Penn Ent Stock Price, News & Analysis
Company Description
PENN Entertainment, Inc. (Nasdaq: PENN) is a gaming and entertainment company that operates across the traditional casino, racing, online sports betting, and iCasino markets. According to company disclosures, PENN operates in 28 jurisdictions throughout North America with a diversified portfolio of casinos, racetracks, and interactive gaming offerings. Its operations span land-based casinos and racetracks as well as online sports betting and online casino products delivered under brands such as Hollywood Casino, L’Auberge, theScore Bet and, historically, ESPN BET.
Business model and segments
PENN’s business is organized into five reportable segments: Northeast, South, West, Midwest, and Interactive. The Northeast, South, West, and Midwest segments encompass regional casinos and related operations, while the Interactive segment includes online sports betting, online casino/iCasino, social gaming, management of retail sportsbooks, and media. Company filings describe a focus on an omnichannel ecosystem that links retail properties with digital products, using cross-sell between online and land-based offerings to deepen customer engagement.
The company also identifies an “Other” category, which includes stand-alone racing operations such as Sam Houston Race Park, Sanford-Orlando Kennel Club, and Valley Race Park, joint venture interests in Freehold Raceway (which ceased operations on December 28, 2024), and a management contract for Retama Park Racetrack, along with corporate overhead. These operations complement PENN’s casino portfolio and contribute to its presence in racing and pari-mutuel wagering.
Casinos, racetracks, and regional footprint
PENN’s regional casino portfolio is organized by geography. Company supplemental information lists properties in each region, including:
- Northeast segment: properties such as Ameristar East Chicago, Hollywood Casino at Greektown, Hollywood Casino Bangor, Hollywood Casino at Charles Town Races, Hollywood Casino Columbus, Hollywood Casino Lawrenceburg, Hollywood Casino Morgantown, Hollywood Casino at PENN National Race Course, Hollywood Casino Perryville, Hollywood Casino Toledo, Hollywood Casino York, Hollywood Gaming at Dayton Raceway, Hollywood Gaming at Mahoning Valley Race Course, Marquee by PENN, Hollywood Casino at The Meadows, and Plainridge Park Casino.
- South segment: properties such as 1st Jackpot Casino, Ameristar Vicksburg, Boomtown Biloxi, Boomtown Bossier City, Boomtown New Orleans, Hollywood Casino Gulf Coast, Hollywood Casino Tunica, L’Auberge Baton Rouge, L’Auberge Lake Charles, and Margaritaville Resort Casino.
- West segment: properties such as Ameristar Black Hawk, Cactus Petes and Horseshu, M Resort Spa Casino, and Zia Park Casino.
- Midwest segment: properties such as Ameristar Council Bluffs, Argosy Casino Alton, Argosy Casino Riverside, Hollywood Casino Aurora, Hollywood Casino Joliet, the company’s 50% investment in Kansas Entertainment, LLC (which owns Hollywood Casino at Kansas Speedway), Hollywood Casino St. Louis, Prairie State Gaming, and River City Casino.
In addition to these casinos, PENN owns and operates racetracks and racing facilities. Sam Houston Race Park, for example, is described as Houston’s premier racing and entertainment facility and is owned by PENN Entertainment Inc. It offers live Thoroughbred meets, stakes schedules, and events, and has introduced the PENN Play rewards program at the track.
Interactive and digital operations
The Interactive segment is a core part of PENN’s strategy. Company disclosures state that this segment includes all online sports betting, online casino/iCasino, social gaming operations, management of retail sports betting, and media. PENN has emphasized an iCasino-forward approach, with online casino gaming and cross-sell from online sports betting contributing to record gaming revenues in its interactive business.
PENN has operated online sports betting under brands including ESPN BET and theScore Bet. The company has described ESPN BET as part of a differentiated strategy that connects ESPN’s media platforms with PENN’s betting products, including features such as FanCenter and player insights. In later disclosures, PENN and ESPN mutually agreed to an early termination of their U.S. online sports betting agreement, with PENN planning to rebrand its U.S. sportsbook offering to theScore Bet and to focus more on its U.S. iCasino and Canadian operations while still using online sports betting to drive customer acquisition and cross-sell.
TheScore Bet is described as an online sports betting app integrated with theScore, a digital sports media app with millions of monthly active users across North America. PENN’s online casino offering, branded as Hollywood Casino, is available within theScore Bet in certain U.S. states and also as a standalone iCasino app in those jurisdictions, providing another channel to connect digital play with PENN’s retail footprint.
Omnichannel strategy and loyalty program
PENN’s public communications consistently highlight an omnichannel business model. The company states that its strategy is anchored in a diverse portfolio of regional casinos and a complementary digital business. Online sports betting and iCasino offerings are used to generate cross-sell opportunities into Hollywood-branded online casino products and to drive visitation and theoretical revenue growth at retail properties.
A central element of this model is the PENN Play™ customer loyalty program. PENN describes PENN Play as an industry-leading loyalty program with tens of millions of members across North America. The program offers members a range of rewards and experiences across the company’s casinos, racetracks, and digital platforms. Recent organizational updates note that marketing leadership is focused on maximizing omnichannel results and enhancing the value proposition and cross-sell execution of PENN Play.
Corporate organization and governance
PENN is incorporated in Pennsylvania and files reports with the U.S. Securities and Exchange Commission under Commission File Number 0-24206. The company has disclosed changes to its corporate organizational structure designed to reflect strategic priorities, including a realignment of its Interactive focus on digital assets in Canada and its Hollywood iCasino product in the U.S. The company has also unified technology functions under a single leadership structure to align retail, digital, data, cloud, and security platforms.
