−Removed: 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.
−Removed: 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 ® .
−Removed: PENN’s ability to leverage its partnership with ESPN, Inc.
+Added: PENN Entertainment, Inc., together with its subsidiaries (“PENN,” the “Company,” “we,” “our,” or “us”), operates in 28 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting (“OSB”) and iCasino offerings.
+Added: PENN’s focus is on organic cross-sell opportunities, reinforced by its market-leading retail casinos, sports media assets and technology, including a proprietary state-of-the-art, fully integrated digital sports betting and iCasino platform, and an in-house iCasino content studio.
+Added: The Company’s portfolio is further bolstered by its industry-leading PENN Play TM customer loyalty program, offering its over 33 million members a unique set of rewards and experiences.
+Added: On November 6, 2025, the Company announced the early termination of our U.S.
+Added: sportsbook agreement with ESPN, Inc.
and ESPN Enterprises Inc.
−Removed: (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.
−Removed: 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).
−Removed: 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.
+Added: (together, “ESPN”), effective December 1, 2025.
+Added: As a result, we realigned our digital focus to leverage the strength of our U.S.
+Added: iCasino and Canadian operations, and we rebranded our OSB offering in the U.S.
+Added: to theScore Bet, leveraging connectivity with theScore media app and our PENN Play loyalty program to drive cross-sell opportunities across our retail and digital ecosystem.
Reportable Segments
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Northeast, South, West, Midwest, and Interactive.
−Removed: Our gaming and racing properties are grouped by geographic location, and each is viewed as an operating segment with the exception of our two properties in Jackpot, Nevada, which are viewed as one operating segment.
−Removed: We consider our combined Video Gaming Terminal (“VGT”) operations, by state, to be separate operating segments.
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.
−Removed: 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.
+Added: The Interactive segment includes all of our OSB, 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 ).
+Added: Our gaming and racing properties are grouped by geographic location, and each is viewed as an operating segment with the exception of our two properties in Jackpot, Nevada, which are viewed as one operating segment.
+Added: We consider our combined Video Gaming Terminal (“VGT”) operations, by state, to be separate operating segments.
See Note 17, “Segment Information” and Note 11, “Leases” in the notes to our Consolidated Financial Statements for further segment and lease structure information, respectively.
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Operating Properties
+Added: 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.
+Added: GLPI) (“GLPI”), a real estate investment trust.
+Added: In 2023, as part of our continuous capital investment strategy, the Company and GLPI amended and restated certain leases and entered into a master development agreement for planned redevelopment and relocation projects at certain properties which are expected to progress throughout 2026.
+Added: See “Triple Net Leases” below for further discussion.
The table below summarizes certain features of the properties owned, operated, or managed by us as of December 31, 2025, by reportable segment (all area and capacity metrics are approximate):
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Hollywood Casino at Greektown (2)
−Removed: Detroit, MI Greektown Lease Land-based gaming 100,000 2,027 56 400
+Added: Detroit, MI VICI Master Lease Land-based gaming 100,000 1,874 61 400
Hollywood Casino Lawrenceburg (2)(3)
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Margaritaville Resort Casino (2)
−Removed: Bossier City, LA Margaritaville Lease Dockside gaming 30,000 956 50 395
+Added: Bossier City, LA VICI Master Lease Dockside gaming 30,000 946 43 395
Ameristar Black Hawk (2)
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Alton, IL AR PENN Master Lease Dockside gaming 24,410 519 9 —
−Removed: Argosy Casino Riverside Riverside, MO AR PENN Master Lease Dockside gaming 56,000 1,079 37 258
+Added: Argosy Casino Riverside (2)
+Added: Riverside, MO AR PENN Master Lease Dockside gaming 58,850 1,060 31 258
Hollywood Casino Aurora (2)
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Hollywood Casino Joliet (2)
−Removed: Joliet, IL 2023 Master Lease Dockside gaming 50,000 924 25 100
+Added: Joliet, IL 2023 Master Lease Land-based gaming 48,874 1,005 43 —
Hollywood Casino at Kansas Speedway (2)(8)
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Hollywood Casino St.
