PENN Entertainment, Inc., together with its subsidiaries (‘PENN’), provides integrated entertainment, sports content, and casino gaming experiences.
As of December 31, 2024, the company operated in 28 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting, and iCasino offerings under well-recognized brands, including Hollywood Casino, L’Auberge, ESPN BET, and theScore BET Sportsbook and Casino. The company's ability to leve...
PENN Entertainment, Inc., together with its subsidiaries (‘PENN’), provides integrated entertainment, sports content, and casino gaming experiences.
As of December 31, 2024, the company operated in 28 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting, and iCasino offerings under well-recognized brands, including Hollywood Casino, L’Auberge, ESPN BET, and theScore BET Sportsbook and Casino. The company's ability to leverage its partnership with ESPN, Inc. and ESPN Enterprises, Inc. (together, ‘ESPN’), the ‘worldwide leader in sports,’ and its ownership of theScore, the top digital sports media brand in Canada, is central to the company’s highly differentiated strategy to expand its footprint and efficiently grow its customer ecosystem. The company's focus on organic cross-sell opportunities is reinforced by its market-leading retail casinos, sports media assets, and technology, including a proprietary, state-of-the-art, fully integrated digital sports and iCasino betting platform, and an in-house iCasino content studio (PENN Game Studios). The company’s portfolio is further bolstered by its industry-leading PENN Play customer loyalty program, offering its approximately 32 million members a unique set of rewards and experiences.
Segments
The company has five reportable segments: Northeast, South, West, Midwest, and Interactive.
The company’s gaming and racing properties are grouped by geographic location, and each is viewed as an operating segment, with the exception of its two properties in Jackpot, Nevada, which are viewed as one operating segment. The company considers its combined Video Gaming Terminal (‘VGT’) operations, by state, to be separate operating segments.
The Northeast, South, West, and Midwest segments (referred to as the company’s ‘retail segments’) primarily generate revenue from gaming operations (such as slot machines and table games), food and beverage offerings, and hotel visitation. The Interactive segment includes all of the company’s online sports betting, online casino/iCasino, and social gaming (collectively referred to as ‘online gaming’) operations, management of retail sports betting, media, and the operating results of Barstool Sports, Inc. (‘Barstool’ or ‘Barstool Sports’) subsequent to the Barstool Acquisition on February 17, 2023, and prior to the Barstool divestiture on August 8, 2023.
Retail Operations
As of December 31, 2024, the company owned, managed, or had ownership interests in 43 gaming and racing properties in 20 states. In addition, the company offers live sports betting at its properties in 13 states.
Northeast Segment
Ameristar East Chicago is located less than 25 miles from downtown Chicago, Illinois, and offers guests a gaming and entertainment experience in the Chicago metropolitan area. In addition to gaming amenities, the property features a full-service hotel, an ESPN BET sportsbook for live sports betting, a fitness center, dining venues, and a lounge.
Hollywood Casino Bangor is located less than five miles from the Bangor airport in Maine. The property features slot machines, table games, a hotel with 5,100 square feet of meeting and multipurpose space, and dining and entertainment options. Bangor Raceway, which is adjacent to the property, is located at historic Bass Park and includes a one-half mile standardbred racetrack and a 12,000 square foot grandstand capable of seating 3,500 patrons.
Hollywood Casino at Charles Town Races is located within approximately an hour drive of the Baltimore, Maryland, and Washington, D.C. markets. In addition to a hotel, slot machines, table games, and poker tables, the property includes a sportsbook for live sports betting, as well as a variety of dining options. The complex also features live thoroughbred racing at a three-quarters mile all-weather lighted thoroughbred racetrack with a 3,000-seat grandstand and simulcast wagering.
Hollywood Casino Columbus is a Hollywood-themed casino located in Columbus, Ohio. It features slot machines, table games, poker tables, and an ESPN BET sportsbook for live sports betting, as well as multiple food and beverage outlets, and an entertainment lounge.
