−Removed: PENN Entertainment, Inc., together with its subsidiaries (“PENN,” the “Company,” “we,” “our,” or “us”), is North America’s leading provider of integrated entertainment, sports content, and casino gaming experiences.
−Removed: As of December 31, 2023, PENN operated 43 properties in 20 states, online sports betting in 18 jurisdictions and iCasino in five jurisdictions, under a portfolio of well-recognized brands including Hollywood Casino ® , L’Auberge ® , ESPN BET™, and theScore Bet Sportsbook and Casino ® .
−Removed: In August 2023, PENN entered into a transformative, exclusive long-term strategic alliance with ESPN, Inc.
+Added: PENN Entertainment, Inc., together with its subsidiaries (“PENN,” or the “Company”), is North America’s leading provider of integrated entertainment, sports content, and casino gaming experiences.
+Added: As of the issuance date of this report, PENN operated in 28 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting, and iCasino offerings under well-recognized brands including Hollywood Casino ® , L’Auberge ® , ESPN BET™, and theScore BET Sportsbook and Casino ® .
+Added: PENN’s ability to leverage its partnership with ESPN, Inc.
and ESPN Enterprises, Inc.
−Removed: (together, “ESPN”) relating to online sports betting within the United States.
−Removed: PENN’s ability to leverage the leading sports media brands in the United States (ESPN) and Canada (theScore) will position us to significantly expand our digital footprint and efficiently grow our customer ecosystem.
−Removed: This highly differentiated strategy, which is focused on organic cross-sell opportunities, is reinforced by our market-leading retail casinos, sports media assets, and technology, including a proprietary state-of-the-art, fully integrated digital sports and iCasino betting platform and an in-house iCasino content studio.
−Removed: PENN’s portfolio is further bolstered by our industry-leading PENN Play TM customer loyalty program, which offers our over 29 million members a unique set of rewards and experiences across business channels.
+Added: (together, “ESPN”), the “worldwide leader in sports,” and its ownership of theScore™, the top digital sports media brand in Canada, is central to the Company’s highly differentiated strategy to expand its footprint and efficiently grow its customer ecosystem.
+Added: PENN’s focus on organic cross-sell opportunities is reinforced by its market-leading retail casinos, sports media assets, and technology, including a proprietary state-of-the-art, fully integrated digital sports and iCasino betting platform and an in-house iCasino content studio (PENN Game Studios).
+Added: The Company’s portfolio is further bolstered by its industry-leading PENN Play™ customer loyalty program, offering its approximately 32 million members a unique set of rewards and experiences.
Reportable Segments
3 unchanged sentences
We consider our combined Video Gaming Terminal (“VGT”) operations, by state, to be separate operating segments.
−Removed: Interactive includes all of our online sports betting, online casino/iCasino, and social gaming (collectively referred to as “online gaming”) operations, management of retail sports betting, media, and the operating results of Barstool Sports, Inc.
+Added: The Northeast, South, West, and Midwest segments (referred to as our “retail segments”) primarily generate revenue from gaming operations (such as slot machines and table games), food and beverage offerings, and hotel visitation.
+Added: The Interactive segment includes all of our online sports betting, online casino/iCasino, and social gaming (collectively referred to as “online gaming”) operations, management of retail sports betting, media, and the operating results of Barstool Sports, Inc.
(“Barstool” or “Barstool Sports”) subsequent to the Barstool Acquisition on February 17, 2023 and prior to the Barstool divestiture on August 8, 2023 (as defined and discussed in Note 5, “Acquisitions and Dispositions” in the notes to our Consolidated Financial Statements ).
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Retama Park Racetrack (11)
−Removed: Selma, TX None - Managed Thoroughbred racing — — — —
−Removed: Sam Houston Race Park Houston, TX Owned Thoroughbred racing — — — —
+Added: Selma, TX None - Managed Simulcasting/quarter horse racing — — — —
+Added: Sam Houston Race Park Houston, TX Owned Simulcasting/thoroughbred racing — — — —
Sanford-Orlando Kennel Club
13 unchanged sentences
(10) Pursuant to a joint venture with Greenwood Limited Jersey, Inc., a subsidiary of Greenwood Racing, Inc.
+Added: Operations at Freehold Raceway ceased on December 28, 2024.
(11) Pursuant to a management contract with Retama Development Corporation.
−Removed: (12) Simulcast racing operations.
(12) In March 2020, Valley Race Park closed due to COVID-19 and remains non-operational.
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Ameristar East Chicago is located less than 25 miles from downtown Chicago, Illinois and offers guests a gaming and entertainment experience in the Chicago metropolitan area.
−Removed: In addition to gaming amenities, the property features a full-service hotel, a sportsbook for live sports betting, a fitness center, dining venues, and a lounge.
+Added: In addition to gaming amenities, the property features a full-service hotel, an ESPN BET sportsbook for live sports betting, a fitness center, dining venues, and a lounge.
