olivLaw · US equity research
PENN Entertainment, Inc. PENN
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
PENN Entertainment runs a diversified network of casinos, racetracks and online sports betting across 28 jurisdictions in North America. In the second quarter of 2026 its Retail segment reported record revenues, while the company refocused its digital push on iCasino and Canada after ending its ESPN partnership.
At the close of 04 Nov 2026, PENN Entertainment, Inc. (PENN) stock was 17.44 USD (+2.17% on the day), with market capitalisation 2.3 bn USD, beta 1.32, 52-week range 11.76–22.06 USD. Latest reported quarter (Q2 2026): revenue of 1.9 bn USD (+5.2% YoY), net income of 33.1 m USD, diluted EPS 0.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.3
- strong (55–70)
- Bollinger (20, 2)
- 13.76 – 17.08
- above the upper band · %B 1.11 · band width 21.5%
- SMA 50 / 200
- 16.02 / 16.85
- mixed trend
- MACD (12, 26, 9)
- 0.19 / -0.17
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +15.5% | −1.1% | +16.6 pp | — |
| 3 months | −11.1% | −0.5% | −10.7 pp | — |
| 6 months | +4.1% | +4.4% | −0.3 pp | — |
| Year to date | +18.2% | +12.3% | +5.9 pp | — |
| 1 year | +7.8% | +13.5% | −5.8 pp | +1.1% |
| 3 years | −23.2% | +76.4% | −99.7 pp | +9.3% |
| 5 years | −71.8% | +63.7% | −135.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.7 bn | 1.7 bn | 1.8 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.9 bn |
| Operating income | 67.5 m | -48.1 m | 42.8 m | 77.5 m | -776.4 m | -17.5 m | 97.1 m | 131.7 m |
| Depreciation & amortisation | 108.7 m | 107.1 m | 108.0 m | 110.5 m | 114.2 m | 114.2 m | 117.0 m | 117.8 m |
| Interest expense | 123.2 m | 121.0 m | 120.3 m | 107.6 m | 110.4 m | 109.3 m | 108.0 m | 108.1 m |
| Pre-tax income | -34.7 m | -148.8 m | 159.2 m | -11.9 m | -859.8 m | -108.2 m | 5.9 m | 39.7 m |
| Income tax | 2.8 m | -15.0 m | 47.7 m | 6.4 m | 5.3 m | -34.8 m | 8.7 m | 7.1 m |
| Net income | -36.7 m | -133.3 m | 111.8 m | -17.4 m | -864.6 m | -72.9 m | -2.3 m | 33.1 m |
| Diluted EPS | -0.24 | -0.88 ≈ | 0.68 | -0.12 | -6.03 | -0.54 ≈ | -0.02 | 0.24 |
| Operating cash flow | 174.7 m ≈ | 102.9 m | 41.9 m | 178.2 m ≈ | 180.9 m ≈ | 107.2 m | 122.4 m | 240.7 m ≈ |
| Share repurchases | 0 ≈ | 0 | 25.0 m | 90.3 m ≈ | 154.1 m ≈ | 85.0 m | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.6 bn | 5.3 bn | 3.6 bn | 5.9 bn | 6.4 bn | 6.4 bn | 6.6 bn | 7.0 bn |
| Revenue YoY | +14.0% | +47.8% | −32.5% | +65.0% | +8.4% | −0.6% | +3.4% | +5.8% |
| Net income | 93.5 m | 43.9 m | -669.5 m | 420.8 m | 222.1 m | -490.0 m | -311.5 m | -843.1 m |
| Net income YoY | −80.2% | −53.0% | −1,625.1% | unavailable | −47.2% | −320.6% | unavailable | unavailable |
| Diluted EPS | 0.93 | 0.37 | -5.00 | 2.48 | 1.29 | -3.22 | -2.05 | -5.83 |
| Diluted EPS YoY | −81.7% | −60.2% | −1,451.4% | unavailable | −48.0% | −349.6% | unavailable | unavailable |
| net % | 2.6% | 0.8% | -18.7% | 7.1% | 3.5% | -7.7% | -4.7% | -12.1% |
| Free cash flow | 260.2 m | 513.3 m | 201.8 m | 652.0 m | 614.8 m | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 686.6 m USD
- Financial debt
- 2.9 bn USD
- Net debt
- 2.2 bn USD
- Equity
- 1.8 bn USD
- Total assets
- 14.3 bn USD
- Debt / equity
- 1.58x
- Current ratio
- 0.79x
- ROE
- -36.0%
- ROA
- -5.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.6 bn | 5.9 bn | 6.4 bn | 6.4 bn | 6.6 bn | 7.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -410.2 m | 1.1 bn | 974.0 m | -690.2 m | 72.5 m | -673.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 366.7 m | 344.5 m | 567.5 m | 435.1 m | 433.6 m | 446.9 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -43.5 m ≈ | 1.4 bn ≈ | 1.5 bn ≈ | -255.1 m ≈ | 506.1 m ≈ | -226.7 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 546.3 m | 566.9 m | 760.1 m | 469.6 m | 487.1 m | 447.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -834.2 m | 539.1 m | 175.3 m | -499.6 m | -341.3 m | -820.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -165.1 m | 118.6 m | -46.4 m | -8.2 m | -28.0 m | 24.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -669.5 m | 420.8 m | 222.1 m | -490.0 m | -311.5 m | -843.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -5.00 | 2.48 | 1.29 | -3.22 | -2.05 | -5.83 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 134.0 m | 175.5 m | 176.6 m | 152.1 m | 152.1 m | 144.6 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.9 bn | 1.9 bn | 1.6 bn | 1.1 bn | 706.6 m | 686.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 96.4 m | 195.0 m | 247.0 m | 319.0 m | 256.8 m | 254.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | — | — | 11.1 m | — | — | — | SEC (XBRL)· 04 May 2023verified |
