PENN Entertainment, Inc. has published its financial results for the quarter ended June 30, 2025, showing revenue and adjusted EBITDA growth across its retail and interactive operations while posting a net loss of US$18.3 million (£13.62m) for the period.
Total revenues for Q2 reached US$1.77 billion (£1.31bn), up from US$1.66 billion (£1.23bn) in Q2 2024.
Adjusted EBITDA rose 11 percent, year-on-year, to US$236.1 million (£175.76m), adjusted EBITDAR reached US$392.1 million (£291.89m). Retail properties generated US$1.4 billion in revenue (£1.04bn) with a 33.8 percent EBITDAR margin. Although Interactive delivered revenues of US$316.1 million (£235.32m), it still reported an adjusted EBITDA loss of US$62 million (£46.15m).
Overall, PENN Entertainment reported record gaming revenue in its sportsbook and iCasino verticals, as well as ongoing product improvements and “operational leverage” from its omnichannel strategy.
As part of its broader US$350 million (£260.54m) buyback program, PENN repurchased US$115.3 million worth (£85.83m) of its own shares.
Liquidity
Liquidity at the end of Q2 was US$1.2 billion (£893.25m), including US$671.6 million (£499.9m) in cash and equivalents. Net debt was reported to be US$2.15 billion (£1.6bn)
The company’s second-quarter performance reflects continued efforts to balance long-term interactive investment with short-term returns from land-based operations, affirmed PENN CEO Jay Snowden.
“Omnichannel engagement continues to benefit our results, with online-to-retail player count and theoretical revenue growing year-over-year by eight percent and 28 percent, respectively,” stressed Snowden.
“After years of absorbing new supply, we are excited to deliver the first of our development projects with the upcoming opening of the new Hollywood Casino in Joliet this month [August 11]. The remainder of our development projects remain on budget and on schedule.
“We also recently enhanced our ESPN BET offering by introducing engaging features such as Player Insights which allow customers to evaluate player statistics in relation to player prop bets.
“And this football season marks the exciting launch of FanCenter, which leverages our connectivity with the ESPN ecosystem to enable players to bet on their favorite teams, players, and fantasy lineups through ESPN BET,” Snowden concluded.
