PENN Entertainment, Inc. (PENN) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings, and welcome to the Penn Entertainment Second Quarter 2026 Earnings Call. I would now like to turn the conference over to Joe Cifoni, Investor Relations. Please go ahead. Thank you, Tasha. Good morning, everyone, and thank you for joining Penn Entertainment's 2026 Second Quarter Conference Call and Webcast. We'll get to management's comments and presentation momentarily, as well as your Q&A. And during Q&A, we ask that everyone please limit themselves to one question and one follow-up. I'll briefly review the safe harbor disclosure and then we'll get right into the call. 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. It's now my pleasure to turn the call over to Penn CEO Jay Snowden. Jay, please go ahead. Thanks, Joe, and good morning. I'm joined here by Felicia Hendrix and Aaron LaBerge, as well as other members of the senior management team. As you'll see from our release and investor presentation, we continue to execute against our 2026 strategic priorities during the second quarter. We're on track to deliver more than 20% year-over-year adjusted EBITDA growth this year, driven by strong performance across our retail portfolio and significant adjusted EBITDA improvement in our interactive segment. This growth, combined with our corporate overhead optimization, is benefiting cash flow growth, which in turn is enabling us to de-lever our balance sheet this year faster than originally expected. Penn's best-in-class property-level management teams delivered impressive results for the retail segment, achieving record quar...