggregate principal amount of $1,100 million, eliminated the Term Loan A facility, required the Company to repay a portion of the Term Loan A-1 facility and extended the maturity date of the revolving credit facility. On October 10, 2018, the Company entered into the third amendment to the Credit Facility, which further increased the Company's revolving commitments to an aggregate principal amount of $1,175 million. The revolving credit facility matures on May 21, 2023 and the Term Loan A-1 facility matures on April 28, 2021.

The Company recorded a loss on the early extinguishment of debt, related to the second amendment to the Credit Facility, of approximately $1.0 million for the proportional amount of unamortized debt issuance costs associated with the extinguished Term Loan A facility and related to the banks that are no longer participating in the Credit Facility.

At December 31, 2018, the Credit Facility had a gross outstanding balance of $927 million. Additionally, at December 31, 2018, the Company was contingently obligated under letters of credit issued pursuant to the Credit Facility with face amounts aggregating approximately $0.4 million, resulting in $772.6 million of available borrowing capacity under the revolving credit facility as of December 31, 2018.

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, 2018, 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, 2018, the commitment fee rate was 0.25%. The Company is not required to repay any loans under the Credit Facility prior to maturity on May 21, 2023 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.

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, 2018, the Company was in compliance with all required financial covenants under the Credit Facility.

Senior Unsecured Notes

At December 31, 2018, the Company had an outstanding balance of $4,975 million of senior unsecured notes consisting of the following:

On September 26, 2018, the Company issued $750 million of 5.30% senior unsecured notes maturing on January 15, 2029 at an issue price equal to 99.985% of the principal amount and $350 million of 5.25% senior unsecured notes maturing on June 1, 2025 at an issue price equal to 102.148% of the principal amount (the "New 2025 Notes"). The New 2025 Notes will become part of the same series as, and are expected to be fungible with, the Company's previously issued 5.25% senior notes due 2025, $500 million aggregate principal amount of which were originally issued on May 21, 2018 (the "Initial 2025 Notes"). Interest on the notes maturing in 2025 is payable semi-annually on June 1 and December 1 of each year, commencing on December 1, 2018 and is deemed to accrue from May 21, 2018, the issuance date of the Initial 2025 Notes. Interest on the notes maturing in 2029 is payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2019. The net proceeds from the sale of the New 2025 Notes and the notes maturing in 2029, together with funds available under the revolving credit facility were used in October 2018 to (i) finance GLPI’s acquisition of the real property assets of Plainridge Park Casino from Penn and its issuance of a secured mortgage loan to Boyd in connection with Boyd’s acquisition of the real property assets of Belterra Park Gaming & Entertainment Center, (ii) finance GLPI’s acquisition of substantially all the real property assets of five gaming facilities owned by Tropicana and its issuance of a mortgage loan to Eldorado in connection with Eldorado’s acquisition of substantially all the real property assets of Lumière Place, and (iii) pay the estimated transaction fees and expenses associated with the transactions.

On May 21, 2018, the Company completed a cash tender offer (the "Tender Offer") to purchase any and all of the outstanding $550 million aggregate principal of its 4.375% senior unsecured notes due 2018. The Company received tenders from the holders of approximately $393.5 million in aggregate principal of these notes, or approximately 72%, in connection with the Tender Offer at a price of 100.396% of the unpaid principal amount plus accrued and unpaid interest through the settlement date. The Company recorded a loss on the early extinguishment of debt, related to the Tender Offer of approximately $2.5 million for the proportional amount of unamortized debt issuance costs associated with the tendered notes and the difference between the reaquisition price of the tendered notes and their net carrying value. On August 16, 2018, the Company redeemed the remaining notes for 100% of the principal amount and accrued and unpaid interest to, but not including the redemption date.

Also on May 21, 2018, the Company issued $500 million of 5.25% senior unsecured notes maturing on June 1, 2025 and $500 million of 5.75% senior unsecured notes maturing on June 1, 2028. Interest is payable semi-annually on June 1 and December 1 of each year, commencing on December 1, 2018. The net proceeds from the sale of these notes were used (i) to prepay and extinguish the outstanding borrowings under the Term Loan A facility under the Credit Facility and to repay a portion of the outstanding borrowings under the Term Loan A-1 facility, (ii) to finance the tender offer of the 2018 Notes, (iii) to redeem the remaining 2018 Notes and (iv) to pay fees and expenses to amend the Company's Credit Facility, as described above.

On April 28, 2016, in connection with the acquisition of Pinnacle, the Company issued $400 million of 4.375% senior unsecured notes maturing on April 15, 2021 and $975 million of 5.375% senior unsecured notes maturing on April 15, 2026. Interest on these notes is payable semi-annually on April 15 and October 15 of each year. The net proceeds from the sale of these notes were used (i) to finance the repayment, redemption and/or discharge of certain Pinnacle debt obligations that the Company assumed in the Pinnacle Merger, (ii) to pay transaction-related fees and expenses related to the Pinnacle Merger and (iii) for general corporate purposes.

On October 30 and 31, 2013, the Company issued $2,050 million aggregate principal amount of senior unsecured notes: $550 million of 4.375% senior unsecured notes that matured in 2018; $1,000 million of 4.875% senior unsecured notes maturing on November 1, 2020; and $500 million of 5.375% senior unsecured notes maturing on November 1, 2023. Interest on these notes is payable semi-annually on May 1 and November 1 of each year. The net proceeds from the sale of these notes, together with borrowings under the Credit Facility were used (i) to make distributions directly and indirectly to Penn in partial exchange for the contributions of real property assets by Penn and CRC Holdings, Inc., a Penn subsidiary, to the Company in connection with the Spin-Off, (ii) to pay related fees and expenses, (iii) to partially repay amounts funded under the revolving credit facility and (iv) to fund future earnings and profits distributions and for working capital purposes.

The Company may redeem the senior unsecured notes, collectively, 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, 2018, 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, 2018

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. Effective October 15, 2018, Penn assumed all obligations of Pinnacle as pursuant to a merger of Pinnacle with and into a subsidiary of Penn. There can be no assurance that Penn will be able to fully satisfy these indemnification obligations. Moreover, even if the Company ultimately succeeds in recovering from Penn any amounts for which the Company is liable, it 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 for the land and buildings acquired in connection with the Spin-Off. The lease agreements contain 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 portion of the rent that is fixed and determinable is included in the schedule below as a future commitment, while the portion of the rent that is variable is excluded from future commitments as the amounts are not fixed and determinable at December 31, 2018 and therefore considered contingent rent. The following is a description of the more significant lease contracts assigned to GLPI at the Spin-Off:

The Company leases land at the Boomtown Casino Biloxi under two ground leases. The first ground lease has a term of 99 years. The annual rental payments under the first ground lease are increased every 5 years by 15%. The second ground lease has an initial term of 10 years and is automatically extended for additional 10-year terms unless notice is provided to the landlord within 180 days of the current term's end date. The annual rental payments under the second ground lease are increased every 5 years by 4%. Neither of the leases include a variable rent provision tied to the property's performance

The Company has an operating lease for the land utilized in connection with the operations of Hollywood Casino Tunica in Tunica, Mississippi. The lease has 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. Rent under the lease is adjusted every 5 years based upon the CPI and does not include a variable rent provision tied to the property's performance. The initial term of the lease is 15 years, with three ten-year renewal options.

The Company leases land at the Argosy Casino Alton under a ground lease with a 30-year initial term and two optional renewals of 10 years each. The lease agreement contains a fixed rent provision and does not include a variable portion tied to the property's performance.

The Company leases land at Hollywood Casino Aurora under a ground lease with a 49-year initial term and five optional renewals of 10 years each. The lease agreement contains a fixed rent provision which is adjusted annually based upon the CPI and does not include a variable rent provision tied to the property's performance.

The Company also obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. 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. However, the Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord. 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, 2018 and therefore considered contingent rent. Details of the acquired ground leases are below:

During October 2018, the Company acquired the real estate assets of five properties from Tropicana, including the rights to land subject to long-term ground leases. The Company assumed six ground leases related to the acquired Tropicana Properties and immediately subleased the land to Eldorado, who is responsible for payment directly to the landlord. For those ground leases with optional renewal terms extending beyond the 15-year lease term of the Eldorado Master Lease, the Company has included only the renewals that align most closely to the 2033 termination date of the Eldorado Master Lease in the schedule below, as it cannot be reasonably assured it will renew ground leases for land subleased to Eldorado beyond the term of the Eldorado Master Lease. The following is a description of the lease contracts assumed from the acquisition of the Tropicana Properties:

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. 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:

The Company leases land at the 1^st Jackpot Casino 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.

During April 2016, the Company acquired the majority of 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. Subsequent to the Penn-Pinnacle Merger in October 2018, Penn assumed the ground leases at the Ameristar East Chicago, River City Hotel and Casino and L'Auberge Lakes Charles properties and Boyd assumed the ground leases at the Belterra Casino Resort property. Penn and Boyd are responsible for payment directly to the respective landlords at these properties. For those ground leases with optional renewal terms extending beyond the 10-year lease term of the Amended Pinnacle Master Lease and the Boyd Master Lease, the Company has included only the renewals that align most closely to the 2026 termination date of the Amended Pinnacle Master Lease and the Boyd Master Lease in the schedule below, as it cannot be reasonably assured it will renew ground leases for land subleased to Penn and Boyd beyond the terms of the Amended Pinnacle Master Lease and the Boyd Master Lease. The following is a description of the significant lease contracts originally 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 first ground 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 second ground lease has a fixed rent provision only.

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 $18.9 million, $15.8 million and $11.0 million for the years ended December 31, 2018, 2017 and 2016. 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, 2018 are as follows (in thousands):



Year ending December 31, ⁽¹⁾
2019	$	15,519
2020	15,159
2021	15,042
2022	15,026
2023	15,005
Thereafter	541,135
Total	$	616,886

⁽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, 2018, 2017 and 2016.

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, 2018, 2017 and 2016 were $0.7 million, $0.6 million and $0.7 million, respectively. The Company's deferred compensation liability, which was included in other liabilities within the consolidated balance sheet, was $22.8 million and $22.7 million at December 31, 2018 and 2017, respectively. Assets held in the Trust were $22.7 million and $22.6 million at December 31, 2018 and 2017, 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 145 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, 2018

Revenue Recognition [Abstract]

Revenue Recognition

As of December 31, 2018, 20 of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease, an additional 12 of the Company's real estate investment properties were leased to a subsidiary of Penn under the Amended Pinnacle Master Lease, 5 of the Company's real estate investment properties were leased to a subsidiary of Eldorado under the Eldorado Master Lease and 3 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease. Additionally, the Meadows real estate assets are leased to Penn under a single property triple-net lease and the Casino Queen real estate assets are leased back to the operator under an additional single property triple-net lease.

The obligations under the Penn and Amended Pinnacle Master Leases are guaranteed by Penn and by most of Penn's subsidiaries that occupy and operate the facilities leased under these master leases. A default by Penn or its subsidiaries with regard to any facility under the Penn Master Lease will cause a default with regard to the Penn Master Lease and a default by Penn or its subsidiaries with regard to any facility under the Amended Pinnacle Master Lease will cause a default with regard to the Amended Pinnacle Master Lease. The obligations under the Eldorado Master Lease are guaranteed by Eldorado and by most of Eldorado's subsidiaries that occupy and operate the facilities leased under the Eldorado Master Lease. A default by Eldorado or its subsidiaries with regard to any facility under the Eldorado Master Lease will cause a default with regard to the Eldorado Master Lease. The obligations under the Boyd Master Leases are guaranteed by most of Boyd's subsidiaries that occupy and operate the facilities leased under the Boyd Master Lease. A default by Boyd or its subsidiaries with regard to any facility under the Boyd Master Lease will cause a default with regard to the Boyd Master Lease.

The rent structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every five years 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 Amended 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 Amended Pinnacle Master Lease during the preceding two years.

The Eldorado 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 every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Eldorado Master Lease during the preceding two years.

The Boyd 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 every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Boyd 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 nor Casino Queen could continue as a going concern without the property(ies) that are leased to it under the respective master lease agreement (in the instance of Penn) and single property lease (in the instance of Casino Queen) with the Company. At lease inception, all of Casino Queen's revenues and substantially all of Penn's revenues were generated from operations in connection with the leased properties. There are also various legal restrictions in the jurisdictions in which Penn, and Casino Queen operate that limit the availability and location of gaming facilities, which makes relocation or replacement of the leased gaming facilities restrictive and potentially impracticable or unavailable. Moreover, under the terms of the master lease, Penn 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 or Casino Queen to renew the lease would impose a significant penalty on such tenant such that renewal of all lease renewal options appears at lease inception to be reasonably assured. Therefore, the Company concluded that the term of Penn Master Lease and the Casino Queen Lease is 35 years, equal to the initial 15-year term plus all four of the 5-year renewal options.

As discussed in Note 4, on October 15, 2018, in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended via the fourth amendment to such lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd. As a result of this amendment, the Company reassessed the lease's classification and determined the new lease agreement qualified for operating lease treatment under ASC 840. Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety. Because the properties under the Amended Pinnacle Master Lease, do not represent a meaningful portion of Penn's business at the time Penn assumed the lease, the Company has concluded that lease term of the Amended Pinnacle Master Lease is 10 years, equal to the initial 10-year term only.

Also as described in Note 4, subsequent to purchasing the majority of Pinnacle's real estate assets and leasing them back to Pinnacle, the Company entered into a separate triple-net lease with Pinnacle to lease the Meadows real estate assets to Pinnacle. Because this lease involved 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. Therefore, the Company concluded that the lease term of the Meadows Lease is 10 years, equal to the initial 10-year term only. In conjunction with the Penn-Pinnacle Merger, Penn assumed the Meadows Lease. The accounting for the Meadows Lease, including the lease term was not impacted by the change in tenant. Based upon similar fact patterns, the Company concluded it was not reasonably assured at lease inception that Eldorado or Boyd would elect to exercise all lease renewal options under their respective master leases. The properties under both master leases do not represent a significant portion of either tenant's business at lease inception; therefore the Company has concluded that the lease term of the Eldorado Master Lease is 15 years and the lease term of the Boyd Master Lease is 10 years, equal to the initial terms of such master leases only.

As of December 31, 2018, 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 Base Ground Rents Receivable		Future Income to be Recognized Related to Operating Leases
2019	$	959,797	$	(34,574	)	$	13,403	$	938,626
2020	920,129		(2,567		)	13,408		930,970
2021	854,210		21,786			13,414		889,410
2022	854,210		21,786			13,420		889,416
2023	854,210		21,786			13,425		889,421
Thereafter	11,146,434		265,694			471,598		11,883,726
Total	$	15,588,990	$	293,911		$	538,668	$	16,421,569

The table above presents the cash rent the Company expects to receive from its tenants, offset by adjustments to recognize this rent on a straight-line basis over the lease term. The Company also includes the future non-cash revenue it expects to recognize from the fixed portion of tenant paid ground leases in the table above. For further details on these tenant paid ground leases, refer to Note 11.

For the years ended December 31, 2018, 2017 and 2016, GLPI recognized $48.9 million, $46.8 million and $43.8 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 any anticipated future rent based on the performance of the Company's leased facilities that resets after a certain passage of time are excluded from the table above as they are considered contingent rental income under ASC 840. Any anticipated future rent escalations are also excluded from the table above.

The Company has financial interests in two casino properties through secured mortgage loans to the respective casino owner-operators. Interest income related to mortgage loans receivable is recorded as revenue from mortgaged real estate within the Company's consolidated statements of income in the period earned. During the year ended December 31, 2018, the Company recognized interest income from these loans of $6.9 million.

Gaming revenue generated by the TRS Properties mainly consists of revenue from slot machines, and to a lesser extent, table game and poker revenue. Gaming revenue from slot machines 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.

On January 1, 2018, the Company adopted ASU 2014-09, which altered the recognition of revenue at the TRS Properties related to the customer loyalty programs. Specifically, the recognition of revenue associated with these points-based programs was 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 such points are redeemed or forfeited. The revenue deferral is calculated by allocating a portion of the transaction price 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. Under ASU 2014-09, promotional allowances representing the retail value of food, beverages and other services furnished to guests without charge are no longer presented as a separate line item on the consolidated statements of income, rather they are presented on a net basis within gaming, food, beverage and other revenue. This change has no impact to total revenues and is for presentation purposes only. The impact of adopting ASU 2014-09 was immaterial to the Company's total revenue for the year ended December 31, 2018.

