PENNNasdaqHotels & MotelsUS GAAP · USD

PENN Entertainment, Inc.

PENN Entertainment, Inc. operates a diversified North American gaming and entertainment business spanning regional casinos, racetracks, and online sports betting and iCasino offerings. Its portfolio combines physical gaming properties with digital wagering, media, and loyalty assets under brands such as Hollywood Casino, L’Auberge, theScore Bet, and PENN Play.

Kysy yhtiöstä
Liikevaihto6 961milj. USD
+5,8 %v/v
Liikevoitto (EBIT)−674milj. USD
−1 029,1 %v/v
EBIT-marginaali−9,7%
−10,8 %-yks.v/v
Nettotulos−843milj. USD
−170,7 %v/v
Vapaa kassavirta508milj. USD
+41,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−2 00002 0004 0006 0008 000milj. USD2020: 3 579 milj. USD2020: EBIT −410 milj. USD20202021: 5 905 milj. USD2021: EBIT 1 060 milj. USD20212022: 6 402 milj. USD2022: EBIT 974 milj. USD20222023: 6 363 milj. USD2023: EBIT −690 milj. USD20232024: 6 578 milj. USD2024: EBIT 73 milj. USD20242025: 6 961 milj. USD2025: EBIT −674 milj. USD20256 961−674
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: PENN Entertainment, Inc.

Liiketoiminta

Osuus liikevaihdosta
Retail gaming properties70 %

Casino and racetrack operations with slot, table game, food, beverage, and hotel revenue.

Online sports betting12 %

Mobile and online sportsbook offerings in U.S. and Canadian markets.

iCasino / online casino10 %

Digital casino games and related online gaming content and platforms.

Media and interactive services5 %

Sports media, retail sportsbook management, and customer acquisition support.

Loyalty and ancillary services3 %

PENN Play rewards, promotions, and cross-sell-related customer engagement services.

Tuotteet

Raportoitu · osuus liikevaihdosta
76,9%13,1%FY2025100 %
  • Casino76,9 %
  • Other13,1 %
  • Food and Beverage6,4 %
  • Occupancy3,6 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

PENN serves leisure and gaming customers who visit regional casinos and racetracks for slots, table games, dining, and hotel stays. It also serves online bettors and digital casino players who use mobile apps and web platforms for sports wagering and iCasino play. The PENN Play loyalty program and media partnerships are designed to convert these customers across retail and digital channels.

Regional casino guests

Customers visiting casinos and racetracks for gaming, food, beverage, and lodging.

Online sports bettors

Mobile and web users placing wagers through OSB brands such as theScore Bet.

iCasino players

Digital casino customers who play online slots and table-style games.

PENN Play loyalty members

Members enrolled in the rewards ecosystem who are targeted for repeat play and cross-sell.

Partner-branded sportsbook users

Customers acquired through media and strategic brand partnerships that support sportsbook traffic.

Strategia

PENN’s strategy centers on cross-selling customers between its retail casinos, sportsbook, iCasino, media, and loyalty platforms. It is also focused on using proprietary technology, theScore media assets, and PENN Play to deepen customer engagement and improve acquisition efficiency across channels.

Cross-sell between retail and digital channelsLyhyt aikaväli

The business model depends on converting casino visitors into online users and vice versa.

Strengthen iCasino and online gaming offeringsKeskipitkä aikaväli

Digital gaming is a key growth vector and can scale beyond local property markets.

Use media and partnerships to lower acquisition costsKeskipitkä aikaväli

Brand partnerships can improve customer reach and support sportsbook and casino traffic.

Optimize the property portfolio and local market presencePitkä aikaväli

Regional casinos remain the core cash-generating base and support omnichannel growth.

Maantiede

PENN operates in 28 jurisdictions across North America, with a broad footprint of retail properties in the United States and digital gaming exposure in both the U.S. and Canada. Its business is organized into Northeast, South, West, Midwest, and Interactive segments, reflecting a mix of local casino markets and online wagering markets. Geography matters because the company depends on state and provincial gaming regulation, local market competition, and the performance of a concentrated set of regional properties.

Riskit

PENN faces intense competition in both regional gaming and online wagering, where customer acquisition, pricing, and product quality are critical. Its results are also exposed to discretionary spending, seasonality, regulatory change, third-party dependence, and lease-heavy capital structure obligations tied to many of its properties.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Intense competition in gaming and online wagering1Discretionary consumer spending sensitivity2Sportsbook trading and pricing risk3Lease and debt service burden4Third-party and regulatory dependence6
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Intense competition in gaming and online wageringVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company competes with casinos, lotteries, sweepstakes, fantasy sports, and other digital platforms.

    KohdistuuRetail casinosOSBICasino
  2. Discretionary consumer spending sensitivityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Gaming and entertainment spend can fall when household budgets tighten or travel weakens.

    Kohdistuu: Casino visitation and digital wagering volumes

  3. Sportsbook trading and pricing riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Sports betting margins depend on hold rates, liability management, and event outcomes.

    Kohdistuu: Online sports betting

  4. Lease and debt service burdenVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A large share of cash flow is committed to rent and interest under master leases and debt.

    Kohdistuu: Property portfolio and capital structure

  5. Goodwill and intangible asset impairmentVaikutus: Korkea

    The company carries significant goodwill and trademarks that can be written down when outlook changes.

    Kohdistuu: Interactive and retail reporting units

  6. Third-party and regulatory dependenceVaikutus: KeskitasoTodennäköisyys: Matala

    Digital gaming requires geolocation, identity verification, payment processing, and approvals.

    Kohdistuu: Interactive segment and jurisdictional expansion

Kysy Clarifolta: PENN Entertainment, Inc.

Kirjanpito

Harkinnanvaraiset erät
Goodwill impairment testing

Interactive goodwill was tested using DCF and market multiples, and impairment can materially reduce reported earnings.

Vaikutus: Non-cash charges can be large and irregular

Trademark and gaming license impairment

Indefinite-lived intangibles are tested when indicators arise and can be written down if fair value falls.

Vaikutus: Affects operating results and asset carrying values

Lease accounting for master leases

Most real estate assets are subject to triple net master leases, creating recurring rent expense and liabilities.

Vaikutus: Influences EBITDA-to-cash flow conversion and leverage analysis

Seasonality in gaming revenue

Casino visitation and wagering volumes fluctuate by season, events, and local market conditions.

Vaikutus: Quarterly revenue and margin comparability can be uneven

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Caesars Entertainment, Inc.

CZR · Hotels & Motels

Full House Resorts, Inc

FLL · Hotels & Motels

VIP Play, Inc.

VIPZ · Retail-Miscellaneous Retail

Gaming & Leisure Properties, Inc.

GLPI · Real Estate Investment Trusts

Penske Automotive Group, Inc

PAG · Retail-Auto Dealers & Gasoline Stations

MGM Resorts International

MGM · Hotels & Motels

Päivitetty: 24.9.2026

PENN Entertainment, Inc. (PENN) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo