PENN Entertainment, Inc. (PENN) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to Penn Entertainment's second quarter 2025 earnings call. I would now like to turn the program over to Joe Giaffone in best relations, please go ahead. Thank you, Emma. Good morning, everyone, and thank you for joining Penn Entertainment's 2025 second quarter conference call. We'll get to management's presentation and comments momentarily as well as your Q&A. During Q&A, we ask that everyone please limit themselves to one question and one follow-up. Now I'll quickly review the safe harbor disclosure. Please note that today's discussion contains forward-looking statements. Forward-looking statements involve risks, assumptions, and uncertainties that could cause actual results to differ materially. For more information, please see our press release for details on specific risk factors. Now my pleasure to turn the call over to Penn CEO, Jay Snowden. Jay, please go ahead. Thanks, Joe. Good morning, everyone. Joined here in While Missing with Felicia Hendricks, Todd George, Aaron Laberge, as well as other members of our senior management team. As you can see from our earnings release and accompanying investor presentation, our diverse portfolio of retail properties delivered another solid quarter, particularly in those markets not impacted by new supply, where we saw revenue growth of 4% year over year. For the second quarter of 2025, we reported retail revenue of 1.4 billion and adjusted EBITDA of 490 million and adjusted EBITDA margins of nearly 34%. As noted on slide five, this performance by our best in class property teams was highlighted by theoretical revenue growth across all rated age and worth segments, as well as year over year theoretical revenue growth in unrated play, visitation and spend per visit. The first time we have seen this sin...