Penn Entertainment, Inc. · NASDAQ:PENN
Penn Entertainment — Q2 2026 Earnings Presentation
22 slides from Penn Entertainment's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
SECOND QUARTER 2026 EARNINGS PRESENTATION August 6, 2026
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,” “intends
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The Non-GAAP Financial Measures used in this presentation include Consolidated Adjusted EBITDA, Adjusted Revenues, Traditional net debt, Traditional net leverage ratio, and Lease-adjusted net leverage ratio. These non-GAAP financial measures should not be considered a sub
Slide 4: Company Highlights
COMPANY HIGHLIGHTS Executing on 2026 priorities: delivering segment Adjusted EBITDAR growth, optimizing corporate overhead, growing cash flow, and deleveraging the balance sheet Raising 2026 Retail segment revenues and Adj. EBITDAR guidance, reflecting Q2 upside and current trends. Reiterating 2026
Slide 5: Cash Flow Growth Enhancing Balance Sheet Strength
CASH FLOW GROWTH ENHANCING BALANCE SHEET STRENGTH Updated 2026 Guidance Near-Term Deleveraging(4) Lease Adj. Net Leverage Traditional Net Leverage 2026 ($’s in millions) Guidance(1) 7.3x 6.8x Retail Segment Adj. EBITDAR $1,963 6.0x Midpoint increased by $31M 5.5x 5.2x - 5.5x(5) 4.5x (2) Interactive
Slide 6: Retail Segment Overview
RETAIL SEGMENT OVERVIEW Most diversified regional gaming operator, positioned to benefit from development projects & omni-channel strategy 42 Retail properties located across 19 U.S. states 30 Retail properties located in states with OSB and/or iCasino 5 Development projects to enhance portfolio (4
Slide 7: Retail Segment Performance – Q2 2026
RETAIL SEGMENT PERFORMANCE – Q2 2026 Q2 2026 Summary Q2 2026 Commentary For the three months ended For the six months ended • Revenues and Adj. EBITDAR growth of ~4% and ~6%, June 30, June 30, respectively, driven by strong performance across the portfolio (in millions, unaudited) 2026 2025 % Change
Slide 8: Retail Segment Growth Framework
RETAIL SEGMENT GROWTH FRAMEWORK Growth outlook is supported by a combination of internal growth drivers & external market tailwinds PENN Play Loyalty Program & Development Project Pipeline Omnichannel Strategy Investments in Non-Gaming Amenities Limited Competitor New Casino Supply Operational Excel
Slide 9: Premier Entertainment Destination in Aurora
PREMIER ENTERTAINMENT DESTINATION IN AURORA v 9
Slide 10: Key Highlights from Aurora Opening
KEY HIGHLIGHTS FROM AURORA OPENING ~2x +21% Strong Early Growth Indicators Hotel Lifting Gaming Spend Admissions, slot volumes, table volumes, Rated guest average daily worth (“ADW”) & non-gaming revenues vs. prior year(1) compared to historical levels(2) 20% 25% Driving Trial & Expanding Reach Mean
Slide 11: Hollywood Columbus New Hotel Tower
HOLLYWOOD COLUMBUS NEW HOTEL TOWER The new hotel tower strengthens our position as the leading regional gaming destination in Ohio Key Highlights • The property generated an all-time monthly net revenue record in July 2026 • Outer market guests (3+ hour drive time) have accounted for 85% of hotel ca
Slide 12: Development Projects Contributing Growth
DEVELOPMENT PROJECTS CONTRIBUTING GROWTH Hollywood Joliet Relocation M Resort Hotel Tower (Opened August 11, 2025) (Opened December 1, 2025) Continuing to deliver strong results while New hotel tower converting previously unmet building on upward growth trajectory demand into enhanced property perfo
Slide 13: Up Next: Council Bluffs Relocation
UP NEXT: COUNCIL BLUFFS RELOCATION Landside relocation of our Council Bluffs property, expected in 2028 Project Overview • Relocation from first generation, three-level riverboat to a modern, efficient one-story land-based facility that will connect seamlessly with existing 444 room hotel • New faci
Slide 14: Interactive Segment Strategic Priorities
INTERACTIVE SEGMENT STRATEGIC PRIORITIES U.S. iCasino States Canada U.S. OSB-Only States Product Offering iCasino OSB Media iCasino OSB Media OSB Media Footprint MI, NJ, PA, WV Ontario, Alberta 16 U.S. States Brands • Dual-brand strategy with theScore & • Unified brand strategy behind • Unified bran
Slide 15: Interactive Segment Performance – Q2 2026
INTERACTIVE SEGMENT PERFORMANCE – Q2 2026 Q2 2026 Summary Q2 2026 Commentary For the three months ended For the six months ended • Delivered another quarter of meaningful adj. EBITDA June 30, June 30, improvement Y/Y, reflecting disciplined execution of our (in millions, unaudited) 2026 2025 % Chang
Slide 16: Appendix
APPENDIX
Slide 17: Omnichannel Strategy
OMNICHANNEL STRATEGY Retail Gaming Media Online Gaming 42 Properties in 19 U.S. States One of the most popular sports media platforms Online Sportsbook in 20 U.S. States + Ontario and Alberta in North America with approximately 4 million 35 Retail Sportsbooks in 16 U.S. States monthly active users a
Slide 18: GAAP to Non-GAAP Reconciliations to Consolidated Adjusted EBITDA
GAAP TO NON-GAAP RECONCILIATIONS TO CONSOLIDATED ADJUSTED EBITDA For the year ended December 31, (in millions) 2025 2024 2023 Net loss $ (845.3) $ (313.3) $ (491.4) Income tax expense (benefit) 24.6 (28.0) (8.2) Interest expense, net 405.8 470.5 464.7 Interest income (9.7) (23.6) (40.3) Income from
Slide 19: GAAP to Non-GAAP Reconciliations to Traditional Net Debt
GAAP TO NON-GAAP RECONCILIATIONS TO TRADITIONAL NET DEBT (in millions) As of December 31, 2025 As of December 31, 2024 As of December 31, 2023 Amended Revolving Credit Facility due 2027 $ 570.0 $ - $ - Amended Term Loan A Facility due 2027 453.8 481.3 508.8 Amended Term Loan B Facility due 2029 965.
Slide 20: Supplemental Information – Traditional Net Leverage and Lease-Adjusted Net Leverage Ratios
SUPPLEMENTAL INFORMATION – TRADITIONAL NET LEVERAGE AND LEASE-ADJUSTED NET LEVERAGE RATIOS (in millions) As of December 31, 2025 As of December 31, 2024 As of December 31, 2023 Traditional net debt (1) $2,217.5 $1,889.5 $1,571.9 Consolidated Adjusted EBITDA - TTM $ 830.1 $ 672.2 $ 921.5 Rent expense
Slide 21: GAAP to Non-GAAP Reconciliation to Adjusted Interactive Segment Revenues
GAAP TO NON-GAAP RECONCILIATION TO ADJUSTED INTERACTIVE SEGMENT REVENUES For the three months ended June 30, For the six months ended June 30, ($ in millions, unaudited) 2026 2025 2026 2025 Interactive segment revenues $ 349.4 $ 316.1 $ 707.7 $ 606.2 Tax gross-ups (1) (185.5) (137.9) (371.3) (266.1)
Slide 22: Entertainment
ENTERTAINMENT