| Current assets | 2.1 bn | 2.2 bn | 2.0 bn | 1.7 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 4.5 bn | 4.6 bn | 4.5 bn | 3.5 bn | 3.7 bn | 3.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 1.2 bn | 2.8 bn | 2.7 bn | 2.7 bn | 2.6 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.5 bn | 1.9 bn | 1.7 bn | 1.6 bn | 1.5 bn | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 14.7 bn | 16.9 bn | 17.5 bn | 16.1 bn | 15.3 bn | 14.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 33.2 m | 53.3 m | 40.1 m | 36.6 m | 50.8 m | 54.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 81.4 m | 99.5 m | 56.2 m | 47.6 m | 38.2 m | 38.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 2.2 bn | 2.6 bn | 2.7 bn | 2.7 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 860.0 m | 1.1 bn | 1.2 bn | 1.5 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 12.0 bn | 12.8 bn | 13.9 bn | 12.9 bn | 12.4 bn | 12.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 2.7 bn | 4.1 bn | 3.6 bn | 3.2 bn | 2.9 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 338.8 m | 896.1 m | 878.2 m | 455.9 m | 359.3 m | 508.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 137.0 m | 244.1 m | 263.4 m | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Free cash flow | 201.8 m ≈ | 652.0 m ≈ | 614.8 m ≈ | — | — | — | SEC (XBRL)· 23 Feb 2023derived |
| Investing cash flow | -233.7 m | -1.2 bn | -258.6 m | -742.6 m | -541.2 m | -351.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 1.3 bn | 339.9 m | -853.0 m | -262.6 m | -186.5 m | -165.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 0 | 0 | 601.1 m | 149.8 m | 0 | 354.4 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn USD
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -10.7% | 0 (vs peers) | 25% |
| Net margin · Quality | -12.7% | 4 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 2.8% | 24 (on a fixed band) | 20% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.3x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 10.2% | 100 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet3/100 · 2/3 factors with a value
- Growth· partial24/100 · 1/2 factors with a value
- Quality2/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PENN ENTERTAINMENT, INC. (PENN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 7.0 bn USD in 2025; YoY growth 5.8%; net margin -12.7%; ROE -37.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 10.2%
What contradicts it
- ROIC: -10.7%
- Net margin: -12.7%
- Revenue CAGR 3Y: 2.8%
- Interest coverage: -1.3x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +8% / −23% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| RRRRed Rock Resorts, Inc. | — | 29.1 | 60.8% | 5.8% | +3.7% | −17% / +9% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
| MSCStudio City International Holdings Limited | — | — | -10.5% | -8.5% | +8.7% | −75% / −83% |
1- and 3-year price returns: for PENN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PENN Entertainment runs a diversified network of casinos, racetracks and online sports betting across 28 jurisdictions in North America. In the second quarter of 2026 its Retail segment reported record revenues, while the company refocused its digital push on iCasino and Canada after ending its ESPN partnership.
SWOT
Strengths
- The portfolio is geographically diversified across many states, and cash flows partly offset each other across regions 12.
- The PENN Play loyalty program and its member base offer a cross-sell advantage between physical and online gaming 12.
