Penn Entertainment, Inc. · NASDAQ:PENN
Penn Entertainment — Q3 2025 Earnings Presentation
18 slides from Penn Entertainment's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
THIRD QUARTER 2025 EARNINGS PRESENTATION November 6, 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,” “intends
Slide 3: Recent Company Highlights
RECENT COMPANY HIGHLIGHTS Realignment of digital focus to leverage the strength of U.S. iCasino and Canadian operations with emphasis on omnichannel benefits Retail business demand was stable across gaming and non-gaming amenities during the quarter, particularly at properties not impacted by new su
Slide 4: Key Terms of Early Termination
KEY TERMS OF EARLY TERMINATION • Mutual decision for early termination of PENN’s U.S. online sports betting (“OSB”) agreement with ESPN ‒ A total of $38.1 million will be paid to ESPN in Q4 2025 in respect of all remaining fees owed through December 1, 2025 (the “Termination Date”) ‒ In addition, a
Slide 5: Realignment of Digital Focus
REALIGNMENT OF DIGITAL FOCUS U.S. Online Casino Canada U.S. Online Sports Betting • Lead with Hollywood Casino brand with • Accelerate growth in our highest margin • Utilize OSB and theScore media as top- broad demographic reach across our jurisdiction with renewed focus and of-funnel drivers with a
Slide 6: Emphasizing Omnichannel
EMPHASIZING OMNICHANNEL Most diversified regional operator, positioned to benefit from cross-selling customers 42 Total Retail properties located across 19 U.S. states 30 Retail properties located in states with OSB and/or iCasino 37% % of digitally acquired customers within 50 miles of 1+ property
Slide 7: Digital Is Expanding Total Company Database
DIGITAL IS EXPANDING TOTAL COMPANY DATABASE The majority of PENN Play database growth since 2019 has been driven by digital users, who provide significant lifetime value and cross-sell opportunities across our retail and digital assets Digital Database Growth (M) Omnichannel Highlights 64% of PENN P
Slide 8: iCasino Continuing to Build Momentum
iCASINO CONTINUING TO BUILD MOMENTUM The introduction of our Hollywood-branded standalone iCasino (“SaC”) product and improved cross-sell from OSB has led to strong iCasino growth with a modest level of marketing investment Hollywood Casino GGR Market Share (U.S.) North America iCasino Highlights 3.
Slide 9: Retail Customers Fueling iCasino Growth
RETAIL CUSTOMERS FUELING iCASINO GROWTH Our Retail customer database in iCasino states, notably PA and MI, continues to be a powerful source of growth for Hollywood Standalone iCasino product Active Retail Database Also Active Online(1) (States with Retail + OSB + iCasino: PA, MI, WV) 14.4% 13.9% 13
Slide 10: Opportunity to Build on Growth in Canada
OPPORTUNITY TO BUILD ON GROWTH IN CANADA We have the opportunity to accelerate growth in Canada with the realignment of our digital focus, following a year of strong profitability growth under a more disciplined investment strategy Ontario OSB & iCasino Growth Y/Y (September 2025 YTD) +7% +10% (1) O
Slide 11: Product Improvements Driving Retention
PRODUCT IMPROVEMENTS DRIVING RETENTION Over the last year, we have significantly improved the velocity of our product innovation with a focus on driving results in key areas of our Interactive business Enhanced OSB Product Cross-Sell & iCasino Improved Retention (1) Expanded SGP Offering Broader Cro
Slide 12: Stable Demand in Retail Business
STABLE DEMAND IN RETAIL BUSINESS Demand was stable in our core business across gaming and non-gaming amenities during the quarter, particularly at properties not impacted by new supply or increased competitor promotional activity Q3 Property Highlights Q3 Growth Year-over-Year Performance was driven
Slide 13: Best-in-Market Offering at Hollywood Casino Joliet
BEST-IN-MARKET OFFERING AT HOLLYWOOD CASINO JOLIET v 13
Slide 14: Key Highlights from Joliet Opening
KEY HIGHLIGHTS FROM JOLIET OPENING ✓ Driving Trial and Expanding Reach: 15%+ of Database Growth from New Customers ✓ Meaningful Reactivation of Dormant Database: 50%+ of Database Growth from Dormant Customers Active Database Growth ✓ Highly Efficient in Activating Digitally Native Customers: 300% Gr
Slide 15: Other Development Projects on Track
OTHER DEVELOPMENT PROJECTS ON TRACK Dec. 1, 2025 (1) Late 2Q 2026 M Resort Hotel Tower Hollywood Columbus Hotel Tower Late 2Q 2026 Late '27 – Early '28 Hollywood Aurora Relocation Hollywood Council Bluffs Relocation (1) Subject to regulatory approvals. v 15
Slide 16: Appendices
APPENDICES
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. Jurisdictions + Ontario in North America with approximately 4 million 32 Retail Sportsbooks in 15 U.S. States monthly active users across
Slide 18: Entertainment
ENTERTAINMENT