WYOMISSING, PA — PENN Entertainment, Inc. (Nasdaq: PENN) reported steady second-quarter results, fueled by growth in its interactive gaming business and stable performance at its retail casinos.
For the quarter ended June 30, 2025, retail revenues totaled $1.4 billion with adjusted EBITDAR of $489.6 million and margins of 33.8%. Properties unaffected by new market competition posted nearly 4% year-over-year revenue growth, supported by higher visitation, increased spend per visit, and rising play from both rated and unrated customers. Omnichannel engagement—linking online and in-person play—also improved, with online-to-retail player counts up 8% and related revenue up 28%.
The company is preparing to open its new Hollywood Casino in Joliet, Illinois, on August 11, with other development projects remaining on budget and schedule.
In the interactive segment, revenue reached $316.1 million, including $137.9 million in tax gross-up, marking record results for both online sports betting and iCasino. The segment posted an adjusted EBITDA loss of $62 million, impacted by $2.9 million in severance costs tied to workforce restructuring aimed at boosting efficiency. PENN’s standalone Hollywood iCasino app continued to gain traction, with over 70% of lifetime gaming revenue through June coming from newly acquired, retail-native, or reactivated users. The ESPN BET platform added new features such as Player Insights and will debut FanCenter this football season, enabling fans to bet directly on teams, players, and fantasy lineups.
During the quarter, PENN repurchased 5.84 million shares for $90.3 million, part of $115.3 million in buybacks year-to-date. The company also settled $233.5 million in convertible notes, removing the potential dilution from 9.6 million shares.
As of June 30, PENN held $1.2 billion in liquidity, including $671.6 million in cash, with traditional net debt standing at $2.1 billion. Management reaffirmed its goal to repurchase at least $350 million of shares in 2025.
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