- Total liquidity at mid-2026 was high, and debt was refinanced and extended to longer maturities 3.
Weaknesses
- The company relies heavily on triple net leases with REIT landlords, which keeps cost pressure constant 13.
- The Interactive segment still posts adjusted losses, and its results depend on betting win rates and customer acquisition costs 13.
- Revenues are sensitive to seasonality, weather and unexpected events, and business interruption insurance may not cover all losses 1.
Opportunities
- Relocation and expansion projects that are completed or under way could add revenue if demand in those areas holds 23.
- Growth in iCasino in the US and operations in Canada could offset pressure on sports betting if the digital strategy works 23.
- Third-party partnerships and the loyalty program could open new revenue streams through cross-sell across the ecosystem 1.
Threats
- Competition from sports betting and prediction markets could reduce market share and pressure margins in the Interactive segment 1.
- Changes in regulation, gaming taxes, smoking restrictions or privacy law could raise costs or limit operations 1.
- An economic slowdown could reduce discretionary spending and weigh on demand across all segments 1.
Risks
- Dependence on REIT lease paymentshigh
A significant share of cash goes to rent and interest payments, which could limit investment if revenues fall 13.
- Competition in online bettinghigh
Pressure from large-scale operators and prediction markets could reduce the Interactive segment's market share 1.
- Sensitivity to the economymedium
Discretionary spending by local customers can fall in periods of inflation or uncertainty, affecting retail revenues 1.
- Regulation and taxesmedium
Higher gaming taxes, new restrictions or regulation of prediction markets could affect margins and the business model 1.
- Technology and cyber risklow
Cloud service outages or data security breaches could disrupt online operations and harm the company's reputation 1.
Investment thesis
What would need to be true (bull case)
- If retail revenues keep growing and margins hold, cash flow could support debt reduction and investment in new properties 3.
- Relocation projects completed in 2025 and 2026 could add revenue, particularly if VIP customers respond favorably 23.
- If iCasino and the PENN Play program deliver effective cross-sell, the Interactive segment could reach profitability 23.
What would break the thesis
- If discretionary spending falls, retail revenues could come in below expectations, and debt and rent would remain a burden 1.
- The Interactive segment continues to post losses, and intense competition could keep declared targets out of reach 13.
- Prediction markets and regulatory changes could reduce the market share of sports betting and raise compliance costs 1.
What to watch
- Revenue trend and Segment Adjusted EBITDAR margin in the Retail segmentQ3 2026
- Adjusted loss in the Interactive segment and iCasino growth in the USQ3 2026
- Performance of the new Aurora and Columbus properties after opening2026
- Progress of the Council Bluffs relocation project and GLPI financing2028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
PENN Entertainment, Inc. (Nasdaq: PENN) operates in 28 jurisdictions across North America with casinos, racetracks, online sports betting (OSB) and iCasino 1. It has five reportable segments: Northeast, South, West, Midwest and Interactive; the first four form the retail segments, and Interactive covers online operations and media 1. The PENN Play loyalty program had over 34 million members by mid-2026 2.
Most real estate used in operations is leased under triple net master leases, the most significant with Gaming and Leisure Properties (GLPI) and VICI, making rent payments to these REITs a major cost element 13. The company reported second-quarter 2026 results on 6 August 2026, with total revenues of 1,857.4 million USD 3.
Strategy aims at growth through capital investment in existing properties, relocation and development projects, and expansion of iCasino and sports betting in Canada and the US under the theScore Bet brand, after the ESPN agreement ended on 1 December 2025 12.
Segments
Market context
The North American gaming market is highly competitive, with rivals from state lotteries, bar and truck-stop gaming, third-party online platforms and increasingly prediction markets 1. Demand depends on discretionary spending, which is sensitive to economic slowdowns and tariffs 1. The company describes its retail market as mature, with growth coming mainly from online and new-property investment 1.
In online betting competition is intensifying, and rivals with greater scale can offer more aggressive pricing; PENN relies on its connection to the theScore app and the PENN Play program to retain customers 1.
Trends
- Property relocations and expansionstailwind
Completed projects at Joliet, M Resort, Aurora and Columbus added new gaming and hotel space, and management reported record revenues at several properties; the effect could persist if demand stays solid 23.
- Digital redirection after ESPNmixed
Ending the ESPN agreement on 1 December 2025 changed the role of OSB, which now acts as an acquisition channel for iCasino and Canada; the outcome depends on whether the new strategy succeeds 12.
