Executive Overview and Strategic Priorities
PENN Entertainment, Inc. has officially released its financial results for Q2 ended June 30, 2026, showcasing record-breaking quarterly Retail segment revenues and continued progress within its Interactive segment. Chief Executive Officer and President Jay Snowden emphasized that the company successfully delivered on its core strategic priorities for the period, which included driving Segment Adjusted EBITDAR growth, optimizing corporate overhead, expanding cash flow, and proactively deleveraging the balance sheet.
Retail Segment Performance and Portfolio Expansion
Supported by robust performance across a diverse geographical portfolio, including four recently completed development projects, the Retail segment generated $1.5 billion in revenues and delivered Segment Adjusted EBITDAR of $517.2 million with a margin of 34.4%. Nine properties achieved second-quarter records for both revenues and Adjusted EBITDAR. Operational momentum was further bolstered by the June 2026 openings of new hotel towers at Hollywood Columbus and Hollywood Casino Aurora, both of which experienced strong initial visitation from VIP players.
Jay Snowden, Chief Executive Officer and President at PENN, said:
“We continued to execute against our 2026 strategic priorities this quarter: delivering Segment Adjusted EBITDAR growth, optimizing corporate overhead, growing cash flow, and deleveraging the balance sheet. PENN achieved record quarterly Retail segment revenues, supported by strong performance across our portfolio including our four recently completed development projects. Our Interactive segment remains on track to deliver upon our previously stated goals, supported by growth in U.S. iCasino and Canada. Adjusted EBITDA improved by $52.5 million year-over-year, reflecting disciplined execution of our strategy to drive profitability. The encouraging trends in our Retail and Interactive operating segments have continued through July.”
Interactive Segment Momentum and Market Growth
Concurrently, the Interactive segment reported revenues of $349.4 million, inclusive of a $185.5 million tax gross-up, and narrowed its Adjusted EBITDA loss to $9.5 million, marking a substantial year-over-year improvement. Standalone Hollywood iCasino achieved record quarterly revenues in the U.S. through steady quarter-over-quarter and year-over-year growth. Meanwhile, gaming operations in Ontario gained further traction via online sports betting expansion aided by World Cup engagement, and the company successfully launched standalone apps for theScore Bet, theScore Casino, and Hollywood iCasino in Alberta on July 13.
Liquidity, Debt Refinancing, and Balance Sheet Management
On the financial front, PENN closed the quarter with total liquidity of $1.9 billion, which included $887.2 million in cash and cash equivalents, alongside a traditional net debt of $1.9 billion. The company completed several vital balance sheet adjustments during the period, including amending its credit agreement on April 16 to refinance and extend its $1.0 billion Revolving Credit Facility and $446.9 million Term Loan A Facility to April 2031, repaying the remaining $106.7 million principal balance of its 2.75% Convertible Notes on May 15, and repricing and extending its $962.5 million Term Loan B Facility to May 2033.
