PENN Entertainment, Inc.
- Open
- 17.31
- Day high
- 17.45
- Day low
- 16.62
- Prev close
- 17.36
- Volume
- 2.4M
- Mkt cap
- $2.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.2
- P/S
- 0.3
- Yield
- —
- Per share
- —
PENN Entertainment, Inc. (PENN) is a Consumer Cyclical company listed on NASDAQ. The stock is down 15% over the past year. Drillr has 1 published research article covering PENN.
PENN Entertainment, Inc. (PENN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PENN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.37 | $0.25 | -33.1% | $1.9B | -0.2% |
| Apr 23, 2026 | $0.05 | $0.11 | +120.0% | $1.8B | +1.4% |
| Feb 26, 2026 | $-0.23 | $-0.55 | -139.1% | $1.8B | +2.6% |
| Nov 6, 2025 | $-0.10 | $-0.22 | -120.0% | $1.7B | -2.4% |
| Aug 7, 2025 | $-0.04 | $0.10 | +350.0% | $1.8B | +2.6% |
| May 8, 2025 | $-0.29 | $-0.25 | +13.8% | $1.7B | -3.6% |
| Feb 27, 2025 | $-0.41 | $-0.44 | -7.3% | $1.7B | -3.6% |
| Nov 7, 2024 | $-0.28 | $-0.24 | +14.3% | $1.6B | -3.7% |
| May 2, 2024 | $-0.59 | $-0.79 | -33.9% | $1.6B | -3.9% |
| Feb 15, 2024 | $-0.57 | $-1.75 | -207.0% | $1.4B | -16.1% |
| Nov 2, 2023 | $0.33 | $1.21 | +266.7% | $1.6B | +0.5% |
| May 4, 2023 | $0.38 | $0.31 | -17.3% | $1.7B | +4.6% |
PENN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 11, 2026 | Hartnett Johnnydirector | Option | 14,775 | — |
| Mar 11, 2026 | FOX JEFFREY Hdirector | Grant | 17,077 | — |
| Mar 11, 2026 | Schiavolin Fabiodirector | Grant | 17,077 | — |
| Mar 11, 2026 | ACE HEATHER Sdirector | Grant | 17,077 | — |
| Mar 11, 2026 | Snowden Jay Adirector, officer: CEO and President | Grant | 92,968 | — |
| Mar 11, 2026 | Snowden Jay Adirector, officer: CEO and President | Tax | 108,063 | $14.70 |
| Mar 2, 2026 | Rogers Christopher Byronofficer: See Remarks | Grant | 14,404 | — |
| Mar 2, 2026 | Hendrix Feliciaofficer: EVP and CFO | Tax | 17,133 | $12.54 |
| Mar 2, 2026 | Hendrix Feliciaofficer: EVP and CFO | Grant | 24,627 | — |
| Mar 2, 2026 | Rogers Christopher Byronofficer: See Remarks | Tax | 7,070 | $12.54 |
| Jan 6, 2026 | Rogers Christopher Byronofficer: See Remarks | Tax | 4,605 | $14.85 |
| Jan 6, 2026 | DHANDA ANUJdirector | Grant | 16,835 | — |
| Jan 6, 2026 | Ruisanchez Carlosdirector | Grant | 16,835 | — |
| Jan 6, 2026 | Hendrix Feliciaofficer: EVP and CFO | Grant | 62,424 | — |
| Jan 6, 2026 | George Toddofficer: EVP, Operations | Tax | 6,865 | $14.85 |
Source: PENN SEC Form 4 filings, latest Aug 11, 2026. For informational purposes only — not investment advice.
