v3.26.3
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (231) $ (202)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 1,068 1,073
Amortization of deferred financing costs and discounts 135 135
Provision for credit losses 38 31
Loss on extinguishment of debt 0 4
Non-cash lease amortization 23 16
Gain on investments (2) (2)
Stock-based compensation expense 70 72
(Gain) loss on sale and disposal of trademarks, property and equipment (7) 11
Deferred income taxes (10) (1)
Other non-cash adjustments to net loss 4 1
Change in operating assets and liabilities:    
Accounts receivable (8) 9
Prepaid expenses and other assets (43) (49)
Income taxes receivable and payable, net (14) (61)
Accounts payable, accrued expenses and other liabilities (81) (39)
Net cash provided by operating activities 942 998
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (507) (648)
Cash paid for asset acquisitions (98) 0
Acquisition of intangible assets (12) (1)
Proceeds from sale of trademarks, property and equipment 20 217
Proceeds from sale of investments 2 4
Investments in unconsolidated affiliate (3) (6)
Distributions from unconsolidated affiliate 0 23
Other 2 (5)
Net cash used in investing activities (596) (416)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long-term debt and revolving credit facilities 1,335 1,205
Repayments of long-term debt and revolving credit facilities (1,581) (1,576)
Repurchase of common stock 0 (179)
Financing obligation payments (29) (17)
Distributions to noncontrolling interest owners (65) (76)
Taxes paid related to net share settlement of equity awards (13) (16)
Net cash used in financing activities (353) (659)
Decrease in cash, cash equivalents and restricted cash (7) (77)
Cash, cash equivalents and restricted cash, beginning of period 984 1,016
Cash, cash equivalents and restricted cash, end of period 977 939
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED CONDENSED BALANCE SHEETS:    
Cash and cash equivalents 864 836
Restricted cash 94 87
Restricted and escrow cash included in other long-term assets, net 19 16
Total cash, cash equivalents and restricted cash 977 939
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash interest paid for debt 580 652
Cash interest paid for rent related to GLPI and VICI Leases 1,030 1,009
Cash interest paid for other financing obligations 7 6
Income taxes paid, net 14 61
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Payables for capital expenditures 71 92
Deferred consideration 10 0
Right-of-use asset obtained in exchange for lease liability $ 203 $ 0