Hollywood Casino at Greektown is located in the Greektown district of Detroit, Michigan, and is one of four casino hotels in the Detroit-Windsor area. In addition to slot machines, table games, and an ESPN BET sportsbook for live sports betting, the property features a 30-story hotel, several food and beverage options from casual to fine dining, as well as 10,000 square feet of convention and banquet space.
Hollywood Casino Lawrenceburg is a Hollywood-themed casino riverboat located along the Ohio River in Lawrenceburg, Indiana, approximately 15 miles west of Cincinnati, Ohio. In addition to slot machines, table games, and poker tables, the riverboat features an ESPN BET sportsbook for live sports betting, as well as a variety of dining options. The hotel and event center, located within one mile from the casino, includes 18,000 square feet of multipurpose space and 19,500 square feet of ballroom and meeting space.
Hollywood Casino Morgantown is located less than an hour drive west of Philadelphia, Pennsylvania. The property features an outdoor gaming and entertainment area, an ESPN BET sportsbook for live sports betting, slot machines, table games, and multiple food and beverage outlets.
Hollywood Casino at PENN National Race Course is located 15 miles northeast of Harrisburg, Pennsylvania. This gaming facility also includes a variety of dining and entertainment options, as well as an ESPN BET sportsbook for live sports betting and a viewing area for live racing. The property includes a one-mile all-weather lighted thoroughbred racetrack and a seven-eighths mile turf track.
Hollywood Casino Perryville is a Hollywood-themed casino located near the Susquehanna River in Perryville, Maryland, approximately 45 miles east of Baltimore, Maryland. It features slot machines, table games, poker tables, and an ESPN BET sportsbook for live sports betting, as well as a variety of dining options.
Hollywood Casino at The Meadows is located in Washington, Pennsylvania, approximately 25 miles south of Pittsburgh, Pennsylvania. In addition to gaming amenities, the property offers an ESPN BET sportsbook for live sports betting, several dining options, as well as an event and banquet center, a simulcast betting parlor, a five-eighths mile harness racetrack, and a bowling alley.
Hollywood Casino Toledo is a Hollywood-themed casino located on the bank of the Maumee River in Toledo, Ohio. The property features slot machines, table games, poker tables, and an ESPN BET sportsbook for live sports betting, as well as multiple food and beverage outlets and an entertainment lounge.
Hollywood Casino York is a casino located within the York Galleria Mall, approximately an hour drive north of Baltimore, Maryland. It features slot machines, table games, and an ESPN BET sportsbook for live sports betting, as well as casual dining options.
Hollywood Gaming at Dayton Raceway is a Hollywood-themed casino and raceway located in Dayton, Ohio. It features video lottery terminals, a five-eighths mile standardbred racetrack, an ESPN BET sportsbook for live sports betting, as well as various restaurants and bars, amongst other amenities.
Hollywood Gaming at Mahoning Valley Race Course is a Hollywood-themed casino and raceway located in Youngstown, Ohio, featuring video lottery terminals and a one-mile thoroughbred racetrack. The property also includes an ESPN BET sportsbook for live sports betting, various restaurants, and bars, amongst other amenities.
Marquee by PENN is the company’s licensed VGT route operator with a network of 28 truck stop establishments in Pennsylvania.
Plainridge Park Casino is located 20 miles southwest of the Boston beltway just off interstate 95 in Plainville, Massachusetts. In addition to gaming offerings and a sportsbook for live sports betting, Plainridge Park Casino features various restaurants and bars, along with a five-eighths mile live harness racing facility with a two-story clubhouse for simulcast operations, special events, and live racing viewing.
South Segment
1st Jackpot Casino is the closest Tunica-area casino to downtown Memphis, Tennessee. It features slot machines, table games, a café, a sportsbook for live betting, and a live entertainment venue.
Ameristar Vicksburg, which is the largest dockside casino in central Mississippi, is located along the Mississippi River approximately 45 miles west of Mississippi’s largest city, Jackson. In addition to gaming amenities, the property features a hotel, multiple dining and bar facilities, 1,800 square feet of meeting and event space, a sportsbook for live sports betting, and an RV park.