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, 2018, 2017 and 2016:



	Year Ended December 31,
	2018			2017			2016
	(in thousands)
Slot machines	$	111,315		$	118,998		$	119,390
Table games	15,528			17,218			18,069
Poker	1,114			1,182			1,135
Food, beverage and other	8,762			9,468			11,067
Promotional allowances	(4,174		)	(4,780		)	(5,610		)
Total gaming, food, beverage and other revenue	$	132,545		$	142,086		$	144,051

Income Taxes

12 Months Ended

Dec. 31, 2018

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 Jobs Act, the corporate tax rate was permanently lowered from the previous 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 required 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,	2018			2017
	(in thousands)
Deferred tax assets:
Accrued expenses	$	1,416		$	1,597
Property and equipment	5,405			4,823
Interest expense	313			—
Net deferred tax assets	7,134			6,420
Deferred tax liabilities:
Property and equipment	(757		)	(902		)
Intangibles	(1,460		)	(1,284		)
Net deferred tax liabilities	(2,217		)	(2,186		)
Net:	$	4,917		$	4,234

The provision for income taxes charged to operations for years ended December 31, 2018, 2017 and 2016 was as follows:



Year ended December 31,	2018			2017			2016
	(in thousands)
Current tax expense
Federal	$	2,856		$	7,039		$	6,004
State	2,630			3,309			3,076
Total current	5,486			10,348			9,080
Deferred tax (benefit) expense
Federal	(512		)	(166		)	(1,324		)
State	(10		)	(395		)	(211		)
Total deferred	(522		)	(561		)	(1,535		)
Total provision	$	4,964		$	9,787		$	7,545

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2018, 2017 and 2016:



Year ended December 31,	2018		2017		2016
Percent of pretax income
U.S. federal statutory income tax rate	21.0	%	35.0	%	35.0	%
State and local income taxes	0.6	%	0.6	%	0.7	%
Federal tax rate change	—	%	0.5	%	—	%
REIT conversion benefit	(23.8	)%	(33.6	)%	(33.2	)%
Goodwill impairment charges	3.6	%	—	%	—	%
	1.4	%	2.5	%	2.5	%



Year ended December 31,	2018			2017			2016
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	72,341		$	136,636		$	103,897
State and local income taxes	2,246			2,284			2,039
Federal tax rate change	—			1,818			—
REIT conversion benefit	(82,151		)	(130,876		)	(98,459		)
Goodwill impairment charges	12,485			—			—
Permanent differences	19			49			44
Other miscellaneous items	24			(124		)	24
	$	4,964		$	9,787		$	7,545

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

Shareholders' Equity

12 Months Ended

Dec. 31, 2018

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.

No shares were sold under the ATM Program during the year ended December 31, 2018. 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 Properties' real estate assets. As of December 31, 2018, 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, 2018, 2017 and 2016:



Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2018
February 1, 2018	March 9, 2018	Common Stock	$	0.63	First Quarter 2018	March 23, 2018	$	134,490
April 24, 2018	June 15, 2018	Common Stock	$	0.63	Second Quarter 2018	June 29, 2018	$	134,631
July 31, 2018	September 7, 2018	Common Stock	$	0.63	Third Quarter 2018	September 21, 2018	$	134,844
October 12, 2018	December 14, 2018	Common Stock	$	0.68	Fourth Quarter 2018	December 28, 2018	$	145,627
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

In addition for the years ended December 31, 2018, 2017 and 2016, 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 $0.8 million, $0.9 million and $1.1 million, respectively.

A summary of the Company's common stock distributions for the years ended December 31, 2018, 2017 and 2016 is as follows (unaudited):



	Year Ended December 31,
	2018			2017			2016
	(in dollars per share)
Qualified dividends	$	0.0391		$	0.0543		$	0.1050
Non-qualified dividends	2.2955			2.2436			2.0746
Capital gains	0.0270			0.0371			0.0624
Non-taxable return of capital	0.2084			0.1650			0.0780
Total distributions per common share	$	2.57		$	2.50		$	2.32

Percentage classified as qualified dividends	1.52		%	2.17		%	4.53		%
Percentage classified as non-qualified dividends	89.32		%	89.75		%	89.42		%
Percentage classified as capital gains	1.05		%	1.48		%	2.69		%
Percentage classified as non-taxable return of capital	8.11		%	6.60		%	3.36		%
	100.00		%	100.00		%	100.00		%

Stock-Based Compensation

12 Months Ended

Dec. 31, 2018

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

Stock-Based Compensation

As of December 31, 2018, the Company had 2,556,815 shares available for future issuance under the Amended and Restated 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.

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, 2018, all outstanding stock options were fully vested and there was no remaining unrecognized compensation cost related to stock options. For the years ended December 31, 2018 and 2017, the Company recognized no compensation expense associated with these awards and recognized $20 thousand of compensation expense associated with these awards for the year ended December 31, 2016. In addition, for the year ended December 31, 2016 the Company also recognized $4.5 million of compensation expense relating to the $2.32 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, 2018 :



	Number of Option Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2017	1,040,745		$	19.80
Exercised	(1,012,508	)	19.74
Canceled	(1,438	)	17.33
Outstanding at December 31, 2018	26,799		$	22.09	0.01	$	272

The Company had 26,799 stock options that were exercisable at December 31, 2018 with an exercise price of $22.09 which had an intrinsic value of $0.3 million and a weighted-average remaining contractual term of 0.01 years. The aggregate intrinsic value of stock options exercised for the years ended December 31, 2018, 2017 and 2016 was $15.1 million, $14.9 million and $75.0 million, respectively. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases.

As of December 31, 2018, 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 1.71 years. For the years ended December 31, 2018, 2017 and 2016, the Company recognized $4.7 million, $6.0 million and $7.3 million, respectively, of compensation expense associated with these awards. The total fair value of awards released for the years ended December 31, 2018, 2017 and 2016, was $10.0 million, $7.3 million and $5.3 million, respectively.

The following table contains information on restricted stock award activity for the years ended December 31, 2018 and 2017:



	Number of Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2016	413,242		$	30.59
Granted	184,791		$	30.89
Released	(251,313	)	$	32.05
Canceled	(1,976	)	$	30.37
December 31, 2017	344,744		$	29.69
Granted	283,183		$	23.34
Released	(273,286	)	$	18.16
Canceled ⁽¹⁾	(54,999	)	$	33.34
Outstanding at December 31, 2018	299,642		$	33.53

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, 2018, there was $8.9 million of total unrecognized compensation cost, which will be recognized over the awards' remaining weighted average vesting period of 1.70 years. For the years ended December 31, 2018, 2017 and 2016, the Company recognized $6.4 million, $9.7 million and $11.0 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, 2018 and 2017:



	Number of Performance-Based Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2016	1,106,000		$	17.25
Granted	558,000		$	17.95
Released	—		$	—
Canceled	—		$	—
December 31, 2017	1,664,000		$	17.49
Granted	556,000		$	20.64
Released	(548,000	)	$	17.29
Canceled ⁽¹⁾	(330,000	)	$	18.60
Outstanding at December 31, 2018	1,342,000		$	18.60

⁽¹⁾The canceled shares and the resulting reversal of expense during the second quarter of 2018 are the result of the retirement of the Company's former Chief Financial Officer.

Segment Information

12 Months Ended

Dec. 31, 2018

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, 2018
Total revenues	$	923,182	$	132,545		$	—		$	1,055,727
Income (loss) from operations	630,122		(36,312		)	—			593,810
Interest expense	247,684		10,406			(10,406		)	247,684
Income (loss) before income taxes	391,196		(46,716		)	—			344,480
Income tax expense	855		4,109			—			4,964
Net income (loss)	390,341		(50,825		)	—			339,516
Depreciation	127,696		9,397			—			137,093
Capital project expenditures	20		—			—			20
Capital maintenance expenditures	55		4,229			—			4,284

For the year ended December 31, 2017
Total revenues	$	829,221	$	142,086		$	—		$	971,307
Income from operations	578,661		26,857			—			605,518
Interest expense	217,068		10,406			(10,406		)	217,068
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
Total revenues	$	684,204	$	144,051		$	—		$	828,255
Income from operations	454,682		25,941			—			480,623
Interest expense	185,896		10,406			(10,406		)	185,896
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

Balance sheet at December 31, 2018
Total assets	$	8,441,345	$	135,948		$	—		$	8,577,293

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

⁽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, 2018

Selected Quarterly Financial Information [Abstract]

Summarized Quarterly Data (Unaudited)

The following table summarizes the quarterly results of operations for the years ended December 31, 2018 and 2017:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2018
Total revenues	$	244,050	$	254,221	$	254,139	$	303,317	⁽¹	⁾
Income from operations	151,851		153,241		164,834		123,884		⁽¹	⁾
Net income	96,772		91,998		104,815		45,931		⁽²	⁾

Earnings per common share:
Basic earnings per common share	$	0.45	$	0.43	$	0.49	$	0.21
Diluted earnings per common share	$	0.45	$	0.43	$	0.49	$	0.21

2017
Total 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

⁽¹⁾During October 2018, the Company acquired the real property assets of five casino properties from Tropicana and

leased these assets to Eldorado under a new triple-net lease. Also during October 2018, in conjunction with the Penn-

Pinnacle Merger, the Company acquired the real property assets of Plainridge Park and added this property to the

Amended Pinnacle Master Lease. These transactions, in addition to the treatment of the Amended Pinnacle Master Lease as an operating lease in its entirety, as detailed in Note 4 were the primary drivers for the Company's improved operating results in the fourth quarter of 2018.

⁽²⁾During the fourth quarter of 2018, the Company recorded an impairment charge of $59.5 million, related to the

goodwill recorded on the books of its subsidiary, Hollywood Casino Baton Rouge. This was the largest driver of the decrease in the Company's net income during the fourth quarter of 2018. For further information on the impairment charge see Note 9.

Supplemental Disclosures of Cash Flow Information and Noncash Activities

12 Months Ended

Dec. 31, 2018

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,	2018		2017		2016
	(in thousands)
Cash paid for income taxes, net of refunds received	$	5,389	$	11,646	$	7,362
Cash paid for interest	229,779		204,442		154,527

Noncash investing and financing activities are as follows:



Year ended December 31,	2018		2017		2016
	(in thousands)
Reclass of assets from investment in direct financing lease to real estate investments	$	2,599,180	$	—	$	—
Equity raised to partially finance the original Pinnacle transaction	—		—		1,823,991

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017 and summarized income statement and cash flow information for the years ended December 31, 2018, 2017 and 2016 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, 2018 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,637,404		$	4,694,056		$	—		$	7,331,460
Land rights, net	—			100,938			572,269			—			673,207
Property and equipment, used in operations, net	—			18,577			82,307			—			100,884
Mortgage loans receivable	—			246,000			57,684			—			303,684
Investment in direct financing lease, net	—			—			—			—			—
Cash and cash equivalents	—			4,632			21,151			—			25,783
Prepaid expenses	—			27,071			2,885			1,011			30,967
Goodwill	—			—			16,067			—			16,067
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	2,265,607			5,247,229			2,697,241			(10,210,077		)	—
Deferred tax assets	—			—			5,178			—			5,178
Other assets	—			47,378			20,108			—			67,486
Total assets	$	2,265,607		$	8,522,824		$	8,191,523		$	(10,402,661	)	$	8,577,293

Liabilities
Accounts payable	$	—		$	2,469		$	42		$	—		$	2,511
Accrued expenses	—			23,587			6,710			—			30,297
Accrued interest	—			45,261			—			—			45,261
Accrued salaries and wages	—			14,628			2,382			—			17,010
Gaming, property, and other taxes	—			24,055			18,824			—			42,879
Income taxes	—			(2		)	(1,009		)	1,011			—
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	—			5,853,497			—			—			5,853,497
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			269,185			24,726			—			293,911
Deferred tax liabilities	—			—			261			—			261
Other liabilities	—			24,536			1,523			—			26,059
Total liabilities	—			6,257,216			247,054			(192,584		)	6,311,686

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 shares issued and outstanding at December 31, 2018)	2,142			2,142			2,142			(4,284		)	2,142
Additional paid-in capital	3,952,503			3,952,506			9,832,830			(13,785,336		)	3,952,503
Retained accumulated (deficit) earnings	(1,689,038		)	(1,689,040		)	(1,890,503		)	3,579,543			(1,689,038		)
Total shareholders’ equity (deficit)	2,265,607			2,265,608			7,944,469			(10,210,077		)	2,265,607
Total liabilities and shareholders’ equity (deficit)	$	2,265,607		$	8,522,824		$	8,191,523		$	(10,402,661	)	$	8,577,293



Year ended December 31, 2018 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	437,211		$	310,443	$	—		$	747,654
Income from direct financing lease	—		—			81,119		—			81,119
Interest income from mortgaged real estate	—		5,590			1,353		—			6,943
Real estate taxes paid by tenants	—		46,327			41,139		—			87,466
Total income from real estate	—		489,128			434,054		—			923,182
Gaming, food, beverage and other	—		—			132,545		—			132,545
Total revenues	—		489,128			566,599		—			1,055,727
Operating expenses
Gaming, food, beverage and other	—		—			77,127		—			77,127
Real estate taxes	—		46,443			42,314		—			88,757
Land rights and ground lease expense	—		10,156			18,202		—			28,358
General and administrative	—		49,161			21,967		—			71,128
Depreciation	—		97,632			39,461		—			137,093
Goodwill impairment charges	—		—			59,454		—			59,454
Total operating expenses	—		203,392			258,525		—			461,917
Income from operations	—		285,736			308,074		—			593,810

Other income (expenses)
Interest expense	—		(247,684		)	—		—			(247,684		)
Interest income	—		1,355			472		—			1,827
Losses on debt extinguishment	—		(3,473		)	—		—			(3,473		)
Intercompany dividends and interest	—		460,044			10,280		(470,324		)	—
Total other expenses	—		210,242			10,752		(470,324		)	(249,330		)

Income before income taxes	—		495,978			318,826		(470,324		)	344,480
Income tax expense	—		855			4,109		—			4,964
Net income	$	—	$	495,123		$	314,717	$	(470,324	)	$	339,516



Year ended December 31, 2018 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	495,123		$	314,717		$	(470,324	)	$	339,516
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			99,678			48,687			—			148,365
Amortization of debt issuance costs, bond premiums and original issuance discounts	—			12,167			—			—			12,167
Losses on dispositions of property	—			75			234			—			309
Deferred income taxes	—			—			(522		)	—			(522		)
Stock-based compensation	—			11,152			—			—			11,152
Straight-line rent adjustments	—			49,166			12,722			—			61,888
Losses on debt extinguishment	—			3,473			—			—			3,473
Goodwill impairment charges	—			—			59,454			—			59,454

(Increase) decrease,
Prepaid expenses and other assets	—			(1,777		)	477			627			(673		)
Intercompany	—			66			(66		)	—			—
(Decrease) increase,
Accounts payable	—			1,851			(55		)	—			1,796
Accrued expenses	—			(205		)	79			—			(126		)
Accrued interest	—			12,020			—			—			12,020
Accrued salaries and wages	—			6,796			(595		)	—			6,201
Gaming, property and other taxes	—			(78		)	(71		)	—			(149		)
Income taxes	—			304			323			(627		)	—
Other liabilities	—			55			(493		)	—			(438		)
Net cash provided by (used in) operating activities	—			689,866			434,891			(470,324		)	654,433
Investing activities
Capital project expenditures	—			(20		)	—			—			(20		)
Capital maintenance expenditures	—			(55		)	(4,229		)	—			(4,284		)
Proceeds from sale of property and equipment	—			3,195			16			—			3,211
Acquisition of real estate assets	—			(985,750		)	(257,716		)	—			(1,243,466		)
Originations of mortgage loans receivable	—			(246,000		)	(57,684		)	—			(303,684		)
Collection of principal payments on investment in direct financing lease	—			—			38,459			—			38,459
Net cash used in investing activities	—			(1,228,630		)	(281,154		)	—			(1,509,784		)
Financing activities
Dividends paid	(550,435		)	—			—			—			(550,435		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	7,537			—			—			—			7,537
Proceeds from issuance of long-term debt	—			2,593,405			—			—			2,593,405
Financing costs	—			(32,426		)	—			—			(32,426		)
Payments of long-term debt	—			(1,164,117		)	—			—			(1,164,117		)
Premium and related costs paid on tender of senior unsecured notes	—			(1,884		)	—			—			(1,884		)
Intercompany financing	542,898			(858,316		)	(154,906		)	470,324			—
Net cash provided by (used in) financing activities	—			536,662			(154,906		)	470,324			852,080
Net decrease in cash and cash equivalents	—			(2,102		)	(1,169		)	—			(3,271		)
Cash and cash equivalents at beginning of period	—			6,734			22,320			—			29,054
Cash and cash equivalents at end of period	$	—		$	4,632		$	21,151		$	—		$	25,783



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 and outstanding 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
Interest income from mortgaged real estate	—		—			—		—			—
Real estate taxes paid by tenants	—		43,672			40,026		—			83,698
Total income from real estate	—		441,742			387,479		—			829,221
Gaming, food, beverage and other	—		—			142,086		—			142,086
Total 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	—			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

Decrease (increase),
Prepaid expenses and other assets	—			(5,703		)	1,268			(897		)	(5,332		)
Intercompany	—			317			(317		)	—			—
(Decrease) increase,	0			0						0
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 (used in) provided by 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
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 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



Year ended December 31, 2016 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	383,553		$	183,891	$	—		$	567,444
Income from direct financing lease	—		—			48,917		—			48,917
Interest income from mortgaged real estate	—		—			—		—			—
Real estate taxes paid by tenants	—		41,441			26,402		—			67,843
Total income from real estate	—		424,994			259,210		—			684,204
Gaming, food, beverage and other	—		—			144,051		—			144,051
Total 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 and amortization	—			93,476			22,241			—			115,717
Amortization of debt issuance costs	—			15,146			—			—			15,146
(Gains) losses on sales of property	—			(471		)	16			—			(455		)
Deferred income taxes	—			—			(1,535		)	—			(1,535		)
Stock-based compensation	—			18,312			—			—			18,312
Straight-line rent adjustments	—			55,825			2,848			—			58,673

