v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 29.8 $ 93.2
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 234.8 218.5
Non-cash operating lease expense 199.4 168.1
Income from unconsolidated affiliates (16.9) (20.9)
Return on investment from unconsolidated affiliates 17.8 18.0
Deferred income taxes 23.7 20.5
Stock-based compensation 31.5 31.7
Investment Agreement warrant expense 0.0 28.5
Impairment loss 0.0 15.0
Gain on financing arrangement 0.0 (215.1)
Loss on early extinguishment of debt 1.8 11.8
Changes in operating assets and liabilities    
Accounts receivable 7.2 3.8
Prepaid expenses and other current assets 18.3 4.3
Other assets (12.6) (15.4)
Accounts payable 9.7 1.9
Accrued expenses (3.5) (9.3)
Income taxes 18.2 27.3
Operating lease liabilities (190.9) (158.6)
Other current and long-term liabilities (19.6) (34.6)
Other 14.4 31.4
Net cash provided by operating activities 363.1 220.1
Investing activities    
Capital expenditures (192.0) (284.6)
Proceeds from sale-and-leaseback transactions in conjunction with development projects 216.3 0.0
Proceeds from sale of investments 0.0 17.8
Consideration paid for gaming licenses and other intangible assets (20.5) (20.1)
Other 23.6 14.4
Net cash provided by (used in) investing activities 27.4 (272.5)
Financing activities    
Proceeds from revolving credit facility 235.0 567.5
Repayments of revolving credit facility (805.0) (100.0)
Proceeds from issuance of term loans, net of discount 1,404.5 0.0
Proceeds from issuance of bonds 600.0 0.0
Repayments on credit facilities (1,406.9) 0.0
Repayment and repurchases of convertible debt (106.7) (223.8)
Principal payments on long-term debt (11.9) (18.8)
Debt issuance costs (26.6) 0.0
Principal payments on financing obligations (22.6) (21.5)
Principal payments on finance leases (27.6) (26.7)
Repurchases of common stock 0.0 (115.3)
Proceeds from insurance financing 7.2 0.0
Payments on insurance financing (17.1) (16.8)
Other (8.4) (16.3)
Net cash provided by (used in) financing activities (186.1) 28.3
Effect of currency rate changes on cash, cash equivalents, and restricted cash (1.7) 0.8
Change in cash, cash equivalents, and restricted cash 202.7 (23.3)
Cash, cash equivalents, and restricted cash at the beginning of the year 714.8 723.8
Cash, cash equivalents, and restricted cash at the end of the period 917.5 700.5
Reconciliation of cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 887.2 671.6
Restricted cash included in Other current assets 29.1 27.7
Restricted cash included in Other assets 1.2 1.2
Total cash, cash equivalents, and restricted cash 917.5 700.5
Supplemental disclosure:    
Cash paid for interest, net of amounts capitalized 187.9 188.0
Cash payments (refunds) related to income taxes, net (14.9) 6.0
Non-cash activities:    
Accrued capital expenditures $ 36.2 $ 63.2