−Removed: Louis Maryland Heights, MO AR PENN Master Lease Dockside gaming 120,000 1,544 45 502
+Added: Maryland Heights, MO AR PENN Master Lease Dockside gaming 120,000 1,652 45 502
Prairie State Gaming (5)
Illinois N/A Land-based gaming N/A 2,307 — —
−Removed: River City Casino St.
+Added: River City Casino (2)
Louis, MO Pinnacle Master Lease Dockside gaming 90,000 1,588 42 200
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(2) Property offers a sportsbook for live sports betting.
−Removed: (3) Property transferred to 2023 Master Lease (as defined in Note 11, “Leases,” in the notes to our Consolidated Financial Statements), effective January 1, 2023.
(3) Includes 168 rooms at our hotel and event center located less than a mile from the gaming facility.
−Removed: (5) Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to Gaming & Leisure Properties, Inc.
+Added: (4) Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI.
(5) VGT route operations.
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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, an ESPN BET 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, a 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 an ESPN BET 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, a 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, 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.
+Added: In addition to slot machines, table games, 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.
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 an ESPN BET sportsbook for live sports betting, as well as a variety of dining options.
+Added: In addition to slot machines and table games, the riverboat features a 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, an ESPN BET 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, a 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 an ESPN BET 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 a 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 an ESPN BET sportsbook for live sports betting, as well as a variety of dining options.
+Added: It features slot machines, table games, poker tables, and a 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 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.
+Added: 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.
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 an ESPN BET 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 a 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 an ESPN BET sportsbook for live sports betting, as well as casual dining options.
+Added: It features slot machines, table games, and a 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, an ESPN BET 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, a 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 an ESPN BET sportsbook for live sports betting, various restaurants, and bars amongst other amenities.
+Added: The property also includes a 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 34 truck stop establishments in Pennsylvania.
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Boomtown Biloxi, located in Biloxi Mississippi, offers slot machines, table games, poker tables, and a sportsbook for live sports betting, as well as two distinct dining options.
−Removed: The property also includes a recreational vehicle park and a 3,600 square foot event center and board room.
+Added: The property also includes a recreational vehicle park.
Boomtown Bossier City features a hotel adjoining a dockside riverboat casino located less than one mile from the Louisiana Boardwalk.
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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, an ESPN BET 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, a 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 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.
+Added: 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.
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, 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.
+Added: 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.
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, poker tables, and an ESPN BET sportsbook for live sports betting.
+Added: The resort features slot machines, table games, poker tables, and a sportsbook for live sports betting.
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.
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The resort features slot machines, table games, and a sportsbook for live sports betting, as well as a hotel and a variety of dining and bar options.
+Added: M Resort Spa Casino opened a second hotel tower on December 1, 2025, which added 375 rooms to the property, bringing its total to 765 rooms and suites.
The property also features more than 85,000 square feet of meeting and conference space, a spa and fitness center, and a 100,000 square foot event center.
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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 an ESPN BET 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 a 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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Argosy Casino Riverside is located on the Missouri River, approximately five miles from downtown Kansas City.
−Removed: In addition to gaming amenities, this Mediterranean-themed property features a nine-story hotel, a spa, an entertainment facility featuring various food and beverage areas, a VIP lounge and a sports/entertainment lounge and 19,000 square feet of banquet/conference facilities.
+Added: In addition to gaming amenities and a sportsbook for live betting, this Mediterranean-themed property features a nine-story hotel, a spa, an entertainment facility featuring various food and beverage areas, a VIP lounge and a sports/entertainment lounge, and 19,000 square feet of banquet/conference facilities.
Hollywood Casino Aurora is located in Aurora, Illinois, the second largest city in Illinois, approximately 35 miles west of Chicago.
This single-level dockside casino offers guests gaming amenities, including a poker room and a sportsbook for live sports betting, and features multiple dining and bar options.
−Removed: Hollywood Casino Joliet is located on the Des Plaines River in Joliet, Illinois, approximately 40 miles southwest of Chicago.
−Removed: The complex includes a barge-based casino which provides guests with two levels of gaming experience, as well as a land-based pavilion with several dining and entertainment options.