(Increase) decrease,
Prepaid expenses and other assets	—			6,939			(1,554		)	2,180			7,565
Intercompany	—			21			(21		)	—			—
Increase (decrease),	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	—			—			(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

Schedule III Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 2018

(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 ⁽⁵⁾		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	$	137,260	1997/2009	11/1/2013	31
Hollywood Casino Aurora	Aurora, IL	—		4,937		98,378		(383		)	4,936		97,996		102,932		64,968		1993/2002/ 2012	11/1/2013	30
Hollywood Casino Joliet	Joliet, IL	—		19,214		101,104		(20		)	19,194		101,104		120,298		58,721		1992/2003/ 2010	11/1/2013	31
Argosy Casino Alton	Alton, IL	—		—		6,462		—			—		6,462		6,462		4,453		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,093		(201		)	11,802		144,093		155,895		34,842		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105			38,266		188,622		226,888		45,507		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—			35,102		233,069		268,171		129,718		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		74,989		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		(436		)	65,668		126,689		192,357		35,789		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—			12,883		84,257		97,140		31,965		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—			9,313		38,947		48,260		19,738		2005	11/1/2013	31
Hollywood Casino Gulf Coast	Bay St. Louis, MS	—		59,388		87,352		(229		)	59,176		87,335		146,511		50,152		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		(77		)	23,391		143,301		166,692		63,166		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—			4,634		42,031		46,665		26,859		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		(137		)	3,286		63,083		66,369		46,443		1994/2006	11/1/2013	15
Hollywood Casino St. Louis	Maryland Heights, MO	—		44,198		177,063		(3,049		)	41,149		177,063		218,212		75,384		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway ⁽²⁾	Dayton, OH	—		3,211		—		86,288			3,211		86,288		89,499		12,165		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		13,018		2014	11/1/2013	31
Resorts Casino Tunica	Tunica, MS	—		—		12,860		—			—		12,860		12,860		2,058		1994/1996/ 2005/2014	5/1/2017	31
1^st Jackpot Casino	Tunica, MS	—		161		10,100		—			161		10,100		10,261		608		1995	5/1/2017	31
Ameristar Black Hawk ⁽¹⁾	Black Hawk, CO	—		243,092		334,024		—			243,092		334,024		577,116		2,348		2000	4/28/2016	31
Ameristar East Chicago ⁽¹⁾	East Chicago, IN	—		4,198		123,430		—			4,198		123,430		127,628		998		1997	4/28/2016	31
Belterra Casino Resort ⁽¹⁾	Florence, IN	—		63,420		172,875		—			63,420		172,875		236,295		1,821		2000	4/28/2016	31



Ameristar Council Bluffs ⁽¹⁾	Council Bluffs, IA	—		84,009		109,027		—		84,009		109,027		193,036		919		1996	4/28/2016	31
L'Auberge Baton Rouge ⁽¹⁾	Baton Rouge, LA	—		205,274		178,426		—		205,274		178,426		383,700		1,336		2012	4/28/2016	31
Boomtown Bossier City ⁽¹⁾	Bossier City, LA	—		79,022		107,067		—		79,022		107,067		186,089		833		2002	4/28/2016	31
L'Auberge Lake Charles ⁽¹⁾	Lake Charles, LA	—		14,831		310,877		—		14,831		310,877		325,708		2,657		2005	4/28/2016	31
Boomtown New Orleans ⁽¹⁾	Boomtown, LA	—		46,019		58,258		—		46,019		58,258		104,277		494		1994	4/28/2016	31
Ameristar Vicksburg ⁽¹⁾	Vicksburg, MS	—		128,068		96,106		—		128,068		96,106		224,174		971		1994	4/28/2016	31
River City Casino & Hotel ⁽¹⁾	St Louis, MO	—		8,117		221,038		—		8,117		221,038		229,155		1,711		2010	4/28/2016	31
Ameristar Kansas City ⁽¹⁾	Kansas City, MO	—		239,111		271,598		—		239,111		271,598		510,709		2,356		1997	4/28/2016	31
Ameristar St. Charles ⁽¹⁾	St. Charles, MO	—		375,597		437,908		—		375,596		437,908		813,504		3,141		1994	4/28/2016	31
Jackpot Properties ⁽¹⁾	Jackpot, NV	—		48,785		61,550		—		48,785		61,550		110,335		1,669		1954	4/28/2016	31
Plainridge Park Casino	Plainridge, MA	—		127,068		123,850		—		127,068		123,850		250,918		832		2015	10/15/2018	31
The Meadows Racetrack and Casino	Washington, PA	—		181,532		141,370		386		181,918		141,370		323,288		12,971		2006	9/9/2016	31
Casino Queen	East St. Louis, IL	—		70,716		70,014		—		70,716		70,014		140,730		14,348		1999	1/23/2014	31
Tropicana Atlantic City	Atlantic City, NJ	—		166,974		392,923		—		166,974		392,923		559,897		2,711		1981	10/1/2018	31
Tropicana Evansville	Evansville, IN	—		47,439		146,930		—		47,439		146,930		194,369		987		1995	10/1/2018	31
Tropicana Laughlin	Laughlin, NV	—		20,671		80,530		—		20,671		80,530		101,201		606		1988	10/1/2018	27
Trop Casino Greenville	Greenville, MS	—		—		21,680		—		—		21,680		21,680		146		2012	10/1/2018	31
Belle of Baton Rouge	Baton Rouge, LA	—		11,873		52,400		—		11,873		52,400		64,273		545		1994	10/1/2018	31
		$	—	$	2,548,529	$	5,573,416	$	176,531	$	2,544,928	$	5,753,547	$	8,298,475	$	982,203
Headquarters Property:
GLPI Corporate Office ⁽³⁾	Wyomissing, PA	$	—	$	750	$	8,465	$	58	$	750	$	8,523	$	9,273	$	883	2014/2015	9/19/2014	31
Other Properties
Other owned land⁽⁴⁾	various	$	—	$	6,798	$	—	$	—	$	6,798	$	—	$	6,798	$	—		10/1/18	N/A
		$	—	$	2,556,077	$	5,581,881	$	176,589	$	2,552,476	$	5,762,070	$	8,314,546	$	983,086

(1)During April 2016, the Company acquired substantially all of the real estate assets of Pinnacle and subsequently leased the assets back to Pinnacle. As discussed further in the footnotes to the consolidated financial statements, the Pinnacle Master Lease was originally bifurcated between an operating lease and a direct financing lease, resulting in the land that was 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 were recorded as an investment in direct financing lease on the Company's consolidated balance sheet.

In conjunction with the Penn-Pinnacle Merger, on October 15, 2018, the Pinnacle Master Lease was amended via the fourth amendment to such lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd. As a result of this amendment, the Company reassessed the lease's classification and determined the new lease agreement qualified for operating lease treatment under ASC 840. Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety and the building assets previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were recorded as real estate assets on the Company's consolidated balance sheet.

⁽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.

⁽⁴⁾This includes undeveloped land the Company owns at locations other than its tenant occupied properties.

⁽⁵⁾The aggregate cost for federal income tax purposes of the properties listed above was $7.96 billion at December 31, 2018. This amount includes the tax basis of all real property assets acquired from Pinnacle, including building assets.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2018, 2017 and 2016 is as follows:



	Year Ended December 31,
	2018			2017			2016
Real Estate:	(in thousands)
Balance at the beginning of the period	$	4,519,501		$	4,495,972		$	2,750,867
Acquisitions	1,199,135			23,507			1,745,449
Reclass of assets from investment in direct financing lease to real estate investments ⁽¹⁾	2,599,180			—			—
Capital expenditures and assets placed in service	—			32			82
Dispositions	(3,270		)	(10		)	(426		)
Balance at the end of the period	$	8,314,546		$	4,519,501		$	4,495,972
Accumulated Depreciation:
Balance at the beginning of the period	$	(857,456	)	$	(756,881	)	$	(660,808	)
Depreciation expense	(125,630		)	(100,576		)	(96,073		)
Dispositions	—			1			—
Balance at the end of the period	$	(983,086	)	$	(857,456	)	$	(756,881	)

Schedule IV Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

SEC Schedule IV, Mortgage Loans on Real Estate Disclosure

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

December 31, 2018

(in thousands)



Description	Interest Rate	Final Maturity Date	Periodic Payment Terms	Prior Liens	Face Amount of Mortgage		Carrying Amount of Mortgage ⁽³⁾		Principal Amount of Loans Subject to Delinquent Principal or Interest
Lumière Place Loan	9.09%	10/1/2020 ⁽¹⁾	interest paid monthly	—	$	246,000	$	246,000	—
Belterra Park Loan	11.11%	4/3/2051⁽²⁾	interest paid monthly	—	57,684		57,684		—
					$	303,684	$	303,684	—

⁽¹⁾The Lumière Loan has a final maturity date of October 1, 2020, however, the loan may be extinguished prior to this date.

⁽²⁾The Belterra Park Loan matures in connection with the expiration of the Boyd Master Lease (as may be extended at the tenant's option to April 30, 2051).

⁽³⁾ The aggregate cost for federal income tax purposes of the mortgage loans listed above was approximately $304 million at December 31, 2018.



	Year Ended December 31, 2018
	(in thousands)
Mortgage Loans:
Balance at the beginning of the period	$	—
Additions during the period:
New mortgage loans	303,684
Deductions during the period:
Collections of principal	—
Balance at the end of the period	$	303,684

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Cash and Cash Equivalents

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

Concentration of Credit Risk

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

Prepaid Expenses and Other Assets

Fair Value of Financial Assets and Liabilities


•	Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.


•	Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals.


•	Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

Mortgage Loans 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, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	25,783	$	25,783	$	29,054	$	29,054
Deferred compensation plan assets	22,709		22,709		22,617		22,617
Mortgage loans receivable	303,684		303,684		—		—
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	927,000		909,308		1,055,000		1,045,600
Senior unsecured notes	4,975,000		4,958,455		3,425,000		3,574,688

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis



	Level 1		Level 2		Level 3		Total Impairment Charges Recorded during the Year Ended December 31, 2018
	(in thousands)
Assets:
Goodwill	$	—	$	—	$	16,067	$	59,454
Loan receivable	—		—		13,000		1,500
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	29,067	$	60,954

Goodwill

Loan Receivable

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

Mortgage and Other Loans Receivable

Mortgage Loans Receivable

Loans Receivable

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

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.

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, 2018

Accounting Policies [Abstract]

Schedule of estimated fair values of financial assets and liabilities

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



	December 31, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	25,783	$	25,783	$	29,054	$	29,054
Deferred compensation plan assets	22,709		22,709		22,617		22,617
Mortgage loans receivable	303,684		303,684		—		—
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	927,000		909,308		1,055,000		1,045,600
Senior unsecured notes	4,975,000		4,958,455		3,425,000		3,574,688

Schedule of assets measured at fair value on a nonrecurring basis

Assets measured at fair value on a nonrecurring basis during the year ended December 31, 2018 are categorized in the table below based upon the lowest level of significant input to the valuation. There were no assets measured at fair value on a nonrecurring basis during the year ended December 31, 2017 or liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2018 and 2017.



	Level 1		Level 2		Level 3		Total Impairment Charges Recorded during the Year Ended December 31, 2018
	(in thousands)
Assets:
Goodwill	$	—	$	—	$	16,067	$	59,454
Loan receivable	—		—		13,000		1,500
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	29,067	$	60,954

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,
	2018	2017	2016
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	213,720	210,705	178,594
Assumed conversion of dilutive employee stock-based awards	206	644	1,699
Assumed conversion of restricted stock awards	80	155	171
Assumed conversion of performance-based restricted stock awards	773	1,248	158
Diluted weighted-average common shares outstanding	214,779	212,752	180,622

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, 2018, 2017 and 2016:



	Year Ended December 31,
	2018			2017			2016
	(in thousands, except per share amounts)
Calculation of basic EPS:
Net income	$	339,516		$	380,598		$	289,305
Less: Net income allocated to participating securities	(475		)	(622		)	(668		)
Net income attributable to common shareholders	$	339,041		$	379,976		$	288,637
Weighted-average common shares outstanding	213,720			210,705			178,594
Basic EPS	$	1.59		$	1.80		$	1.62

Calculation of diluted EPS:
Net income	$	339,516		$	380,598		$	289,305
Diluted weighted-average common shares outstanding	214,779			212,752			180,622
Diluted EPS	$	1.58		$	1.79		$	1.60

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price allocation of the assets acquired in the Tropicana Acquisition (in thousands):



Real estate investments, net	$	948,217
Land rights, net	44,331
Total purchase price	$	992,548



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

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

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, represent investments in 42 rental properties and the corporate headquarters building and is summarized as follows:



	December 31, 2018			December 31, 2017
	(in thousands)
Land and improvements	$	2,552,475		$	2,057,928
Building and improvements	5,762,071			2,461,573
Total real estate investments	8,314,546			4,519,501
Less accumulated depreciation	(983,086		)	(857,456		)
Real estate investments, net	$	7,331,460		$	3,662,045

Land Rights (Tables)

12 Months Ended

Dec. 31, 2018

Ground Leases, Net [Abstract]

Schedule of Land Rights, Net

Land rights net, consists of the following:



	December 31, 2018			December 31, 2017
	(in thousands)
Land rights	$	700,997		$	656,666
Less accumulated amortization	(27,790		)	(16,518		)
Land rights, net	$	673,207		$	640,148

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2018, estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands):



Year ending December 31,
2019	$	12,359
2020	12,359
2021	12,359
2022	12,359
2023	12,359
Thereafter	611,412
Total	$	673,207

Property and Equipment Used in Operations (Tables)

12 Months Ended

Dec. 31, 2018

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 at the TRS Properties



	December 31, 2018			December 31, 2017
	(in thousands)
Land and improvements	$	30,431		$	30,276
Building and improvements	116,776			116,286
Furniture, fixtures, and equipment	117,247			114,972
Construction in progress	284			8
Total property and equipment	264,738			261,542
Less accumulated depreciation	(163,854		)	(153,249		)
Property and equipment, net	$	100,884		$	108,293

Receivables (Tables)

12 Months Ended

Dec. 31, 2018

Financing Receivable, Net [Abstract]

Schedule of Components of Direct Financing Lease Investments

At December 31, 2017, the Company's investment in direct financing lease, net, consisted of the following and represented the building assets initially acquired from Pinnacle:



	December 31, 2017
	(in thousands)
Minimum lease payments receivable	$	3,263,387
Unguaranteed residual value	689,811
Gross investment in direct financing lease	3,953,198
Less: unearned income	(1,315,559		)
Investment in direct financing lease, net	$	2,637,639

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 are as follows:



	TRS Properties Business Segment
	(in thousands)
Balance at December 31, 2016	$	75,521
Acquisitions	—
Impairment losses	—
Balance at December 31, 2017	$	75,521
Acquisitions	—
Impairment losses	(59,454		)
Balance at December 31, 2018	$	16,067

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018			December 31, 2017
	(in thousands)
Unsecured $1,175 million revolver	$	402,000		$	—
Unsecured term loan A	—			230,000
Unsecured term loan A-1	525,000			825,000
$550 million 4.375% senior unsecured notes due November 2018	—			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
$850 million 5.250% senior unsecured notes due June 2025	850,000			—
$975 million 5.375% senior unsecured notes due April 2026	975,000			975,000
$500 million 5.750% senior unsecured notes due June 2028	500,000			—
$750 million 5.30% senior unsecured notes due January 2029	750,000			—
Capital lease	1,112			1,230
Total long-term debt	5,903,112			4,481,230
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(49,615		)	(38,350		)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	5,853,497		$	4,442,880

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, 2018 (in thousands):



2019	$	123
2020	1,000,129
2021	925,135
2022	142
2023	902,149
Over 5 years	3,075,434
Total minimum payments	$	5,903,112

- 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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-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 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018 are as follows (in thousands):



Year ending December 31, ⁽¹⁾
2019	$	15,519
2020	15,159
2021	15,042
2022	15,026
2023	15,005
Thereafter	541,135
Total	$	616,886

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

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2018

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 Base Ground Rents Receivable		Future Income to be Recognized Related to Operating Leases
2019	$	959,797	$	(34,574	)	$	13,403	$	938,626
2020	920,129		(2,567		)	13,408		930,970
2021	854,210		21,786			13,414		889,410
2022	854,210		21,786			13,420		889,416
2023	854,210		21,786			13,425		889,421
Thereafter	11,146,434		265,694			471,598		11,883,726
Total	$	15,588,990	$	293,911		$	538,668	$	16,421,569

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, 2018, 2017 and 2016:



	Year Ended December 31,
	2018			2017			2016
	(in thousands)
Slot machines	$	111,315		$	118,998		$	119,390
Table games	15,528			17,218			18,069
Poker	1,114			1,182			1,135
Food, beverage and other	8,762			9,468			11,067
Promotional allowances	(4,174		)	(4,780		)	(5,610		)
Total gaming, food, beverage and other revenue	$	132,545		$	142,086		$	144,051

