PENN Entertainment

What PENN Entertainment does

PENN Entertainment, Inc. (NASDAQ: PENN), formerly Penn National Gaming, is a publicly traded gaming and entertainment company founded in 1972 and headquartered in Wyomissing, Pennsylvania. The company operates 43 regional casino properties (including Hollywood Casino, M Resort, L'Auberge, Ameristar, and Margaritaville brands) across 20 U.S. states plus Ontario, Canada, holding gaming licenses in 27 jurisdictions. Its portfolio spans slots, table games, video poker, sportsbooks, hotels, restaurants, and live entertainment venues, supported by the PENN Play loyalty program with 31+ million members and a workforce of approximately 23,000 team members. In fiscal 2025, retail operations generated approximately $6.85 billion in revenue, with Q1 2026 revenue of $1.78 billion (up 6.4% year-over-year).

PENN's core technology stack is an integrated omnichannel platform anchored by two purpose-built mobile apps—theScore Bet (sportsbook and iCasino, available in 20 U.S. states and Ontario) and the Hollywood Casino app (iCasino, available in WV, NJ, MI, PA with 500+ games)—plus the PENN Play loyalty app featuring the PENN Wallet for cashless transactions. The theScore media platform reaches 100+ million monthly visitors and uniquely integrates sports content with wagering. The company is executing a four-project, $850 million retail capital program (Hollywood Casino Aurora, Hollywood Casino Columbus hotel tower, M Resort Las Vegas second tower, plus one additional project) expected to generate ~$120 million in incremental annual EBITDAR.

PENN's business model combines transaction-fee revenue from in-person gaming (slots, table games, sportsbooks), hotel and F&B sales, and digital wagering (sports betting hold and iCasino GGR), supported by PENN Play loyalty monetization and affiliate-style partnership revenue through integrations with Choice Hotels, Norwegian Cruise Line, and Ticketmaster. Following the termination of its 10-year, $1.5 billion ESPN Bet licensing partnership in early 2026, PENN has restructured its Interactive segment, narrowed Q1 2026 Interactive losses from $89 million to $10 million year-over-year, and realigned investment toward theScore Bet in Canada and Hollywood iCasino in the U.S. Activation of activist investor HG Vora Capital Management in 2025 resulted in three new independent board directors and paring down of executive ranks.

Name

PENN Entertainment

Legal name

PENN Entertainment, Inc.

Website

https://pennentertainment.com

Company type

Public

Founded year

1972

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

PENN Entertainment is a publicly traded regional casino and digital gaming operator (NASDAQ: PENN) running 43 casino properties across 20 U.S. states and Ontario, with theScore Bet mobile sportsbook, the Hollywood Casino iCasino app, and the 31+ million-member PENN Play loyalty ecosystem serving individual gaming, hospitality, and online wagering consumers.

Ownership category

akta.pro rank

Product category

Casino Gaming & Entertainment

NAICS

Casinos (except Casino Hotels) (71321), Casino Hotels (72112), Other Gambling Industries (713290)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Integrated Casino Resorts (THAGAJAA)

akta.pro secondary industry

Online Casino Platform Providers (PAM, Wallet, CMS, Back Office) (MPAEABAK)

Keywords

• Regional casino gaming
• Mobile sports betting
• Online casino iGaming
• Casino resort hospitality
• Gaming loyalty platform

Headquarters

HQ city

Reading

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Retail Casino Gaming: Core revenue from slot machines, table games, video poker, and horse racing at 42+ regional casino properties across 20 U.S. states. Revenue generated from gaming win (house edge), complemented by food, beverage, and hotel services.
2. Interactive/Online Gaming: Online sports betting (theScore Bet), iCasino (Hollywood Casino app), and digital gaming across 20+ U.S. states and Ontario, Canada. Revenue from sports betting handle and iCasino gaming revenue, with Interactive segment approaching breakeven EBITDA.
3. Hospitality and Entertainment: Hotel accommodations, food and beverage (100+ restaurant locations), live entertainment venues, and retail shopping across casino properties. Revenue from room nights, dining sales, and entertainment tickets.
4. Loyalty Program Monetization: PENN Play loyalty program with 31+ million members enables cross-sell and customer retention. Partners include Choice Hotels, Norwegian Cruise Line, and Ticketmaster for earning and redemption opportunities.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

PENN Entertainment is a diversified owner and operator of 43 regional casino and racetrack properties across 20 U.S. states and Ontario, Canada, generating revenue through slot machines, table games, video poker, sports betting, and iCasino gaming. The company operates an integrated omnichannel model combining physical casino properties with digital platforms including theScore Bet mobile sportsbook and Hollywood Casino online iCasino app, unified through the PENN Play loyalty program with 31+ million members. Supplementary offerings include hotel accommodations, food and beverage venues, live entertainment, and theScore media platform for owned-audience customer acquisition.