−Removed: In addition, the property includes a sportsbook for live sports betting, a hotel, 4,600 square feet of meeting space, and an 80-space RV park.
+Added: Hollywood Casino Joliet is located in Joliet, Illinois, approximately 40 miles southwest of Chicago.
+Added: The property relocated its riverboat casino operations to a new, state-of-the-art land-based facility which opened on August 11, 2025.
+Added: The facility features approximately 1,000 slots and 43 live table games, including high-limit slots and table games, a baccarat room, and a sportsbook for live sports betting.
+Added: Its unique bars and restaurants include Sorellina by Giada De Laurentiis and Boulevard Food & Drink Hall.
+Added: Additional features of the new property include an approximately 10,000 square foot, all-ages event center with meeting areas.
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 an ESPN BET 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, a sportsbook for live sports betting, and offers a variety of dining and entertainment facilities and a meeting room.
Hollywood Casino St.
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Louis, Missouri.
−Removed: The facility features slot machines, table games, poker tables, a hotel, and a variety of dining and entertainment venues.
+Added: The facility features slot machines, table games, poker tables, a hotel, a sportsbook for live sports betting, and a variety of dining and entertainment venues.
Prairie State Gaming is our licensed VGT route operator in Illinois across a network of over 410 bar and/or retail gaming establishments in seven distinct geographic areas throughout Illinois.
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Louis community of Lemay, Missouri.
−Removed: River City Casino features a hotel, multiple dining outlets, an entertainment lounge, and over 10,000 square feet of conference space.
+Added: River City Casino features a hotel, multiple dining outlets, an entertainment lounge, a sportsbook for live sports betting, and over 10,000 square feet of conference space.
Interactive Operations
PENN Interactive operates our online gaming portfolio which includes:
−Removed: (i) ESPN BET, an online sportsbook operating in select U.S.
−Removed: jurisdictions;
−Removed: (ii) Hollywood Casino, an iCasino operating in select U.S.
−Removed: jurisdictions, including within the ESPN BET website and app and stand-alone Hollywood iCasino website and app;
−Removed: (iii) theScore BET, an online sportsbook and iCasino operating in Ontario, Canada;
+Added: (i) theScore Bet, an online sportsbook operating in select U.S.
+Added: jurisdictions and Ontario, Canada;
+Added: (ii) theScore Casino, a stand-alone iCasino website and app operating in Ontario, Canada;
+Added: (iii) Hollywood Casino, an iCasino operating in select U.S.
+Added: jurisdictions, including within the theScore Bet website and app and stand-alone Hollywood iCasino website and app;
and (iv) PENN Game Studios, our in-house iCasino and social gaming content studio.
−Removed: ESPN BET, Hollywood Casino, and theScore BET leverage PENN’s proprietary, state-of-the-art player account management and online gaming platform.
In addition, PENN Interactive also operates our digital sports media business, theScore Media and Gaming, Inc.
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As of December 31, 2025, PENN Interactive operates online sportsbooks in 22 jurisdictions and iCasino in five jurisdictions throughout the U.S.
−Removed: Previously, PENN Interactive’s online gaming business included Barstool Sportsbook & Casino (“Barstool Sportsbook”), an online sportsbook and casino.
−Removed: On November 14, 2023, the Barstool Sportsbook brand was discontinued with PENN Interactive re-launching its U.S.
+Added: Previously, PENN Interactive’s online gaming business included Barstool Sportsbook & Casino (“Barstool Sportsbook”), an online sportsbook and iCasino.
+Added: In 2023, the Barstool Sportsbook brand was discontinued and PENN Interactive re-launched its U.S.
online sportsbook product as ESPN BET and its U.S.
iCasino product as Hollywood Casino.
+Added: PENN’s exclusive right to use the ESPN BET trademark for its OSB offerings in the U.S.
+Added: ended on December 1, 2025.
+Added: As a result, we have realigned our digital focus to leverage the strength of our U.S.
+Added: iCasino and Canadian operations, while continuing to use OSB to drive both the acquisition of customers with significant lifetime value and unique cross-sell opportunities across PENN’s retail and digital assets.
