Penn Entertainment, Inc. · NASDAQ:PENN
Penn Entertainment — Q2 2025 Earnings Presentation
19 slides from Penn Entertainment's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Earnings Presentation
SECOND QUARTER 2025 EARNINGS PRESENTATION August 7, 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 Diverse portfolio of retail properties delivered another solid quarter, particularly in markets not impacted by new supply Hollywood Casino Joliet is opening its new location on August 11, 2025(1), with our other development projects on schedule and on budget Our Interactiv
Slide 5: Stable Retail Business
STABLE RETAIL BUSINESS Customer demand in our core business was stable throughout Q2 and July, as our diverse portfolio helped offset known, new supply impacts in certain markets Q2 Property Highlights Performance was highlighted by theoretical revenue growth across all rated age and worth segments,
Slide 6: Weathering New Supply…
WEATHERING NEW SUPPLY… Chicagoland Council Bluffs Properties: Hollywood Aurora & Joliet, Ameristar E. Chicago Property: Ameristar Council Bluffs (IA) Impact: Incremental supply in Chicagoland (IL/IN) Impact: New supply in Nebraska American Place Hollywood Council Bluffs Harrah’s Columbus (rebranded
Slide 7: …and Market Disruption
…AND MARKET DISRUPTION Bossier City Downtown Detroit Properties: Margaritaville (LA), Boomtown Bossier City (LA) Property: Hollywood Greektown (MI) Impact: New supply in Bossier City (Live! Casino) Impact: Local construction disruption (started in May 2025) Current View Future View ➢ Response: $75M+
Slide 8: Hollywood Casino Joliet Opening
HOLLYWOOD CASINO JOLIET OPENING The first of our development projects, the riverboat to land-based relocation of Hollywood Casino Joliet, is opening on August 11, 2025(1), nearly six months ahead of its originally scheduled timeline ➢ Located adjacent to I-80 & I-55 southwest of downtown Chicago, wi
Slide 9: Other Development Projects on Track
OTHER DEVELOPMENT PROJECTS ON TRACK 1H 2026 1H 2026 M Resort Hotel Tower Hollywood Columbus Hotel Tower 1H 2026 Late '27 – Early '28 Hollywood Aurora Relocation Hollywood Council Bluffs Relocation v 9
Slide 10: Our Omni-Channel Advantage
OUR OMNI-CHANNEL ADVANTAGE We continued to benefit in Q2 '25 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 +19% +28% Increase in Retail Theo Y/Y Increase
Slide 11: Interactive Segment on Path to Profitability
INTERACTIVE SEGMENT ON PATH TO PROFITABILITY Our Interactive segment achieved record quarterly gaming revenue in both OSB and iCasino leading to strong Y/Y improvements in Adj. Revenue and Adj. EBITDA Q2 2024 vs. Q2 2025 1H 2024 vs. 1H 2025 Adj. Revenue (1) Adj. EBITDA Adj. Revenue (1) Adj. EBITDA i
Slide 12: Strong Interactive User Base
STRONG INTERACTIVE USER BASE Average MAUs in our Interactive segment have stabilized over the past few quarters and increased on a year-over-year basis in Q2 '25. ARPMAU has also been on an upward trajectory since launch. 11/14/23 Launch North America OSB & iCasino Average MAUs (1) ARPMAU (2) Averag
Slide 13: iCasino Performance
iCASINO PERFORMANCE The continued M/M sequential growth of standalone iCasino (“SaC”), coupled with our improved OSB cross-sell efforts, is driving material growth in our iCasino users, volume, and market share Hollywood Casino GGR Market Share (U.S.) North America iCasino Highlights 3.5% SaC Launch
Slide 14: Recent Product Enhancements
RECENT PRODUCT ENHANCEMENTS We continued to enhance our OSB offering by introducing unique and engaging features such as Player Insights and Favorites Personalization, while also adding exciting new iCasino content OSB: Improved UI/UX OSB: Account Linking Updates iCasino: New Content Added Player Pr
Slide 15: FanCenter: Coming This Football Season
FANCENTER: COMING THIS FOOTBALL SEASON We will launch FanCenter this football season, which will seamlessly connect the ESPN ecosystem to enable players to bet on their favorite teams, players, and fantasy lineups through ESPN BET v 15
Slide 16: Appendices
APPENDICES
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) March 31, 2024 June 30, 2024 March 31, 2025 June 30, 2025 Interactive segment revenues $ 207.7 $ 232.6 $ 290.1 $ 316.1 Tax gross-ups (1) (116.6) (82.1) (128.2) (137.9) Adjusted Interactive segment revenues $ 91.1 $
Slide 19: Entertainment
ENTERTAINMENT