Penn Entertainment Financial Profile: Revenue Analysis, CEO Strategy & Gaming Market Position

The company runs 43 properties in 20 states with approximately 50,000 gaming machines, 1,300 table games, and 8,800 hotel rooms. Headquartered in Wyomissing, Pennsylvania, Penn Entertainment operates under brands including Hollywood Casino, Ameristar, and L’Auberge. The company also owns Canadian digital media company theScore.

Under CEO Jay Snowden’s leadership since January 2020, Penn Entertainment has transformed from a regional casino operator into an omnichannel gaming company. Revenue reached $6.82 billion in the trailing twelve months through September 2025, representing 8.24% year-over-year growth. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. In November 2025, Penn announced termination of its ESPN BET partnership, pivoting to focus on its Hollywood iCasino brand and Canadian theScore Bet operations.

Company History

Penn Entertainment traces its roots to 1972 when Penn National Race Course opened in Grantville, Pennsylvania. Peter D. Carlino purchased the racetrack in 1982, establishing PNRC Corp. The company went public in 1994 on NASDAQ. Penn expanded aggressively through acquisitions. It bought Hollywood Casino Corp in 2003 for $328 million. The $2.8 billion Pinnacle Entertainment acquisition in 2018 nearly doubled the company’s size. Penn rebranded from Penn National Gaming to Penn Entertainment in 2022. This reflected its evolution beyond traditional casinos.

CEO Profile

Jay Snowden became CEO and President in January 2020 after joining Penn in October 2011. He holds a bachelor’s degree from Harvard University and an MBA from Washington University in St. Louis. Before Penn, Snowden spent 12 years at Caesars Entertainment in leadership roles across Atlantic City, Las Vegas, and other markets. Under his leadership, Penn completed the $2 billion acquisition of theScore in 2021. He orchestrated the $1.5 billion ESPN partnership in 2023, which was terminated in November 2025. Snowden has driven Penn’s digital transformation and omnichannel strategy focused on cross-selling between retail and online platforms.

Key Business Segments & Revenue Streams

Penn Entertainment operates through five reportable segments spanning retail and digital operations. The retail segments include Northeast, South, West, and Midwest regional casino properties. These properties offer slot machines, table games, hotel rooms, and food and beverage services. The Interactive segment comprises online sports betting and iCasino operations under brands including ESPN BET (ending December 2025), theScore Bet in Canada, and Hollywood Casino online. As of 2025, Penn operates in 19 U.S. states for online sports betting and five states for iCasino. The company’s PENN Play loyalty program serves over 33 million members across all channels. Retail operations generate approximately 82% of revenue while Interactive contributes around 18%.

Financial Profile

Penn Entertainment demonstrates steady revenue growth with improving operational efficiency. Revenue grew 3.4% in 2024 to $6.58 billion from $6.36 billion in 2023. Trailing twelve-month revenue through September 2025 reached $6.82 billion, up 8.24% year-over-year. The company posted net losses in 2023 and 2024 due to investments in digital operations and impairment charges. Adjusted EBITDA improved significantly to $672.2 million in 2024 from negative results in prior periods. The company maintains strong liquidity. As of September 2025, Penn had $1.1 billion in total liquidity including $660 million in cash. Traditional net debt stood at $2.2 billion. The retail business generates stable cash flow with consistent EBITDAR margins around 33-34%.

Financial Data

Core Financial Metrics (Last 3 Years)

Metric	2023	2024	2025 (9 Months)
Revenue	$6.36 B	$6.58 B	$5.12 B
Net Income (Loss)	-$488.5 M	-$311.5 M	-$902.5 M
Adjusted EBITDA	$509.7 M	$672.2 M	$568.3 M
Adjusted EBITDAR	$1.11 B	$1.29 B	$1.18 B
Total Liquidity	$2.3 B	$1.7 B	$1.1 B

Revenue by Segment (Last 3 Years)

Segment	2023	2024	Q3 2025
Northeast	$2.67 B	$2.64 B	$685 M
South	$1.15 B	$1.13 B	$288 M
West	$517 M	$512 M	$132 M
Midwest	$1.16 B	$1.18 B	$292 M
Interactive	$868 M	$1.09 B	$298 M

Latest Financial Report

Penn Entertainment reported third quarter 2025 results on November 6, 2025, alongside a major strategic announcement. Revenue reached $1.72 billion, up 4.8% year-over-year but missing analyst estimates. The company posted an adjusted loss of $0.22 per share, wider than expected. Retail properties generated stable demand with $1.4 billion in revenue. The Interactive segment achieved record iCasino gaming revenue with 79% growth in monthly active users. Penn announced early termination of its ESPN BET partnership effective December 1, 2025. The company will rebrand its U.S. sportsbook as theScore Bet. Penn authorized a new $750 million share repurchase program for 2026-2028.

12-Month Earnings Summary

For the trailing twelve months through September 2025, Penn Entertainment generated $6.82 billion in revenue, reflecting 8.24% year-over-year growth. The retail casino business remained the primary revenue driver with stable performance across regional markets. Properties not impacted by new competition grew revenue nearly 4% year-over-year. The Interactive segment expanded rapidly with record online casino revenue but continued to post losses due to heavy marketing investments in ESPN BET. The company completed approximately $154 million in share buybacks during Q3 2025. Penn ended September 2025 with $1.1 billion in total liquidity including $660 million in cash and traditional net debt of $2.2 billion.

References

1. Q3 2025 Results and ESPN Alliance Termination – Penn Entertainment Investor Relations
2. Q2 2025 Financial Results – Penn Entertainment Investor Relations
3. FY 2024 Financial Results – Penn Entertainment Investor Relations
4. Jay Snowden CEO Profile – Penn Entertainment
5. Company History – Penn Entertainment
6. Penn Entertainment Overview – Wikipedia
7. PENN Revenue Data – Stock Analysis
8. Q3 2025 Earnings Call Transcript – Investing.com