- Lease cost pressureheadwind
Payments to REIT landlords remain large, and a significant share of cash flow goes to rent and interest, limiting financial flexibility 13.
- Prediction markets and regulationheadwind
Prediction markets increasingly compete with sports betting, and their legal framework is still evolving, with possible overlap between federal and state oversight 1.
Competitive position
Competition comes from local casinos, state-sponsored online lotteries, bar and truck-stop gaming, licensed and unlicensed online sports betting, and prediction markets 1. Operators with economies of scale can offer cheaper products and win larger market shares 1.
In digital the competition is intense, and rivals using artificial intelligence for products and marketing may reach the market faster; if PENN falls behind, the Interactive segment could be affected 1.
- Regional casinos and racetracks
Local operators competing directly with retail properties in the same markets 1.
- State-sponsored online lotteries and sweepstakes
Alternative gaming options, legal or quasi-legal, that draw discretionary spending 1.
- Third-party online sports betting and iCasino operators
Legal and illegal online platforms competing in the Interactive segment 1.
- Prediction market platforms
New forms of betting on sports and political events with evolving regulation 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Retired Penn professor arrested for blocking Uber Eats robotHacker News · 17 Oct 2026 · EN
- Penn Medicine Launches First Human Clinical Trial to Test Precision Form of FLASH Proton TherapySurge — GDELT DOC · 01 Oct 2026 · RO
- Is PENN Entertainment (PENN) Stock a Buy After Its Latest Multi-Million Dollar Bet?Yahoo Finance — News · 23 Sept 2026 · EN
- PENN Entertainment (PENN) Swings To Profit As Debt Comes DownYahoo Finance — News · 03 Sept 2026 · EN
- Penn. Gov. Shapiro says too many data center developers 'don't care about our communities'CNBC World · 01 Sept 2026 · EN
- Penn State: рождаемость в мире впервые опустилась ниже уровня воспроизводстваKommersant (RU) · 25 Aug 2026 · RU
- Bărbatul arestat pentru atacul asupra Nord Stream era consultant la un film despre acest incident, cu Sean Penn în distribuțieAntena 3 CNN · 21 Aug 2026 · RO
- Ucraineanul suspectat în cazul sabotării gazoductelor Nord Stream, arestat în Croația / Era consultant la un film despre explozii, cu Sean Penn în distribuțieG4Media · 21 Aug 2026 · RO
- Scafandrul ucrainean suspectat în cazul Nord Stream, arestat în Croația la cererea procurorilor germani, era consultant la un film al cărui acțiune este chiar sabotarea gazoductelor, în distribuția căruia se regăsesc Sean Penn și Adrien Brody.Biziday.ro · 21 Aug 2026 · RO
- Ucraineanul suspectat în cazul Nord Stream, arestat în Croația, era consultant la un film despre explozii, cu Sean Penn în distribuțieMediafax · 21 Aug 2026 · RO
- Man arrested over Nord Stream bombing was consultant on film about it starring Sean PennThe Guardian World · 20 Aug 2026 · EN
- Penn State students accused of running cocaine trafficking ring at fraternity housesThe Guardian World · 18 Aug 2026 · EN
- Actorul Sean Penn va regiza un film despre atacul de la Capitoliu / Trump neagă și acum orice responsabilitate pentru evenimentele de atunci și ia numit pe participanți „patrioți”G4Media · 17 Jun 2026 · RO
- Actorul Sean Penn va regiza un film despre atacul de la CapitoliuMediafax · 17 Jun 2026 · RO
- Sean Penn va regiza un film despre asaltul asupra Capitoliului (presă)Agerpres · 17 Jun 2026 · RO
- Sean Penn to direct January 6 drama with Bradley Cooper set to starThe Guardian World · 16 Jun 2026 · RO
- New York Penn Station Rehab Eyes Billions in Federal FundingBloomberg Markets · 11 Jun 2026 · EN
- New York’s Penn Station Rehab Eyes Billions in Federal FundingBloomberg Markets · 08 Jun 2026 · EN
- Six people stabbed in attack at Penn Station in New YorkThe Guardian World · 08 Jun 2026 · RO
- Sean Penn a dezvăluit adevăratul motiv pentru care n-a mers la Premiile Oscar, unde a câștigat din nouHotNews.ro · 08 Jun 2026 · RO
SEC filings
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report18 Jun 2026Shareholder vote
- Current report28 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Proxy statement27 Apr 2026
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
- Current report16 Apr 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report16 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / PENN Entertainment, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / PENN Entertainment, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / PENN Entertainment, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.