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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,	2018			2017
	(in thousands)
Deferred tax assets:
Accrued expenses	$	1,416		$	1,597
Property and equipment	5,405			4,823
Interest expense	313			—
Net deferred tax assets	7,134			6,420
Deferred tax liabilities:
Property and equipment	(757		)	(902		)
Intangibles	(1,460		)	(1,284		)
Net deferred tax liabilities	(2,217		)	(2,186		)
Net:	$	4,917		$	4,234

Schedule of Components of Income Tax Expense

The provision for income taxes charged to operations for years ended December 31, 2018, 2017 and 2016 was as follows:



Year ended December 31,	2018			2017			2016
	(in thousands)
Current tax expense
Federal	$	2,856		$	7,039		$	6,004
State	2,630			3,309			3,076
Total current	5,486			10,348			9,080
Deferred tax (benefit) expense
Federal	(512		)	(166		)	(1,324		)
State	(10		)	(395		)	(211		)
Total deferred	(522		)	(561		)	(1,535		)
Total provision	$	4,964		$	9,787		$	7,545

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, 2018, 2017 and 2016:



Year ended December 31,	2018		2017		2016
Percent of pretax income
U.S. federal statutory income tax rate	21.0	%	35.0	%	35.0	%
State and local income taxes	0.6	%	0.6	%	0.7	%
Federal tax rate change	—	%	0.5	%	—	%
REIT conversion benefit	(23.8	)%	(33.6	)%	(33.2	)%
Goodwill impairment charges	3.6	%	—	%	—	%
	1.4	%	2.5	%	2.5	%



Year ended December 31,	2018			2017			2016
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	72,341		$	136,636		$	103,897
State and local income taxes	2,246			2,284			2,039
Federal tax rate change	—			1,818			—
REIT conversion benefit	(82,151		)	(130,876		)	(98,459		)
Goodwill impairment charges	12,485			—			—
Permanent differences	19			49			44
Other miscellaneous items	24			(124		)	24
	$	4,964		$	9,787		$	7,545

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Dividends Declared

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2018, 2017 and 2016:



Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2018
February 1, 2018	March 9, 2018	Common Stock	$	0.63	First Quarter 2018	March 23, 2018	$	134,490
April 24, 2018	June 15, 2018	Common Stock	$	0.63	Second Quarter 2018	June 29, 2018	$	134,631
July 31, 2018	September 7, 2018	Common Stock	$	0.63	Third Quarter 2018	September 21, 2018	$	134,844
October 12, 2018	December 14, 2018	Common Stock	$	0.68	Fourth Quarter 2018	December 28, 2018	$	145,627
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

Dividends Classification

A summary of the Company's common stock distributions for the years ended December 31, 2018, 2017 and 2016 is as follows (unaudited):



	Year Ended December 31,
	2018			2017			2016
	(in dollars per share)
Qualified dividends	$	0.0391		$	0.0543		$	0.1050
Non-qualified dividends	2.2955			2.2436			2.0746
Capital gains	0.0270			0.0371			0.0624
Non-taxable return of capital	0.2084			0.1650			0.0780
Total distributions per common share	$	2.57		$	2.50		$	2.32

Percentage classified as qualified dividends	1.52		%	2.17		%	4.53		%
Percentage classified as non-qualified dividends	89.32		%	89.75		%	89.42		%
Percentage classified as capital gains	1.05		%	1.48		%	2.69		%
Percentage classified as non-taxable return of capital	8.11		%	6.60		%	3.36		%
	100.00		%	100.00		%	100.00		%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018 :



	Number of Option Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2017	1,040,745		$	19.80
Exercised	(1,012,508	)	19.74
Canceled	(1,438	)	17.33
Outstanding at December 31, 2018	26,799		$	22.09	0.01	$	272

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, 2018 and 2017:



	Number of Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2016	413,242		$	30.59
Granted	184,791		$	30.89
Released	(251,313	)	$	32.05
Canceled	(1,976	)	$	30.37
December 31, 2017	344,744		$	29.69
Granted	283,183		$	23.34
Released	(273,286	)	$	18.16
Canceled ⁽¹⁾	(54,999	)	$	33.34
Outstanding at December 31, 2018	299,642		$	33.53

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, 2018 and 2017:



	Number of Performance-Based Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2016	1,106,000		$	17.25
Granted	558,000		$	17.95
Released	—		$	—
Canceled	—		$	—
December 31, 2017	1,664,000		$	17.49
Granted	556,000		$	20.64
Released	(548,000	)	$	17.29
Canceled ⁽¹⁾	(330,000	)	$	18.60
Outstanding at December 31, 2018	1,342,000		$	18.60

⁽¹⁾The canceled shares and the resulting reversal of expense during the second quarter of 2018 are the result of the retirement of the Company's former Chief Financial Officer.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018
Total revenues	$	923,182	$	132,545		$	—		$	1,055,727
Income (loss) from operations	630,122		(36,312		)	—			593,810
Interest expense	247,684		10,406			(10,406		)	247,684
Income (loss) before income taxes	391,196		(46,716		)	—			344,480
Income tax expense	855		4,109			—			4,964
Net income (loss)	390,341		(50,825		)	—			339,516
Depreciation	127,696		9,397			—			137,093
Capital project expenditures	20		—			—			20
Capital maintenance expenditures	55		4,229			—			4,284

For the year ended December 31, 2017
Total revenues	$	829,221	$	142,086		$	—		$	971,307
Income from operations	578,661		26,857			—			605,518
Interest expense	217,068		10,406			(10,406		)	217,068
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
Total revenues	$	684,204	$	144,051		$	—		$	828,255
Income from operations	454,682		25,941			—			480,623
Interest expense	185,896		10,406			(10,406		)	185,896
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

Balance sheet at December 31, 2018
Total assets	$	8,441,345	$	135,948		$	—		$	8,577,293

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

⁽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, 2018

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, 2018 and 2017:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2018
Total revenues	$	244,050	$	254,221	$	254,139	$	303,317	⁽¹	⁾
Income from operations	151,851		153,241		164,834		123,884		⁽¹	⁾
Net income	96,772		91,998		104,815		45,931		⁽²	⁾

Earnings per common share:
Basic earnings per common share	$	0.45	$	0.43	$	0.49	$	0.21
Diluted earnings per common share	$	0.45	$	0.43	$	0.49	$	0.21

2017
Total 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

⁽¹⁾During October 2018, the Company acquired the real property assets of five casino properties from Tropicana and

leased these assets to Eldorado under a new triple-net lease. Also during October 2018, in conjunction with the Penn-

Pinnacle Merger, the Company acquired the real property assets of Plainridge Park and added this property to the

⁽²⁾During the fourth quarter of 2018, the Company recorded an impairment charge of $59.5 million, related to the

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

12 Months Ended

Dec. 31, 2018

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,	2018		2017		2016
	(in thousands)
Cash paid for income taxes, net of refunds received	$	5,389	$	11,646	$	7,362
Cash paid for interest	229,779		204,442		154,527

Schedule of Noncash or Part Noncash Acquisitions

Noncash investing and financing activities are as follows:



Year ended December 31,	2018		2017		2016
	(in thousands)
Reclass of assets from investment in direct financing lease to real estate investments	$	2,599,180	$	—	$	—
Equity raised to partially finance the original Pinnacle transaction	—		—		1,823,991

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

12 Months Ended

Dec. 31, 2018

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, 2018 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,637,404		$	4,694,056		$	—		$	7,331,460
Land rights, net	—			100,938			572,269			—			673,207
Property and equipment, used in operations, net	—			18,577			82,307			—			100,884
Mortgage loans receivable	—			246,000			57,684			—			303,684
Investment in direct financing lease, net	—			—			—			—			—
Cash and cash equivalents	—			4,632			21,151			—			25,783
Prepaid expenses	—			27,071			2,885			1,011			30,967
Goodwill	—			—			16,067			—			16,067
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	2,265,607			5,247,229			2,697,241			(10,210,077		)	—
Deferred tax assets	—			—			5,178			—			5,178
Other assets	—			47,378			20,108			—			67,486
Total assets	$	2,265,607		$	8,522,824		$	8,191,523		$	(10,402,661	)	$	8,577,293

Liabilities
Accounts payable	$	—		$	2,469		$	42		$	—		$	2,511
Accrued expenses	—			23,587			6,710			—			30,297
Accrued interest	—			45,261			—			—			45,261
Accrued salaries and wages	—			14,628			2,382			—			17,010
Gaming, property, and other taxes	—			24,055			18,824			—			42,879
Income taxes	—			(2		)	(1,009		)	1,011			—
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	—			5,853,497			—			—			5,853,497
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			269,185			24,726			—			293,911
Deferred tax liabilities	—			—			261			—			261
Other liabilities	—			24,536			1,523			—			26,059
Total liabilities	—			6,257,216			247,054			(192,584		)	6,311,686

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 shares issued and outstanding at December 31, 2018)	2,142			2,142			2,142			(4,284		)	2,142
Additional paid-in capital	3,952,503			3,952,506			9,832,830			(13,785,336		)	3,952,503
Retained accumulated (deficit) earnings	(1,689,038		)	(1,689,040		)	(1,890,503		)	3,579,543			(1,689,038		)
Total shareholders’ equity (deficit)	2,265,607			2,265,608			7,944,469			(10,210,077		)	2,265,607
Total liabilities and shareholders’ equity (deficit)	$	2,265,607		$	8,522,824		$	8,191,523		$	(10,402,661	)	$	8,577,293



Year ended December 31, 2018 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	437,211		$	310,443	$	—		$	747,654
Income from direct financing lease	—		—			81,119		—			81,119
Interest income from mortgaged real estate	—		5,590			1,353		—			6,943
Real estate taxes paid by tenants	—		46,327			41,139		—			87,466
Total income from real estate	—		489,128			434,054		—			923,182
Gaming, food, beverage and other	—		—			132,545		—			132,545
Total revenues	—		489,128			566,599		—			1,055,727
Operating expenses
Gaming, food, beverage and other	—		—			77,127		—			77,127
Real estate taxes	—		46,443			42,314		—			88,757
Land rights and ground lease expense	—		10,156			18,202		—			28,358
General and administrative	—		49,161			21,967		—			71,128
Depreciation	—		97,632			39,461		—			137,093
Goodwill impairment charges	—		—			59,454		—			59,454
Total operating expenses	—		203,392			258,525		—			461,917
Income from operations	—		285,736			308,074		—			593,810

Other income (expenses)
Interest expense	—		(247,684		)	—		—			(247,684		)
Interest income	—		1,355			472		—			1,827
Losses on debt extinguishment	—		(3,473		)	—		—			(3,473		)
Intercompany dividends and interest	—		460,044			10,280		(470,324		)	—
Total other expenses	—		210,242			10,752		(470,324		)	(249,330		)

Income before income taxes	—		495,978			318,826		(470,324		)	344,480
Income tax expense	—		855			4,109		—			4,964
Net income	$	—	$	495,123		$	314,717	$	(470,324	)	$	339,516



Year ended December 31, 2018 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	495,123		$	314,717		$	(470,324	)	$	339,516
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			99,678			48,687			—			148,365
Amortization of debt issuance costs, bond premiums and original issuance discounts	—			12,167			—			—			12,167
Losses on dispositions of property	—			75			234			—			309
Deferred income taxes	—			—			(522		)	—			(522		)
Stock-based compensation	—			11,152			—			—			11,152
Straight-line rent adjustments	—			49,166			12,722			—			61,888
Losses on debt extinguishment	—			3,473			—			—			3,473
Goodwill impairment charges	—			—			59,454			—			59,454

(Increase) decrease,
Prepaid expenses and other assets	—			(1,777		)	477			627			(673		)
Intercompany	—			66			(66		)	—			—
(Decrease) increase,
Accounts payable	—			1,851			(55		)	—			1,796
Accrued expenses	—			(205		)	79			—			(126		)
Accrued interest	—			12,020			—			—			12,020
Accrued salaries and wages	—			6,796			(595		)	—			6,201
Gaming, property and other taxes	—			(78		)	(71		)	—			(149		)
Income taxes	—			304			323			(627		)	—
Other liabilities	—			55			(493		)	—			(438		)
Net cash provided by (used in) operating activities	—			689,866			434,891			(470,324		)	654,433
Investing activities
Capital project expenditures	—			(20		)	—			—			(20		)
Capital maintenance expenditures	—			(55		)	(4,229		)	—			(4,284		)
Proceeds from sale of property and equipment	—			3,195			16			—			3,211
Acquisition of real estate assets	—			(985,750		)	(257,716		)	—			(1,243,466		)
Originations of mortgage loans receivable	—			(246,000		)	(57,684		)	—			(303,684		)
Collection of principal payments on investment in direct financing lease	—			—			38,459			—			38,459
Net cash used in investing activities	—			(1,228,630		)	(281,154		)	—			(1,509,784		)
Financing activities
Dividends paid	(550,435		)	—			—			—			(550,435		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	7,537			—			—			—			7,537
Proceeds from issuance of long-term debt	—			2,593,405			—			—			2,593,405
Financing costs	—			(32,426		)	—			—			(32,426		)
Payments of long-term debt	—			(1,164,117		)	—			—			(1,164,117		)
Premium and related costs paid on tender of senior unsecured notes	—			(1,884		)	—			—			(1,884		)
Intercompany financing	542,898			(858,316		)	(154,906		)	470,324			—
Net cash provided by (used in) financing activities	—			536,662			(154,906		)	470,324			852,080
Net decrease in cash and cash equivalents	—			(2,102		)	(1,169		)	—			(3,271		)
Cash and cash equivalents at beginning of period	—			6,734			22,320			—			29,054
Cash and cash equivalents at end of period	$	—		$	4,632		$	21,151		$	—		$	25,783



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 and outstanding 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
Interest income from mortgaged real estate	—		—			—		—			—
Real estate taxes paid by tenants	—		43,672			40,026		—			83,698
Total income from real estate	—		441,742			387,479		—			829,221
Gaming, food, beverage and other	—		—			142,086		—			142,086
Total 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	—			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

Decrease (increase),
Prepaid expenses and other assets	—			(5,703		)	1,268			(897		)	(5,332		)
Intercompany	—			317			(317		)	—			—
(Decrease) increase,	0			0						0
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 (used in) provided by 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
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 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



Year ended December 31, 2016 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	383,553		$	183,891	$	—		$	567,444
Income from direct financing lease	—		—			48,917		—			48,917
Interest income from mortgaged real estate	—		—			—		—			—
Real estate taxes paid by tenants	—		41,441			26,402		—			67,843
Total income from real estate	—		424,994			259,210		—			684,204
Gaming, food, beverage and other	—		—			144,051		—			144,051
Total 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 and amortization	—			93,476			22,241			—			115,717
Amortization of debt issuance costs	—			15,146			—			—			15,146
(Gains) losses on sales of property	—			(471		)	16			—			(455		)
Deferred income taxes	—			—			(1,535		)	—			(1,535		)
Stock-based compensation	—			18,312			—			—			18,312
Straight-line rent adjustments	—			55,825			2,848			—			58,673

(Increase) decrease,
Prepaid expenses and other assets	—			6,939			(1,554		)	2,180			7,565
Intercompany	—			21			(21		)	—			—
Increase (decrease),	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	—			—			(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

Business and Basis of Presentation (Narrative) (Details) $ in Thousands, ft² in Millions				1 Months Ended	12 Months Ended
	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($)	Apr. 28, 2016 USD ($) property	Apr. 30, 2016 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 state	Dec. 31, 2018 property	Dec. 31, 2018 ft²	Dec. 31, 2018	Dec. 31, 2018 year	Dec. 31, 2018 renewaloption
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire mortgage notes receivable \| $					$ 303,684	$ 0	$ 0
Number of facilities whose real estate property is included in entity portfolio									46
Number of real estate properties									42
Number of states across which the portfolio of properties is diversified \| state								16
Area of real estate property \| ft²										23.5
Real estate, occupancy percentage											100.00%
Tropicana Entertainment
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees \| $		$ 964,000
Pinnacle Entertainment, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Asset acquisition, consideration transferred \| $			$ 4,779,081	$ 4,800,000
Plainridge Park Casino
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees \| $	$ 250,000
Penn National Gaming Inc. Master Lease
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												4	4
Lessor leasing arrangements, operating lease, renewal term					5 years
Number of real estate properties									20
Eldorado Master Lease
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									5
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
Penn National Gaming Inc
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties									33
Eldorado Resorts, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties									6
Eldorado Resorts, Inc. \| Real Estate Loan
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire mortgage notes receivable \| $		$ 246,000
Boyd Gaming Corporation
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties									4
Boyd Gaming Corporation \| Real Estate Loan
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire mortgage notes receivable \| $	$ 57,700

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Jan. 01, 2018
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement's cumulative adjustment to retained earnings		$ 410
Accounting Standards Update 2014-09 \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement's cumulative adjustment to retained earnings		$ 410
Subsequent Event [Member] \| Scenario, Forecast \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset	$ 180,000
Lease liability	$ (180,000)

