Penn Entertainment reported higher revenue and sharply reduced losses in the fourth quarter of 2025, driven by record digital gaming results and steady performance across its retail properties despite weather‑related disruptions.
The company posted $1.8 billion in revenue for the quarter, up from $1.7 billion a year earlier. Penn’s net loss narrowed to $73.4 million, compared with a $133.8 million loss in the prior‑year period. Consolidated adjusted EBITDA rose to $225.8 million, up from $165.2 million.
Penn said its retail casino segment generated $1.4 billion in revenue, with adjusted EBITDAR of $456.4 million at a 32.3% margin. Severe December weather reduced retail EBITDAR by roughly $7 million, though executives said underlying trends remained stable and theoretical revenue continued to grow year over year.
The company’s interactive division reported record revenue of $398.7 million, fueled by gains in its Hollywood iCasino product and online sportsbook. The segment posted an adjusted EBITDA loss of $39.9 million.
Penn ended 2025 with $1.1 billion in liquidity, including $686.6 million in cash and equivalents. Traditional net debt stood at $2.2 billion. The company also highlighted $150 million in funding from Gaming and Leisure Properties for a second hotel tower at the M Resort in Las Vegas, and expects an additional $225 million tied to the upcoming relocation of Hollywood Casino Aurora, scheduled to open at the end of the second quarter of 2026.
Chief Executive Jay Snowden called the quarter “solid,” noting the company’s U.S. sportsbook completed its transition to theScore Bet following the phase‑out of ESPN Bet. Snowden said Penn expects 20% adjusted EBITDAR growth in 2026, supported by strength in both retail and digital operations.
He added that Penn has identified more than $10 million in annualized corporate cost savings and plans to return to pre‑pandemic spending levels as recent investments take hold.
“Given this outlook, we expect to de‑lever year over year, reducing lease‑adjusted net leverage by more than one turn and traditional net leverage by more than two turns, and opportunistically return capital to shareholders,” Snowden said.
