Land-based remains stable for PENN as digital revenues soar
PENN Entertainment generated land-based revenues of $1.4bn for the three months ended June 30, 2025 with digital results reaching a new high.
Jay Snowden, Chief Executive Officer and President, said: “PENN’s diverse portfolio of retail properties delivered another solid quarter. Our Interactive segment generated record gaming revenue in both online sports betting and online casino, driven by ongoing product enhancements and the advantages of our unique omnichannel ecosystem. Corporate overhead costs in the quarter included approximately $9.4m of legal and advisory expenses. Through August 6, 2025, we have repurchased $115.3m of shares and remain committed to our previously stated goal to repurchase at least $350m of shares this year.
“Customer demand in our core business was stable as properties not impacted by new supply grew revenue by nearly four per cent year-over-year,” said Mr. Snowden. “Property-level performance was highlighted by theoretical revenue growth across all rated age and worth segments, as well as positive trends in unrated play, visitation, and spend per visit. Omnichannel engagement continues to benefit our results, with online-to-retail player count and theoretical revenue growing year-over-year by eight per cent and 28 per cent, respectively. After years of absorbing new supply, we are excited to deliver the first of our development projects with the upcoming opening of the new Hollywood Casino in Joliet on August 11, 2025. The remainder of our development projects remain on budget and on schedule.
PENN’s interactive segment generated record revenues of $316.1m.
“Record gaming revenues and operational discipline contributed to another quarter of strong year-over-year flow through. These results include approximately $2.9m in severance costs, incurred as part of strategic workforce adjustments that drive efficiencies while supporting a modern, scalable technology infrastructure. Our standalone Hollywood iCasino app is continuing to expand its reach with over 70% of its gaming revenue life-to-date (through June 30) generated by users that are newly acquired, retail native, or reactivated. We also recently enhanced our ESPN BET offering by introducing engaging features such as Player Insights which allow customers to evaluate player statistics in relation to player prop bets. And this football season marks the exciting launch of FanCenter, which leverages our connectivity with the ESPN ecosystem to enable players to bet on their favorite teams, players, and fantasy lineups through ESPN BET,” concluded Mr. Snowden.
