PENN Entertainment, Inc. (NASDAQ: PENN)

PENN Entertainment, Inc. operates a diversified portfolio of gaming and entertainment assets across North America. The company owns manages or holds interests in 42 gaming and racing properties spread over 28 jurisdictions in the United States and Canada. Its portfolio includes well known brands such as Ameristar Hollywood Casino Boomtown L’Auberge Margaritaville M Resort and various racetracks. PENN emphasizes cross sell opportunities between its retail locations and its digital offerings leveraging a proprietary integrated sports betting and iCasino technology platform and an in house iCasino content studio. The company’s customer loyalty program known as PENN Play provides rewards to more than 33 million members. As of late 2025 the company rebranded its U. S. online sportsbook to theScore Bet after the expiration of its agreement with ESPN. The business model focuses on organic growth through existing assets and selective capital investments to enhance customer experience.

The company generates revenue primarily from gaming activities such as slot machines and table games at its casino properties. Additional revenue comes from food and beverage sales hotel rooms and other amenities at those locations. The interactive segment contributes income from online sports betting iCasino wagering and social gaming. PENN also earns fees from managing retail sportsbooks for third party operators and from its sports media business theScore. Revenue is also derived from video gaming terminal operations that are managed under state contracts in several states. The loyalty program drives repeat visitation and higher spend across both retail and digital channels supporting steady cash flow.

The company operates through the following segments. These segments are determined based on the nature of the business and the regulatory environment.

• Interactive segment includes all of our online sportsbook online casino iCasino and social gaming operations management of retail sports betting media and the operating results of Barstool Sports Inc prior to its divestiture. It also encompasses theScore media app which provides sports news scores and betting information to a large audience and supports cross sell initiatives with the retail casino network.

PENN Entertainment holds a strong position in the North American gaming market due to its large footprint of retail casinos and its growing digital platform. The company competes with major casino operators such as MGM Resorts International and Caesars Entertainment as well as pure play online sportsbooks like DraftKings and FanDuel. Competitive advantages include a market leading retail casino base a proprietary state of the art digital sportsbook and iCasino platform an in house content studio and the widely adopted PENN Play loyalty program which fosters cross sell activity. The scale of its operations allows the company to spread fixed costs over a broad base of properties and to negotiate favorable terms with suppliers and technology providers.

The company serves a broad base of casino patrons who visit its properties for gaming dining and entertainment. Its online sportsbook and iCasino products attract individual bettors and gaming enthusiasts in the United States and Canada. TheScore media app provides a channel to reach sports fans who may become users of the betting and casino offerings. While the filing does not list specific individual customers the overall customer base consists of adult consumers seeking leisure and gaming experiences. The retail properties draw both local residents and tourists contributing to a diverse mix of visitors that varies by region and season.