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details)	12 Months Ended
	Dec. 31, 2018
Maximum
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, 2018 state property
Concentration Risk [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property	46
Number of states across which the portfolio of properties is diversified \| state	16
Sales Revenue, Net \| Penn National Gaming Inc
Concentration Risk [Line Items]
Concentration risk, percentage	93.00%
Sales Revenue, Net \| Eldorado Resorts, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	3.00%
Sales Revenue, Net \| Boyd Gaming Corporation
Concentration Risk [Line Items]
Concentration risk, percentage	2.00%

Summary of Significant Accounting Policies (Fair Value of Financial Assets and LIabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 25,783	$ 29,054
Deferred compensation plan assets	22,709	22,617
Mortgage loans receivable	303,684	0
Financial liabilities:
Senior unsecured credit facility	927,000	1,055,000
Senior unsecured notes	4,975,000	3,425,000
Fair Value
Financial assets:
Cash and cash equivalents	25,783	29,054
Deferred compensation plan assets	22,709	22,617
Mortgage loans receivable	303,684	0
Financial liabilities:
Senior unsecured credit facility	909,308	1,045,600
Senior unsecured notes	$ 4,958,455	$ 3,574,688

Summary of Significant Accounting Policies (Assets Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets:
Loan receivable, impairment	$ 1,500	$ 1,500
Goodwill impairment charges		59,454	$ 0	$ 0
Total impairment charges		60,954
Level 1
Assets:
Goodwill	0	0
Loan receivable	0	0
Total assets measured at fair value on a nonrecurring basis	0	0
Level 2
Assets:
Goodwill	0	0
Loan receivable	0	0
Total assets measured at fair value on a nonrecurring basis	0	0
Level 3
Assets:
Goodwill	16,067	16,067
Loan receivable	13,000	13,000
Total assets measured at fair value on a nonrecurring basis	$ 29,067	$ 29,067

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements	12 Months Ended
	Dec. 31, 2018
Minimum
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	10 years
Maximum
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, 2018
Land improvements
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	15 years
Building and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	5 years
Building and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years
Furniture, fixtures, and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	3 years
Furniture, fixtures, and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax penalties and interest, net of deferred income taxes	$ 0	$ 0	$ 1,000
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 Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Gaming Taxes
Gaming Taxes	$ 56.0	$ 57.4	$ 57.7

Summary of Significant Accounting Policies (Earnings Per Share) (Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic weighted-average common shares outstanding (in shares)	213,720	210,705	178,594
Diluted weighted-average common shares outstanding (in shares)	214,779	212,752	180,622
Employee stock options
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion (in shares)	206	644	1,699
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion (in shares)	80	155	171
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion (in shares)	773	1,248	158

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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Calculation of basic EPS:
Net income	$ 45,931	$ 104,815	$ 91,998	$ 96,772	$ 93,259	$ 97,014	$ 96,334	$ 93,991	$ 339,516	$ 380,598	$ 289,305
Less: Net income allocated to participating securities									(475)	(622)	(668)
Net income attributable to common shareholders									$ 339,041	$ 379,976	$ 288,637
Basic weighted-average common shares outstanding (in shares)									213,720,000	210,705,000	178,594,000
Basic earnings per common share (in dollars per share)	$ 0.21	$ 0.49	$ 0.43	$ 0.45	$ 0.44	$ 0.46	$ 0.46	$ 0.45	$ 1.59	$ 1.80	$ 1.62
Calculation of diluted EPS:
Net income	$ 45,931	$ 104,815	$ 91,998	$ 96,772	$ 93,259	$ 97,014	$ 96,334	$ 93,991	$ 339,516	$ 380,598	$ 289,305
Diluted weighted-average common shares outstanding (in shares)									214,779,000	212,752,000	180,622,000
Diluted earnings per common share (in dollars per share)	$ 0.21	$ 0.49	$ 0.43	$ 0.45	$ 0.43	$ 0.45	$ 0.45	$ 0.45	$ 1.58	$ 1.79	$ 1.60
Antidilutive securities excluded from computation of earnings per share (in shares)									13,335	3,483	23,954

Summary of Significant Accounting Policies (Segment Information) (Details)	12 Months Ended
	Dec. 31, 2018 segment
Segment Information
Number of reportable segments	2

Acquisitions (Narrative) (Details) $ in Thousands, shares in Millions						1 Months Ended	12 Months Ended
	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($)	May 01, 2017 USD ($) lease	Sep. 09, 2016 USD ($)	Apr. 28, 2016 USD ($) property shares	Apr. 30, 2016 USD ($)	Oct. 14, 2019 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($) property lease renewaloption	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 31, 2018 property
Consideration
Payments to acquire real estate									$ 1,243,466	$ 83,252	$ 3,267,992
Rental income									747,654	671,190	567,444
Real estate investments, net									$ 7,331,460	3,662,045
Number of real estate properties \| property									42
Amended Pinnacle Entertainment, Inc. Master Lease
Consideration
Additional lease revenue	$ 13,900
Number of real estate properties \| property									12
Lessor leasing arrangements, operating leases, term of contract									10 years
Pinnacle Entertainment, Inc. Master Lease
Consideration
Number of real estate properties \| property					14
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
Tropicana Entertainment
Consideration
Number of real estate properties \| property									5			5
Eldorado Master Lease
Consideration
Number of real estate properties \| property									5
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
Pinnacle Entertainment, Inc. Meadows Lease
Consideration
Lessor leasing arrangements, operating leases, term of contract									10 years
Pinnacle Entertainment, Inc. Meadows Lease Term One
Consideration
Lessor leasing arrangements operating leases number of renewal options \| renewaloption									3
Pinnacle Entertainment, Inc. Meadows Lease For First Three Terms
Consideration
Lessor leasing arrangements, operating lease, renewal term									5 years
Pinnacle Entertainment, Inc. Meadows Lease Term Four
Consideration
Lessor leasing arrangements operating leases number of renewal options \| renewaloption									1
Pinnacle Entertainment, Inc. Meadows Lease For Fourth Term
Consideration
Lessor leasing arrangements, operating lease, renewal term									4 years
Plainridge Park Casino
Consideration
Payments to acquire real estate	$ 250,900
Plainridge Park Casino \| Scenario, Forecast
Consideration
Rental income							$ 25,000
Tropicana Entertainment
Consideration
Payments to acquire real estate		$ 992,500
Tropicana Entertainment \| Scenario, Forecast
Consideration
Rental income								$ 87,600
Tunica Properties
Consideration
Payments to acquire real estate			$ 82,900
Lessee leasing arrangements operating leases, number of ground leases \| lease			3
The Meadows Racetrack and Casino
Consideration
Payments to acquire real estate				$ 323,300
Pinnacle Entertainment, Inc.
Consideration
Conversion of share of acquiree to share of acquirer					0.85
Stock issued as consideration (in shares) \| 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, consideration transferred					$ 4,779,081	$ 4,800,000
Subsidiary of Eldorado Resorts, Inc. \| Eldorado Master Lease
Consideration
Lessee leasing arrangements operating leases, number of ground leases \| lease									6
Building and improvements \| Pinnacle Entertainment, Inc. Master Lease
Consideration
Real estate investments, net									$ 2,599,180	$ 0	$ 0

Acquisitions (Consideration Transferred) (Details) - Pinnacle Entertainment, Inc. - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Apr. 28, 2016	Apr. 30, 2016	Dec. 31, 2018	Dec. 31, 2017
Consideration
Cash	$ 2,955,090
GLPI common stock	1,823,991		$ 0	$ 0
Fair value of total consideration transferred	$ 4,779,081	$ 4,800,000

Acquisitions (Purchase Price Allocation Components) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2016
Tropicana Entertainment
Consideration
Real estate investments, net	$ 948,217
Land rights, net	44,331
Total purchase price	$ 992,548
Pinnacle Entertainment, Inc.
Consideration
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
	Apr. 28, 2016	Dec. 31, 2018	Dec. 31, 2017
Consideration
Asset acquisition, consideration transferred, cash	$ 2,955,090
Equity raised to partially finance the original Pinnacle transaction	$ 1,823,991	$ 0	$ 0

Real Estate Investments (Details) $ in Thousands	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($)
Real estate investments
Number of real estate properties \| property	42
Total real estate investments	$ 8,314,546	$ 4,519,501
Less accumulated depreciation	(983,086)	(857,456)
Real estate investments, net	7,331,460	3,662,045
Land and improvements
Real estate investments
Total real estate investments	2,552,475	2,057,928
Building and improvements
Real estate investments
Total real estate investments	$ 5,762,071	$ 2,461,573

Land Rights (Details) $ in Thousands	12 Months Ended
Land Rights (Details) $ in Thousands	Dec. 31, 2018 USD ($) property lease renewaloption	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Finite-Lived Intangible Assets [Line Items]
Land rights \| $	$ 700,997	$ 656,666
Less accumulated amortization \| $	(27,790)	(16,518)
Land rights, net \| $	673,207	640,148
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Total \| $	673,207	640,148
Off-Market Favorable Lease
Finite-Lived Intangible Assets [Line Items]
Land rights, net \| $	673,207
Amortization expense, land rights \| $	11,300	$ 10,400	$ 6,200
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2019 \| $	12,359
2020 \| $	12,359
2021 \| $	12,359
2022 \| $	12,359
2023 \| $	12,359
Thereafter \| $	611,412
Total \| $	$ 673,207
Off-Market Favorable Lease \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	10 years
Off-Market Favorable Lease \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years
Subsidiary of Boyd Gaming Corporation \| Belterra Casino Resort
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee leasing arrangements operating leases, number of ground leases \| lease	2
Lessee, term of contract	5 years
Number of renewal options \| property	9
Lessee, renewal term	5 years
Percentage of gross revenue for determination of annual variable rent	1.50%
Operating leases, revenue threshold for paying variable rent \| $	$ 100,000
Subsidiary of Penn National Gaming Inc. \| Ameristar East Chicago
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	30 years
Number of renewal options \| renewaloption	2
Lessee, renewal term	30 years
Operating leases, frequency base rent is adjusted	3 years
Subsidiary of Penn National Gaming Inc. \| River City Casino & Hotel
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	99 years
Percentage of gross revenue for determination of annual variable rent	2.50%
Subsidiary of Penn National Gaming Inc. \| L'Auberge Lake Charles
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	10 years
Number of renewal options \| renewaloption	6
Lessee, renewal term	10 years
Subsidiary of Penn National Gaming Inc. \| Resorts Casino Tunica
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	3 years
Number of renewal options \| property	9
Lessee, renewal term	5 years
Subsidiary of Penn National Gaming Inc. \| 1st Jackpot Casino
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. \| 1st Jackpot Casino, MS, Under First of Two Ground Leases
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	6 years
Number of renewal options \| renewaloption	9
Lessee, renewal term	6 years
Subsidiary of Penn National Gaming Inc. \| 1st Jackpot Casino, MS, Under Second of Two Ground Leases
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	10 years
Number of renewal options \| renewaloption	10
Lessee, renewal term	5 years
Percentage of gaming revenues for determination of annual variable rent (up to)	4.00%
Subsidiary of Eldorado Resorts, Inc. \| Belle of Baton Rouge
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee leasing arrangements operating leases, number of ground leases \| lease	2
Subsidiary of Eldorado Resorts, Inc. \| Belle of Baton Rouge, LA, Under First of Two Ground Lease Members
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	5 years
Number of renewal options \| renewaloption	2
Lessee, renewal term	5 years
Lease agreement percentage increase in annual lease rental after specified period	3.00%
Lease agreement period after which annual lease rental will be increased at specified percentage	2 years
Subsidiary of Eldorado Resorts, Inc. \| Belle of Baton Rouge, LA, Under Second of Two Ground Lease Members
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	17 years
Operating leases, frequency base rent is adjusted	5 years
Subsidiary of Eldorado Resorts, Inc. \| Tropicana Evansville
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	10 years
Subsidiary of Eldorado Resorts, Inc. \| Tropicana Evansville \| Minimum
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee leasing arrangements operating leases, percentage of rent paid based upon annual gross receipts	2.00%
Subsidiary of Eldorado Resorts, Inc. \| Tropicana Evansville \| Maximum
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee leasing arrangements operating leases, percentage of rent paid based upon annual gross receipts	12.00%
Subsidiary of Eldorado Resorts, Inc. \| Trop Casino Greenville
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee leasing arrangements operating leases, number of ground leases \| lease	3
Subsidiary of Eldorado Resorts, Inc. \| Trop Casino Greenville, MS, Under First of Three Ground Lease Members
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	7 years
Number of renewal options \| renewaloption	4
Subsidiary of Eldorado Resorts, Inc. \| Trop Casino Greenville, MS, Under Second of Three Ground Lease Members
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	20 years
Number of renewal options \| renewaloption	6
Lessee, renewal term	5 years
Subsidiary of Eldorado Resorts, Inc. \| Trop Casino Greenville, MS, Under Third of Three Ground Lease Members
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee, term of contract	6 years
Number of renewal options \| renewaloption	9
Lessee, renewal term	6 years
Lessee leasing arrangements operating leases, percentage of minimum annual increase based upon the CPI	3.30%
Lease Arrangement, Tranche One \| Subsidiary of Eldorado Resorts, Inc. \| Belle of Baton Rouge, LA, Under Second of Two Ground Lease Members
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Number of renewal options \| renewaloption	1
Lessee, renewal term	3 years
Lease Arrangement, Tranche One \| Subsidiary of Eldorado Resorts, Inc. \| Tropicana Evansville
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Number of renewal options \| renewaloption	2
Lessee, renewal term	5 years
Lease Arrangement, Tranche Two \| Subsidiary of Eldorado Resorts, Inc. \| Belle of Baton Rouge, LA, Under Second of Two Ground Lease Members
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Number of renewal options \| renewaloption	8
Lessee, renewal term	10 years
Lease Arrangement, Tranche Two \| Subsidiary of Eldorado Resorts, Inc. \| Tropicana Evansville
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Number of renewal options \| renewaloption	1
Lessee, renewal term	12 years
Lease Arrangement, Tranche Three \| Subsidiary of Eldorado Resorts, Inc. \| Tropicana Evansville
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Number of renewal options \| renewaloption	1
Lessee, renewal term	3 years
Lease Arrangement, Tranche Four \| Subsidiary of Eldorado Resorts, Inc. \| Tropicana Evansville
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Number of renewal options \| renewaloption	5
Lessee, renewal term	5 years

Property and Equipment Used in Operations (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property and equipment used in operations
Total property and equipment	$ 264,738	$ 261,542
Less accumulated depreciation	(163,854)	(153,249)
Property and equipment, net	100,884	108,293
Land and improvements
Property and equipment used in operations
Total property and equipment	30,431	30,276
Building and improvements
Property and equipment used in operations
Total property and equipment	116,776	116,286
Furniture, fixtures, and equipment
Property and equipment used in operations
Total property and equipment	117,247	114,972
Construction in progress
Property and equipment used in operations
Total property and equipment	$ 284	$ 8

Receivables (Mortgage Loans Receivable) (Details) $ in Thousands			12 Months Ended
	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($)	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of casino properties company has financial interests in \| property			2
Payments to acquire mortgage notes receivable			$ 303,684	$ 0	$ 0
Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire real estate, exclusive of transaction fees		$ 246,000
Stated interest rate percentage		9.00%
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 57,700
Stated interest rate percentage	11.11%
Secured Debt \| Real Estate Loan \| Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire mortgage notes receivable		$ 246,000
Secured Debt \| Real Estate Loan \| Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire mortgage notes receivable	$ 57,700

Receivables (Investment in Direct Financing Lease, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Minimum lease payments receivable		$ 3,263,387
Unguaranteed residual value		689,811
Gross investment in direct financing lease		3,953,198
Less: unearned income		(1,315,559)
Investment in direct financing lease, net	$ 0	$ 2,637,639
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	3 Months Ended	12 Months Ended
Receivables (Loan Receivable) (Details) $ in Thousands	Mar. 13, 2017 USD ($)	Jan. 31, 2014 USD ($)	Dec. 31, 2018 USD ($) renewaloption	Dec. 31, 2018 USD ($) renewaloption	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Payments to acquire real estate				$ 1,243,466	$ 83,252	$ 3,267,992
Loan receivable			$ 13,000	13,000	$ 13,000
Asset Impairment Charge, Paid-In-Kind Interest, Loan Receivable			$ 1,500	$ 1,500
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	15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption			4	4
Lessor leasing arrangements, operating lease, renewal term			5 years	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. \| Unsecured Debt
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%
Interest income, paid-in-kind				$ 1,500
Loan receivable			$ 13,000	$ 13,000

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Beginning Balance, Goodwill		$ 75,521
Impairment losses		59,454	$ 0	$ 0
Ending Balance, Goodwill	$ 16,067	16,067	75,521
Other intangible assets	9,577	9,577	9,577
Hollywood Casino Baton Rouge, LA
Goodwill [Roll Forward]
Impairment losses	59,500	59,500
Ending Balance, Goodwill	16,100	16,100
Hollywood Casino Perryville, MD
Goodwill [Roll Forward]
Other intangible assets	9,600	9,600
TRS Properties
Goodwill [Roll Forward]
Beginning Balance, Goodwill		75,521	75,521
Acquisitions		0	0
Impairment losses		(59,454)	0
Ending Balance, Goodwill	$ 16,067	$ 16,067	$ 75,521	$ 75,521

Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2018	Sep. 26, 2018	May 21, 2018	Dec. 31, 2017	Apr. 28, 2016	Oct. 31, 2013
Long-term debt
Total long-term debt	$ 5,903,112,000			$ 4,481,230,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(49,615,000)			(38,350,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,853,497,000			4,442,880,000
Unsecured $1,175 million revolver
Long-term debt
Total long-term debt	402,000,000			0
Unsecured term loan A
Long-term debt
Total long-term debt	0			230,000,000
Unsecured term loan A-1
Long-term debt
Total long-term debt	525,000,000			825,000,000
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Total long-term debt	0			550,000,000
Debt Instrument face amount			$ 550,000,000	$ 550,000,000		$ 550,000,000
Stated interest rate percentage on debt			4.375%	4.375%		4.375%
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Total long-term debt	1,000,000,000			$ 1,000,000,000
Debt Instrument face amount	$ 1,000,000,000			$ 1,000,000,000		$ 1,000,000,000
Stated interest rate percentage on debt	4.875%			4.875%		4.875%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Total long-term debt	$ 400,000,000			$ 400,000,000
Debt Instrument face amount	$ 400,000,000			$ 400,000,000	$ 400,000,000
Stated interest rate percentage on debt	4.375%			4.375%	4.375%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Total long-term debt	$ 500,000,000			$ 500,000,000
Debt Instrument face amount	$ 500,000,000			$ 500,000,000		$ 500,000,000
Stated interest rate percentage on debt	5.375%			5.375%		5.375%
$850 million 5.250% senior unsecured notes due June 2025
Long-term debt
Total long-term debt	$ 850,000,000			$ 0
Debt Instrument face amount	$ 850,000,000
Stated interest rate percentage on debt	5.25%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Total long-term debt	$ 975,000,000			975,000,000
Debt Instrument face amount	$ 975,000,000			$ 975,000,000	$ 975,000,000
Stated interest rate percentage on debt	5.375%			5.375%	5.375%
$500 million 5.750% senior unsecured notes due June 2028
Long-term debt
Total long-term debt	$ 500,000,000			$ 0
Debt Instrument face amount	$ 500,000,000		$ 500,000,000
Stated interest rate percentage on debt	5.75%		5.75%
$750 million 5.30% senior unsecured notes due January 2029
Long-term debt
Total long-term debt	$ 750,000,000			0
Debt Instrument face amount	$ 750,000,000	$ 750,000,000
Stated interest rate percentage on debt	5.30%	5.30%
Capital lease
Long-term debt
Total long-term debt	$ 1,112,000			$ 1,230,000

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Future minimum repayments of long-term debt
2019	$ 123
2020	1,000,129
2021	925,135
2022	142
2023	902,149
Over 5 years	3,075,434
Total minimum payments	$ 5,903,112	$ 4,481,230

Long-term Debt (Senior Unsecured Credit Facility) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	May 21, 2018
Long-term debt
Losses on debt extinguishment	$ (3,473,000)	$ 0	$ 0
Total long-term debt	5,903,112,000	$ 4,481,230,000
Letters of credit outstanding	400,000
Line of credit facility, available borrowing capacity	772,600,000
Senior unsecured credit facility
Long-term debt
Losses on debt extinguishment	(1,000,000)
Total long-term debt	$ 927,000,000
Unsecured $1,175 million revolver
Long-term debt
Commitment fee percentage	0.25%
Minimum \| Unsecured $1,175 million revolver
Long-term debt
Commitment fee percentage	0.15%
Maximum \| Unsecured $1,175 million revolver
Long-term debt
Commitment fee percentage	0.35%
LIBOR \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	1.50%
LIBOR \| Minimum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	1.00%
LIBOR \| Maximum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	2.00%
Base Rate \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	0.50%
Base Rate \| Minimum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	0.00%
Base Rate \| Maximum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate	1.00%
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,175,000,000			$ 1,100,000,000
Unsecured term loan A-1
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 525,000,000

Long-term Debt (Senior Unsecured Notes) (Narrative) (Details)			9 Months Ended	12 Months Ended
	Aug. 16, 2018	May 21, 2018 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($) property subsidiary Rate	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 31, 2018 property	Sep. 26, 2018 USD ($)	Apr. 28, 2016 USD ($)	Oct. 31, 2013 USD ($)
Long-term debt
Total long-term debt				$ 5,903,112,000	$ 4,481,230,000
Number of real estate properties \| property				42
Losses on debt extinguishment				$ (3,473,000)	0	$ 0
Number of wholly-owned subsidiary note issuers \| subsidiary				2
Senior Notes
Long-term debt
Total long-term debt				$ 4,975,000,000
Debt Instrument face amount										$ 2,050,000,000
Debt instrument redemption price, percentage				100.00%
Senior Notes \| Change of Control
Long-term debt
Debt instrument redemption price, percentage				101.00%
$750 million 5.30% senior unsecured notes due January 2029
Long-term debt
Total long-term debt				$ 750,000,000	0
Debt Instrument face amount				$ 750,000,000				$ 750,000,000
Stated interest rate percentage on debt				5.30%				5.30%
Effective interest rate percentage \| Rate				99.985%
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Total long-term debt				$ 0	550,000,000
Debt Instrument face amount		$ 550,000,000			$ 550,000,000					$ 550,000,000
Stated interest rate percentage on debt		4.375%			4.375%					4.375%
Amount of notes tendered		$ 393,500,000
Percentage of amount outstanding in connection with tender offer		72.00%
Percentage of principal amount	100.00%	100.396%
Losses on debt extinguishment			$ (2,500,000)
$500 million 5.750% senior unsecured notes due June 2028
Long-term debt
Total long-term debt				500,000,000	$ 0
Debt Instrument face amount		$ 500,000,000		$ 500,000,000
Stated interest rate percentage on debt		5.75%		5.75%
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Total long-term debt				$ 1,000,000,000	1,000,000,000
Debt Instrument face amount				$ 1,000,000,000	$ 1,000,000,000					$ 1,000,000,000
Stated interest rate percentage on debt				4.875%	4.875%					4.875%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Total long-term debt				$ 400,000,000	$ 400,000,000
Debt Instrument face amount				$ 400,000,000	$ 400,000,000				$ 400,000,000
Stated interest rate percentage on debt				4.375%	4.375%				4.375%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Total long-term debt				$ 500,000,000	$ 500,000,000
Debt Instrument face amount				$ 500,000,000	$ 500,000,000					$ 500,000,000
Stated interest rate percentage on debt				5.375%	5.375%					5.375%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Total long-term debt				$ 975,000,000	$ 975,000,000
Debt Instrument face amount				$ 975,000,000	$ 975,000,000				$ 975,000,000
Stated interest rate percentage on debt				5.375%	5.375%				5.375%
September Issuance Senior Unsecured Notes 5.25% Due 2025
Long-term debt
Debt Instrument face amount								$ 350,000,000
Stated interest rate percentage on debt								5.25%
Effective interest rate percentage \| Rate				102.148%
May Issuance Senior Unsecured Notes 5.25% Due 2025
Long-term debt
Debt Instrument face amount		$ 500,000,000
Stated interest rate percentage on debt		5.25%
Minimum
Long-term debt
Number of days prior to maturity notes can be redeemed and receive make-whole redemption premium				90 days
Tropicana Entertainment
Long-term debt
Number of real estate properties \| property				5			5

Long-term Debt (Capital Lease) (Narrative) (Details)	12 Months Ended
Long-term Debt (Capital Lease) (Narrative) (Details)	Dec. 31, 2018
Capital lease
Long-term debt
Debt instrument term	30 years

Commitments and Contingencies (Operating Lease Commitments) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) property lease renewaloption	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Oct. 31, 2018 property	Apr. 28, 2016 property
Operating Leased Assets [Line Items]
Number of real estate properties \| property	42
Operating leases, rent expense \| $	$ 18.9	$ 15.8	$ 11.0
Boyd Gaming Corporation Master Lease
Operating Leased Assets [Line Items]
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	10 years
Trop Casino Greenville \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee leasing arrangements operating leases, number of ground leases \| lease	3
Tropicana Evansville \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	10 years
Boomtown Biloxi \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee leasing arrangements operating leases, number of ground leases \| lease	2
Boomtown Biloxi MS, Under First of Two Ground Lease Members \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, 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%
Boomtown Biloxi MS, Under Second of Two Ground Lease Members \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	10 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	4.00%
Lessee, renewal term	10 years
Hollywood Casino Tunica \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	5 years
Lessee, renewal term	5 years
Number of renewal options	9
Lease agreement percentage of gross revenue for determination of annual revenue sharing provision	4.00%
Hollywood Casino Bangor \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	15 years
Lessee, renewal term	10 years
Number of renewal options	3
Operating leases, frequency base rent is adjusted	5 years
Argosy Casino Alton \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	30 years
Lessee, renewal term	10 years
Number of renewal options	2
Hollywood Casino Aurora \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	49 years
Lessee, renewal term	10 years
Number of renewal options	5
Tropicana Entertainment
Operating Leased Assets [Line Items]
Number of real estate properties \| property	5			5
Eldorado Master Lease
Operating Leased Assets [Line Items]
Number of real estate properties \| property	5
Lessor leasing arrangements, operating leases, term of contract	15 years
Eldorado Master Lease \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee leasing arrangements operating leases, number of ground leases \| lease	6
Penn National Gaming Inc. Master Lease
Operating Leased Assets [Line Items]
Number of real estate properties \| property	20
Lessor leasing arrangements, operating leases, term of contract	15 years
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	35 years
Penn National Gaming Inc. Master Lease \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee leasing arrangements operating leases, number of ground leases \| lease	3
Resorts Casino Tunica \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	3 years
Lessee, renewal term	5 years
Number of renewal options \| property	9
1st Jackpot Casino \| Subsidiary of Penn National Gaming Inc.
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 \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	6 years
Lessee, renewal term	6 years
Number of renewal options	9
1st Jackpot Casino, MS, Under Second of Two Ground Leases \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	10 years
Lessee, renewal term	5 years
Number of renewal options	10
Percentage of gaming revenues for determination of annual variable rent (up to)	4.00%
Boyd Gaming Corporation Master Lease
Operating Leased Assets [Line Items]
Number of real estate properties \| property	3
Lessor leasing arrangements, operating leases, term of contract	10 years
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	10 years
Pinnacle Entertainment, Inc. Master Lease
Operating Leased Assets [Line Items]
Number of real estate properties \| property					14
Lessor leasing arrangements, operating leases, term of contract	10 years
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	35 years
Belterra Casino Resort \| Subsidiary of Boyd Gaming Corporation
Operating Leased Assets [Line Items]
Lessee leasing arrangements operating leases, number of ground leases \| lease	2
Lessee, term of contract	5 years
Lessee, renewal term	5 years
Number of renewal options \| property	9
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 \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	30 years
Lessee, renewal term	30 years
Number of renewal options	2
Operating leases, frequency base rent is adjusted	3 years
River City Casino & Hotel \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	99 years
Percentage of gross revenue for determination of annual variable rent	2.50%
L'Auberge Lake Charles \| Subsidiary of Penn National Gaming Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	10 years
Lessee, renewal term	10 years
Number of renewal options	6
Trop Casino Greenville, MS, Under First of Three Ground Lease Members \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	7 years
Number of renewal options	4
Trop Casino Greenville, MS, Under Second of Three Ground Lease Members \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	20 years
Lessee, renewal term	5 years
Number of renewal options	6
Trop Casino Greenville, MS, Under Third of Three Ground Lease Members \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	6 years
Lessee, renewal term	6 years
Number of renewal options	9
Lessee leasing arrangements operating leases, percentage of minimum annual increase based upon the CPI	3.30%
Belle of Baton Rouge \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee leasing arrangements operating leases, number of ground leases \| lease	2
Belle of Baton Rouge, LA, Under First of Two Ground Lease Members \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	5 years
Lease agreement period after which annual lease rental will be increased at specified percentage	2 years
Lease agreement percentage increase in annual lease rental after specified period	3.00%
Lessee, renewal term	5 years
Number of renewal options	2
Belle of Baton Rouge, LA, Under Second of Two Ground Lease Members \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, term of contract	17 years
Operating leases, frequency base rent is adjusted	5 years
Minimum \| Tropicana Evansville \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee leasing arrangements operating leases, percentage of rent paid based upon annual gross receipts	2.00%
Maximum \| Tropicana Evansville \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee leasing arrangements operating leases, percentage of rent paid based upon annual gross receipts	12.00%
Lease Arrangement, Tranche One \| Tropicana Evansville \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, renewal term	5 years
Number of renewal options	2
Lease Arrangement, Tranche One \| Belle of Baton Rouge, LA, Under Second of Two Ground Lease Members \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, renewal term	3 years
Number of renewal options	1
Lease Arrangement, Tranche Two \| Tropicana Evansville \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, renewal term	12 years
Number of renewal options	1
Lease Arrangement, Tranche Two \| Belle of Baton Rouge, LA, Under Second of Two Ground Lease Members \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, renewal term	10 years
Number of renewal options	8
Lease Arrangement, Tranche Three \| Tropicana Evansville \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, renewal term	3 years
Number of renewal options	1
Lease Arrangement, Tranche Four \| Tropicana Evansville \| Subsidiary of Eldorado Resorts, Inc.
Operating Leased Assets [Line Items]
Lessee, renewal term	5 years
Number of renewal options	5

Commitments and Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019	$ 15,519
2020	15,159
2021	15,042
2022	15,026
2023	15,005
Thereafter	541,135
Total	$ 616,886

Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.3	$ 0.3	$ 0.3
Deferred compensation arrangement employer contribution vesting period	5 years
Deferred compensation arrangement with individual, employer contribution	$ 0.7	0.6	$ 0.7
Deferred compensation plan liabilities	22.8	22.7
Deferred compensation plan assets	$ 22.7	$ 22.6
Maximum
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, 2018 employee
Labor Agreements [Line Items]
Agreements with SEATU Union number of employees	145
Maximum \| Number of Employees, Total \| Unionized Employees Concentration Risk
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, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2018 property	Dec. 31, 2018 year	Dec. 31, 2018 renewaloption
Revenue, Major Customer [Line Items]
Number of real estate properties				42
Number of casino properties company has financial interests in				2
Interest income from mortgaged real estate \| $	$ 6,943,000	$ 0	$ 0
Penn National Gaming Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties				20
Annual rent escalator	2.00%
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					4	4
Lessor leasing arrangements, operating lease, renewal term	5 years
Penn National Gaming Inc. Master Lease \| 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 \| $	$ 48,900,000	$ 46,800,000	$ 43,800,000
Penn National Gaming Inc. Master Lease \| All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue, Major Customer [Line Items]
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
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties				12
Annual rent escalator	2.00%
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
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	10 years
Lessor leasing arrangements, operating leases, term of contract	10 years
Penn National Gaming, 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
Eldorado Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties				5
Annual rent escalator	2.00%
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
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
Boyd Gaming Corporation Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties				3
Annual rent escalator	2.00%
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
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	10 years
Lessor leasing arrangements, operating leases, term of contract	10 years
Casino Queen Lease
Revenue, Major Customer [Line Items]
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 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

Revenue Recognition (Future Minimum Lease Payments Receivable - Operating Leases (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Future Rental Payments Receivable
2019	$ 959,797
2020	920,129
2021	854,210
2022	854,210
2023	854,210
Thereafter	11,146,434
Total	15,588,990
Straight-Line Rent Adjustments
2019	(34,574)
2020	(2,567)
2021	21,786
2022	21,786
2023	21,786
Thereafter	265,694
Total	293,911
Future Base Ground Rents Receivable
2019	13,403
2020	13,408
2021	13,414
2022	13,420
2023	13,425
Thereafter	471,598
Total	538,668
Future Income to be Recognized Related to Operating Leases
2019	938,626
2020	930,970
2021	889,410
2022	889,416
2023	889,421
Thereafter	11,883,726
Total	$ 16,421,569

Revenue Recognition (Components of Gaming Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Total revenues	$ 303,317	$ 254,139	$ 254,221	$ 244,050	$ 240,697	$ 244,506	$ 243,391	$ 242,713	$ 1,055,727	$ 971,307	$ 828,255
Slot machines
Disaggregation of Revenue [Line Items]
Total revenues									111,315	118,998	119,390
Table games
Disaggregation of Revenue [Line Items]
Total revenues									15,528	17,218	18,069
Poker
Disaggregation of Revenue [Line Items]
Total revenues									1,114	1,182	1,135
Food, beverage and other
Disaggregation of Revenue [Line Items]
Total revenues									8,762	9,468	11,067
Promotional allowances
Disaggregation of Revenue [Line Items]
Total revenues									(4,174)	(4,780)	(5,610)
Gaming, food, beverage and other
Disaggregation of Revenue [Line Items]
Total revenues									$ 132,545	$ 142,086	$ 144,051

