PENN Entertainment, Inc. (PENN) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings, and welcome to the Penn Entertainment Third Quarter 2025 Earnings Call. I would now like to turn the conference over to Joe Giaffone, Investor Relations. Please go ahead. Thank you, Risa. Good morning, and thank you for joining Penn Entertainment's 2025 Third Quarter Conference Call. We'll get to management's presentation and comments momentarily, as well as your questions and answers. During the Q&A session, we ask that everyone please limit themselves to one question and one follow-up. Now I'll 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. It's now my pleasure to turn the call over to the company's CEO, Jay Snowden. Jay, please go ahead. Thanks, Joe, and good morning to everyone. I'm joined here in Why I'm Missing by Felicia Hendricks, Todd George, Aaron LaBerge, and other members of our senior management team. Earlier this morning, we issued a joint announcement with ESPN regarding our mutual and amicable decision for an early termination of our exclusive online sports betting marketing agreement on December 1st. I want to start off by saying that we are grateful for the exhaustive and collaborative efforts by our friends at ESPN and the Penn Interactive team to compete for a podium position in the highly competitive OSB space. Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we were unable to establish ESPN Bet as a scale player. It is the right time to realign our interactive focus, prioritizing our digital asse...