+Added: On December 1, 2025, we rebranded our OSB offering in the U.S.
+Added: to theScore Bet.
+Added: We have operated theScore Bet brand in Ontario since 2022, and our OSB product in both the U.S.
+Added: and Canada now leverages connectivity with the theScore media app, which has approximately 4 million monthly active users across North America.
In addition, PENN Interactive supports operations for retail sportsbooks across the Company’s portfolio of casinos, including, as of December 31, 2025, 33 retail sportsbooks located at the Company’s properties in 14 states.
−Removed: As of January 2023, PENN Interactive also began providing retail sportsbook management services to select casino operators outside our Company’s portfolio.
−Removed: 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, 2024, such online sports betting and online casino operators have operations in six states.
−Removed: 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: In 2023, PENN Interactive also began providing retail sportsbook management services to select casino operators outside our Company’s portfolio.
+Added: Further, through PENN’s portfolio of properties, PENN Interactive has entered into multi-year agreements with sports betting operators for OSB and iCasino market access in six states as of December 31, 2025.
+Added: theScore is a sports media company that provides comprehensive coverage of sports through its various platforms including theScore media app, theScore Bet Sportsbook and Casino app, and theScore Casino app.
theScore media app delivers users highly-personalized live scores, news, stats, and betting information from their favorite teams, leagues, and players.
−Removed: 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.
−Removed: 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.
+Added: 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: Additionally, theScore Casino app offers a variety of online slots, table games and live dealer content.
+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 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 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: Under this 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.
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.
−Removed: 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”).
+Added: In connection with PENN’s decision to rebrand our OSB business from Barstool Sportsbook to ESPN BET, we entered into a stock purchase agreement with David Portnoy on August 8, 2023 (the “Barstool SPA”).
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.
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Pennsylvania x x x x
+Added: Washington D.C.
West Virginia x x x x
Freehold Raceway.
−Removed: Through our joint venture with Greenwood, we own 50% of Freehold Raceway.
−Removed: The property features a one-half mile standardbred racetrack and a 118,000 square foot grandstand.
+Added: Through our joint venture with Greenwood, we previously owned 50% of a leased off-track wagering (“OTW”) facility in Toms River, New Jersey, and operated another OTW facility, which we constructed, in Gloucester Township, New Jersey.
+Added: The OTW facility in Gloucester Township closed on December 15, 2024.
Operations ceased at Freehold Raceway on December 28, 2024.
−Removed: 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.
+Added: The Freehold Raceway property was sold on June 10, 2025.
+Added: We currently own 10 acres of land in Cherry Hill, New Jersey.
Retama Park Racetrack.
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Triple Net Leases
−Removed: 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
−Removed: 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, 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: As noted above, 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 GLPI, and include the AR PENN Master Lease, 2023 Master Lease, and Pinnacle Master Lease (as such terms are defined below and collectively referred to as the “Master Leases”).
+Added: As of December 31, 2025 , in addition to the Master Leases, three individual gaming facilities used in our operations are subject to triple net leases (together with the Master Leases, the “Triple Net Leases”).
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:
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and (v) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.
−Removed: The following summaries of the Master Leases are qualified in their entirety by reference to either the AR PENN Master Lease, the 2023 Master Lease, PENN Master Lease (prior to January 1, 2023), or the Pinnacle Master Lease, as applicable, all of which are incorporated by reference in the exhibits to this Annual Report on Form 10-K.
+Added: The following summaries of the Master Leases are qualified in their entirety by reference to either the AR PENN Master Lease, the 2023 Master Lease, or the Pinnacle Master Lease, as applicable, all of which are incorporated by reference in the exhibits to this Annual Report on Form 10-K.
AR PENN Master Lease
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The AR PENN Master Lease remains subject to annual rent escalators and a percentage rent reset every five years.
+Added: 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.
+Added: The current term of the AR PENN Master Lease expires on October 31, 2033 and thereafter contains three renewal periods of five years each on the same terms and conditions, exercisable at the Company’s option.
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.
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The Company has a triple net lease with GLPI for the land underlying the Hollywood Casino Morgantown property.