Income Taxes (Narrative) (Details) $ in Millions	12 Months Ended
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, 2018	Dec. 31, 2017
Deferred tax assets:
Accrued expenses	$ 1,416	$ 1,597
Property and equipment	5,405	4,823
Interest expense	313	0
Net deferred tax assets	7,134	6,420
Deferred tax liabilities:
Property and equipment	(757)	(902)
Intangibles	(1,460)	(1,284)
Net deferred tax liabilities	(2,217)	(2,186)
Net:	$ 4,917	$ 4,234

Income Taxes (Provision for Income Taxes - Current and Deferred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current tax expense
Federal	$ 2,856	$ 7,039	$ 6,004
State	2,630	3,309	3,076
Total current	5,486	10,348	9,080
Deferred tax (benefit) expense
Federal	(512)	(166)	(1,324)
State	(10)	(395)	(211)
Total deferred	(522)	(561)	(1,535)
Total provision	$ 4,964	$ 9,787	$ 7,545

Income Taxes (Effective Income Tax Rate Reconciliation, Percent) (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	21.00%	35.00%	35.00%
State and local income taxes	0.60%	0.60%	0.70%
Federal tax rate change	0.00%	0.50%	0.00%
REIT conversion benefit	(23.80%)	(33.60%)	(33.20%)
Goodwill impairment charges	3.60%	0.00%	0.00%
Effective income tax rate reconciliation, effective income tax rate, percent	1.40%	2.50%	2.50%

Income Taxes (Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax	$ 72,341	$ 136,636	$ 103,897
State and local income taxes	2,246	2,284	2,039
Federal tax rate change	0	1,818	0
REIT conversion benefit	(82,151)	(130,876)	(98,459)
Goodwill impairment charges	12,485	0	0
Permanent differences	19	49	44
Other miscellaneous items	24	(124)	24
Total provision	$ 4,964	$ 9,787	$ 7,545

Shareholders' Equity (Common Stock) (Details) - USD ($)			1 Months Ended	12 Months Ended			29 Months Ended
Shareholders' Equity (Common Stock) (Details) - USD ($)	Apr. 28, 2016	Apr. 06, 2016	Aug. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 825,200,000
Proceeds from issuance of common stock, net of issuance costs				$ 0	$ 139,414,000	$ 870,810,000
Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)		28,750,000			3,864,872	86,074,167
Shares issued (in dollars per share)		$ 30.00
At The Market Program
Class of Stock [Line Items]
Shares authorized to be issued (in shares)			$ 400,000,000
Issuance of common stock (in shares)				0	3,864,872		5,186,871
Weighted-average price of shares issued (in dollars per share)					$ 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 remaining under amount authorized to be issued (in shares)				$ 213,700,000			$ 213,700,000
Maximum \| At The Market Program
Class of Stock [Line Items]
Percentage of commission to be paid on gross sales price of shares sold			2.00%
Percentage of commission to be paid on sale price of borrowed shares of common stock			2.00%
Over-Allotment Option \| Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)		3,750,000
Pinnacle Entertainment, Inc.
Class of Stock [Line Items]
Stock issued as consideration (in shares)	56,000,000

Shareholders' Equity (Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands																									12 Months Ended
	Dec. 28, 2018	Oct. 12, 2018	Sep. 21, 2018	Jul. 31, 2018	Jun. 29, 2018	Apr. 24, 2018	Mar. 23, 2018	Feb. 01, 2018	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. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dividends [Abstract]
Common stock, dividends declared (in dollars per share)		$ 0.68		$ 0.63		$ 0.63		$ 0.63		$ 0.63		$ 0.63		$ 0.62		$ 0.62		$ 0.60		$ 0.60		$ 0.56		$ 0.56
Common stock, dividends paid (in dollars per share)	$ 0.68		$ 0.63		$ 0.63		$ 0.63		$ 0.63		$ 0.63		$ 0.62		$ 0.62		$ 0.60		$ 0.60		$ 0.56		$ 0.56		$ 2.57	$ 2.50	$ 2.32
Dividend Amount	$ 145,627		$ 134,844		$ 134,631		$ 134,490		$ 133,942		$ 133,936		$ 131,554		$ 129,007		$ 124,466		$ 124,262		$ 113,212		$ 65,345

Shareholders' Equity (Dividends) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dividends [Abstract]
Dividends, share-based compensation	$ 0.8	$ 0.9	$ 1.1

Shareholders' Equity (Dividend Classification) (Details) - $ / shares													12 Months Ended
	Dec. 28, 2018	Sep. 21, 2018	Jun. 29, 2018	Mar. 23, 2018	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. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dividends
Common stock, dividends paid (in dollars per share)	$ 0.68	$ 0.63	$ 0.63	$ 0.63	$ 0.63	$ 0.63	$ 0.62	$ 0.62	$ 0.60	$ 0.60	$ 0.56	$ 0.56	$ 2.57	$ 2.50	$ 2.32
Common stock, dividends, classification of distribution as a percent													100.00%	100.00%	100.00%
Qualified dividends
Dividends
Common stock, dividends paid (in dollars per share)													$ 0.0391	$ 0.0543	$ 0.1050
Common stock, dividends, classification of distribution as a percent													1.52%	2.17%	4.53%
Non-qualified dividends
Dividends
Common stock, dividends paid (in dollars per share)													$ 2.2955	$ 2.2436	$ 2.0746
Common stock, dividends, classification of distribution as a percent													89.32%	89.75%	89.42%
Capital gains
Dividends
Common stock, dividends paid (in dollars per share)													$ 0.0270	$ 0.0371	$ 0.0624
Common stock, dividends, classification of distribution as a percent													1.05%	1.48%	2.69%
Non-taxable return of capital
Dividends
Common stock, dividends paid (in dollars per share)													$ 0.2084	$ 0.1650	$ 0.0780
Common stock, dividends, classification of distribution as a percent													8.11%	6.60%	3.36%

Stock-Based Compensation (Narrative) (Details) - USD ($)														12 Months Ended
	Dec. 28, 2018	Sep. 21, 2018	Jun. 29, 2018	Mar. 23, 2018	Dec. 15, 2017	Sep. 22, 2017	Jun. 30, 2017	Mar. 24, 2017	Dec. 16, 2016	Sep. 23, 2016	Jun. 17, 2016	Mar. 25, 2016	Nov. 01, 2013	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance														2,556,815
Number of awards converted per award held													2
Common stock, dividends paid (in dollars per share)	$ 0.68	$ 0.63	$ 0.63	$ 0.63	$ 0.63	$ 0.63	$ 0.62	$ 0.62	$ 0.60	$ 0.60	$ 0.56	$ 0.56		$ 2.57	$ 2.50	$ 2.32
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														$ 0	$ 0	$ 20,000
Allocated share based compensation expense related to dividend paid																4,500,000
Number of exercisable options outstanding														26,799
Weighted average exercise price of exercisable options outstanding (in dollars per share)														$ 22.09
Intrinsic value of exercisable options outstanding														$ 300,000
Weighted average remaining contractual term of exercisable options														3 days
Aggregate intrinsic value of options exercised														$ 15,100,000	14,900,000	75,000,000
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost														5,400,000
Allocated share-based compensation expense														$ 4,700,000	6,000,000	7,300,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost														1 year 8 months 15 days
Fair value of restricted stock awards released in period														$ 10,000,000	7,300,000	5,300,000
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost														8,900,000
Allocated share-based compensation expense														$ 6,400,000	$ 9,700,000	$ 11,000,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost														1 year 8 months 11 days
Percentage of revenues from triple-net leases														75.00%
Performance-based restricted stock awards \| End Of Measurement Period Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards vesting period														3 years

Stock-Based Compensation (Stock Options Issued and Outstanding) (Details) - Employee stock options $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) $ / shares shares
Number of Option Shares
Outstanding at beginning of period (in shares) \| shares	1,040,745
Exercised (in shares) \| shares	(1,012,508)
Canceled (in shares) \| shares	(1,438)
Outstanding at end of period (in shares) \| shares	26,799
Weighted- Average Exercise Price
Outstanding at period start (in dollars per share) \| $ / shares	$ 19.80
Exercised (in dollars per share) \| $ / shares	19.74
Canceled (in dollars per share) \| $ / shares	17.33
Outstanding at period end (in dollars per share) \| $ / shares	$ 22.09
Weighted- Average Remaining Contractual Term (in years)	3 days
Aggregate Intrinsic Value \| $	$ 272

Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Number of Award Shares
Outstanding at the beginning of the period (in shares)	344,744	413,242
Granted (in shares)	283,183	184,791
Released (in shares)	(273,286)	(251,313)
Canceled (in shares)	(54,999)	(1,976)
Outstanding at the end of the period (in shares)	299,642	344,744
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 29.69	$ 30.59
Granted (in dollars per share)	23.34	30.89
Released (in dollars per share)	18.16	32.05
Canceled (in dollars per share)	33.34	30.37
Outstanding at the end of the period (in dollars per share)	$ 33.53	$ 29.69

Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Number of Performance-Based Award Shares
Outstanding at the beginning of the period (in shares)	1,664,000	1,106,000
Granted (in shares)	556,000	558,000
Released (in shares)	(548,000)	0
Canceled (in shares)	(330,000)	0
Outstanding at the end of the period (in shares)	1,342,000	1,664,000
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 17.49	$ 17.25
Granted (in dollars per share)	20.64	17.95
Released (in dollars per share)	17.29	0.00
Canceled (in dollars per share)	18.60	0.00
Outstanding at the end of the period (in dollars per share)	$ 18.60	$ 17.49

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment information
Total revenues	$ 303,317	$ 254,139	$ 254,221	$ 244,050	$ 240,697	$ 244,506	$ 243,391	$ 242,713	$ 1,055,727	$ 971,307	$ 828,255
Income (loss) from operations	123,884	164,834	153,241	151,851	150,117	152,699	152,696	150,006	593,810	605,518	480,623
Interest expense									247,684	217,068	185,896
Income (loss) before income taxes									344,480	390,385	296,850
Income tax expense									4,964	9,787	7,545
Net income	45,931	$ 104,815	$ 91,998	$ 96,772	93,259	$ 97,014	$ 96,334	$ 93,991	339,516	380,598	289,305
Depreciation									137,093	113,480	109,554
Capital project expenditures									20	78	330
Capital maintenance expenditures									4,284	3,178	3,111
Total assets	8,577,293				7,246,882				8,577,293	7,246,882
Eliminations
Segment information
Total revenues									0	0	0
Income (loss) from operations									0	0	0
Interest expense									(10,406)	(10,406)	(10,406)
Income (loss) 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
Total revenues									923,182	829,221	684,204
Income (loss) from operations									630,122	578,661	454,682
Interest expense									247,684	217,068	185,896
Income (loss) before income taxes									391,196	373,931	281,311
Income tax expense									855	1,099	1,016
Net income									390,341	372,832	280,295
Depreciation									127,696	102,652	98,171
Capital project expenditures									20	78	229
Capital maintenance expenditures									55	0	0
Total assets	8,441,345				7,045,747				8,441,345	7,045,747
TRS Properties
Segment information
Total revenues									132,545	142,086	144,051
Income (loss) from operations									(36,312)	26,857	25,941
Interest expense									10,406	10,406	10,406
Income (loss) before income taxes									(46,716)	16,454	15,539
Income tax expense									4,109	8,688	6,529
Net income									(50,825)	7,766	9,010
Depreciation									9,397	10,828	11,383
Capital project expenditures									0	0	101
Capital maintenance expenditures									4,229	3,178	$ 3,111
Total assets	$ 135,948				$ 201,135				$ 135,948	$ 201,135

Summarized Quarterly Data (Unaudited) (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018 USD ($) property $ / shares	Sep. 30, 2018 USD ($) $ / shares	Jun. 30, 2018 USD ($) $ / shares	Mar. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($) $ / shares	Sep. 30, 2017 USD ($) $ / shares	Jun. 30, 2017 USD ($) $ / shares	Mar. 31, 2017 USD ($) $ / shares	Dec. 31, 2018 USD ($) property $ / shares	Dec. 31, 2017 USD ($) $ / shares	Dec. 31, 2016 USD ($) $ / shares	Oct. 31, 2018 property
Selected Quarterly Financial Information [Abstract]
Total revenues	$ 303,317	$ 254,139	$ 254,221	$ 244,050	$ 240,697	$ 244,506	$ 243,391	$ 242,713	$ 1,055,727	$ 971,307	$ 828,255
Income from operations	123,884	164,834	153,241	151,851	150,117	152,699	152,696	150,006	593,810	605,518	480,623
Net income	$ 45,931	$ 104,815	$ 91,998	$ 96,772	$ 93,259	$ 97,014	$ 96,334	$ 93,991	$ 339,516	$ 380,598	$ 289,305
Earnings per common share:
Basic earnings per common share (in dollars per share) \| $ / shares	$ 0.21	$ 0.49	$ 0.43	$ 0.45	$ 0.44	$ 0.46	$ 0.46	$ 0.45	$ 1.59	$ 1.80	$ 1.62
Diluted earnings per common share (in dollars per share) \| $ / shares	$ 0.21	$ 0.49	$ 0.43	$ 0.45	$ 0.43	$ 0.45	$ 0.45	$ 0.45	$ 1.58	$ 1.79	$ 1.60
Consideration
Number of real estate properties \| property	42								42
Goodwill impairment charges									$ 59,454	$ 0	$ 0
Tropicana Entertainment
Consideration
Number of real estate properties \| property	5								5			5
Hollywood Casino Baton Rouge, LA
Consideration
Goodwill impairment charges	$ 59,500								$ 59,500

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 5,389	$ 11,646	$ 7,362
Cash paid for interest	$ 229,779	$ 204,442	$ 154,527

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Noncash Investing and Financing Activities) (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 28, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Noncash or Part Noncash Acquisitions [Line Items]
Reclass of assets from investment in direct financing lease to real estate investments		$ 7,331,460	$ 3,662,045
Pinnacle Entertainment, Inc.
Noncash or Part Noncash Acquisitions [Line Items]
Equity raised to partially finance the original Pinnacle transaction	$ 1,823,991	0	0
Pinnacle Entertainment, Inc. Master Lease \| Building and improvements
Noncash or Part Noncash Acquisitions [Line Items]
Reclass of assets from investment in direct financing lease to real estate investments		$ 2,599,180	$ 0	$ 0

