PENN Entertainment

PENN Entertainment, Inc. (formerly Penn National Gaming) is an American entertainment company and the largest regional casino operator in the United States by number of properties. The company operates 43 properties across 20 states under brands including Hollywood Casino, Ameristar, L'Auberge, and Boomtown. PENN generated US$6.9 billion in revenue in 2024, making it one of the largest gaming companies in North America.

The company operates through three primary segments: Retail Gaming (its 43 land-based casinos and racinos), Interactive — Sports Betting (ESPN BET, launched in November 2023 through a partnership with ESPN), and Interactive — iCasino (online casino gaming in five US states). PENN also owns the Canadian digital media company Score Media and Gaming (theScore), which provides sports content and betting services.

PENN Entertainment is publicly traded on the NASDAQ under the ticker symbol PENN and is a component of the S&P 600 index. The company employs approximately 21,875 people and is recognized as a Tier-1 operator in the US gaming industry. Its 2013 spin-off of Gaming and Leisure Properties (GLPI) created the first gaming-focused REIT in the US, a structure that has since been widely adopted across the industry.

Retail Casino Portfolio — 43 Properties

PENN Entertainment operates 43 casinos and racinos across 20 US states, making it the largest regional casino operator by property count. Its portfolio includes flagship properties like Ameristar St. Charles (Missouri), Ameristar Black Hawk (Colorado), Hollywood Casino Columbus (Ohio), L'Auberge Casino Resort in Baton Rouge (Louisiana), and M Resort in Las Vegas. The properties range from large integrated resorts to local casinos and racinos with horse racing and slot machines.

ESPN BET — Sports Betting Partnership

In August 2023, PENN Entertainment announced a 10-year, $2 billion partnership with ESPN to rebrand its sportsbook as ESPN BET. The platform launched in November 2023, replacing the former Barstool Sportsbook brand. ESPN BET leverages ESPN's massive sports media audience and integrates with ESPN's fantasy sports and content platforms. The sportsbook is live in 17 US states for sports betting and 5 states for iCasino.

theScore & Digital Media

PENN owns Score Media and Gaming (theScore), a Canadian digital sports media company that operates theScore Bet sports betting app and theScore sports content app — one of the most popular sports apps in North America. theScore Bet operates in Ontario, Canada, and theScore media app provides sports scores, news, and betting content to millions of users.

Hollywood Casino Brand

Hollywood Casino is PENN's flagship brand, used at multiple properties including Hollywood Casino Columbus, Hollywood Casino Toledo, Hollywood Casino Aurora, Hollywood Casino Joliet, and Hollywood Casino at Penn National Race Course. The brand is also used for PENN's online casino operations (Hollywood iCasino) in states where online casino gaming is legal.

Gaming and Leisure Properties (GLPI) Spin-off

In 2013, PENN pioneered the gaming REIT structure by spinning off its real estate into Gaming and Leisure Properties, Inc. (GLPI), the first gaming-focused REIT in the US. GLPI now owns over 50 casino properties across the US, leasing them back to operators including PENN, Caesars, and Boyd Gaming. This structure allowed PENN to unlock real estate value and reduce its cost of capital.

1982 — Penn National Race Course Founded

Peter M. Carlino founded Penn National Race Course in Grantville, Pennsylvania, establishing the company that would become Penn National Gaming (later PENN Entertainment).

1994 — Penn National Gaming Incorporated

The company was incorporated as Penn National Gaming, Inc., beginning its expansion beyond horse racing into casino gaming.

2000 — First Casino Acquisitions

Penn National acquired its first standalone casino properties, buying Casino Magic Bay St. Louis, Cactus Petes, and Boomtown Biloxi from Pinnacle Entertainment for $201 million.

2003 — Hollywood Casino Acquisition

Penn National acquired Hollywood Casino Corp. for $328 million plus $360 million in assumed debt, gaining three casinos and establishing the Hollywood Casino brand that would become its flagship.

2005 — Argosy Gaming Acquisition

Penn National acquired Argosy Gaming Company for $1.4 billion, doubling its size and becoming the third-largest publicly held gaming company in the US at the time.

2011 — M Resort Acquisition

Penn National acquired M Resort in Henderson, Nevada, its first property in the Las Vegas market.

2013 — GLPI Spin-off

Penn National spun off its real estate into Gaming and Leisure Properties, Inc. (GLPI), creating the first gaming-focused REIT in the US. The spin-off unlocked real estate value and reduced PENN's cost of capital.

2015 — Tropicana Las Vegas Acquisition

Penn National agreed to purchase the Tropicana Las Vegas for $360 million, adding a second Las Vegas Strip presence.

2020 — Barstool Sports Investment

Penn National acquired a 36% stake in Barstool Sports for $163 million, later increasing to full ownership. The Barstool Sportsbook was launched as the company's online sports betting brand.

2022 — Rebrand to PENN Entertainment

Penn National Gaming officially rebranded as PENN Entertainment, Inc. to reflect its evolution from a regional casino operator to a diversified entertainment company with significant digital operations.

2023 — ESPN BET Partnership

PENN announced a 10-year, $2 billion partnership with ESPN to launch ESPN BET, replacing the Barstool Sportsbook. ESPN BET launched in November 2023 in 17 US states, leveraging ESPN's massive sports media audience.

2024 — Continued Digital Growth

PENN reported $6.9 billion in revenue for 2024, with its interactive segment showing growth from the first full year of ESPN BET operations. The company continues to invest in its digital platforms while maintaining its leadership in regional casino operations.

PENN Entertainment is committed to responsible gaming across all its retail and digital platforms. The company implements comprehensive responsible gaming programs including:

• PENN Play — Responsible Gaming Program — The company's loyalty program integrates responsible gaming tools, allowing members to set deposit, time, and spending limits across retail and online channels.
• Self-Exclusion Programs — Players can voluntarily exclude themselves from gaming at any PENN property or on ESPN BET/theScore Bet. The programs are coordinated with state gaming regulators in each jurisdiction.
• ESPN BET Responsible Gaming Tools — The online sportsbook offers deposit limits, time-out periods, self-exclusion, reality checks, and session timers. Players can access their full betting history for transparency.
• Trained Staff — All PENN employees undergo mandatory responsible gaming training. The company employs dedicated Responsible Gaming coordinators at each property.
• Partnerships — PENN partners with the National Council on Problem Gambling (NCPG) and other organizations to promote responsible gaming awareness and provide support resources.
• Underage Gaming Prevention — Strict ID verification protocols are enforced at all properties and online platforms. ESPN BET uses advanced age verification technology for online registrations.

Players experiencing gambling-related harm can contact the National Problem Gambling Helpline at 1-800-522-4700, available 24/7.