PENN Entertainment, Inc. is a provider of integrated entertainment, sports content, and casino gaming in North America. The company's business model is divided into five reportable segments: Northeast, South, West, Midwest, and Interactive. The four retail segments encompass 43 land-based gaming and racing properties across 20 states, operating under brands such as Hollywood Casino, Ameristar, Boomtown, and L'Auberge. These physical properties generate the majority of the company's revenue through traditional gaming operations, including slot machines and table games, complemented by food and beverage offerings, hotel accommodations, and retail services.
PENN has expanded its digital footprint, which is housed within its Interactive segment. This division manages the company's online sports betting, iCasino, and social gaming operations. Key digital assets include theScore Bet in Canada and ESPN BET in the United States, the latter launched following a strategic licensing agreement with ESPN. The Interactive segment also includes the company's proprietary sports betting technology stack and media assets. While land-based casino gaming remains the primary source of revenue, the company's omnichannel strategy aims to leverage its PENN Play customer loyalty program to cross-sell between physical properties and digital platforms. The company operates under an asset-light model for much of its real estate, having spun off its physical property assets into a real estate investment trust, Gaming and Leisure Properties, Inc., in 2013, and now leases them back to support its operations.
