Penn Entertainment returned to profit in the second quarter and lifted its outlook for the land-based business. Net income for the quarter ended June 30 came to $32.6 million, or 24 cents a share, against a loss of $18.3 million (12 cents a share) a year earlier. Revenue rose 5.7% to $1.86 billion from $1.76 billion.
Chief Executive Jay Snowden said the company would move onto the Las Vegas Strip given the right opportunity, and set a hard test: 'the right price, the right asset'. Penn will not buy a property that needs another $400–700 million of capex to fix deferred maintenance. It runs 42 casinos in the US and Canada. Recent spending includes a $360 million rebuild of Hollywood Casino Aurora, the move of Hollywood Casino Joliet from a riverboat to land, and a $100 million hotel tower at Hollywood Casino Columbus that opened in June.
Land-based and Interactive
Regional casinos produced $1.5 billion of revenue and $517.4 million in adjusted EBITDAR at a 34.4% margin. Retail beat consensus in three of four regions, and Penn raised the midpoint of its 2026 retail adjusted EBITDAR guidance by $31 million. The West Segment, which includes M Resort in Henderson, grew revenue 10%, helped by a $206 million hotel expansion: 375 new rooms nearly doubled capacity at the property to 765.
Interactive reported $349.4 million of revenue and a $9.4 million adjusted EBITDA loss, narrower than analysts expected. The digital push now leans on iGaming. Snowden said Hollywood iCasino in the US posted record quarterly revenue, up both quarter on quarter and year on year. The sportsbook, rebranded from ESPN Bet to ScoreBet, gained from World Cup activity, with some users placing a football bet for the first time. Jefferies analyst David Katz called the results better than expected and pointed to progress in the interactive segment. Jeffrey Stantial of Stifel flags continued uncertainty over iCasino and the pace of margin growth, but sees drivers in market share gains and omnichannel advantages.