Hollywood Casino Bangor is located less than five miles from the Bangor airport in Maine.
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Hollywood Casino Columbus is a Hollywood-themed casino located in Columbus, Ohio.
−Removed: It features slot machines, table games, poker tables, and a sportsbook for live sports betting, as well as multiple food and beverage outlets, and an entertainment lounge.
+Added: It features slot machines, table games, poker tables, and an ESPN BET sportsbook for live sports betting, as well as multiple food and beverage outlets, and an entertainment lounge.
Hollywood Casino at Greektown is located in the Greektown district of Detroit, Michigan, and is one of four casino hotels in the Detroit-Windsor area.
−Removed: In addition to slot machines, table games, poker tables, and a sportsbook for live sports betting, the property features a 30-story hotel, several food and beverage options from casual to fine dining, as well as 10,000 square feet of convention and banquet space.
+Added: In addition to slot machines, table games, and an ESPN BET sportsbook for live sports betting, the property features a 30-story hotel, several food and beverage options from casual to fine dining, as well as 10,000 square feet of convention and banquet space.
Hollywood Casino Lawrenceburg is a Hollywood-themed casino riverboat located along the Ohio River in Lawrenceburg, Indiana, approximately 15 miles west of Cincinnati, Ohio.
−Removed: In addition to slot machines, table games, and poker tables, the riverboat features a sportsbook for live sports betting, as well as a variety of dining options.
+Added: In addition to slot machines, table games, and poker tables, the riverboat features an ESPN BET sportsbook for live sports betting, as well as a variety of dining options.
The hotel and event center, located within one mile from the casino, includes 18,000 square feet of multipurpose space and 19,500 square feet of ballroom and meeting space.
Hollywood Casino Morgantown is located less than an hour drive west of Philadelphia, Pennsylvania.
−Removed: The property features an outdoor gaming and entertainment area, a sportsbook for live sports betting, slot machines, table games, and multiple food and beverage outlets.
+Added: The property features an outdoor gaming and entertainment area, an ESPN BET sportsbook for live sports betting, slot machines, table games, and multiple food and beverage outlets.
Hollywood Casino at PENN National Race Course is located 15 miles northeast of Harrisburg, Pennsylvania.
−Removed: This gaming facility also includes a variety of dining and entertainment options, as well as a sportsbook for live sports betting and a viewing area for live racing.
+Added: This gaming facility also includes a variety of dining and entertainment options, as well as an ESPN BET sportsbook for live sports betting and a viewing area for live racing.
The property includes a one-mile all-weather lighted thoroughbred racetrack and a seven-eighths mile turf track.
Hollywood Casino Perryville is a Hollywood-themed casino located near the Susquehanna River in Perryville, Maryland, approximately 45 miles east of Baltimore, Maryland.
−Removed: It features slot machines, table games, poker tables, and a sportsbook for live sports betting, as well as a variety of dining options.
+Added: It features slot machines, table games, poker tables, and an ESPN BET sportsbook for live sports betting, as well as a variety of dining options.
Hollywood Casino at The Meadows is located in Washington, Pennsylvania, approximately 25 miles south of Pittsburgh, Pennsylvania.
−Removed: In addition to gaming amenities, the property offers a sportsbook for live sports betting, several dining options, as well as an event and banquet center, a simulcast betting parlor, a five-eighths mile harness racetrack and a bowling alley.
+Added: In addition to gaming amenities, the property offers an ESPN BET sportsbook for live sports betting, several dining options, as well as an event and banquet center, a simulcast betting parlor, a five-eighths mile harness racetrack and a bowling alley.
Hollywood Casino Toledo is a Hollywood-themed casino, located on the bank of the Maumee River in Toledo, Ohio.
−Removed: The property features slot machines, table games, poker tables, and a sportsbook for live sports betting, as well as multiple food and beverage outlets and an entertainment lounge.
+Added: The property features slot machines, table games, poker tables, and an ESPN BET sportsbook for live sports betting, as well as multiple food and beverage outlets and an entertainment lounge.
Hollywood Casino York is a casino located within the York Galleria Mall, approximately an hour drive north of Baltimore, Maryland.
−Removed: It features slot machines, table games, and a sportsbook for live sports betting, as well as casual dining options.
+Added: It features slot machines, table games, and an ESPN BET sportsbook for live sports betting, as well as casual dining options.
Hollywood Gaming at Dayton Raceway is a Hollywood-themed casino and raceway located in Dayton, Ohio.
−Removed: It features video lottery terminals, a five-eighths mile standardbred racetrack, a sportsbook for live sports betting, as well as various restaurants and bars, amongst other amenities.
+Added: It features video lottery terminals, a five-eighths mile standardbred racetrack, an ESPN BET sportsbook for live sports betting, as well as various restaurants and bars, amongst other amenities.