Boomtown Biloxi, located in Biloxi, Mississippi, offers slot machines, table games, poker tables, and a sportsbook for live sports betting, as well as two distinct dining options. The property also includes a recreational vehicle park and a 3,600 square foot event center and board room.
Boomtown Bossier City features a hotel adjoining a dockside riverboat casino located less than one mile from the Louisiana Boardwalk. The property offers a sportsbook for live sports betting, a variety of dining options, and 1,500 square feet of meeting and conference space.
Boomtown New Orleans is located in the West Bank area across the Mississippi River, approximately 15 minutes from the French Quarter of New Orleans, Louisiana. In addition to gaming amenities and a sportsbook for live sports betting, the property also features a five-story hotel, several restaurants, and over 14,000 square feet of meeting and conference space.
Hollywood Casino Gulf Coast is located in Bay St. Louis, Mississippi, and features slot machines, table games, poker tables, and a sportsbook for live sports betting. The property also features a golf course, various dining options, an RV park, and a marina, amongst other amenities. The waterfront hotel includes a 10,000 square foot ballroom and six separate meeting rooms offering more than 13,000 square feet of meeting space.
Hollywood Casino Tunica is a Hollywood-themed casino located less than 10 miles from Tunica County River Park. In addition to gaming offerings, it features a sportsbook for live sports betting, a hotel, a 123-space recreational vehicle park, various dining and bar options, and banquet and meeting facilities.
L’Auberge Baton Rouge is located approximately ten miles southeast of downtown Baton Rouge, Louisiana. The property features a 12-story hotel, slots, table games, poker, an ESPN BET sportsbook for live sports betting, a variety of dining choices, and 13,000 square feet of meeting and event space.
L’Auberge Lake Charles offers one of the closest full-scale casino hotel facilities to Houston, Texas, as well as to the Austin, Texas, and San Antonio, Texas, metropolitan areas. The location is approximately 140 miles from Houston and approximately 300 miles and 335 miles from Austin and San Antonio, respectively. In addition to gaming amenities and an ESPN BET sportsbook for live sports betting, the property features several dining outlets, a golf course, a full-service spa, and more than 26,000 square feet of meeting and event space.
Margaritaville Resort Casino is one of the premier gaming, lodging, dining, and entertainment experiences in Northern Louisiana. The property provides an island-style theme and includes gaming amenities, an ESPN BET sportsbook for live sports betting, a 15,000 square foot 1,000-seat theater, and 9,500 square feet of meeting space.
West Segment
Ameristar Black Hawk is located in the center of the Black Hawk gaming district, approximately 40 miles west of Denver, Colorado. The resort features slot machines, table games, poker tables, and an ESPN BET sportsbook for live sports betting. In addition to gaming amenities, the resort features a hotel, a full-service day spa, several dining outlets, a live entertainment bar, and 15,000 square feet of meeting and event space.
Cactus Petes and Horseshu (collectively, ‘the Jackpot Properties’) are located just south of the Idaho border in Jackpot, Nevada. The Jackpot Properties collectively feature two hotels, several dining options, a 4,000 seat amphitheater, a showroom, a live entertainment lounge, a sportsbook for live sports betting, and meeting and event facilities.
M Resort Spa Casino, located approximately ten miles from the Las Vegas strip in Henderson, Nevada, is situated at the southeast corner of Las Vegas Boulevard and St. Rose Parkway. The resort features slot machines, table games, and a sportsbook for live sports betting, as well as a hotel and a variety of dining and bar options. The property also features more than 60,000 square feet of meeting and conference space, a spa and fitness center, and a 100,000 square foot event center.
Zia Park Casino is located in Hobbs, New Mexico, and features slot machines, a hotel, restaurants, a one-mile quarter horse/thoroughbred racetrack with live racing from September to December, and a year-round simulcast parlor.