−Removed: Prior to the execution of the 2023 Master Lease, the Company also had triple net leases with GLPI for the real estate assets associated with the Meadows and Perryville properties.
−Removed: Prior to the sale of PENN’s outstanding equity interest in Tropicana Las Vegas Hotel and Casino, Inc.
−Removed: (“Tropicana”) on September 26, 2022, the Company had a triple net lease with GLPI for the real estate assets associated with the Tropicana property.
−Removed: S ee Note 11, “Leases” in the notes to our Consolidated Financial Statements for further discussion.
−Removed: The Company has triple net leases with VICI Properties, Inc.
−Removed: VICI) (“VICI”) for the real estate assets associated with the Margaritaville Resort Casino and Hollywood Casino at Greektown properties.
+Added: Additionally, on December 4, 2025, the Company entered into a triple net master lease with VICI Properties, Inc.
+Added: VICI) (“VICI”) which amended and restated the individual triple net leases for the real estate assets associated with the Margaritaville Resort Casino (“Margaritaville”) and Hollywood Casino at Greektown (“Greektown”) properties into a single combined lease.
S ee Note 11, “Leases” in the notes to our Consolidated Financial Statements for further discussion.
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 ® ,” “PENN Entertainment ® ,” and “PENN Play.” theScore’s registered trademarks and service marks include “theScore ® ,” “theScore Bet ® ,” and “theScore esports ® ”, among others.
+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 ® ,” “theScore Casino TM ” 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.
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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.
−Removed: As of August 8, 2023, we have a licensing agreement with ESPN, Inc.
−Removed: to use the “ESPN BET” and related trademarks in connection with the operations of our online sports betting products within the United States.
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 (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.
+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 OSB and online casino), charitable gaming, video gaming terminals at bars, restaurants, taverns and truck stops, illegal slot machines and skill games, fantasy sports, historical horse racing gaming terminals, prediction markets and other event contracts related to sports or other future outcomes, such as political 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.
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We also believe that any seasonality, holiday, or other significant event may affect our various properties or regions differently.
−Removed: 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: We may also experience seasonality with retail and OSB which coincides with certain sporting events, as well as seasons of professional sports teams.
See “Item 1A.
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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
−Removed: 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 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 objective is to attract, retain, and develop high-quality talent with different perspectives.
−Removed: Our commitment to an equal-opportunity and respectful workplace, in which everyone feels valued, respected, and supported, is a factor driving our success.
−Removed: Our talent and development programs are designed to develop, support and maintain talent succession pipelines in preparation for key roles and leadership positions;
−Removed: recognize, reward and support our team members through competitive pay and wellness programs;
−Removed: enhance the Company’s philanthropic culture by encouraging participation and championing programs in the communities in which we work and live;
−Removed: 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 high-quality talent include:
−Removed: • 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;
−Removed: • Offered an intern program called Leadership Excellence at PENN (“LEAP”), which received a “Top 100 Internship Award” in 2024;
−Removed: • 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;
−Removed: • Offer leadership academy courses:
−Removed: (1) the Early Career Leadership Academy for individuals with 0-2 years of leadership experience;
−Removed: and (2) the Mid-Career Leadership Academy (for individuals with 3+ years of leadership experience).
−Removed: Each course was offered twice a year in 2024.
−Removed: • 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;
−Removed: • Expanded the PENN Mentorship Program, which matches team members across the Company based on areas of growth and interest;
−Removed: • Launched PENN-Ovation, the first innovation challenge/competition, to foster a culture of intrapreneurship and connect a network of creative thinkers across the organization.
−Removed: 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.
−Removed: • PENN-Ed a dynamic SharePoint site designed as a one-stop (development) shop.
−Removed: 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.
−Removed: 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.
−Removed: • 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.
−Removed: • Continued to facilitate our AwardCo Recognition Program and Property Engagement Committees.
−Removed: 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.
−Removed: Highlights from last year’s efforts include the expansion of our $4.0 million STEM Scholarship Fund and internship program.
−Removed: 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.
−Removed: In 2024, we also welcomed 24 new LEAP interns.