Hollywood Gaming at Mahoning Valley Race Course is a Hollywood-themed casino and raceway located in Youngstown, Ohio featuring video lottery terminals and a one-mile thoroughbred racetrack.
−Removed: The property also includes a sportsbook for live sports betting, various restaurants, and bars amongst other amenities.
+Added: The property also includes an ESPN BET sportsbook for live sports betting, various restaurants, and bars amongst other amenities.
Marquee by PENN is our licensed VGT route operator with a network of 28 truck stop establishments in Pennsylvania.
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Boomtown Bossier City features a hotel adjoining a dockside riverboat casino located less than one mile from the Louisiana Boardwalk.
−Removed: The property offers a sportsbook for live sports betting, a variety of dining options from a high-end steakhouse to casual dining restaurants, and 1,500 square feet of meeting and conference space.
+Added: The property offers a sportsbook for live sports betting, a variety of dining options, and 1,500 square feet of meeting and conference space.
Boomtown New Orleans is located in the West Bank area across the Mississippi River, approximately 15 minutes from the French Quarter of New Orleans, Louisiana.
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L’Auberge Baton Rouge is located approximately ten miles southeast of downtown Baton Rouge, Louisiana.
−Removed: The property features a 12-story hotel, slots, table games, poker, a sportsbook for live sports betting, a variety of dining choices, and 13,000 square feet of meeting and event space.
+Added: The property features a 12-story hotel, slots, table games, poker, an ESPN BET sportsbook for live sports betting, a variety of dining choices, and 13,000 square feet of meeting and event space.
L’Auberge Lake Charles offers one of the closest full-scale casino hotel facilities to Houston, Texas, as well as to the Austin, Texas and San Antonio, Texas metropolitan areas.
The location is approximately 140 miles from Houston and approximately 300 miles and 335 miles from Austin and San Antonio, respectively.
−Removed: In addition to gaming amenities and a sportsbook for live sports betting, the property features several dining outlets, a golf course, a full-service spa, and more than 26,000 square feet of meeting and event space.
+Added: In addition to gaming amenities and an ESPN BET sportsbook for live sports betting, the property features several dining outlets, a golf course, a full-service spa, and more than 26,000 square feet of meeting and event space.
Margaritaville Resort Casino is one of the premier gaming, lodging, dining, and entertainment experiences in Northern Louisiana.
−Removed: The property provides an island-style theme and includes gaming amenities, a sportsbook for live sports betting, a 15,000 square foot 1,000-seat theater, and 9,500 square feet of meeting space.
+Added: The property provides an island-style theme and includes gaming amenities, an ESPN BET sportsbook for live sports betting, a 15,000 square foot 1,000-seat theater, and 9,500 square feet of meeting space.
Ameristar Black Hawk is located in the center of the Black Hawk gaming district, approximately 40 miles west of Denver, Colorado.
−Removed: The resort features slot machines, table games, and a sportsbook for live sports betting.
−Removed: In addition to gaming
−Removed: amenities, the resort features a hotel, a full-service day spa, several dining outlets, a live entertainment bar, and 15,000 square feet of meeting and event space.
+Added: The resort features slot machines, table games, poker tables, and an ESPN BET sportsbook for live sports betting.
+Added: In addition to gaming amenities, the resort features a hotel, a full-service day spa, several dining outlets, a live entertainment bar, and 15,000 square feet of meeting and event space.
Cactus Petes and Horseshu (collectively, “the Jackpot Properties”) are located just south of the Idaho border in Jackpot, Nevada.
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Ameristar Council Bluffs is located across the Missouri River from Omaha, Nebraska and includes the largest riverboat in Iowa.
−Removed: In addition to gaming amenities, the property also features a hotel, a fitness center, several dining facilities, a sports bar featuring a sportsbook with live sports betting, and 5,000 square feet of convention and meeting space.
+Added: In addition to gaming amenities, the property also features a hotel, a fitness center, several dining facilities, a sports bar featuring an ESPN BET sportsbook with live sports betting, and 5,000 square feet of convention and meeting space.
Argosy Casino Alton is located on the Mississippi River in Alton, Illinois, approximately 20 miles northeast of downtown St.
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Hollywood Casino at Kansas Speedway , our 50% joint venture with NASCAR, is located in Kansas City, Kansas.
−Removed: It features slot machines, table games, poker tables, and a sportsbook for live sports betting, and offers a variety of dining and entertainment facilities and a meeting room.
+Added: It features slot machines, table games, poker tables, and an ESPN BET sportsbook for live sports betting, and offers a variety of dining and entertainment facilities and a meeting room.
Hollywood Casino St.
12 unchanged sentences
(ii) Hollywood Casino, an iCasino operating in select U.S.
−Removed: jurisdictions within the ESPN BET website and mobile application;
+Added: jurisdictions, including within the ESPN BET website and app and stand-alone Hollywood iCasino website and app;
(iii) theScore BET, an online sportsbook and iCasino operating in Ontario, Canada;
and (iv) PENN Game Studios, our in-house iCasino and social gaming content studio.
