Penn National Gaming

History and Founding

PENN Entertainment traces its roots to 1967, when Pennsylvania legalized parimutuel horse racing. In 1968, two groups formed to pursue licenses: Pitt Park Raceway, Inc. (Erie-area businessmen) and the Pennsylvania National Turf Club (Central Pennsylvania investors). The Turf Club was awarded a license in 1968 and opened the Penn National Race Course in 1972. Pitt Park, initially denied, received a secondary license in 1970 and began racing at The Meadows harness track in 1971. After two unprofitable seasons, Pitt Park was sold to a group led by insurance executive Peter D. Carlino and renamed Mountainview Thoroughbred Racing Association. In 1973, Mountainview began racing at Penn National as a tenant.

In 1982, Peter D. Carlino bought the financially struggling Penn National Race Course from the Turf Club. The corporate entity PNRC Corp., incorporated in 1982, was reorganized in 1994 as Penn National Gaming, Inc., with Mountainview and the Turf Club as subsidiaries. The company went public on Nasdaq in May 1994, raising $18 million. Peter M. Carlino, son of Peter D. Carlino, served as the first CEO.

Expansion and Transformation

Through the 2000s, Penn National expanded via acquisitions and new developments, including purchases of Hollywood Casino properties, Argosy, and Boomtown brands. A landmark deal came in 2015 with the acquisition of the Tropicana Las Vegas for $360 million. In 2018, Penn National acquired Pinnacle Entertainment for $2.8 billion, adding 16 casinos and significantly boosting its national footprint.

In 2020, Jay Snowden succeeded Timothy Wilmott as CEO, accelerating the company’s digital push. That year, Penn National acquired a 36% stake in Barstool Sports and launched the Barstool Sportsbook app. In 2021, the company acquired Score Media and Gaming (theScore) for $2 billion, gaining a leading Canadian sports media app and betting platform. The company rebranded as PENN Entertainment in 2022 to reflect its broader entertainment focus. In 2023, Penn sold its Barstool stake back to founder Dave Portnoy and entered a landmark 10-year, $2 billion partnership with ESPN to launch ESPN BET, which replaced Barstool Sportsbook across most U.S. states.

Property and Brand Portfolio

PENN operates 43 properties under multiple brands: Hollywood Casino (full-service casinos with slots, table games, hotels, and dining); Ameristar (casino-resorts in the Midwest and South); Boomtown (smaller regional casinos); Argosy (riverboat casinos in Indiana/Missouri); L’Auberge (luxury casino resorts such as Lake Charles, Louisiana); theScore Bet (mobile sports betting and iCasino in Canada and select U.S. states); ESPN BET (U.S. online sportsbook powered by PENN’s technology, seamlessly integrated with ESPN’s content ecosystem); HollywoodCasino.com (online casino platform with slots, table games, and live dealer offerings); and PENN Play (cross-property loyalty program with over five million active members).

Digital and Technology Strategy

PENN has invested heavily in proprietary technology, including its own sports betting and iCasino platform. The company’s digital backbone supports both theScore Bet and ESPN BET, offering personalized betting experiences and in-game wagering. In 2025, PENN received $150 million in funding from Gaming and Leisure Properties to support further digital expansion. The company also partners with technology providers like IGT for content and platform services.

Financial Overview

For fiscal year 2022, PENN generated $6.5 billion in revenue and $222 million in net income. Total assets stood at $17.5 billion, with equity of $3.5 billion. The company’s earnings have fluctuated with regulatory changes and market competition. In Q1 2026, PENN reported earnings of $0.11 per share, slightly above analyst estimates. The company’s stock trades on the Nasdaq under PENN and is a component of the S&P 600.

Leadership and Governance

PENN’s board is chaired by David A. Handler, with founder Peter M. Carlino serving as Chairman Emeritus. Key C-suite executives include Jay Snowden as Chief Executive Officer & President (since January 2020) and Carl Sottosanti as Executive Vice President, General Counsel & Secretary. As of early 2026, PENN has not publicly confirmed a Chief Technology Officer, Chief Commercial Officer, or Chief Operating Officer; these roles may be held by senior vice presidents or integrated into other C-level functions.

Recent Developments

In March 2026, PENN partnered with Birches Health to offer responsible gaming resources across its online platforms. In November 2025, the company secured $150 million in funding from Gaming and Leisure Properties at a 7.79% cap rate. In October 2025, NASCAR expanded its alliance with PENN, naming the company its first authorized gaming operator and sponsoring the Kansas Speedway race through 2026. Additionally, ESPN BET launched in multiple states in 2024–2025, and theScore Bet expanded its Ontario market share.

Regulatory and Licensing

PENN holds gaming licenses in 20 U.S. states and operates under strict regulatory oversight from state gaming commissions and the Canadian provincial regulator. The company is also licensed for online sports betting in 17 jurisdictions and iCasino in 5 states.