PENN
PENN Entertainment, Inc.14.15
+0.34+2.46%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
New conversion projects pipeline
Q&A revealed a pipeline of low-single-digit dockside-to-land conversions in Louisiana, Mississippi, and Illinois, with announcements eyed for 2026 alongside 15%+ returns. Interactive's 20% revenue growth ex-gross-up breaks out as iGaming exceeding that pace, OSB NGR rising despite handle drop via high-worth retention and low-worth pullback. Retail promo and supply shocks in Bossier City, Council Bluffs lap by mid-Q2 for H2 tailwinds; same-store EBITDA flat YoY, growth from projects. Breakeven Interactive reaffirmed as comfortable midpoint, tracking post-rebrand plan. Pipeline expands thesis. Management confident on FCF, delevering; watch digital trajectory, ramps.
Key Stats
Market Cap
2.07BP/E (TTM)
-Basic EPS (TTM)
-6.08Dividend Yield
0%Recent Filings
8-K
PENN issues $600M notes
PENN Entertainment closed a $600 million private offering of 6.750% senior notes due April 1, 2031, on March 16, 2026. Proceeds repay revolver debt under its credit agreement and fund general corporate purposes. Notes rank equal to other senior unsecured debt but subordinate to secured obligations. Covenants curb debt and dividends, easing if investment grade.
8-K
Q4 revenue up, EBITDA jumps
PENN Entertainment posted Q4 revenues of $1.8B, up from $1.7B last year, with Consolidated Adjusted EBITDA surging to $225.8M from $165.2M despite $105.3M impairments. Retail delivered $456.4M Segment Adjusted EBITDAR; Interactive narrowed losses to $39.9M on 52% organic revenue growth and theScore Bet rebrand. Targets 20% segment EBITDAR growth in 2026. De-levering accelerates.
10-K
FY2025 results
PENN Entertainment posted FY2025 revenues of $6.96B, up 5.8% y/y, driven by Interactive segment growth to $1.30B from online gaming and tax reimbursements, while retail segments held steady despite weather hits and competition. Q4 saw Joliet's land-based launch and M Resort's hotel tower boost Midwest and West, yet $845M net loss stemmed from $825M Interactive goodwill impairment post-ESPN BET termination and rebrand to theScore Bet. Retail delivered $830M Adjusted EBITDA; $648M capex funded projects, offset by $280M GLPI proceeds. Debt at $2.9B with $406M revolver room; $354M buybacks executed. Intense competition from prediction markets threatens quarterly momentum.
8-K
PENN adds three HG Vora directors
PENN Entertainment struck a cooperation agreement with HG Vora on February 22, 2026, appointing Heather Ace and Jeffrey Fox as Class II directors through 2028 and Fabio Schiavolin as Class III director up for election in 2026. The board expanded from eight to eleven members, with HG Vora accepting standstill and voting restrictions until 45 days before the 2028 shareholder meeting. Litigation dismissed. New voices bring gaming and tech expertise.
8-K
Restructures, cuts exec roles
PENN Entertainment unveiled a new organizational structure on January 5, 2026, eliminating EVP Operations Todd George and SVP CIO Rich Primus roles to sharpen Interactive focus on Canada and Hollywood iCasino while bolstering retail casino synergies. Regional ops leaders stay put; Aaron LaBerge absorbs IT duties for efficiency. Positions gone. Cost savings details await Q4 results.
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