Operator · Public
Penn Entertainment (NASDAQ: PENN)
Wyomissing, Pennsylvania · 22 properties (15 racinos + 7 casinos) across 12 states
Total Portfolio
TTM Revenue
$2.95B
100% of portfolio
+8.4% YoY
Monthly Revenue (Apr)
$248.6M
All verticals
+6.2% YoY
YoY Growth
+8.4%
vs. +5.8% peer median
Key Drivers (YoY)
Online Gaming+$140M
Ohio Casinos+$30M
Racing−$3M
3-Yr CAGR
+6.2%
2023–2026
Key Drivers (3Y)
ESPN BET launch+$390M
OH market expansion+$120M
Racing decline−$8M
Commercial Casino→
TTM Revenue
$2.25B
76.3% of portfolio
+3.2% YoY
Monthly Revenue (Apr)
$192.4M
22 properties
+3.8% YoY
YoY Growth
+3.2%
Mature segment
Top Drivers (Property)
Hollywood Toledo+$11M
Plainridge Park+$9M
Boomtown New Orleans−$3M
3-Yr CAGR
+2.8%
2023–2026
Top Contributors (3Y)
Hollywood Columbus+$28M
Hollywood Toledo+$26M
Hollywood Tunica−$6M
Online Gaming→
TTM Revenue
$542M
18.4% of portfolio
+34.8% YoY
Monthly Revenue (Apr)
$48.2M
Sports + iGaming (PA pilot)
+28.4% YoY
YoY Growth
+34.8%
19 states live
Top Drivers (State)
Pennsylvania+$42M
Michigan+$28M
Tennessee−$2M
3-Yr CAGR
+128%
From near-zero base
Top Contributors (3Y)
ESPN BET launch (FY23)+$420M
PA iGaming pilot+$18M
theScore migration+$12M
Racing→
TTM Revenue
$158M
5.3% of portfolio
−2.1% YoY
Monthly Revenue (Apr)
$8.0M
3 active tracks
−3.4% YoY
YoY Growth
−2.1%
Secular decline
Track Drivers (YoY)
Plainridge Park+$0.4M
Penn National−$2.1M
Hollywood Bangor−$1.6M
3-Yr CAGR
−1.4%
2023–2026
Track Contributors (3Y)
Penn National Race−$5.2M
Hollywood Bangor−$2.4M
Plainridge Park+$0.2M
⁂
All figures sourced from state gaming regulators (Veylor std_fact layer), aggregated and reconciled at the operator level. These differ slightly from Penn's SEC 10-K and 10-Q reporting (which uses net revenue definitions, includes promotional adjustments, and consolidates unconsolidated joint ventures). See Source Tie-Out for the full reconciliation.
Penn Entertainment is the second-largest US regional casino operator by property count with 22 commercial properties (15 racinos and 7 casinos) across 12 states. Portfolio growth is bifurcated: the commercial casino segment is mature (3.2% YoY) while ESPN BET continues to scale from a low base (34.8% YoY). Penn's geographic footprint is concentrated in Pennsylvania (HQ), Ohio (largest single-state revenue contributor), and West Virginia. ~77% of properties operate under OpCo / PropCo master lease structures with Gaming & Leisure Properties as the primary REIT partner.
Operating Footprint i
Shading
Pins
Time Period
State Shading — Penn Share
<2%5%12%20%30%+
Pin Type
Commercial Casino Revenue (TTM)
Online Gaming Revenue (TTM)
iGaming Live
Pin Size — TTM Revenue
<$50M
$50M – $200M
$200M+
Properties22
Physical States12
Online States19
iGaming Live4
Largest StateOH · $645M
Highest ShareME · 38.4%
Click State to drill into Penn's footprint there
Toggle Pin type to view by vertical
Aggregated Portfolio Revenue i
Stack By
Granularity
Window
Download
Latest Qtr YoY
+8.4%
TTM YoY
+7.6%
3-Yr CAGR
+6.2%
5-Yr CAGR
+11.4%
10-Yr CAGR
+5.8%
Commercial Casino · $2.25B TTM (76.3%)
Online Gaming · $542M TTM (18.4%)
Racing · $158M TTM (5.3%)
Vertical Breakdown i
Period
Commercial Casino
→
$2.25B
76.3% of portfolio · 22 properties (15 racinos + 7 casinos) · 12 states
Slot 78% · Table 17% · Retail Sports 3% · Poker 2%
TTM YoY+3.2%
3-Yr CAGR+2.8%
Avg Hold9.4%
Online Gaming
→
$542M
18.4% of portfolio · 19 sports states · 4 iGaming states (PA, NJ, WV, MI)
Online Sports 88% ($478M) · iGaming 12% ($64M)
TTM YoY+34.8%
3-Yr CAGR+128%
Avg Hold8.2%
Racing
→
$158M
5.3% of portfolio · 3 active tracks · Thoroughbred + Harness
Live racing + simulcast + ADW handle
TTM YoY−2.1%
3-Yr CAGR−1.4%
Handle$1.18B
⁂
Retail sports revenue is attributed to the property where the sportsbook operates (under Commercial Casino) and is also tracked within Sports Wagering for vertical analysis. The summed Total Portfolio counts retail sports only once. See Source Tie-Out for reconciliation methodology.
