v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Maturity Analysis, Operating Leases
The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of June 30, 2026:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2026 (excluding the six months ended June 30, 2026)$338.0 $80.8 $83.3 
2027675.0 161.4 166.6 
2028674.1 151.9 166.6 
2029654.1 147.1 166.7 
2030658.1 146.9 166.7 
Thereafter2,313.8 2,980.0 3,496.6 
Total lease payments5,313.1 3,668.1 4,246.5 
Less: Imputed interest(1,409.5)(1,605.3)(1,925.3)
Present value of future lease payments3,903.6 2,062.8 2,321.2 
Less: Current portion of lease obligations(419.5)(54.8)(46.9)
Long-term portion of lease obligations$3,484.1 $2,008.0 $2,274.3 
Schedule of Maturity Analysis, Finance Leases
The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of June 30, 2026:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2026 (excluding the six months ended June 30, 2026)$338.0 $80.8 $83.3 
2027675.0 161.4 166.6 
2028674.1 151.9 166.6 
2029654.1 147.1 166.7 
2030658.1 146.9 166.7 
Thereafter2,313.8 2,980.0 3,496.6 
Total lease payments5,313.1 3,668.1 4,246.5 
Less: Imputed interest(1,409.5)(1,605.3)(1,925.3)
Present value of future lease payments3,903.6 2,062.8 2,321.2 
Less: Current portion of lease obligations(419.5)(54.8)(46.9)
Long-term portion of lease obligations$3,484.1 $2,008.0 $2,274.3 
Schedule of Maturity Analysis, Financing Obligations
The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of June 30, 2026:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2026 (excluding the six months ended June 30, 2026)$338.0 $80.8 $83.3 
2027675.0 161.4 166.6 
2028674.1 151.9 166.6 
2029654.1 147.1 166.7 
2030658.1 146.9 166.7 
Thereafter2,313.8 2,980.0 3,496.6 
Total lease payments5,313.1 3,668.1 4,246.5 
Less: Imputed interest(1,409.5)(1,605.3)(1,925.3)
Present value of future lease payments3,903.6 2,062.8 2,321.2 
Less: Current portion of lease obligations(419.5)(54.8)(46.9)
Long-term portion of lease obligations$3,484.1 $2,008.0 $2,274.3 
Schedule of Other Information and Supplemental Cash Flow Information Related to Leases
Total payments made under our Triple Net Leases were as follows:
For the three months ended June 30,For the six months ended June 30,
(in millions)2026202520262025
AR PENN Master Lease$73.1 $72.0 $146.2 $144.1 
2023 Master Lease66.1 59.8 132.3 119.6 
Pinnacle Master Lease86.9 87.4 174.3 174.8 
VICI Master Lease (1)
20.2 — 40.4 — 
Margaritaville Lease (1)
— 6.7 — 13.4 
Greektown Lease (1)
— 13.3 — 26.5 
Morgantown Lease 0.8 0.8 1.6 1.6 
Total$247.1 $240.0 $494.8 $480.0 
(1)Prior to December 4, 2025, lease payments made to VICI related to the Margaritaville and Greektown individual triple net leases; effective December 4, 2025, lease payments made to VICI relate to the VICI Master Lease.
Information related to lease term and discount rate was as follows:
June 30, 2026December 31, 2025
Weighted-Average Remaining Lease Term
Operating leases8.7 years9.2 years
Finance leases24.8 years25.3 years
Financing obligations25.1 years25.6 years
Weighted-Average Discount Rate
Operating leases7.1 %7.1 %
Finance leases5.2 %5.2 %
Financing obligations5.2 %5.2 %
The components of lease expense were as follows:
Location on unaudited
Consolidated Statements of Operations		For the three months ended June 30,For the six months ended June 30,
(in millions)2026202520262025
Operating Lease Costs
Rent expense associated with triple net operating leases (1)
General and administrative$163.3 $156.0 $326.6 $311.9 
Operating lease cost (2)
Primarily General and administrative4.2 4.2 8.3 8.3 
Short-term lease costPrimarily Gaming expenses24.9 25.5 50.9 49.3 
Variable lease cost (2)
Primarily Gaming expenses0.8 0.7 1.6 1.5 
Total$193.2 $186.4 $387.4 $371.0 
Finance Lease Costs
Interest on lease liabilities (3)
Interest expense, net$26.9 $27.5 $53.8 $55.1 
Amortization of ROU assets (3)
Depreciation and amortization22.6 22.8 45.4 45.5 
Total$49.5 $50.3 $99.2 $100.6 
Financing Obligation Costs
Interest on financing obligations (4)
Interest expense, net$36.2 $37.0 $72.8 $74.2 
(1)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease (for the period January 1, 2025 to June 30, 2025); (iv) Greektown Lease (for the period January 1, 2025 to June 30, 2025); and (v) VICI Master Lease (for the period January 1, 2026 to June 30, 2026).
(2)Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases.
(3)Pertains to finance lease components associated with the Pinnacle Master Lease (land).
(4)Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease.
Supplemental cash flow information related to leases was as follows:
For the six months ended June 30,
(in millions)20262025
Non-cash lease activities:
Commencement of operating leases$116.6 $21.7 
Commencement of finance leases$27.3 $0.8