Midwest Segment
Ameristar Council Bluffs is located across the Missouri River from Omaha, Nebraska, and includes the largest riverboat in Iowa. In addition to gaming amenities, the property also features a hotel, a fitness center, several dining facilities, a sports bar featuring an ESPN BET sportsbook with live sports betting, and 5,000 square feet of convention and meeting space.
Argosy Casino Alton is located on the Mississippi River in Alton, Illinois, approximately 20 miles northeast of downtown St. Louis, Missouri. Argosy Casino Alton is a three-deck riverboat featuring slot machines, table games, and a sportsbook for live betting. Argosy Casino Alton includes an entertainment pavilion and features a deli, a sportsbook viewing lounge, and a 475-seat main showroom.
Argosy Casino Riverside is located on the Missouri River, approximately five miles from downtown Kansas City. In addition to gaming amenities, this Mediterranean-themed property features a nine-story hotel, a spa, an entertainment facility featuring various food and beverage areas, a VIP lounge, and a sports/entertainment lounge, and 19,000 square feet of banquet/conference facilities.
Hollywood Casino Aurora is located in Aurora, Illinois, the second largest city in Illinois, approximately 35 miles west of Chicago. This single-level dockside casino offers guests gaming amenities, including a poker room and a sportsbook for live sports betting, and features multiple dining and bar options.
Hollywood Casino Joliet is located on the Des Plaines River in Joliet, Illinois, approximately 40 miles southwest of Chicago. The complex includes a barge-based casino which provides guests with two levels of gaming experience, as well as a land-based pavilion with several dining and entertainment options. In addition, the property includes a sportsbook for live sports betting, a hotel, 4,600 square feet of meeting space, and an 80-space RV park.
Hollywood Casino at Kansas Speedway, the company’s 50% joint venture with NASCAR, is located in Kansas City, Kansas. It features slot machines, table games, poker tables, and an ESPN BET sportsbook for live sports betting, and offers a variety of dining and entertainment facilities and a meeting room.
Hollywood Casino St. Louis is located adjacent to the Missouri River directly off I-70 and approximately 22 miles northwest of downtown St. Louis, Missouri. The facility features slot machines, table games, poker tables, a hotel, and a variety of dining and entertainment venues.
Prairie State Gaming is the company’s licensed VGT route operator in Illinois across a network of over 423 bar and/or retail gaming establishments in seven distinct geographic areas throughout Illinois.
River City Casino is located in the St. Louis, Missouri metropolitan area, just south of the confluence of the Mississippi River and the River des Peres in the south St. Louis community of Lemay, Missouri. River City Casino features a hotel, multiple dining outlets, an entertainment lounge, and over 10,000 square feet of conference space.
Interactive Operations
PENN Interactive operates the company’s online gaming portfolio, which includes: ESPN BET, an online sportsbook operating in select U.S. jurisdictions; Hollywood Casino, an iCasino operating in select U.S. jurisdictions, including within the ESPN BET website and app, and stand-alone Hollywood iCasino website and app; theScore BET, an online sportsbook and iCasino operating in Ontario, Canada; and PENN Game Studios, its in-house iCasino and social gaming content studio. ESPN BET, Hollywood Casino, and theScore BET leverage the company’s proprietary, state-of-the-art player account management and online gaming platform. In addition, PENN Interactive also operates the company’s digital sports media business, theScore Media and Gaming, Inc. (‘theScore’). As of December 31, 2024, PENN Interactive operated online sportsbooks in 20 jurisdictions and iCasino in five jurisdictions throughout the U.S. and Canada.
Previously, PENN Interactive’s online gaming business included Barstool Sportsbook & Casino (‘Barstool Sportsbook’). On November 14, 2023, the Barstool Sportsbook brand was discontinued, with PENN Interactive re-launching its U.S. online sportsbook product as ESPN BET and its U.S. iCasino product as Hollywood Casino.
In addition, PENN Interactive supported operations for retail sportsbooks across the company’s portfolio of casinos, including, as of December 31, 2024, 30 retail sportsbooks located at the company’s properties in 13 states. As of January 2023, PENN Interactive also began providing retail sportsbook management services to select casino operators outside the company’s portfolio.