−Removed: In addition, we scaled our mentorship program after launching a pilot with over 200 team members in October 2023.
−Removed: Participants self-selected into the program and were located across the Company at varying levels and functional areas.
−Removed: 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.
−Removed: Additionally, 88% of open executive positions were filled by internal candidates throughout 2024.
+Added: The Company’s human capital strategy is focused on attracting, developing, engaging, and retaining high-quality talent to support our operating priorities.
+Added: Our commitment to an equal opportunity and respectful workplace where team members feel valued, respected, and supported is an important factor in our success.
+Added: Our programs are designed to strengthen succession pipelines for key roles and leadership positions;
+Added: recognize and support team members through competitive pay and benefits;
+Added: promote community engagement through our philanthropic efforts;
+Added: and invest in technology and resources that help team members perform their jobs efficiently.
As of December 31, 2025, we had approximately 23,441 full-time and part-time employees.
−Removed: We had 36 collective bargaining agreements covering approximately 4,110 active employees.
−Removed: Three collective bargaining agreements are scheduled
−Removed: to expire in 2025.
−Removed: 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.
−Removed: 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: We had 35 collective bargaining agreements covering approximately 4,286 active union employees, of which 15 are scheduled to expire in 2026.
+Added: Although we believe we have strong employee relations, there can be no assurance that we will be able to extend or enter into replacement agreements, or that any such agreements will be on terms comparable to existing agreements.
+Added: Through the efforts of our corporate, interactive, and retail property leadership teams, and our charitable foundation, we continued, launched and/or expanded several initiatives in 2025 intended to support our team members and their families and strengthen the communities in which we operate.
+Added: Key programs and initiatives include:
+Added: • Talent development and succession planning.
+Added: We conduct regular talent review cycles for salaried team members to identify high-potential talent for promotions and stretch opportunities and to align team members with development plans.
+Added: • Leadership and skills development.
+Added: We continued to provide leadership training and functional development through various programs designed for hourly and salaried team members who seek advancement into leadership roles.
+Added: We also support leader readiness through self-paced learning platforms and an enterprise e-course for people leaders, with additional training planned for 2026.
+Added: • Mentoring and inclusion.
+Added: We continue to scale our development opportunities through programs that provide development and networking opportunities to team members across the organization.
+Added: These efforts are supported by enterprise learning resources such as PENN Ed and Learning Central.
+Added: • Engagement, recognition, and culture.
+Added: We reinforce engagement and performance through enterprise recognition and communication platforms, which support cross-property connection and collaboration.
+Added: We also provide internal communications to share timely updates and stories across the organization.
+Added: • Service excellence and brand alignment.
+Added: We invest in training to support guest service and operating standards, including our partnership with service culture experts, to develop and implement a guest service model aligned with the Hollywood Casino rebrand.
+Added: • Onboarding and support for leaders.
+Added: We launched a structured onboarding experience for new people leaders, including a centralized SharePoint resource and a toolkit intended to support consistent leadership practices.
+Added: • Innovation and continuous improvement.
+Added: We encourage cross-functional innovation through PENN-Ovation, our internal innovation challenge, supported by executive coaches and senior executive sponsorship.
+Added: In 2025 we expanded SmartDollar, a financial wellness program introduced by a 2024 PENN-Ovation team, designed to help team members increase savings and eliminate personal debt.
+Added: • Community and purpose.
+Added: We support educational access through initiatives such as our PENN Scholarship Fund for the children of our team members.
+Added: Additionally, we partner with universities/colleges to provide scholarships for STEM students and Veterans in the states where we operate.
+Added: • Talent pipelines and mobility.
+Added: We build early-career pipelines through LEAP, our internship program.
+Added: We also emphasize internal mobility, including filling the majority of open executive positions at the property level in 2025 with internal candidates or returning team members.
+Added: • Veteran pathways.
+Added: We received approval from the Department of Defense to offer a SkillBridge program (PENN Fellowship) for transitioning service members to gain hands-on experience during their final 180 days of service.
+Added: We welcomed our first Fellow in 2025, and additional Fellows are expected to begin in the first quarter of 2026.
Available Information
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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.