Product overview

PENN Entertainment operates an integrated omnichannel entertainment and gaming platform comprising three segments: (1) Retail segment with 42-43 casino, racetrack, and resort properties under brands including Hollywood Casino, M Resort, L'Auberge, Ameristar, Margaritaville, and Boomtown; (2) Interactive segment featuring theScore Bet mobile sportsbook (rebranded from ESPN Bet following partnership termination), Hollywood Casino online iCasino app, and PENN Play digital loyalty ecosystem; and (3) Loyalty infrastructure including PENN Play rewards platform, PENN Wallet cashless payment system, PENN Marketplace ecommerce, and PENN Heroes military appreciation program. The company holds gaming licenses across 27 jurisdictions in North America and serves customers through both physical properties and digital platforms.

Differentiator

Problem solved

Functional benefit

Brands

• PENN Play: The nation's premier loyalty program offering rewards, tier points, and PENN Cash that can be redeemed across gaming, hotel stays, dining, and shopping at PENN destinations.
• theScore Bet
• Hollywood Casino
• PENN Heroes
• PENN Wallet
• Hollywood iCasino

Products and services

• PENN Play Loyalty Program Flagship omnichannel loyalty program allowing members to earn Tier Points and PENN Cash across in-person gaming, online betting, dining, hotel stays, and partner locations, with redemption across gaming, hotels, dining, PENN Marketplace (Amazon), Choice Hotels, Norwegian Cruise Line, and Ticketmaster.
• theScore Bet Mobile Sportsbook and Casino Mobile sportsbook and casino platform that uniquely integrates with theScore media app to provide a seamless media and betting experience, available in AZ, CO, IL, IN, IA, KS, KY, LA, MD, MA, MI, NC, NJ, NY, OH, PA, TN, VA, WV, MO and Ontario, Canada.
• Hollywood Casino Online iCasino App Mobile iCasino platform offering over 500 slot and casino games with exclusive titles and PENN Play rewards integration, available in West Virginia, New Jersey, Michigan, and Pennsylvania.
• PENN Wallet Digital Payment Digital wallet feature within the PENN Play app enabling contactless gaming and cashless transactions at slot machines and table games; supports funding via bank accounts, credit/debit cards, Apple Pay, and PayPal.
• Hollywood Casino and Hotel Aurora $360 million land-based casino and hotel opened June 24, 2026 in Aurora, Illinois, featuring 1,000+ slot machines, 50+ table games, a 226-room hotel, wellness spa, and celebrity chef dining including Sorella by Giada.
• Hollywood Casino Columbus Hotel Tower New $100 million 203-room hotel tower (183 standard guest rooms and 20 luxury suites) opened June 12, 2026 at Hollywood Casino Columbus, Ohio, with restaurant, lounge, conference facilities, fitness center, and outdoor terrace.
• M Resort Spa Casino Las Vegas Second Hotel Tower Second hotel tower at M Resort Spa Casino Las Vegas (Henderson, NV), expanding the resort's total capacity to 765 rooms and suites with added conference space, completed on budget and ahead of schedule.
• M Resort Spa Casino Las Vegas Luxury resort and casino property in Henderson, Nevada (Las Vegas area) featuring gaming, hotel accommodations (765 rooms following second tower opening), multiple restaurants, spa, pool, and conference facilities.
• L'Auberge Casino Resort Lake Charles Upscale casino resort property in Lake Charles, Louisiana featuring gaming, hotel accommodations, multiple dining options, and entertainment, part of PENN's L'Auberge brand also operating in Baton Rouge, Louisiana.
• PENN Play Mobile App Mobile application for the PENN Play loyalty program allowing members to manage accounts, view PENN Cash balances, access Real Time Rewards, use PENN Wallet for cashless gaming, unlock rooms with digital keys, and access mobile-only promotions.
• PENN Marketplace Online shopping platform where PENN Play members redeem PENN Cash for millions of consumer products delivered by Amazon, extending loyalty reward utility beyond gaming and hospitality.