−Removed: ESPN BET, Hollywood Casino, and theScore Bet
−Removed: leverage PENN’s proprietary, state-of-the-art player account management and online gaming platform.
−Removed: In addition, PENN Interactive also operates our digital sports media business, theScore (defined below).
−Removed: As of the issuance date of this report, PENN Interactive operates online sportsbooks in 18 jurisdictions and iCasino in five jurisdictions throughout the U.S.
+Added: ESPN BET, Hollywood Casino, and theScore BET leverage PENN’s proprietary, state-of-the-art player account management and online gaming platform.
+Added: In addition, PENN Interactive also operates our digital sports media business, theScore Media and Gaming, Inc.
+Added: (“theScore”).
+Added: As of December 31, 2024, PENN Interactive operates online sportsbooks in 20 jurisdictions and iCasino in five jurisdictions throughout the U.S.
Previously, PENN Interactive’s online gaming business included Barstool Sportsbook & Casino (“Barstool Sportsbook”), an online sportsbook and casino.
2 unchanged sentences
iCasino product as Hollywood Casino.
−Removed: In addition, PENN Interactive supports operations for retail sportsbooks across the Company’s portfolio of casinos, including, as of December 31, 2023, 30 retail sportsbooks located at the Company’s properties in Colorado, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Ohio, Pennsylvania, and West Virginia.
+Added: In addition, PENN Interactive supports operations for retail sportsbooks across the Company’s portfolio of casinos, including, as of December 31, 2024, 30 retail sportsbooks located at the Company’s properties in 13 states.
As of January 2023, PENN Interactive also began providing retail sportsbook management services to select casino operators outside our Company’s portfolio.
Further, through PENN’s portfolio of properties, PENN Interactive has entered into multi-year agreements with other gaming operators for online sports betting and iCasino market access in several states.
−Removed: Pursuant to these agreements, as of December 31, 2023, such online sports betting and online casino operators have operations in Indiana, Louisiana, Massachusetts, Ohio, Pennsylvania, and West Virginia.
−Removed: On October 19, 2021, we completed the acquisition of Score Media and Gaming, Inc.
−Removed: (“theScore”) for a purchase price of approximately $2.1 billion.
−Removed: The acquisition provided us with the technology, resources, and audience reach to accelerate our media and sports betting strategy across North America.
+Added: Pursuant to these agreements, as of December 31, 2024, such online sports betting and online casino operators have operations in six states.
+Added: theScore is a sports media company that provides comprehensive coverage of sports through its various platforms including theScore media app and theScore BET Sportsbook and Casino app.
+Added: theScore media app delivers users highly-personalized live scores, news, stats, and betting information from their favorite teams, leagues, and players.
+Added: Additionally, theScore BET Sportsbook and Casino app delivers an immersive and holistic mobile sports betting and iCasino gaming experience, leveraging theScore’s proprietary player account management and risk and trading platforms.
+Added: theScore’s technology, resources, and audience reach is used to accelerate our media and sports betting strategy across North America and is the foundation for online sportsbook and iCasino products, such as ESPN BET and theScore BET.
PENN Entertainment, Inc., through a wholly-owned subsidiary, held a 36% equity interest in Barstool.
−Removed: Under this strategic relationship, Barstool exclusively promoted the Company’s sports betting and iCasino products, including the Barstool Sportsbook website and mobile application, as well as our retail gaming and racing properties to its national audience, and granted us the sole right to utilize the Barstool brand for all of our online and retail sports betting and iCasino products.
−Removed: On February 17, 2023, we completed the acquisition of all of the outstanding shares of common stock of Barstool not already owned by us for a cash consideration of approximately $315.3 million and the issuance of 2,442,809 shares of our common stock to certain former stockholders of Barstool.
+Added: Under this strategic relationship, Barstool exclusively promoted the Company’s sports betting and iCasino products, including the Barstool Sportsbook website and app, as well as our retail gaming and racing properties, to its national audience and granted us the sole right to utilize the Barstool brand for our online and retail sports betting and iCasino products.
+Added: On February 17, 2023, we completed the acquisition of all of the outstanding shares of common stock of Barstool not already owned by us for cash consideration of approximately $315.3 million and the issuance of 2,442,809 shares of our common stock to certain former stockholders of Barstool.
Upon the completion of the Barstool Acquisition, Barstool became an indirect wholly owned subsidiary of PENN.
In connection with PENN’s decision to rebrand our online sports betting business from Barstool Sportsbook to ESPN BET, we entered into a stock purchase agreement with David Portnoy on August 8, 2023 (the “Barstool SPA”).
−Removed: Pursuant to the Barstool SPA, PENN sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for nominal cash consideration (one dollar) and certain non-compete and other restrictive covenants.
