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PENN Entertainment (PENN) investor relations material
PENN Entertainment Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Delivered solid Q2 results with stable customer demand and growth in both retail and interactive segments, including record online sports betting and iCasino revenue driven by product enhancements and omnichannel engagement.
Retail properties not impacted by new supply grew revenue 4% year-over-year, with positive trends in visitation and spend per visit.
Interactive segment achieved record gaming revenue and strong year-over-year improvements in adjusted revenue and EBITDA, but reported an adjusted EBITDA loss due to tech investments.
Major product enhancements and ESPN integrations, including the upcoming Fan Center, are expected to drive further engagement.
Four major development projects are on schedule and on budget, with Hollywood Casino Joliet opening ahead of schedule.
Financial highlights
Q2 2025 revenues rose 6.1% year-over-year to $1.77B; net loss narrowed to $18.3M from $27.1M; adjusted EBITDAR was $392.1M with a margin of 33.8%.
Interactive segment Q2 adjusted revenues were $178M, with an adjusted EBITDA loss of $62M, showing a $41M year-over-year improvement.
$115.3M in share repurchases year-to-date, targeting at least $350M for 2025.
Capital expenditures for the first half of 2025 totaled $129.6M; $159M CapEx in Q2, with $100M for development projects.
Ended Q2 with $1.2B in liquidity, including $672M in cash and equivalents; traditional net debt was $2.15B.
Outlook and guidance
2025 retail guidance remains unchanged; new Joliet property opening is now included.
Interactive segment expected to show sequential adjusted EBITDA improvement in Q3 and Q4, with Q4 inflecting positive.
Updated 2025 Interactive guidance reflects $10M in incremental costs for Missouri OSB launch and tax increases in four states.
Forecasting OSB handle market share (ex-NY) of 3.4% in Q3 and 4% in Q4; iCasino GGR share of 3% in Q3 and 3.2% in Q4.
Management expects operating cash flow, cash on hand, and credit facilities to be sufficient for foreseeable obligations.
Explain the strategic workforce adjustments.
Assess the impact of Note Repurchase Transaction.
How does FanCenter leverage the ESPN ecosystem?
How will ESPN's DTC launch impact ESPN BET?
Assess sustainability of retail's 4% growth.
Detail drivers behind Interactive's $200M loss.
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Next PENN Entertainment earnings date
Q3 20256 Nov, 2025
Next PENN Entertainment earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Hitting the jackpot
Penn National Gaming, Inc. (PENN) is a prominent gaming company that operates and manages various casinos, racing facilities, and online gaming platforms. The company offers a diverse range of gaming options, including slot machines, table games, poker, sports betting, and online casino games. Penn National Gaming aims to provide an entertaining and immersive gaming experience for its customers, whether they prefer in-person gaming at its properties or online gaming from the comfort of their homes.
The main business segments
Penn National Gaming operates through three main business segments: Northeast, South, and West. The Northeast segment includes properties located in states such as Pennsylvania, Massachusetts, and Ohio. The South segment encompasses properties in states like Louisiana, Mississippi, and Kansas. The West segment includes properties in Colorado, Nevada, and other western states. Through these segments, Penn National Gaming caters to diverse regional markets and regulatory environments, adapting its offerings to meet local preferences and regulations.
Presence all over the U.S.
Penn National Gaming has a significant presence in the gaming industry, with over 40 properties across the United States. The company's properties range from large destination resorts to smaller regional casinos, offering a variety of gaming experiences for different types of customers.
In addition to its land-based casinos, Penn National Gaming has expanded its reach in the online gaming space. The company operates online sports betting and online casino platforms, allowing customers to enjoy their favorite games and place bets from their computers or mobile devices. This strategic move into online gaming has enabled Penn National Gaming to tap into the growing digital gaming market and reach a broader customer base.
Penn National Gaming faces competition from other notable players in the gaming and entertainment industry. Three public competitors include Caesars Entertainment Inc., MGM Resorts International, and Boyd Gaming Corporation. These companies also operate a range of casinos and gaming properties, competing for market share in various regions.
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