PENN Entertainment (PENN) Company Report

The United States Online Gambling Market is anticipated to grow substantially, increasing from US$ 28.69 billion in 2024 to US$ 52.60 billion in 2033.
This growth is expected to be driven by a Compound Annual Growth Rate (CAGR) of 6.97% between 2025 and 2033, primarily fueled by growing legalization and regulatory support at the state level, advancements in technology, and the expanding popularity of sports betting.
Key challenges for the industry include regulatory fragmentation across states and increasing concerns regarding problem gambling and addiction.
As of January 2025, Penn Entertainment and ESPN expanded ESPN BET to 10 additional retail locations, bringing their total to 19 physical sportsbook facilities in six states.

7 days ago

Press Release

PENN Entertainment Receives Stifel Upgrade to Buy Rating

PENN

Earnings

New Projects/Investments

Stifel upgraded Penn Entertainment's stock rating to 'Buy' from 'Hold' and raised its price target to $21, citing the company's brick-and-mortar business as a competitive advantage and its strategic pivot to an iCasino-led digital strategy.
The upgrade follows Penn's termination of its sports betting agreement with ESPN and Stifel's optimism regarding the company’s fiscal 2026 profitability targets and upcoming catalysts like the Joliet casino project.
Penn reported mixed third-quarter 2025 financials, with revenue of $1.4 billion meeting expectations but an EPS loss of -$0.22 being wider than forecasted, and an EBITDA loss of $76.6 million in the Interactive segment.
Penn's land-based casinos, which represent 85% of total sales in 2024, provide a strong foundation, with the company operating 43 properties across 20 states.

Nov 8, 2025, 12:12 AM

CNBC

Penn Entertainment Ends ESPN Bet Partnership

PENN

New Projects/Investments

Demand Weakening

Guidance Update

Penn Entertainment and ESPN have agreed to end their exclusive U.S. online sports betting partnership early.
The ESPN Bet sportsbook will shut down on December 1, 2025, due to its failure to capture significant market share, holding only about 3% compared to a target of 20%.
Penn will rebrand its U.S. sportsbook as theScore Bet, aligning with its existing Canadian brand, and focus on integrating sportsbook offerings with its Hollywood-branded iCasino to improve profitability.
The partnership involved $150 million in annual payments and $500 million in stock warrants to ESPN, with Penn CEO Jay Snowden citing the inability to reach market share goals and the decision to terminate to avoid further losses.
ESPN will retain vested stock warrants but relinquish unvested and performance warrants, and plans to shift to a content partnership with DraftKings.

Nov 7, 2025, 12:27 AM

Bloomberg

PENN Entertainment Terminates ESPN Bet Agreement, Shifts Digital Strategy, and Updates Financials

PENN

Guidance Update

Share Buyback

New Projects/Investments

PENN Entertainment announced the early termination of its exclusive online sports betting marketing agreement with ESPN, effective December 1. The company will transition its U.S. and Canadian online sports betting to theScore Bet and prioritize its Hollywood iCasino product.
The interactive segment's financial goal for 2026 remains break-even or better , despite an expected Q4 2025 loss that will be smaller than the $76.6 million adjusted EBITDA loss reported in Q3 2025. Cash payments to ESPN will cease at the end of Q4 2025.
For Q3 2025, the retail segment generated $1.4 billion in revenues and $465.8 million in adjusted EBITDA.
PENN repurchased $154.1 million of shares in Q3 2025 and authorized a new three-year $750 million share repurchase program starting January 1, 2026. Total 2025 CapEx guidance was updated to $685 million.

Nov 6, 2025, 2:00 PM

Transcript

PENN Entertainment Announces Strategic Digital Realignment and Share Repurchase Program

PENN

Earnings

Share Buyback

New Projects/Investments

PENN Entertainment announced the early termination of its U.S. online sports betting agreement with ESPN, effective December 1, 2025, which includes payments to ESPN and the rebranding of its U.S. OSB product to theScore Bet.
The company completed its previously stated share repurchase goal, buying back $354 million of shares through November 5, 2025, and authorized a new three-year $750 million share repurchase program effective January 1, 2026.
PENN's iCasino business achieved its highest quarterly gaming revenue to date in Q3 2025, driven by record cross-sell from OSB and growth from standalone apps, with North America iCasino MAU Growth Y/Y of +79% and NGR Growth Y/Y of +41%.
Retail business demand remained stable in Q3 2025, with total retail portfolio revenue growing +1.5% year-over-year, and Hollywood Casino Joliet opened its new location on August 11th.

Nov 6, 2025, 2:00 PM

Presentation

PENN Entertainment Terminates ESPN Bet Agreement Early and Reports Q3 2025 Results

PENN

Guidance Update

Share Buyback

New Projects/Investments

PENN Entertainment and ESPN have mutually agreed to an early termination of their exclusive online sports betting marketing agreement, effective December 1, with PENN's U.S. and Canadian OSB brands transitioning to SCOR BET.
The company maintains its interactive financial goal for 2026 to be breakeven or better, now with complete control over its digital cost structure and marketing budget.
In Q3 2025, the Retail segment generated $1.4 billion in revenues and $465.8 million in adjusted EBITDAR, while the Interactive segment reported $297.7 million in revenues and an adjusted EBITDA loss of $76.6 million.
PENN repurchased $354 million of shares as of November 5, 2025, and authorized a new $750 million share repurchase program starting January 1, 2026.
The 2025 total CapEx forecast has been updated to $685 million, reflecting a shift of some project costs into next year.

Nov 6, 2025, 2:00 PM

Transcript

PENN Entertainment Reports Q3 2025 Results and Terminates ESPN Alliance

PENN

Earnings

Share Buyback

New Projects/Investments

PENN Entertainment and ESPN mutually agreed to an early termination of their U.S. online sports betting agreement, effective December 1, 2025, with PENN rebranding its OSB offering to theScore Bet.
For Q3 2025, PENN reported a net loss of $(865.1) million and diluted loss per common share of $(6.03), primarily due to an $825.0 million impairment loss in the Interactive segment.
The company repurchased 7,965,282 shares for $154.1 million in Q3 2025 and authorized a new $750 million share repurchase program starting January 1, 2026. PENN will pay ESPN $38.1 million in Q4 2025 and $5 million post-termination, while ESPN retains vested warrants for 7,957,210 shares.

Nov 6, 2025, 12:00 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for PENN Entertainment.

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