+Added: Pursuant to the Barstool SPA, PENN sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for nominal cash consideration and certain non-compete and other restrictive covenants.
+Added: As described above, the following table summarizes PENN Interactive’s operations by jurisdiction as of December 31, 2024:
+Added: Jurisdiction Online Sportsbook iCasino Management of PENN Retail Sportsbook
+Added: Market Access Partnership
+Added: Indiana x x x
+Added: Louisiana x x x
+Added: Massachusetts x x x
+Added: Michigan x x x
+Added: Mississippi x
+Added: New Jersey x x
+Added: North Carolina x
+Added: Pennsylvania x x x x
+Added: West Virginia x x x x
Freehold Raceway.
−Removed: Through our joint venture in Pennwood Racing, Inc.
−Removed: (“Pennwood”), we own 50% of Freehold Raceway.
+Added: Through our joint venture with Greenwood, we own 50% of Freehold Raceway.
The property features a one-half mile standardbred racetrack and a 118,000 square foot grandstand.
−Removed: In addition, through our Pennwood joint venture, we own 50% of a leased off-track wagering (“OTW”) facility in Toms River, New Jersey, and operate another OTW facility, which we constructed, in Gloucester Township, New Jersey.
+Added: Operations ceased at Freehold Raceway on December 28, 2024.
+Added: In addition, through our Greenwood joint venture, we own 50% of a leased off-track wagering (“OTW”) facility in Toms River, New Jersey, and operate another OTW facility, which we constructed, in Gloucester Township, New Jersey.
Retama Park Racetrack.
3 unchanged sentences
Sam Houston Race Park and Valley Race Park.
−Removed: Sam Houston Race Park, which is located 15 miles northwest from downtown Houston, Texas along Beltway 8, hosts thoroughbred and quarter horse racing and offers daily simulcast operations, as well as hosts various special events, private parties, and meetings throughout the year.
+Added: Sam Houston Race Park, which is located 15 miles northwest from downtown Houston, Texas along Beltway 8, hosts thoroughbred racing and offers daily simulcast operations, as well as hosts various special events, private parties, and meetings throughout the year.
Valley Race Park is a 91,000 square foot property that previously conducted greyhound racing and simulcasting.
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The majority of the real estate assets (i.e., land and buildings) used in our operations are subject to triple net master leases, the most significant of which are with Gaming and Leisure Properties, Inc.
−Removed: GLPI) (“GLPI”), a real estate investment trust (“REIT”), and include the AR PENN Master Lease, 2023 Master Lease, PENN Master Lease (prior to January 1, 2023), and Pinnacle Master Lease (as such terms are defined below and collectively referred to as the “Master Leases”).
−Removed: As of December 31, 2023 , in addition to the Master Leases, three individual gaming facilities used in our operations are subject to individual triple net leases.
−Removed: Under triple net leases, in addition to lease payments for the real estate assets, the Company is required to pay the following, among other things:
+Added: GLPI) (“GLPI”), a real estate investment
+Added: trust (“REIT”), and include the AR PENN Master Lease, 2023 Master Lease, PENN Master Lease (prior to January 1, 2023), and Pinnacle Master Lease (as such terms are defined below and collectively referred to as the “Master Leases”).
+Added: As of December 31, 2024 , in addition to the Master Leases, three individual gaming facilities used in our operations are subject to individual triple net leases (together with the Master Leases, the “Triple Net Leases”).
+Added: Under our Triple Net Leases, in addition to lease payments for the real estate assets, the Company is required to pay the following, among other things:
(i) all facility maintenance;
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The PENN Master Lease had an initial term of 15 years with four subsequent five-year renewal periods on the same terms and conditions, exercisable at the Company’s option.
−Removed: On February 21, 2023, the Company and GLPI entered into an agreement to amend and restate the PENN Master Lease (the “AR PENN Master Lease”), effective January 1, 2023, to (i) remove the land and buildings for Hollywood Casino Aurora (“Aurora”), Hollywood Casino Joliet (“Joliet”), Hollywood Casino Columbus (“Columbus”), Hollywood Casino Toledo (“Toledo”) and the M Resort Spa Casino (“M Resort”), and (ii) make associated adjustments to the rent after which the initial rent in the AR PENN Master Lease was reset to $284.1 million, consisting of $208.2 million of building base rent, $43.0 million of land base rent and $32.9 million of percentage rent (as such terms are defined in the AR PENN Master Lease).
−Removed: Subsequent to the execution of the AR PENN Master Lease, the lease contains real estate assets associated with 14 of the Company’s gaming facilities used in its operations.
−Removed: The current term of the AR PENN Master Lease expires on October 31, 2033 and thereafter contains three renewal terms of five years each on the same terms and conditions, exercisable at the Company’s option.