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, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Real estate investments, net	$ 7,331,460	$ 3,662,045
Land rights, net	673,207	640,148
Property and equipment, used in operations, net	100,884	108,293
Mortgage loans receivable	303,684	0
Investment in direct financing lease, net	0	2,637,639
Cash and cash equivalents	25,783	29,054	$ 36,556	$ 41,875
Prepaid expenses	30,967	8,452
Goodwill	16,067	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	13,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets	5,178	4,478
Other assets	67,486	58,675
Total assets	8,577,293	7,246,882
Liabilities
Accounts payable	2,511	715
Accrued expenses	30,297	7,913
Accrued interest	45,261	33,241
Accrued salaries and wages	17,010	10,809
Gaming, property, and other taxes	42,879	35,399
Income taxes	0	0
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,853,497	4,442,880
Intercompany loan payable	0	0
Deferred rental revenue	293,911	232,023
Deferred tax liabilities	261	244
Other liabilities	26,059	25,411
Total liabilities	6,311,686	4,788,635
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 and 212,717,549 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively)	2,142	2,127
Additional paid-in capital	3,952,503	3,933,829
Retained accumulated (deficit) earnings	(1,689,038)	(1,477,709)
Total shareholders’ equity	2,265,607	2,458,247	2,433,869	(253,514)
Total liabilities and shareholders’ equity	$ 8,577,293	$ 7,246,882
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	214,211,932	212,717,549
Common stock, shares outstanding	214,211,932	212,717,549
Consolidation, Eliminations
Assets
Real estate investments, net	$ 0	$ 0
Land rights, net	0	0
Property and equipment, used in operations, net	0	0
Mortgage loans receivable	0
Investment in direct financing lease, net	0	0
Cash and cash equivalents	0	0	0	0
Prepaid expenses	1,011	1,639
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	(10,210,077)	(10,505,314)
Deferred tax assets	0	0
Other assets	0	0
Total assets	(10,402,661)	(10,697,270)
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	1,011	1,639
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	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	(192,584)	(191,956)
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 and 212,717,549 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively)	(4,284)	(4,254)
Additional paid-in capital	(13,785,336)	(13,432,586)
Retained accumulated (deficit) earnings	3,579,543	2,931,526
Total shareholders’ equity	(10,210,077)	(10,505,314)
Total liabilities and shareholders’ equity	(10,402,661)	(10,697,270)
Parent Guarantor
Assets
Real estate investments, net	0	0
Land rights, net	0	0
Property and equipment, used in operations, net	0	0
Mortgage loans receivable	0
Investment in direct financing lease, net	0	0
Cash and cash equivalents	0	0	0	0
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	2,265,607	2,458,247
Deferred tax assets	0	0
Other assets	0	0
Total assets	2,265,607	2,458,247
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, bond premiums and original issuance discounts	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’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 and 212,717,549 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively)	2,142	2,127
Additional paid-in capital	3,952,503	3,933,829
Retained accumulated (deficit) earnings	(1,689,038)	(1,477,709)
Total shareholders’ equity	2,265,607	2,458,247
Total liabilities and shareholders’ equity	2,265,607	2,458,247
Subsidiary Issuers
Assets
Real estate investments, net	2,637,404	1,794,840
Land rights, net	100,938	58,635
Property and equipment, used in operations, net	18,577	20,568
Mortgage loans receivable	246,000
Investment in direct financing lease, net	0	0
Cash and cash equivalents	4,632	6,734	11,774	8,716
Prepaid expenses	27,071	4,067
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	5,247,229	5,087,893
Deferred tax assets	0	0
Other assets	47,378	42,485
Total assets	8,522,824	7,208,817
Liabilities
Accounts payable	2,469	619
Accrued expenses	23,587	672
Accrued interest	45,261	33,241
Accrued salaries and wages	14,628	7,832
Gaming, property, and other taxes	24,055	21,135
Income taxes	(2)	(306)
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,853,497	4,442,880
Intercompany loan payable	0	0
Deferred rental revenue	269,185	220,019
Deferred tax liabilities	0	0
Other liabilities	24,536	24,478
Total liabilities	6,257,216	4,750,570
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 and 212,717,549 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively)	2,142	2,127
Additional paid-in capital	3,952,506	3,933,831
Retained accumulated (deficit) earnings	(1,689,040)	(1,477,711)
Total shareholders’ equity	2,265,608	2,458,247
Total liabilities and shareholders’ equity	8,522,824	7,208,817
Non-Guarantor Subsidiaries
Assets
Real estate investments, net	4,694,056	1,867,205
Land rights, net	572,269	581,513
Property and equipment, used in operations, net	82,307	87,725
Mortgage loans receivable	57,684
Investment in direct financing lease, net	0	2,637,639
Cash and cash equivalents	21,151	22,320	$ 24,782	$ 33,159
Prepaid expenses	2,885	2,746
Goodwill	16,067	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	13,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,697,241	2,959,174
Deferred tax assets	5,178	4,478
Other assets	20,108	16,190
Total assets	8,191,523	8,277,088
Liabilities
Accounts payable	42	96
Accrued expenses	6,710	7,241
Accrued interest	0	0
Accrued salaries and wages	2,382	2,977
Gaming, property, and other taxes	18,824	14,264
Income taxes	(1,009)	(1,333)
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	24,726	12,004
Deferred tax liabilities	261	244
Other liabilities	1,523	933
Total liabilities	247,054	230,021
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 and 212,717,549 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively)	2,142	2,127
Additional paid-in capital	9,832,830	9,498,755
Retained accumulated (deficit) earnings	(1,890,503)	(1,453,815)
Total shareholders’ equity	7,944,469	8,047,067
Total liabilities and shareholders’ equity	$ 8,191,523	$ 8,277,088
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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Rental income									$ 747,654	$ 671,190	$ 567,444
Income from direct financing lease									81,119	74,333	48,917
Interest income from mortgaged real estate									6,943	0	0
Real estate taxes paid by tenants									87,466	83,698	67,843
Total revenues	$ 303,317	$ 254,139	$ 254,221	$ 244,050	$ 240,697	$ 244,506	$ 243,391	$ 242,713	1,055,727	971,307	828,255
Operating expenses
Gaming, food, beverage and other									77,127	80,487	82,463
Real estate taxes									88,757	84,666	69,448
Land rights and ground lease expense									28,358	24,005	14,799
General and administrative									71,128	63,151	71,368
Depreciation									137,093	113,480	109,554
Goodwill impairment charges									59,454	0	0
Total operating expenses									461,917	365,789	347,632
Income from operations	123,884	164,834	153,241	151,851	150,117	152,699	152,696	150,006	593,810	605,518	480,623
Other income (expenses)
Interest expense									(247,684)	(217,068)	(185,896)
Interest income									1,827	1,935	2,123
Losses on debt extinguishment									(3,473)	0	0
Intercompany dividends and interest									0	0	0
Total other expenses									(249,330)	(215,133)	(183,773)
Income before income taxes									344,480	390,385	296,850
Income tax expense									4,964	9,787	7,545
Net income	$ 45,931	$ 104,815	$ 91,998	$ 96,772	$ 93,259	$ 97,014	$ 96,334	$ 93,991	339,516	380,598	289,305
Eliminations
Revenues
Rental income									0	0	0
Income from direct financing lease									0	0	0
Interest income from mortgaged real estate									0	0	0
Real estate taxes paid by tenants									0	0	0
Total 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
Goodwill impairment charges									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
Losses on debt extinguishment									0
Intercompany dividends and interest									(470,324)	(463,613)	(337,717)
Total other expenses									(470,324)	(463,613)	(337,717)
Income before income taxes									(470,324)	(463,613)	(337,717)
Income tax expense									0	0	0
Net income									(470,324)	(463,613)	(337,717)
Parent Guarantor
Revenues
Rental income									0	0	0
Income from direct financing lease									0	0	0
Interest income from mortgaged real estate									0	0	0
Real estate taxes paid by tenants									0	0	0
Total 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
Goodwill impairment charges									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
Losses on debt extinguishment									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									437,211	398,070	383,553
Income from direct financing lease									0	0	0
Interest income from mortgaged real estate									5,590	0	0
Real estate taxes paid by tenants									46,327	43,672	41,441
Total revenues									489,128	441,742	424,994
Operating expenses
Gaming, food, beverage and other									0	0	0
Real estate taxes									46,443	43,755	41,510
Land rights and ground lease expense									10,156	5,895	2,685
General and administrative									49,161	39,863	48,452
Depreciation									97,632	93,948	93,476
Goodwill impairment charges									0
Total operating expenses									203,392	183,461	186,123
Income from operations									285,736	258,281	238,871
Other income (expenses)
Interest expense									(247,684)	(217,068)	(185,896)
Interest income									1,355	0	169
Losses on debt extinguishment									(3,473)
Intercompany dividends and interest									460,044	451,295	318,047
Total other expenses									210,242	234,227	132,320
Income before income taxes									495,978	492,508	371,191
Income tax expense									855	1,099	1,016
Net income									495,123	491,409	370,175
Non-Guarantor Subsidiaries
Revenues
Rental income									310,443	273,120	183,891
Income from direct financing lease									81,119	74,333	48,917
Interest income from mortgaged real estate									1,353	0	0
Real estate taxes paid by tenants									41,139	40,026	26,402
Total revenues									566,599	529,565	403,261
Operating expenses
Gaming, food, beverage and other									77,127	80,487	82,463
Real estate taxes									42,314	40,911	27,938
Land rights and ground lease expense									18,202	18,110	12,114
General and administrative									21,967	23,288	22,916
Depreciation									39,461	19,532	16,078
Goodwill impairment charges									59,454
Total operating expenses									258,525	182,328	161,509
Income from operations									308,074	347,237	241,752
Other income (expenses)
Interest expense									0	0	0
Interest income									472	1,935	1,954
Losses on debt extinguishment									0
Intercompany dividends and interest									10,280	12,318	19,670
Total other expenses									10,752	14,253	21,624
Income before income taxes									318,826	361,490	263,376
Income tax expense									4,109	8,688	6,529
Net income									314,717	352,802	256,847
Real estate
Revenues
Total revenues									923,182	829,221	684,204
Real estate \| Eliminations
Revenues
Total revenues									0	0	0
Real estate \| Parent Guarantor
Revenues
Total revenues									0	0	0
Real estate \| Subsidiary Issuers
Revenues
Total revenues									489,128	441,742	424,994
Real estate \| Non-Guarantor Subsidiaries
Revenues
Total revenues									434,054	387,479	259,210
Gaming, food, beverage and other
Revenues
Total revenues									132,545	142,086	144,051
Gaming, food, beverage and other \| Eliminations
Revenues
Total revenues									0	0	0
Gaming, food, beverage and other \| Parent Guarantor
Revenues
Total revenues									0	0	0
Gaming, food, beverage and other \| Subsidiary Issuers
Revenues
Total revenues									0	0	0
Gaming, food, beverage and other \| Non-Guarantor Subsidiaries
Revenues
Total revenues									$ 132,545	$ 142,086	$ 144,051

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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating activities
Net income	$ 45,931	$ 104,815	$ 91,998	$ 96,772	$ 93,259	$ 97,014	$ 96,334	$ 93,991	$ 339,516	$ 380,598	$ 289,305
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									148,365	123,835	115,717
Amortization of debt issuance costs, bond premiums and original issuance discounts									12,167	13,026	15,146
Losses (gains) on dispositions of property									309	530	(455)
Deferred income taxes									(522)	(561)	(1,535)
Stock-based compensation									11,152	15,636	18,312
Straight-line rent adjustments									61,888	65,971	58,673
Losses on debt extinguishment									3,473	0	0
Goodwill impairment charges									59,454	0	0
(Increase) decrease,
Prepaid expenses and other assets									(673)	(5,332)	7,565
Intercompany									0	0	0
(Decrease), increase
Accounts payable									1,796	(421)	506
Accrued expenses									(126)	411	(4,672)
Accrued interest									12,020	(502)	16,120
Accrued salaries and wages									6,201	190	(3,100)
Gaming, property and other taxes									(149)	(517)	913
Income taxes									0	0	0
Other liabilities									(438)	5,847	1,875
Net cash provided by operating activities									654,433	598,711	514,370
Investing activities
Capital project expenditures									(20)	(78)	(330)
Capital maintenance expenditures									(4,284)	(3,178)	(3,111)
Proceeds from sale of property and equipment									3,211	934	1,134
Principal payments on loan receivable									0	13,200	3,150
Acquisition of real estate assets									(1,243,466)	(83,252)	(3,267,992)
Originations of mortgage loans receivable									(303,684)	0	0
Collections of principal payments on investment in direct financing lease									38,459	73,072	48,533
Net cash (used in) provided by investing activities									(1,509,784)	698	(3,218,616)
Financing activities
Dividends paid									(550,435)	(529,370)	(428,352)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings									7,537	18,157	113,484
Proceeds from issuance of common stock, net of issuance costs									0	139,414	870,810
Proceeds from issuance of long-term debt									2,593,405	100,000	2,552,000
Financing costs									(32,426)	0	(31,911)
Repayments of long-term debt									(1,164,117)	(335,112)	(377,104)
Premium and related costs paid on tender of senior unsecured notes									(1,884)	0	0
Intercompany financing									0	0	0
Net cash provided by (used in) financing activities									852,080	(606,911)	2,698,927
Net decrease in cash and cash equivalents									(3,271)	(7,502)	(5,319)
Cash and cash equivalents at beginning of period				29,054				36,556	29,054	36,556	41,875
Cash and cash equivalents at end of period	25,783				29,054				25,783	29,054	36,556
Eliminations
Operating activities
Net income									(470,324)	(463,613)	(337,717)
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, bond premiums and original issuance discounts									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
Losses on debt extinguishment									0
Goodwill impairment charges									0
(Increase) decrease,
Prepaid expenses and other assets									627	(897)	2,180
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									(627)	897	(2,180)
Other liabilities									0	0	0
Net cash provided by operating activities									(470,324)	(463,613)	(337,717)
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
Acquisition of real estate assets									0	0	0
Originations of mortgage loans receivable									0
Collections of principal payments on investment in direct financing lease									0	0	0
Net cash (used in) provided by 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	0
Financing costs									0		0
Repayments of long-term debt									0	0	0
Premium and related costs paid on tender of senior unsecured notes									0
Intercompany financing									470,324	463,613	337,717
Net cash provided by (used in) financing activities									470,324	463,613	337,717
Net decrease 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, bond premiums and original issuance discounts									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
Losses on debt extinguishment									0
Goodwill impairment charges									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
Acquisition of real estate assets									0	0	0
Originations of mortgage loans receivable									0
Collections of principal payments on investment in direct financing lease									0	0	0
Net cash (used in) provided by investing activities									0	0	0
Financing activities
Dividends paid									(550,435)	(529,370)	(428,352)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings									7,537	18,157	113,484
Proceeds from issuance of common stock, net of issuance costs										139,414	870,810
Proceeds from issuance of long-term debt									0	0	0
Financing costs									0		0
Repayments of long-term debt									0	0	0
Premium and related costs paid on tender of senior unsecured notes									0
Intercompany financing									542,898	371,799	(555,942)
Net cash provided by (used in) financing activities									0	0	0
Net decrease 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
Subsidiary Issuers
Operating activities
Net income									495,123	491,409	370,175
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									99,678	95,058	93,476
Amortization of debt issuance costs, bond premiums and original issuance discounts									12,167	13,026	15,146
Losses (gains) on dispositions of property									75	0	(471)
Deferred income taxes									0	0	0
Stock-based compensation									11,152	15,636	18,312
Straight-line rent adjustments									49,166	56,815	55,825
Losses on debt extinguishment									3,473
Goodwill impairment charges									0
(Increase) decrease,
Prepaid expenses and other assets									(1,777)	(5,703)	6,939
Intercompany									66	317	21
(Decrease), increase
Accounts payable									1,851	148	119
Accrued expenses									(205)	103	(4,303)
Accrued interest									12,020	(502)	16,120
Accrued salaries and wages									6,796	(79)	(2,817)
Gaming, property and other taxes									(78)	(505)	899
Income taxes									304	(325)	59
Other liabilities									55	6,591	1,589
Net cash provided by operating activities									689,866	671,989	571,089
Investing activities
Capital project expenditures									(20)	(78)	(229)
Capital maintenance expenditures									(55)	0	0
Proceeds from sale of property and equipment									3,195	10	897
Principal payments on loan receivable										0	0
Acquisition of real estate assets									(985,750)	(82,866)	0
Originations of mortgage loans receivable									(246,000)
Collections of principal payments on investment in direct financing lease									0	0	0
Net cash (used in) provided by investing activities									(1,228,630)	(82,934)	668
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									2,593,405	100,000	2,552,000
Financing costs									(32,426)		(31,911)
Repayments of long-term debt									(1,164,117)	(335,112)	(377,104)
Premium and related costs paid on tender of senior unsecured notes									(1,884)
Intercompany financing									(858,316)	(358,983)	(2,711,684)
Net cash provided by (used in) financing activities									536,662	(594,095)	(568,699)
Net decrease in cash and cash equivalents									(2,102)	(5,040)	3,058
Cash and cash equivalents at beginning of period				6,734				11,774	6,734	11,774	8,716
Cash and cash equivalents at end of period	4,632				6,734				4,632	6,734	11,774
Non-Guarantor Subsidiaries
Operating activities
Net income									314,717	352,802	256,847
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									48,687	28,777	22,241
Amortization of debt issuance costs, bond premiums and original issuance discounts									0	0	0
Losses (gains) on dispositions of property									234	530	16
Deferred income taxes									(522)	(561)	(1,535)
Stock-based compensation									0	0	0
Straight-line rent adjustments									12,722	9,156	2,848
Losses on debt extinguishment									0
Goodwill impairment charges									59,454
(Increase) decrease,
Prepaid expenses and other assets									477	1,268	(1,554)
Intercompany									(66)	(317)	(21)
(Decrease), increase
Accounts payable									(55)	(569)	387
Accrued expenses									79	308	(369)
Accrued interest									0	0	0
Accrued salaries and wages									(595)	269	(283)
Gaming, property and other taxes									(71)	(12)	14
Income taxes									323	(572)	2,121
Other liabilities									(493)	(744)	286
Net cash provided by operating activities									434,891	390,335	280,998
Investing activities
Capital project expenditures									0	0	(101)
Capital maintenance expenditures									(4,229)	(3,178)	(3,111)
Proceeds from sale of property and equipment									16	924	237
Principal payments on loan receivable										13,200	3,150
Acquisition of real estate assets									(257,716)	(386)	(3,267,992)
Originations of mortgage loans receivable									(57,684)
Collections of principal payments on investment in direct financing lease									38,459	73,072	48,533
Net cash (used in) provided by investing activities									(281,154)	83,632	(3,219,284)
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	0
Financing costs									0		0
Repayments of long-term debt									0	0	0
Premium and related costs paid on tender of senior unsecured notes									0
Intercompany financing									(154,906)	(476,429)	2,929,909
Net cash provided by (used in) financing activities									(154,906)	(476,429)	2,929,909
Net decrease in cash and cash equivalents									(1,169)	(2,462)	(8,377)
Cash and cash equivalents at beginning of period				$ 22,320				$ 24,782	22,320	24,782	33,159
Cash and cash equivalents at end of period	$ 21,151				$ 22,320				$ 21,151	$ 22,320	$ 24,782

Schedule IV Mortgage Loans on Real Estate Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgage	$ 303,684
Carrying Amount of Mortgage	303,684	$ 0
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Federal income tax basis	$ 304,000
Eldorado Resorts, Inc.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.09%
Prior Liens	$ 0
Face Amount of Mortgage	246,000
Carrying Amount of Mortgage	246,000
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Boyd Gaming Corporation
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.11%
Prior Liens	$ 0
Face Amount of Mortgage	57,684
Carrying Amount of Mortgage	57,684
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0

Schedule IV Mortgage Loans on Real Estate Reconciliation of Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Mortgage Loans:
Balance at the beginning of the period	$ 0
New mortgage loans	303,684
Collections of principal	0
Balance at the end of the period	$ 303,684