Further, through the company’s portfolio of properties, PENN Interactive has entered into multi-year agreements with other gaming operators for online sports betting and iCasino market access in several states. Pursuant to these agreements, as of December 31, 2024, such online sports betting and online casino operators had operations in six states.
theScore is a sports media company that provides comprehensive coverage of sports through its various platforms, including theScore media app and theScore BET Sportsbook and Casino app. theScore media app delivers users highly-personalized live scores, news, stats, and betting information from their favorite teams, leagues, and players. Additionally, theScore BET Sportsbook and Casino app delivers an immersive and holistic mobile sports betting and iCasino gaming experience, leveraging theScore’s proprietary player account management and risk and trading platforms. theScore’s technology, resources, and audience reach are used to accelerate its media and sports betting strategy across North America and are the foundation for online sportsbook and iCasino products, such as ESPN BET and theScore BET.
Barstool: The company, through a wholly-owned subsidiary, held a 36% equity interest in Barstool. Under this strategic relationship, Barstool exclusively promoted the company’s sports betting and iCasino products, including the Barstool Sportsbook website and app, as well as its retail gaming and racing properties, to its national audience and granted the company the sole right to utilize the Barstool brand for its online and retail sports betting and iCasino products.
In connection with the company’s decision to rebrand its online sports betting business from Barstool Sportsbook to ESPN BET, the company entered into a stock purchase agreement with David Portnoy on August 8, 2023 (the ‘Barstool SPA’). Pursuant to the Barstool SPA, the company sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for nominal cash consideration and certain non-compete and other restrictive covenants.
Other
Freehold Raceway: Through the company’s joint venture with Greenwood, the company owns 50% of Freehold Raceway. The property features a one-half mile standardbred racetrack and a 118,000 square foot grandstand. Operations ceased at Freehold Raceway on December 28, 2024. In addition, through the company’s Greenwood joint venture, the company owns 50% of a leased off-track wagering (‘OTW’) facility in Toms River, New Jersey, and operates another OTW facility, which it constructed, in Gloucester Township, New Jersey.
Retama Park Racetrack: The company has a management contract with Retama Development Corporation, a local government corporation of the City of Selma, Texas, to manage the day-to-day operations of Retama Park Racetrack. In addition, the company owns 1.0% of the equity of Retama Nominal Holder, LLC, which holds a nominal interest in the racing license used to operate Retama Park Racetrack. Additionally, the company owns a 75.5% interest in Pinnacle Retama Partners, LLC, which owns the contingent gaming rights that may arise if gaming under the existing racing license becomes legal in Texas in the future.
Sam Houston Race Park and Valley Race Park: Sam Houston Race Park, which is located 15 miles northwest from downtown Houston, Texas, along Beltway 8, hosts thoroughbred racing and offers daily simulcast operations, as well as hosts various special events, private parties, and meetings throughout the year. Valley Race Park is a 91,000 square foot property that previously conducted greyhound racing and simulcasting. Valley Race Park has not been open since March 2020. The company acquired the remaining 50% of these properties, as well as a license for a racetrack in Manor, Texas, just outside of Austin, on August 1, 2021.
Sanford-Orlando Kennel Club: The facility and parking lot area are owned by the company and operate a restaurant and offer year-round simulcast operations.
Triple Net Leases
The majority of the real estate assets (i.e., land and buildings) used in the company’s operations are subject to triple net master leases, the most significant of which are with Gaming and Leisure Properties, Inc. (‘GLPI’), a real estate investment trust (‘REIT’), and include the AR PENN Master Lease, 2023 Master Lease, PENN Master Lease (prior to January 1, 2023), and Pinnacle Master Lease (collectively referred to as the ‘Master Leases’). As of December 31, 2024, in addition to the Master Leases, three individual gaming facilities used in the company’s operations are subject to individual triple net leases (together with the Master Leases, the ‘Triple Net Leases’). Under the company’s Triple Net Leases, in addition to lease payments for the real estate assets, the company is required to pay the following, among other things: all facility maintenance; all insurance required in connection with the leased properties and the business conducted on the leased properties; taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor); all tenant capital improvements; and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
AR PENN Master Lease
Prior to the effective date of the AR PENN Master Lease, the company leased real estate assets associated with 19 of the gaming facilities used in its operations via a triple net master lease with GLPI (the ‘PENN Master Lease’), which became effective November 1, 2013. The PENN Master Lease had an initial term of 15 years with four subsequent five-year renewal periods on the same terms and conditions, exercisable at the company’s option.
