Business
PENN Entertainment, Inc. Reports Second Quarter Results
WYOMISSING, Pa.--(BUSINESS WIRE)-- PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN) today reported financial results for the three and six
About this update from Penn Entertainment, Inc.
[{"type":"text","content":" WYOMISSING, Pa.--(BUSINESS WIRE)--\nPENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN) today reported financial results for the three and six months ended June 30, 2025.\n\n\nJay Snowden, Chief Executive Officer and President, said: “PENN’s diverse portfolio of retail properties delivered another solid quarter. Our Interactive segment generated record gaming revenue in both online sports betting (“OSB”) and online casino (“iCasino”), driven by ongoing product enhancements and the advantages of our unique omnichannel ecosystem. Corporate overhead costs in the quarter included approximately $9.4 million of legal and advisory expenses. Through August 6, 2025, we have repurchased $115.3 million of shares and remain committed to our previously stated goal to repurchase at least $350 million of shares this year.\n\n\nRetail property level highlights1:\n\n\n\nRevenues of $1.4 billion;\n\n\n\nAdjusted EBITDAR of $489.6 million; and\n\n\n\nAdjusted EBITDAR margins of 33.8%.\n\n\n\n“Customer demand in our core business was stable as properties not impacted by new supply grew revenue by nearly 4% year-over-year,” said Mr. Snowden. “Property-level performance was highlighted by theoretical revenue growth across all rated age and worth segments, as well as positive trends in unrated play, visitation, and spend per visit. Omnichannel engagement continues to benefit our results, with online-to-retail player count and theoretical revenue growing year-over-year by 8% and 28%, respectively. After years of absorbing new supply, we are excited to deliver the first of our development projects with the upcoming opening of the new Hollywood Casino in Joliet on August 11, 20252. The remainder of our development projects remain on budget and on schedule.\n\n\nInteractive segment highlights:\n\n\n\nRevenues of $316.1 million (including tax gross up of $137.9 million); and\n\n\n\nAdjusted EBITDA loss of $62.0 million.\n\n\n\n“Record gaming revenues and operational discipline contributed to another quarter of strong year-over-year flow through. These results include approximately $2.9 million in severance costs, incurred as part of strategic workforce adjustments that drive efficiencies while supporting a modern, scalable technology infrastructure. Our standalone Hollywood iCasino app is continuing to expand its reach with over 70% of its g...