PENN Entertainment Q2 Results Show Optimism and Challenges

CEO Jay Snowden noted that theoretical revenue grew across all rated age and worth segments, supported by PENN's omnichannel strategy.

Ziv Chen

Last Updated: August 8, 2025 2:46 PM EDT • 3 minute read

Photo by Jim Barcus/Kansas City Star/MCTvia Sipa USA.

PENN Entertainment reported second-quarter 2025 revenue of $1.77 billion and adjusted EBITDA of $236.1 million, with stable performance in retail properties. However, despite record gaming revenues, it continues to face profitability challenges in its Interactive segment.

The company posted a net loss of $18.3 million, though retail operations showed resilience with $1.4 billion in revenue and $489.6 million in adjusted EBITDAR, a margin of 33.8%. Properties unaffected by new competition recorded a 4% year-over-year increase, aided by higher visitation and spending per visit.

CEO Jay Snowden noted that theoretical revenue grew across all rated age and worth segments, supported by PENN's omnichannel strategy. Online-to-retail player counts rose 8% year-over-year, while revenue from these customers increased 28%.

Liquidity stood at $1.2 billion, enabling continued investment in development and digital platforms, including the new Hollywood Casino in Joliet, set to open on August 11.

The Interactive segment, covering online sports betting and iCasino operations, generated $316.1 million in revenue, including a $137.9 million tax gross-up, but recorded a $62 million adjusted EBITDA loss, reflecting ongoing investment and $2.9 million in severance costs.

PGA Tour Mines launch expands PENN's online casino portfolio

Building on its Q2 Interactive performance, PENN has expanded its PGA Tour-branded iCasino offerings with the launch of PGA Tour Mines, now available at Hollywood Casino in New Jersey and theScore Casino in Ontario. This release follows PGA Tour Blackjack as part of PENN's multi-year partnership with the PGA Tour, announced in January.

The instant game features golf-themed tile art, animated graphics, and branded golf balls. Players select tiles from a grid to reveal outcomes, increasing multipliers with successful picks while avoiding "mines" that end the round. The game allows players to cash out or continue uncovering tiles.

PGA Tour Mines is also available via ESPN BET in New Jersey and theScore Bet in Ontario, integrating PENN's casino content with its sports betting platforms. Alongside PGA Tour Blackjack, it is the first real-money online casino content to carry official PGA Tour branding across any digital platform.

ESPN Acquires NFL Network and Media Assets

In a further expansion of sports media integration, ESPN is acquiring the NFL Network, RedZone linear rights, and other NFL media assets in exchange for the league taking a 10% equity stake in ESPN. The deal includes the NFL's fantasy product, which will become part of ESPN Fantasy Football, now designated the NFL's official fantasy game.

ESPN will own and operate the NFL Network, adding its forthcoming streaming service while keeping it available on pay TV. The network will retain rights to seven games per season, with ESPN licensing three additional NFL games annually, bringing its total to 28.

The agreement grants ESPN broad rights to the RedZone trademark for pay TV distribution. The NFL will continue to own, operate, and produce the channel, retaining digital distribution rights. NFL Films, NFL.com, and other league media businesses will remain under NFL control.

Written by:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.