See the full PENN insider & 13F page →PENN Entertainment, Inc. company profile
Overview
PENN Entertainment, Inc. (NASDAQ:PENN) is a major American casino and entertainment company founded in 1972 and based in Wyomissing, Pennsylvania. Originally known as Penn National Gaming until its 2022 rebrand, the company has evolved from a traditional regional casino operator into an integrated entertainment and sports betting enterprise. PENN operates 44 casino properties across 20 states and has expanded significantly into digital gaming through its ESPN BET sports betting platform and iCasino offerings. The company went public in 1994 and has grown through both organic expansion and strategic acquisitions to become one of the largest regional casino operators in the United States.
Business
PENN Entertainment operates in the gambling and entertainment industry through two primary business segments that generate distinct revenue streams. The Retail segment represents approximately 85% of total revenue and consists of 44 brick-and-mortar casino properties across 20 states. These facilities operate under well-known brands including Hollywood Casino and L'Auberge, offering traditional casino gaming such as slot machines, table games, poker rooms, and sports betting. Many properties also feature hotels, restaurants, entertainment venues, and conference facilities. Casino gaming works on a simple premise: customers wager money on games of chance or skill, and the house maintains a mathematical advantage (called the "house edge") that ensures profitability over time. Slot machines, which generate the majority of gaming revenue, are electronic gambling devices where players insert money and spin reels hoping to match winning combinations. The Interactive segment accounts for roughly 15% of revenue and encompasses the company's digital gambling operations. This includes ESPN BET, a sports betting platform launched through a partnership with ESPN that allows customers to place wagers on sporting events via mobile apps and websites. The platform operates in 19 states covering 46% of the U.S. population. The segment also includes iCasino operations, which are online versions of traditional casino games like slots and table games, currently available in five jurisdictions including Pennsylvania, Michigan, New Jersey, and Ontario. These digital platforms allow customers to gamble from their mobile devices or computers, replicating the casino experience remotely. Sports betting involves wagering on the outcomes of sporting events, with the operator setting odds that incorporate their profit margin. iCasino games function similarly to their physical counterparts but are delivered through software, with random number generators ensuring fair play.
Revenue model
PENN Entertainment generates revenue through multiple complementary business models across its retail and digital operations. The retail casino business operates on a traditional gaming model where revenue comes from the mathematical advantage built into all casino games. For slot machines, customers insert cash and the machines retain a predetermined percentage of all wagers over time (typically 6-12%). Table games like blackjack and roulette generate revenue through similar house edges. The company also earns money from hotel stays, food and beverage sales, entertainment events, and retail sportsbooks located within their properties. In 2024, the retail segment generated approximately $5.6 billion in revenue with strong EBITDA margins around 33%. The interactive digital business monetizes through sports betting and iCasino operations. In sports betting, PENN sets odds on sporting events and retains a profit margin (typically 5-8% of handle) regardless of game outcomes. For iCasino, the revenue model mirrors physical casinos with house edges built into digital slot games and table games. The interactive segment generated approximately $580 million in revenue in 2024, though it currently operates at a loss as the company invests in customer acquisition and technology. Several factors significantly impact PENN's profitability. Positive margin drivers include favorable weather that increases casino visitation, major sporting events that drive betting volume, successful customer retention programs, and the company's ability to cross-sell between retail and digital platforms. Economic prosperity in their regional markets also boosts discretionary spending on entertainment. Negative margin pressures come from new casino competition in their markets, economic downturns that reduce consumer spending, high promotional costs in digital segments to acquire customers, rising labor and energy costs, and regulatory changes that increase tax rates or compliance expenses. The company's regional focus makes it particularly sensitive to local economic conditions and competitive dynamics in specific markets.