Board and governance matters are documented in SEC filings. For example, the company has reported on annual meeting voting results, including director elections, advisory votes on executive compensation, amendments to long-term incentive plans, and shareholder proposals. A special litigation committee was constituted by the Board to review certain shareholder derivative claims related to Board composition, and its report concluded that the Board acted on an informed basis and in good faith in the decision to reduce the size of the Board.
Capital allocation and shareholder programs
PENN’s filings describe share repurchase authorizations and capital allocation decisions. The company has repurchased shares under a previously authorized program and has disclosed a new multi-year share repurchase authorization, subject to factors such as liquidity, market conditions, and alternative uses of capital. It has also engaged in transactions related to convertible notes, including repurchases that reduced potential share dilution.
PENN’s relationship with real estate investment trusts is reflected in its triple net lease arrangements. The company reports rent expense associated with triple net operating leases with Gaming and Leisure Properties, Inc. and VICI Properties Inc., and notes cash payments under these leases. These arrangements affect the company’s Adjusted EBITDA and Adjusted EBITDAR metrics as presented in its non-GAAP reconciliations.
Development projects and property enhancements
PENN has described several development projects intended to enhance its regional properties. These include new land-based casinos in Joliet and Aurora, Illinois, and a new hotel in Columbus, Ohio. At M Resort Spa Casino Las Vegas, the company has undertaken a hotel tower expansion that nearly doubles room capacity and increases meeting space, and has entered into a partnership with The Emeril Group to open a Meril restaurant at the property. The company has also highlighted the opening of new Hollywood Casino properties and hotel towers in various markets, subject to regulatory approvals.
At Sam Houston Race Park, PENN has supported Thoroughbred racing schedules, Texas-bred stakes programs, and events such as the Houston Racing Festival, Texas Preview Day, and Texas Champions Day. The track has introduced promotions, handicapping contests, and a rewards program branded as Penn Play, reflecting the integration of racing operations into the broader PENN ecosystem.
Position within the gaming and entertainment sector
In its public communications, PENN describes itself as a provider of integrated entertainment, sports content, and casino gaming experiences in North America. Its portfolio of casinos, racetracks, and interactive offerings, combined with sports media assets and proprietary technology platforms, positions the company within the broader arts, entertainment, and recreation sector and specifically within the casinos and gaming industry. The company emphasizes the role of technology, media partnerships, and loyalty programs in connecting its land-based properties with digital wagering and gaming products.
FAQs
- What does PENN Entertainment, Inc. do?
PENN Entertainment, Inc. operates casinos, racetracks, and interactive gaming products across North America. Its business includes regional land-based casinos, racing operations, online sports betting, online casino/iCasino, social gaming, management of retail sportsbooks, and media.
- In how many jurisdictions does PENN operate?
Company press releases state that PENN operates in 28 jurisdictions throughout North America, reflecting a broad footprint of casinos, racetracks, and online gaming offerings.
- What are PENN’s main business segments?
PENN aggregates its operations into five reportable segments: Northeast, South, West, Midwest, and Interactive. The first four segments include regional casino properties, while the Interactive segment covers online sports betting, online casino/iCasino, social gaming, management of retail sports betting, and media.
- What brands are associated with PENN’s casino and digital operations?
According to company communications, PENN’s portfolio includes brands such as Hollywood Casino, L’Auberge, Margaritaville Resort Casino, M Resort Spa Casino, and digital brands including theScore Bet and Hollywood Casino for iCasino. The company has also operated ESPN BET under a sportsbook agreement with ESPN that is scheduled for early termination.
- What is PENN Play™?
PENN Play™ is PENN’s customer loyalty program. The company describes it as an industry-leading program with tens of millions of members, offering rewards and experiences across its casinos, racetracks, and digital platforms, and serving as a key element of its omnichannel strategy.
- How does PENN describe its omnichannel strategy?
PENN describes an omnichannel strategy anchored in regional casinos and a complementary digital business. Online sports betting and iCasino offerings are used to acquire customers and create cross-sell opportunities between digital platforms and retail properties, supported by the PENN Play loyalty program and sports media assets.
- What is the role of the Interactive segment?
The Interactive segment includes online sports betting, online casino/iCasino, social gaming, management of retail sports betting, and media. Company disclosures note that this segment has generated record gaming revenue in online sports betting and iCasino, supported by product enhancements and cross-sell from retail operations.
- How has PENN’s relationship with ESPN affected its business?
PENN entered into a sportsbook agreement with ESPN under which it operated ESPN BET and received media and marketing services in exchange for cash payments and warrants. Later, PENN and ESPN agreed to an early termination of this agreement, with PENN planning to rebrand its U.S. sportsbook to theScore Bet and to focus more on its iCasino and Canadian operations while still using online sports betting to support its broader ecosystem.
- What types of development projects has PENN announced?
PENN has announced projects including new land-based casinos in Joliet and Aurora, Illinois, a new hotel in Columbus, Ohio, and an expansion of M Resort Spa Casino Las Vegas with a second hotel tower and additional meeting space. These projects are described as part of the company’s growth initiatives for its regional portfolio.
- How does PENN report its financial performance?
PENN reports revenues and profitability by segment and provides non-GAAP measures such as Adjusted EBITDA and Adjusted EBITDAR. Filings detail revenues and Segment Adjusted EBITDAR for each region and the Interactive segment, along with reconciliations from net income or loss to these non-GAAP metrics.