State Breakdown i
Verticals
Download
| State | Segment | Properties | Commercial TTM | Online Gaming TTM | Racing TTM | Total Penn TTM ▼ | % of State | YoY |
|---|---|---|---|---|---|---|---|---|
| Ohio | Northeast | 4 | $645.2M | $84.2M | — | $729.4M | 28.4% | +4.8% |
| Pennsylvania | Northeast | 4 | $510.4M | $148.6M | $72.4M | $731.4M | 14.7% | +5.4% |
| West Virginia | Northeast | 1 | $192.6M | $18.4M | — | $211.0M | 32.1% | +3.2% |
| Massachusetts | Northeast | 1 | $168.4M | $22.4M | $28.6M | $219.4M | 8.2% | +6.8% |
| Mississippi | South | 3 | $168.4M | — | — | $168.4M | 12.3% | +1.8% |
| Missouri | Midwest | 2 | $134.2M | — | — | $134.2M | 7.4% | +1.2% |
| Louisiana | South | 2 | $128.6M | — | — | $128.6M | 6.7% | −0.8% |
| Indiana | Midwest | 1 | $96.8M | $22.8M | — | $119.6M | 5.2% | +4.1% |
| Michigan | Midwest | — | — | $94.4M | — | $94.4M | 3.8% | +18.6% |
| Illinois | Midwest | 1 | $84.2M | $10.6M | — | $94.8M | 4.8% | +2.4% |
| Maine | Northeast | 1 | $64.2M | $4.8M | $22.4M | $91.4M | 38.4% | +0.6% |
| New Jersey | Northeast | — | — | $72.4M | — | $72.4M | 2.4% | +24.2% |
| New York | Northeast | — | — | $48.2M | — | $48.2M | 0.8% | +22.4% |
| Nevada | West | 1 | $42.8M | — | — | $42.8M | 0.3% | +2.1% |
| Colorado | West | 1 | $18.4M | $8.6M | — | $27.0M | 1.6% | +4.2% |
| Tennessee | South | — | — | $22.4M | — | $22.4M | 1.4% | −6.2% |
| Virginia | South | — | — | $18.4M | — | $18.4M | 1.1% | +12.8% |
| Kentucky | South | — | — | $14.2M | — | $14.2M | 0.9% | +8.4% |
| Iowa | Midwest | — | — | $12.4M | — | $12.4M | 0.6% | +11.4% |
| Maryland | Northeast | — | — | $10.4M | — | $10.4M | 0.7% | +16.2% |
⁂
Per-state revenue sourced from state gaming regulators. Online Gaming includes both Online Sports and iGaming where reported. Retail Sports revenue is included in Commercial Casino totals (not double-counted in Online Gaming). Tribal compact-level revenue not captured.
Property Roster i
Type
Period
Download
| Property | Revenue TTM | Slots | Tables | Slot W/U/D | State Share | YoY |
|---|---|---|---|---|---|---|
| Ohio · Northeast Segment · 4 properties (2 racinos + 2 casinos) | 28.4% state | +4.8% | ||||
| Hollywood Casino ToledoCasinoOpCoPenn OpCo · GLPI PropCo · Toledo | $224.6M | 2,025 | 60 | $284 | 9.9% | +5.2% |
| Hollywood Casino ColumbusCasinoOpCoPenn OpCo · GLPI PropCo · Columbus | $198.4M | 2,200 | 63 | $252 | 8.7% | +4.2% |
| Hollywood Gaming · Mahoning ValleyRacinoOpCoPenn OpCo · GLPI PropCo · Austintown | $132.4M | 1,036 | — | $298 | 5.8% | +6.1% |
| Hollywood Gaming · Dayton RacewayRacinoOpCoPenn OpCo · GLPI PropCo · Dayton | $89.8M | 980 | — | $268 | 4.0% | +3.8% |
| Pennsylvania · Northeast Segment · 4 properties (3 racinos + 1 mini) | 14.7% state | +3.1% | ||||
| Hollywood Casino at Penn NationalRacinoOpCoPenn OpCo · GLPI PropCo · Grantville | $268.4M | 2,170 | 68 | $248 | 7.8% | +3.8% |
| Hollywood Casino · MorgantownMiniOpCoPenn OpCo · GLPI PropCo · Morgantown | $96.4M | 750 | 30 | $292 | 2.8% | +5.1% |
| Hollywood Casino · YorkMiniOpCoPenn OpCo · GLPI PropCo · York | $71.6M | 500 | 24 | $256 | 2.1% | +4.2% |
| Meadows Racetrack & CasinoRacinoOpCoPenn OpCo · GLPI PropCo · Washington | $74.0M | 1,820 | 68 | $218 | 2.1% | +1.8% |
| West Virginia · Northeast Segment · 1 property (racino) | 32.1% state | +2.4% | ||||
| Hollywood Casino at Charles Town RacesRacinoOpCoPenn OpCo · GLPI PropCo · Charles Town | $192.6M | 2,500 | 86 | $208 | 32.1% | +2.4% |
| Massachusetts · Northeast Segment · 1 property (racino) | 8.2% state | +5.4% | ||||
| Plainridge Park CasinoRacinoOpCoPenn OpCo · GLPI PropCo · Plainville | $168.4M | 1,250 | — | $368 | 8.2% | +5.4% |