+Added: On February 21, 2023, the Company and GLPI entered into an agreement to amend and restate the triple net master lease dated November 1, 2013 (the “AR PENN Master Lease”), effective January 1, 2023, to (i) remove the land and buildings for Hollywood Casino Aurora (“Aurora”), Hollywood Casino Joliet (“Joliet”), Hollywood Casino Columbus (“Columbus”), Hollywood Casino Toledo (“Toledo”) and the M Resort Spa Casino (“M Resort”), and (ii) make associated adjustments to the rent after which the initial rent in the AR PENN Master Lease was reset to $284.1 million, consisting of $208.2 million of building base rent, $43.0 million of land base rent, and $32.9 million of percentage rent (as such terms are defined in the AR PENN Master Lease).
+Added: The AR PENN Master Lease remains subject to annual rent escalators and a percentage rent reset every five years.
The AR PENN Master Lease along with the 2023 Master Lease (as defined and discussed below) are cross-defaulted, cross-collateralized, and coterminous, and subject to a parent guarantee.
2 unchanged sentences
Concurrent with the execution of the AR PENN Master Lease, the Company and GLPI entered into a new triple net master lease (the “2023 Master Lease”), effective January 1, 2023, specific to the property associated with Aurora, Joliet, Columbus, Toledo, M Resort, Hollywood Casino at The Meadows (“Meadows”), and Hollywood Casino Perryville (“Perryville”) and a master development agreement (the “Master Development Agreement”).
−Removed: The 2023 Master Lease has an initial term through October 31, 2033 with three subsequent five-year renewal periods on the same terms and conditions, exercisable at the Company’s option.
The 2023 Master Lease terminated the individual triple net leases associated with Meadows and Perryville.
−Removed: The 2023 Master Lease and AR PENN Master Lease are cross-defaulted, cross-collateralized, and coterminous, and subject to a parent guarantee.
+Added: The 2023 Master Lease incurs a 1.5% fixed escalator on November 1 of each year, and is also subject to a one-time increase of $1.4 million effective November 1, 2027.
S ee Note 11, “Leases” in the notes to our Consolidated Financial Statements for further discussion.
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Upon assumption of the Pinnacle Master Lease, as amended, there were 7.5 years remaining of the initial ten-year term, with five subsequent, five-year renewal periods, on the same terms and conditions, exercisable at the Company’s option.
−Removed: Furthermore, in conjunction with the acquisition of Pinnacle, GLPI acquired the real estate assets associated with Plainridge Park Casino and leased back such assets to the Company pursuant to an amendment to the Pinnacle Master Lease.
S ee Note 11, “Leases” in the notes to our Consolidated Financial Statements for further discussion.
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We own a number of trademarks and service marks registered or pending registration with the U.S.
−Removed: Patent and Trademark Office (“USPTO”), the Canadian Intellectual Property Office (“CIPO”), and/or other intellectual property organizations in the European Union, the United Kingdom, and other countries around the world, including but not limited to, “Ameristar ® ,” “Argosy ® ,” “Boomtown ® ,” “Hollywood Casino ® ,” “Hollywood Gaming ® ,” “L’Auberge ® ,” “M Resort ® ,” and “PENN Play TM ” among other trademarks.
−Removed: Upon completion of the acquisition of theScore in October 2021, we acquired theScore’s registered trademarks and service marks, including but not limited to, “theScore ® ,” “theScore Bet ® ,” and “theScore esports ® ” among other trademarks.
+Added: Patent and Trademark Office (“USPTO”), the Canadian Intellectual Property Office (“CIPO”), and/or other intellectual property organizations in the European Union, the United Kingdom, and other countries around the world, including but not limited to, “Ameristar ® ,” “Argosy ® ,” “Boomtown ® ,” “Hollywood Casino ® ,” “Hollywood Gaming ® ,” “L’Auberge ® ,” “M Resort ® ,” “PENN Entertainment ® ,” and “PENN Play.” theScore’s registered trademarks and service marks include “theScore ® ,” “theScore Bet ® ,” and “theScore esports ® ”, among others.
We believe that our rights to our trademarks are well-established and have competitive value to our properties and businesses.
−Removed: We also have a number of trademark applications pending with the USPTO, CIP, and the World Intellectual Property Organization.
+Added: We also have a number of trademark applications pending with the USPTO, CIPO, and the World Intellectual Property Organization.
Among others, we have a licensing agreement with a third-party to use the “Margaritaville” trademark in connection with the operations of Margaritaville in Bossier City, Louisiana.
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The gaming, media, and entertainment industries are characterized by an increasingly high degree of competition among a large number of participants.
−Removed: We compete with a variety of gaming operations, including casinos and hotel casinos of varying quality and size and other gaming options such as state and province-sponsored internet lotteries, sweepstakes, charitable gaming, video gaming terminals at bars, restaurants, taverns and truck stops, illegal slot machines and skill games, fantasy sports and third-party internet or mobile-based gaming platforms, including both legal and illegal iCasino and sports betting operations.
+Added: We compete with a variety of gaming operations, including casinos and hotel casinos of varying quality and size, and other gaming options, such as state and province-sponsored internet lotteries, sweepstakes (including sweepstakes-based online sports betting and online casino), charitable gaming, video gaming terminals at bars, restaurants, taverns and truck stops, illegal slot machines and skill games, fantasy sports, event contracts related to sports or other outcomes, such as government elections, and third-party internet or mobile-based gaming platforms, including both legal and illegal iCasino and sports betting operations.
More generally, both our retail and interactive gaming operations face competition from all manner of leisure and entertainment activities, including shopping, athletic events, television and movies, concerts, and travel.
6 unchanged sentences
We may also experience seasonality with retail and online sports betting which coincides with certain sporting events, as well as seasons of professional sports teams.
+Added: See “Item 1A.
+Added: Risk Factors” of this Annual Report on Form 10-K for additional information.
Government Regulation and Gaming Issues
3 unchanged sentences
Violations of laws or regulations in one jurisdiction could result in disciplinary action in other jurisdictions.
−Removed: more detailed description of the statutes and regulations to which we are subject, see Exhibit 99.1, “Description of Government Regulations” to this Annual Report on Form 10-K, which is incorporated herein by reference.
+Added: For a more detailed description of the statutes and regulations to which we are subject, see Exhibit 99.1, “Description of Government Regulations” to this Annual Report on Form 10-K, which is incorporated herein by reference.
Our businesses are subject to various international, federal, state, provincial, and local laws and regulations in addition to gaming regulations.
1 unchanged sentence
Such laws and regulations could change or could be interpreted differently in the future, or new laws and regulations could be enacted.
−Removed: Material changes, new laws or regulations, or material differences in interpretations by courts or governmental authorities could adversely affect our financial condition, results of operations and cash flows.
+Added: Material changes, new laws or regulations, or material
+Added: differences in interpretations by courts or governmental authorities could adversely affect our financial condition, results of operations, and cash flows.
Employees and Human Capital Resources
−Removed: The Company’s key human capital management objectives are to attract, retain, and develop diverse and high-quality talent.
−Removed: Our commitment to an equal-opportunity and respectful workplace characterized by both diversity and inclusion, in which everyone feels valued, respected, and supported, is a factor driving our success.
+Added: The Company’s key human capital management objective is to attract, retain, and develop high-quality talent with different perspectives.
+Added: Our commitment to an equal-opportunity and respectful workplace, in which everyone feels valued, respected, and supported, is a factor driving our success.
Our talent and development programs are designed to develop, support and maintain talent succession pipelines in preparation for key roles and leadership positions;
2 unchanged sentences
and invest in technology and resources to provide our team members with the most efficient tools to perform their jobs.
−Removed: Some of the key programs and initiatives developed to attract, develop, engage, and retain diverse and high-quality talent include:
−Removed: • Executive and High Potential Talent Review Process to include team members who completed an internal development program
−Removed: • LEAP Program (Leadership Excellence at PENN, intern program)
−Removed: • Emerging Leader Program
−Removed: • Early Career Leadership Academy (0 to 2 years experience leading others) and Mid-Career Leadership Academy (over 3 years experience leading others)
−Removed: • Cohort Programs (Gaming, Hospitality, Human Resources)
−Removed: • Learning Central, a catalog of self-paced development opportunities covering a wide range of topics
−Removed: • Diversity and Veteran Recruitment Initiatives
−Removed: • AwardCo Recognition Program and Property Engagement Committees
−Removed: Through the dedicated efforts of our corporate, interactive, and property leadership teams, our charitable Foundation and the PENN Diversity Council, we launched or expanded a number of initiatives in 2023 focused on improving the lives of our team members, their families, and those in need in our communities.
−Removed: In 2023, our diversity training initiatives continued with the roll out of Level Two for all leaders of people, approximately 3,700 people across the Company.
−Removed: The training was broken into two separate sessions:
−Removed: Building and Developing a Diverse Workforce
−Removed: • Session II:
−Removed: Sexual Harassment and Respectful Workplace
−Removed: The Board of Directors and Senior Leadership Team set a goal of 90% participation by December 31, 2023.
−Removed: As of December 31, 2023, 99% completed Session I and 97% completed Session II.
−Removed: Survey results were strong with an average of 97% replying favorably to applying new knowledge and 9.3/10 would recommend the training.
−Removed: Highlights from last year’s efforts include the expansion of our $4 million STEM Scholarship Fund and internship program which now has six Historically Black Colleges and Universities (HBCUs) in the program.
−Removed: Our commitment continued in dedicating more than $4 million to fund STEM scholarships with HBCUs in states where we operate, as well as creating internship opportunities at the Company.
−Removed: This year, 31% of our LEAP interns were from an HBCU and 72% were diverse and/or female.
−Removed: In addition, we piloted a structured mentoring program in October for approximately 200 team members.
