Penn National Gaming, Inc. Earnings Recaps
Q1 2026
Apr 23, 2026
PENN Entertainment delivered a resilient Q1 2026 performance with robust retail growth and significant EBITDA improvements in digital operations, supported by new market launches and strategic cost management.
Key takeaways
- Retail segment revenue reached $1.4 billion with adjusted EBITDAR of $471.4 million, raising full-year guidance amid strong performance and new project contributions.
- Digital (Interactive) EBITDA improved by approximately $78 million YoY, driven by growth in iCasino and online sports betting, despite investments in Alberta; full-year revenue forecast raised to ~$1.6 billion.
- Upcoming openings of Hollywood Columbus hotel tower, Hollywood Casino Aurora, and Council Bluffs relocations are on track, expected to generate 15%+ cash-on-cash returns.
- Effectively managing costs, the company is maintaining a focus on free cash flow and balance sheet strengthening, with 2026 profits projected to improve despite short-term investment spend.
- Q2 guidance anticipates some temporary disruptions due to regulatory closures; full-year retail EBITDA expected to grow mid-single digits.
Q3 2025
Nov 8, 2025
Penn Entertainment's Q3 2025 results reflect strategic recalibration in its interactive business, including the early termination of its ESPN marketing agreement, while reporting record gains in its iCasino segment.
Key takeaways
- Early termination of the ESPN marketing agreement to refocus on core digital assets, including the Score Bet brand, effective December 1.
- Record quarterly gaming revenue for the North America iCasino business, up nearly 40% year-over-year, driven by strong cross-sell initiatives.
- 79% surge in monthly active users for iCasino services during Q3, bolstered by the successful standalone app and integration with sports betting.
- Strong performance trends across core regional casinos, notably in the West segment, with solid visitation and spending metrics.
- Ongoing development projects are on schedule, with new openings anticipated in late 2023 and throughout 2026.