| Mississippi · South Segment · 3 properties (3 casinos · Integrated) | 12.3% state | +1.8% | ||||
| Hollywood Casino TunicaCasinoIntegratedPenn-owned real estate · Tunica | $58.4M | 854 | 28 | $186 | 4.3% | +0.8% |
| 1st Jackpot TunicaCasinoIntegratedPenn-owned real estate · Tunica | $42.6M | 638 | 14 | $182 | 3.1% | +1.4% |
| Boomtown Casino BiloxiCasinoIntegratedPenn-owned real estate · Biloxi | $67.4M | 1,100 | 22 | $168 | 4.9% | +2.6% |
| 9 more properties across MO · LA · IN · IL · ME · NV · CO · Show all 22 → | ||||||
⁂
Property attributes: Casino vs Racino reflects property type. OpCo / Integrated reflects real estate structure (OpCo = operations only, Integrated = operations + real estate). Standalone terminology not used; classifications above are canonical.
Real Estate Ownership i
OpCo / PropCo Properties
17 of 22
77.3% of portfolio
Integrated Properties
5 of 22
5 smaller Integrated properties
Primary REIT Partner
GLPI
15 properties · Master Lease
Annual Rent Expense (TTM)
$928M
Per Penn 10-K · FY 2025
Penn operates under three real estate structures: (1) Master Lease with GLPI covering 15 properties including all major racinos (Penn National, Charles Town, Plainridge, etc.), (2) VICI Lease covering 2 properties (Tropicana & Margaritaville), and (3) Integrated ownership for 5 smaller properties where Penn owns both operations and real estate. Lease coverage ratio at GLPI is 1.95× per FY 2025 disclosures.
⁂
Lease coverage ratio sourced from Penn 10-K filings. Credit ratings and capital structure details are reported on the dedicated Operator Credit page (in development).
Supplemental Operator Information
Legal Name
Penn Entertainment, Inc.10-K FY25
Exchange / Ticker
NASDAQ: PENN
Headquarters
Wyomissing, Pennsylvania10-K FY25
Founded
1972Penn National Race Course
CEO
Jay Snowdensince 2020
CFO
Felicia Hendrixsince 2022
Reporting Segments
Northeast · South · West · Midwest · Interactive10-K FY25
Fiscal Year End
December 31Calendar year
Last 10-Q Filed
Q1 2026 · April 28, 2026Per Penn IR calendar
Next Earnings
Q2 2026 · est. July 30, 2026Penn IR calendar
Employees
~20,40010-K FY25
Market Cap
~$2.8BMay 15, 2026 close
⁂
This section will be expanded with additional operator-level supplemental information including credit ratings (with source attribution), debt to EBITDAR, lease coverage details, and segment performance crosswalks.
▼Source Tie-Out · Q1 2026 i
Download
| Measure | Veylor (Q1 2026) | Penn Reported | Δ | Source | Confidence |
|---|---|---|---|---|---|
| Commercial Casino Revenue (Q1 2026) | $562.4M | $564.1M | +$1.7M | Veylor sum vs Penn 10-Q · Δ <0.5% | High |
| Northeast Segment | $304.6M | $306.2M | +$1.6M | Veylor PA+OH+MA+ME sum vs 10-Q | High |
| South Segment | $118.4M | $118.8M | +$0.4M | Veylor MS+LA sum vs 10-Q | Verified |
| Midwest Segment | $96.6M | $96.8M | — | Veylor IL+IN+MO sum vs 10-Q | Verified |
| West Segment | $42.8M | $42.3M | −$0.5M | Veylor NV+CO sum vs 10-Q | High |
| Interactive (ESPN BET + theScore + Hollywood Casino online) | $135.5M | Not fully state-reported | — | Penn 10-Q only · Veylor reconciles to operator-reported total | High |
| Total Portfolio (Q1 2026) | $697.9M | $699.6M | +$1.7M | Sum of all segments | High |
Per-state regulator totals (Veylor) reconcile to Penn's 10-Q segment reporting within ±0.5% across all segments. Minor variances reflect definitional differences between State Regulator gross gaming revenue and SEC Financial Reporting net revenue (after promotional adjustments and unconsolidated joint ventures). State Regulator data is the canonical source for Veylor std_fact; SEC Financial Reporting is the cross-validation. View reconciliation methodology → · Download segment crosswalk →