Competitive moat
PENN Entertainment operates in a moderately defensible position with several competitive advantages, though its moat strength varies significantly between business segments. The retail casino business benefits from meaningful regulatory barriers to entry, as casino licenses are limited by state governments and require extensive approvals, background checks, and capital investments. Once established, casinos enjoy geographic monopolies or oligopolies in their immediate markets, as customers typically prefer convenient locations. PENN's 44 properties across 20 states provide geographic diversification and local market presence that would be expensive for competitors to replicate. The company also benefits from customer database effects, where loyalty programs and player tracking create switching costs and enable targeted marketing. However, the retail moat faces ongoing erosion. New competition regularly emerges as states expand gaming licenses, and PENN specifically mentioned competitive pressures in markets like Nebraska, Louisiana, and Chicago. The rise of digital gambling also threatens physical casinos by offering convenience that brick-and-mortar locations cannot match. The interactive digital business operates in a much more competitive landscape with lower barriers to entry. While PENN's partnership with ESPN provides valuable brand recognition and access to sports content, the digital gambling market is crowded with well-funded competitors like DraftKings, FanDuel, and BetMGM. The ESPN partnership, while valuable, is not exclusive for all content and faces competition from other media-betting integrations. PENN's strongest potential moat lies in its omnichannel strategy - the ability to cross-sell between physical and digital properties. Approximately one-third of ESPN BET customers live within 50 miles of a PENN retail property, suggesting synergies that pure-digital competitors cannot replicate. However, this advantage is still developing and unproven at scale. Overall, PENN operates with a moderate but weakening moat in retail gaming and minimal moat protection in digital gambling, making execution and market positioning critical for long-term success.
Risks & safety
PENN Entertainment presents a mixed margin of safety profile with adequate liquidity but concerning leverage and valuation metrics. **Overall Assessment:** Moderate financial risk with high leverage offsetting strong cash position. **Liquidity and Debt:** - Cash and short-term investments: $592 million (Q1 2025) - Current ratio: 0.74 (below 1.0 indicates potential liquidity concerns) - Debt-to-equity ratio: 2.82 (high leverage) - Free cash flow: -$83 million (Q1 2025), though this includes growth capex - Operating cash flow remains positive at $42 million quarterly **Valuation Metrics:** - P/E ratio: 5.55 (appears cheap but based on cyclical earnings) - Price-to-book ratio: 0.84 (trading below book value) - EV/EBITDA: 6.8 (reasonable for gaming industry) - Graham number suggests fair value around $18 vs current price near $16 **Other Considerations:** - Interactive segment burning cash while building market share - Capital intensive business with ongoing property development projects - Highly regulated industry with potential for sudden rule changes - Economic sensitivity given discretionary nature of gambling spending
Recent development
Over the past few years, PENN Entertainment has undergone a significant strategic transformation from a traditional regional casino operator to an integrated entertainment and digital gaming company. The most significant development was the launch of ESPN BET in November 2023, replacing the previous Barstool Sportsbook. This partnership with ESPN represented a major strategic pivot, providing access to ESPN's massive media ecosystem and 28 million monthly active users. The platform launched simultaneously in 17 states and has since expanded to 19 states, growing from 190,000 monthly active users in Q3 2023 to nearly 4 million digital database members by 2024. PENN has also expanded into iCasino operations, launching standalone Hollywood Casino apps in Pennsylvania, Michigan, New Jersey, and Ontario. This represents a new revenue stream that complements the sports betting business, with management noting that 70% of iCasino revenue comes from incremental sources rather than cannibalizing existing customers. On the retail side, the company has maintained steady expansion with four major development projects currently under construction, including a new Hollywood Casino in Council Bluffs, Iowa, and Hollywood Joliet expected to open in Q4 2025. These projects are proceeding on-time and on-budget, demonstrating operational execution capabilities. The company has also focused heavily on omnichannel integration, working to connect its digital and physical properties. Approximately one-third of ESPN BET customers live within 50 miles of a PENN retail property, and the company has launched ESPN BET branded retail sportsbooks to capitalize on this synergy. Technology improvements have been another key focus, with the addition of a new CTO from Disney and ongoing enhancements to user experience, including better parlay offerings, live betting features, and account linking between ESPN and ESPN BET platforms.
PENN company profile · for informational purposes only — not investment advice.
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