Penn Entertainment, Inc. · NASDAQ:PENN
Penn Entertainment — Q1 2025 Earnings Presentation
19 slides from Penn Entertainment's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Earnings Presentation
FIRST QUARTER 2025 EARNINGS PRESENTATION May 8, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward- looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intend
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES In addition to GAAP financial measures, management uses Adjusted Revenues as a non-GAAP financial measure. This non-GAAP financial measure should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance wit
Slide 4: Recent Company Highlights
RECENT COMPANY HIGHLIGHTS Retail segment demonstrated strong resilience in the quarter, as gaming volumes rebounded in March and remained consistent through April and early May Recently announced our latest retail development project with the landside relocation of Ameristar Council Bluffs in Iowa I
Slide 5: Resilient Retail Business
RESILIENT RETAIL BUSINESS Our properties demonstrated strong resilience in the quarter following severe weather challenges earlier in the year, as volumes rebounded in March and remained consistent through April and early May Property Highlights Our investments in hospitality and entertainment offer
Slide 6: Encouraging Trends Through April and Early May
ENCOURAGING TRENDS THROUGH APRIL AND EARLY MAY Retail trends in April were stable with revenue growth Y/Y across our properties, particularly those not impacted by new supply, and we have seen encouraging trends continue into early May Revenue Growth Y/Y Total Retail Total Retail excl. New Supply Ma
Slide 7: Ameristar Council Bluffs Relocation
AMERISTAR COUNCIL BLUFFS RELOCATION In connection with the renewal of our gaming license in Iowa for an additional 15 years, we recently announced a landside relocation of our Ameristar Council Bluffs property ➢ Relocation of the casino floor from a first generation, three-level riverboat to a moder
Slide 8: Other Development Projects on Track
OTHER DEVELOPMENT PROJECTS ON TRACK 4Q 2025 1H 2026 Hollywood Joliet Relocation Hollywood Columbus Hotel Tower 1H 2026 1H 2026 Hollywood Aurora Relocation M Resort Hotel Tower v 8
Slide 9: Our Omni-Channel Advantage
OUR OMNI-CHANNEL ADVANTAGE We are benefiting from our omni-channel strategy, as pre-existing customers who play our standalone Hollywood iCasino app have increased their spend across both retail and online channels Pennsylvania Michigan +21% +27% Increase in Retail Theo Y/Y Increase in Retail Theo Y
Slide 10: Interactive Segment on Path to Profitability
INTERACTIVE SEGMENT ON PATH TO PROFITABILITY Despite industry-wide unfavorable sports betting hold in Q1, we delivered significant Y/Y improvements in Adj. Revenue and Adj. EBITDA, highlighting the improved flow through we are seeing in our business (1) (4) Adj. Revenue Adj. EBITDA OSB Promo (% of H
Slide 11: Strong Interactive User Base
STRONG INTERACTIVE USER BASE Our Interactive segment average monthly active users have stabilized following our initial ESPN BET launch period and improved quarter-over-quarter in Q1 ‘25 11/14/23 Launch (1) Average Monthly Active Users 771 684 560 in 000s 542 465 429 189 Q3 '23 Q4 '23 Q1 '24 Q2 '24
Slide 12: iCasino Q1 Results
iCASINO Q1 RESULTS Our iCasino business continues to grow into a more meaningful contributor of our Interactive segment and notably achieved record NGR and average MAUs in Q1 ’25 Total iCasino NGR Avg. MAUs Avg. MAUs 70 0 11/14/23 +20% 60 Launch 0 50 0 40 Q1 Y/Y Growth 30 0 20 0 10 0 0 Q4 '23 Q1 '24
Slide 13: Standalone iCasino Momentum
STANDALONE iCASINO MOMENTUM Our standalone iCasino apps (“SaC”) continue to build momentum since our initial launch in PA on 12/17/24, providing incremental growth opportunities as we progress through 2025 Total Standalone iCasino Trailing 4-Weeks Averages Player Breakdown SaC Avg. Weekly GGR SaC Av
Slide 14: OSB Product Upgrades & Additions
OSB PRODUCT UPGRADES & ADDITIONS We recently introduced several OSB product enhancements and new features leveraging account linking, including adding ESPN favorites to the homepage and creating a new rewards program Improved UI/UX Live Streaming Account Linking Additions ESPN Favorites Mint Club Ho
Slide 15: Entertainment Appendices
ENTERTAINMENT APPENDICES
Slide 16: Successful Standalone iCasino Launches
SUCCESSFUL STANDALONE iCASINO LAUNCHES We launched our standalone iCasino products in NJ (Hollywood Casino) and Ontario (theScore Casino) over the March-April period ahead of schedule, bringing our casino-first footprint to four jurisdictions Pennsylvania Michigan New Jersey Ontario Launch Date: Lau
Slide 17: Omni-Channel Strategy
OMNI-CHANNEL STRATEGY Retail Gaming Media & Content Online Gaming 42 Properties in 19 U.S. States Strategic Sports Betting Alliance with ESPN Online Sportsbook Live in 20 U.S. Jurisdictions + Ontario 32 Retail Sportsbooks in 15 U.S. States theScore Media App (Wholly-Owned) Online Casino Live in 4 U.
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION For the Three Months Ended ($ in millions, unaudited) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Interactive segment revenues $ 31.5 $ 207.7 $ 232.6 $ 244.6 $ 275.0 $ 290.1 (1) Tax gross-ups (107.0) (116.6) (82.1
Slide 19: Entertainment
ENTERTAINMENT