Penn Entertainment Reports Record Third-Quarter Revenue of $1.5 Billion Backed by Retail Strength and Interactive Progress

Penn Entertainment reported record third-quarter revenue of $1.5 billion, Adjusted EBITDAR of $501.8 million, and Segment Adjusted EBITDAR margins of 33.7%.

“Penn’s third quarter results were highlighted by strong year-over-year growth in retail segment Adjusted EBITDAR, continued progress toward interactive profitability, and further balance sheet deleveraging,” Penn Entertainment CEO Jay Snowden said in a statement. “Our retail segment achieved record third quarter revenue, reflecting broad-based strength across the portfolio, including our completed development projects.”

Snowden noted sustained revenue growth in U.S. standalone Hollywood iCasino and Canada, together with operational discipline. These trends reinforce confidence in achieving the full-year Adjusted EBITDA target for the interactive segment. Healthy operating trends continued through October.

Northeast Segment Leads Retail Results

Revenue and Segment Adjusted EBITDAR were strongest in the northeast at $708.3 million and $208.1 million respectively. Snowden indicated the company was pleased with the performance of its Alberta iCasino and OSB operations. “These encouraging trends reinforce our strategic focus on U.S. iCasino and Canada as key drivers of profitable growth,” said Snowden.

Interactive Segment Narrows Losses

Interactive revenue reached $348.4 million, including tax gross-up of $191.4 million. The segment posted an Adjusted EBITDA loss of $18.3 million. As of September 30, total liquidity stood at $2 billion, including $1 billion of cash and cash equivalents. Traditional net debt was $1.8 billion.

According to CDC Gaming, the results reflect operational discipline across both retail and interactive businesses without signaling broader market shifts.