−Removed: Participants include Emerging Leader graduates, high potential talent, new leaders, and executives.
−Removed: As of December 31, 2023, there are 154 established partnerships logging just over 300 hours of mentoring activities.
−Removed: In 2024, we aim to scale the program.
−Removed: We also continued our annual $1 Million Diversity Scholarship Program for the children of team members.
−Removed: In 2023, there were 52
−Removed: recipients with 57% of them being first generation college bound students.
−Removed: The application process for the 2024-2025 school year will kick-off in early 2024.
+Added: Some of the key programs and initiatives developed to attract, develop, engage, and retain high-quality talent include:
+Added: • Talent review cycles for all salaried team members (executives, leaders, and individual contributors) designed to identify high-potential talent for promotions, stretch opportunities, and to match them with development opportunities;
+Added: • Offered an intern program called Leadership Excellence at PENN (“LEAP”), which received a “Top 100 Internship Award” in 2024;
+Added: • Facilitated two cycles of our Emerging Leader Program in 2024, which is designed for hourly and salaried individuals who seek advancement into leadership roles, with over 200 participants throughout 2024;
+Added: • Offer leadership academy courses:
+Added: (1) the Early Career Leadership Academy for individuals with 0-2 years of leadership experience;
+Added: and (2) the Mid-Career Leadership Academy (for individuals with 3+ years of leadership experience).
+Added: Each course was offered twice a year in 2024.
+Added: • The PENN Cohort Program was newly implemented in 2024, and specifically designed for team members aiming to enhance their functional expertise or prepare for potential career transitions within PENN, focusing on the Gaming, Hospitality, Human Resources, and Finance sectors of our business;
+Added: • Expanded the PENN Mentorship Program, which matches team members across the Company based on areas of growth and interest;
+Added: • Launched PENN-Ovation, the first innovation challenge/competition, to foster a culture of intrapreneurship and connect a network of creative thinkers across the organization.
+Added: Over a period of six months, teams from varying departments and locations collaborated to generate, refine, and pilot innovative solutions to some of our most pressing business challenges.
+Added: • PENN-Ed a dynamic SharePoint site designed as a one-stop (development) shop.
+Added: The site features new quarterly topics presented in a variety of formats including book clubs, podcasts, articles, TedTalks, and in-person or virtual training sessions.
+Added: All executives have access to the site and can find in-depth information on our flagship programs, as well as Learning Central, a catalog of online self-paced development opportunities.
+Added: • Revamped and reintroduced the Leadership Foundations Express program, providing a mix of self-paced and in-person training for first-time leaders and those new to PENN.
+Added: • Continued to facilitate our AwardCo Recognition Program and Property Engagement Committees.
+Added: Through the dedicated efforts of our corporate, interactive, and property leadership teams, and our charitable foundation, we launched or expanded a number of initiatives in 2024 focused on improving the lives of our team members, their families, and those in need in our communities.
+Added: Highlights from last year’s efforts include the expansion of our $4.0 million STEM Scholarship Fund and internship program.
+Added: Our commitment continued in 2024, and we dedicated more than $4.0 million to fund STEM scholarships in states where we operate, as well as creating internship opportunities at the Company.
+Added: In 2024, we also welcomed 24 new LEAP interns.
+Added: In addition, we scaled our mentorship program after launching a pilot with over 200 team members in October 2023.
+Added: Participants self-selected into the program and were located across the Company at varying levels and functional areas.
+Added: Throughout 2024, over 400 team members were enrolled in the program with 295 established partnerships, logging over 2,300 hours of time spent in mentoring activities.
+Added: Additionally, 88% of open executive positions were filled by internal candidates throughout 2024.
As of December 31, 2024, we had approximately 23,118 full-time and part-time employees.
We had 36 collective bargaining agreements covering approximately 4,110 active employees.
−Removed: Twelve collective bargaining agreements are scheduled to expire in 2024.
+Added: Three collective bargaining agreements are scheduled
+Added: to expire in 2025.
Although we believe that we have good employee relations, there can be no assurance that we will be able to extend or enter into replacement agreements.
If we are able to extend or enter into replacement agreements, there can be no assurance as to whether the terms will be on comparable terms to the existing agreements.
+Added: Available Information
+Added: We maintain a website at www.pennentertainment.com that includes more information about us.
+Added: The contents of our website are not part of this Annual Report on Form 10-K.
+Added: Our electronic filings with the U.S.
+Added: Securities and Exchange Commission (“SEC”) (including all Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and any amendments to these reports), including the exhibits, are available free of charge through our website as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC.
+Added: Our filings are also available through a database maintained by the SEC at www.sec.gov.
+Added: From time to time we may use our website as a means of disclosing material nonpublic information.
+Added: We also may use social media channels to communicate with investors and the public about our business, products and other matters, and those communications could be deemed to include material information.
+Added: Therefore, we encourage investors, the media and others interested in the Company to monitor and review the information we make available on our website.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.