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PENN Entertainment

OperatorGames Software
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Founded
1982-01-01 in Pennsylvania, USA
Headquarters
Wyomissing, Pennsylvania, USA
Email
Fred.Lipkin@pngaming.com
Phone
(770) 664-3852

PENN Entertainment, Inc. is a North American leader in integrated entertainment, sports content, and casino gaming, operating 42 properties across 20 states under brands such as Hollywood Casino, Ameristar, Boomtown, L’Auberge, and Argosy. Headquartered in Wyomissing, Pennsylvania, the company was founded in 1982 as PNRC Corp. when Peter D. Carlino acquired Penn National Race Course, and it went public in 1994 as Penn National Gaming before rebranding to PENN Entertainment in 2022 to reflect its broader multimedia focus. Through its digital division, Penn Sports Interactive, PENN offers online sports betting and iGaming via theScore Bet, a platform powered by its Canadian subsidiary Score Media and Gaming, acquired in 2021. The company employs approximately 21,875 people and rewards customers through the omnichannel PENN Play loyalty program. Under CEO and President Jay Snowden, PENN has transformed from a regional casino operator into a multichannel entertainment provider emphasizing technology and responsible gaming.

Detailed Review

History

PENN Entertainment traces its roots to 1968 with the formation of Pitt Park Raceway and the Pennsylvania National Turf Club, but the company was incorporated in 1982 as PNRC Corp. when Peter D. Carlino acquired Penn National Race Course. It went public on Nasdaq in 1994 under the name Penn National Gaming and changed its name to PENN Entertainment in 2022 to better represent its expanded scope beyond gaming alone.

Business Model and Revenue

PENN generates revenue from its portfolio of land-based casinos, racetracks, and video gaming terminals, as well as from digital sports betting and iGaming operations. The company owns and operates 43 gaming and racing venues (per Wikipedia; company site states 42) across 20 U.S. states, including riverboat casinos, land-based casinos, and racetracks. Digital operations are consolidated under Penn Sports Interactive, which markets theScore Bet sportsbook and casino platform. The PENN Play loyalty program (formerly mychoice) enables cross-property earning and redemption across both physical and online channels.

Core Brands and Platforms

Key property brands include Hollywood Casino (the largest brand, with multiple locations), Ameristar (Kansas City, Black Hawk, Council Bluffs, Vicksburg), Boomtown (New Orleans, Bossier City), L’Auberge (Lake Charles, Baton Rouge), and Argosy (Riverside, Missouri; Kansas City, Kansas). The company also operates the Meadows Racetrack & Casino and Penn National Race Course. On the digital side, theScore Bet is available in 17 U.S. jurisdictions for sports betting and 5 for casino gaming. PENN previously licensed the Barstool Sportsbook brand but completed a migration to its proprietary theScore platform in 2023.

Market Position and Competitors

PENN is a major regional casino operator with a strong presence in the Midwest, South, and mid-Atlantic states. It competes with other regional operators such as Boyd Gaming, Caesars Entertainment, and MGM Resorts, as well as with national digital sportsbook operators like DraftKings and FanDuel. Its ownership of theScore media assets provides a unique cross-media marketing advantage in Canada and select U.S. markets.

M&A and Strategic Activity

In 2021, PENN acquired Score Media and Gaming (theScore) for approximately $2 billion, adding a Canadian digital media and sports betting platform. The company later ended its partnership with Barstool Sports (selling its stake back to Dave Portnoy) and migrated its online sportsbook to the proprietary theScore platform in 2023, aiming to improve margins and control over customer data. PENN also partners with Birches Health to expand responsible gaming resources.

Recent News and Financials

In 2022, PENN reported revenue of $6.5 billion and net income of $222 million, with total assets of $17.5 billion. The company is publicly traded on Nasdaq under the ticker PENN and is included in the S&P 600. In 2023, it continued to launch theScore Bet in new states and reported third-quarter results that highlighted growth in digital operations.

Key Products

  • Hollywood Casino

    Brand of land-based casinos and racetracks operated across multiple U.S. states.

  • Ameristar

    Casino brand with properties in Kansas City, Black Hawk, Council Bluffs, and Vicksburg.

  • Boomtown

    Riverboat casino brand operating in New Orleans and Bossier City, Louisiana.

  • L’Auberge

    Luxury casino resort brand with locations in Lake Charles and Baton Rouge, Louisiana.

  • Argosy

    Riverboat casino brand in Riverside, Missouri and Kansas City, Kansas.

  • theScore Bet

    Online sports betting and iGaming platform available in 17 U.S. jurisdictions for sports betting and 5 for casino.

  • PENN Play

    Omnichannel loyalty program that earns PENN Cash and Tier Points across properties and online.

  • Score Media and Gaming (theScore)

    Canadian digital media and sports betting subsidiary acquired in 2021.

Offices & Headcount

21875 employees (approx.)

Key Persons

Recent News

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