PENN Entertainment Announces Plans to Relocate Boomtown Casino New Orleans Riverboat and Construct New $195 Million Landside Hollywood Casino New Orleans

About this update from Penn Entertainment, Inc.

PENN Entertainment, Inc. (Nasdaq: PENN) (“PENN” or the “Company”) today announced plans to invest approximately $195 million to relocate its Boomtown Casino & Hotel New Orleans riverboat casino operations to a new landside property on adjacent land and rebrand the property as Hollywood Casino New Orleans, pending regulatory approval. If approved, Hollywood Casino New Orleans is expected to open in 2029 and will include roughly 140,000 square feet of new development, approximately 875 slot machines, 45 table games, a retail sportsbook, and multiple dining options. The existing riverboat will be vacated upon opening of the new property, and PENN expects to keep the existing hotel open at this time. “This investment reflects our disciplined approach to capital allocation, prioritizing organic growth opportunities that build on our operational strengths and are expected to deliver compelling returns,” said Jay Snowden, CEO and President of PENN Entertainment. “The new Hollywood Casino New Orleans will represent our fourth landside move in recent years, following the recent openings of Hollywood Casino Aurora and Hollywood Casino Joliet in Illinois and the expected opening of Hollywood Casino Council Bluffs in Iowa in 2028. As with our previous relocations, we expect our new facility to enhance the customer experience and strengthen the property’s competitive position in the New Orleans market.” PENN currently operates four other casino destinations in Louisiana, including L’Auberge Casino Resort Lake Charles, L’Auberge Casino Hotel Baton Rouge, and Margaritaville Resort Casino and Boomtown Casino Hotel in Bossier City. The Company currently employs over 3,500 Louisianans and contributes over $200 million in state and local taxes annually. “We are incredibly proud to be a leader in the gaming and entertainment industry in the great state of Louisiana,” continued Snowden. “Today’s announcement highlights our continued commitment to reinvesting in our facilities and team members, and we look forward to working with the Louisiana Gaming Control Board and Jefferson Parish Council to add yet another best-in-class property to our national footprint.” PENN expects to finance the project with cash on hand but may also access its balance sheet or other sources of liquidity. About Boomtown Casino & Hotel New Orleans Boomtown Casino & Hotel New Orleans is loc...

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