Quantifiable outcome

• Interactive segment losses narrowed from -$89M to -$10M year-over-year in Q1 2026
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Birches HealthminorStrategic or Co-development Partner · 2 April 2026Partnership to integrate gambling addiction assessments and counseling resources into theScore Bet and Hollywood Casino apps in the United States. Birches Health provides curated content to help players identify and address problem gaming behaviors.
• Responsible Online Gaming Association (ROGA)minorStrategic or Co-development Partner · 26 March 2026PENN is founding member of ROGA, a trade group of major U.S. online sports betting operators (FanDuel, DraftKings, BetMGM, Fanatics, Hard Rock Digital, bet365) committing over $20 million and sharing information about customers excluded for problem gambling.
• Drift SpaminorStrategic or Co-development Partner · 29 January 2026Wellness spa partnership at Hollywood Casino Aurora opening Q2 2026. Drift Spa, founded in Lancaster, Pennsylvania in 2022, opening its second location at the Aurora property as part of PENN's luxury amenity strategy.
• Giada De LaurentiisminorStrategic or Co-development Partner · 29 January 2026Celebrity chef restaurant partnership at Hollywood Casino Aurora featuring Sorella by Giada restaurant. PENN has multiple celebrity chef partnerships including Robert Irvine at various properties.
• Fanatics Betting and GamingminorChannel Partner/ Reseller/ Distributor · 28 January 2026Market access partnership enabling Fanatics to continue operating mobile sportsbooks in Illinois through PENN-owned Argosy Casino Alton, following Hawthorne Race Course's license suspension. Fanatics switched from Hawthorne to PENN to satisfy Illinois regulatory requirements.
• Choice HotelscoreGTM or Marketing PartnerLoyalty partnership allowing PENN Play members to earn and redeem rewards at Choice Privileges hotels (7,400+ locations worldwide). Members can status match PENN Play tier to Choice Privileges levels and earn dual points on hotel stays booked through PENN channels.
• Norwegian Cruise LinecoreGTM or Marketing PartnerLoyalty partnership offering PENN Play members exclusive cruise benefits including complimentary cruises for Owners Club/Elite/Premium members with excess Tier Points, fare discounts, and priority embarkation at Norwegian Cruise Line properties.
• TicketmasterminorGTM or Marketing PartnerPartnership allowing PENN Play members to redeem PENN Cash for tickets on Ticketmaster.com at rate of $2 PENN Cash = $1 US. Members link accounts to view PENN Cash balance and use rewards for event tickets.

Scale indicators12 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Caesars Entertainment: Caesars operates a comparable regional casino portfolio combined with a Caesars Sportsbook + iCasino digital segment and a multi-million-member loyalty program (Caesars Rewards), making it the closest structural analog to PENN's omnichannel retail-plus-digital model across similar U.S. states.
• Boyd Gaming Corporation: Boyd is a regional casino operator with ~28 properties across 10 states and a meaningful FanDuel partnership exposure, directly comparable to PENN's 43 regional gaming properties and its omnichannel approach combining retail gaming with digital.
• Bally's Corporation: Bally's is a regional and destination casino operator with a growing online sports betting/iGaming segment (Bally Bet) and a multi-brand loyalty program, positioned similarly to PENN as a smaller-scale omnichannel operator pursuing both retail and digital growth.
• DraftKings: DraftKings is a leading U.S. online sports betting and iCasino operator competing head-to-head with theScore Bet and Hollywood Casino, making it a direct competitor in PENN's interactive segment in 20+ U.S. states and Ontario.
• Flutter Entertainment (FanDuel): Flutter Entertainment owns FanDuel, the largest U.S. online sportsbook by handle, and is also a major iCasino operator. FanDuel is the primary digital competitor for theScore Bet and for market access partnerships with PENN's regional peers.
• Red Rock Resorts: Red Rock Resorts operates a portfolio of Las Vegas-area regional and locals casinos under the Station Casinos brand, providing a useful comp for PENN's M Resort and other regional gaming economics in similar western U.S. markets.

Broad incumbents

• MGM Resorts International: MGM operates larger integrated casino resorts on the Las Vegas Strip and Macau alongside the BetMGM (with Entain) digital business, overlapping PENN on omni-channel gaming but at materially greater scale and premium-resort focus.
• Wynn Resorts: Wynn operates luxury integrated casino resorts in Las Vegas, Macau, and is digital-interactive-adjacent. While not a regional peer, it benchmarks premium-resort performance relevant to PENN's M Resort and L'Auberge integrated resort operations.

Emerging players

• Rush Street Interactive: Rush Street Interactive (BetRivers, PlaySugarHouse) is an emerging U.S. online sports betting and iCasino operator active in many of the same regulated states PENN's theScore Bet and Hollywood Casino target, providing a more niche but directly comparable emerging peer.

Others

• Gaming and Leisure Properties: GLPI is PENN's primary landlord REIT that finances its sale-leaseback real estate and provides development funding ($375M+ committed across Hollywood Casino Aurora and M Resort). GLPI is not a competitor but is a uniquely strategic counterparty whose rent and capital terms materially shape PENN's economics.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/pngaminginc
• Facebookfacebook.com/PENNEntertainment
• LinkedInlinkedin.com/company/penn-national-gaming
• Instagraminstagram.com/pennentertainment

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A16 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PENN Entertainment