On February 21, 2023, the company and GLPI entered into an agreement to amend and restate the triple net master lease dated November 1, 2013 (the ‘AR PENN Master Lease’), effective January 1, 2023, to remove the land and buildings for Hollywood Casino Aurora (‘Aurora’), Hollywood Casino Joliet (‘Joliet’), Hollywood Casino Columbus (‘Columbus’), Hollywood Casino Toledo (‘Toledo’), and the M Resort Spa Casino (‘M Resort’). The AR PENN Master Lease remains subject to annual rent escalators and a percentage rent reset every five years.
2023 Master Lease
Concurrent with the execution of the AR PENN Master Lease, the company and GLPI entered into a new triple net master lease (the ‘2023 Master Lease’), effective January 1, 2023, specific to the property associated with Aurora, Joliet, Columbus, Toledo, M Resort, Hollywood Casino at The Meadows (‘Meadows’), and Hollywood Casino Perryville (‘Perryville’), and a master development agreement (the ‘Master Development Agreement’). The 2023 Master Lease terminated the individual triple net leases associated with Meadows and Perryville.
Pinnacle Master Lease
In connection with the acquisition of Pinnacle Entertainment, Inc. (‘Pinnacle’), on October 15, 2018, the company assumed a triple net master lease with GLPI (the ‘Pinnacle Master Lease’), originally effective April 28, 2016, pursuant to which the company leases real estate assets associated with 12 of the gaming facilities used in its operations.
Other triple net leases with REIT landlords
The company has a triple net lease with GLPI for the land underlying the Hollywood Casino Morgantown property. Prior to the execution of the 2023 Master Lease, the company also had triple net leases with GLPI for the real estate assets associated with the Meadows and Perryville properties. Prior to the sale of the company’s outstanding equity interest in Tropicana Las Vegas Hotel and Casino, Inc. (‘Tropicana’) on September 26, 2022, the company had a triple net lease with GLPI for the real estate assets associated with the Tropicana property.
The company has triple net leases with VICI Properties, Inc. (‘VICI’) for the real estate assets associated with the Margaritaville Resort Casino and Hollywood Casino at Greektown properties.
Trademarks
The company owns a number of trademarks and service marks registered or pending registration with the U.S. Patent and Trademark Office (‘USPTO’), the Canadian Intellectual Property Office (‘CIPO’), and/or other intellectual property organizations in the European Union, the United Kingdom, and other countries around the world, including but not limited to, ‘Ameristar,’ ‘Argosy,’ ‘Boomtown,’ ‘Hollywood Casino,’ ‘Hollywood Gaming,’ ‘L’Auberge,’ ‘M Resort,’ ‘PENN Entertainment,’ and ‘PENN Play.’ theScore’s registered trademarks and service marks include ‘theScore,’ ‘theScore Bet,’ and ‘theScore esports’, among others. The company also has a number of trademark applications pending with the USPTO, CIPO, and the World Intellectual Property Organization.
Among others, the company has a licensing agreement with a third party to use the ‘Margaritaville’ trademark in connection with the operations of Margaritaville in Bossier City, Louisiana. As of August 8, 2023, the company had a licensing agreement with ESPN, Inc. to use the ‘ESPN BET’ and related trademarks in connection with the operations of its online sports betting products within the United States.
History
The company was founded in 1972. It was formerly known as PNRC Corp. and changed its name to Penn National Gaming, Inc. in 1994. Further, the company changed its name to PENN Entertainment, Inc. in 2022.
