PENN Entertainment, Inc. (PENN): Business Model Canvas

In der dynamischen Welt der Unterhaltung und des Gaming erweist sich PENN Entertainment, Inc. (PENN) als Kraftpaket, das sich strategisch durch die komplexe Landschaft digitaler und physischer Glücksspielerlebnisse bewegt. Durch die nahtlose Verbindung modernster Technologie, verschiedener Spielplattformen und innovativer Kundenbindungsstrategien hat sich PENN von einem traditionellen Casino-Betreiber zu einem vielfältigen Unterhaltungsökosystem entwickelt. Ihr Business Model Canvas offenbart einen anspruchsvollen Ansatz, der Sportwetten, Online-Gaming, Gastronomie und digitale Inhalte umfasst und das Unternehmen an die Spitze einer sich schnell entwickelnden Branche positioniert, die sich an technikaffine Verbraucher richtet, die personalisierte und immersive Unterhaltungserlebnisse suchen.

PENN Entertainment, Inc. (PENN) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Gaming-Technologie

PENN Entertainment arbeitet mit führenden Gaming-Technologieanbietern zusammen:

Anbieter	Einzelheiten zur Partnerschaft	Technologieumfang
Internationale Spieletechnologie (IGT)	Langfristiger Technologieliefervertrag	Spielautomatenplattformen und Spielsysteme
Scientific Games Corporation	Strategische Technologiezusammenarbeit	Digitale Gaming-Inhalte und Hardwarelösungen

Staatliche Glücksspielkommissionen und Regulierungsbehörden

PENN Entertainment unterhält Partnerschaften mit mehreren staatlichen Regulierungsbehörden:

• Pennsylvania Gaming Control Board
• New Jersey Division of Gaming Enforcement
• Indiana Gaming Commission
• Illinois Gaming Board

Casino-Resort- und Hospitality-Partner

Zu den wichtigsten Partnerschaften mit Casino-Resorts gehören:

Partner	Standort	Partnerschaftstyp
Barhocker-Sportwetten	Mehrere Staaten	Co-Branding-Sportwettenplattform
Hard Rock International	Verschiedene Gerichtsbarkeiten	Casino-Management und Lizenzierung

Kooperationspartner der Sportwetten-Plattform

Die Sportwetten-Partnerschaften von PENN Entertainment:

• Barstool Sportsbook (eigene Tochtergesellschaft)
• theScore Bet
• Digitale Plattformen von Caesars

Anbieter von Medien- und Unterhaltungsinhalten

Strategische Medien- und Content-Partnerschaften:

Partner	Inhaltstyp	Fokus auf Zusammenarbeit
ESPN	Sportmedieninhalte	Integration digitaler Wetten
Barhocker Sport	Digitale Medien und Sportinhalte	Marketing für Wettplattformen

PENN Entertainment, Inc. (PENN) – Geschäftsmodell: Hauptaktivitäten

Casino- und Glücksspielbetriebsmanagement

PENN Entertainment betreibt ab 2023 44 Glücksspieleinrichtungen in 20 Gerichtsbarkeiten. Der gesamte Glücksspielumsatz für 2022 betrug 5,93 Milliarden US-Dollar. Das Unternehmen verwaltet ein vielfältiges Portfolio an Casino-Immobilien, darunter:

Immobilientyp	Anzahl der Eigenschaften	Gesamtspielpositionen
Casinos	44	48,700
Rennstrecken	7	2,300

Entwicklung einer Sportwettenplattform

PENNs Sportwettenplattform Barstool Sportsbook ist in 16 Bundesstaaten aktiv. Die Einnahmen aus digitalen Wetten beliefen sich im Jahr 2022 auf 229 Millionen US-Dollar.

• Aktive Sportwetten-Staaten: 16
• Online-Wettumsatz: 3,2 Milliarden US-Dollar im Jahr 2022
• Nutzer digitaler Plattformen: 2,4 Millionen registrierte Konten

Management von Hotel- und Unterhaltungsstätten

PENN verwaltet mehrere Unterhaltungsstätten mit einem Gesamtumsatz von 6,1 Milliarden US-Dollar im Jahr 2022.

Veranstaltungsorttyp	Anzahl der Veranstaltungsorte	Durchschnittlicher Jahresumsatz
Casino-Resorts	21	275 Millionen Dollar
Racinos	7	135 Millionen Dollar

Integration digitaler Gaming-Technologie

PENN investierte im Jahr 2022 163 Millionen US-Dollar in Technologie und digitale Plattformen. Die Einnahmen aus digitalen Spielen stiegen im Jahresvergleich um 22 %.

• Technologieinvestition: 163 Millionen US-Dollar
• Budget für die Entwicklung digitaler Plattformen: 45 Millionen US-Dollar
• Umsatzwachstum im digitalen Gaming: 22 %

Marketing- und Kundengewinnungsstrategien

Die Marketingausgaben für 2022 beliefen sich auf 412 Millionen US-Dollar und konzentrierten sich auf digitale und traditionelle Kanäle.

Marketingkanal	Ausgaben	Kundenakquisekosten
Digitales Marketing	247 Millionen Dollar	$82
Traditionelles Marketing	165 Millionen Dollar	$95

PENN Entertainment, Inc. (PENN) – Geschäftsmodell: Schlüsselressourcen

Physische Casino- und Resort-Immobilien

Im Jahr 2024 besitzt PENN Entertainment 44 Immobilien in 20 Bundesstaaten. Das gesamte Immobilienportfolio hat einen Wert von rund 4,3 Milliarden US-Dollar.

Staat	Anzahl der Eigenschaften	Immobilientyp
Louisiana	8	Flussboot-/Landbasierte Casinos
Pennsylvania	6	Integrierte Resort-Casinos
Ohio	4	Kommerzielle Casinos

Digitale Gaming-Plattformen und -Technologie

PENN Entertainment investierte im Jahr 2023 325 Millionen US-Dollar in digitale Gaming-Technologie. Die Barstool-Sportwettenplattform ist in 16 Bundesstaaten aktiv.

• Plattformtechnologie für Sportwetten
• Online-Casino-Software
• Mobile Gaming-Anwendungen

Gaming-Lizenzen

PENN verfügt über Glücksspiellizenzen in 20 Bundesstaaten mit einem geschätzten Lizenzwert von 1,2 Milliarden US-Dollar.

Lizenztyp	Anzahl der Staaten	Geschätzter Wert
Kommerzielles Casino	12	750 Millionen Dollar
Online-Sportwetten	16	450 Millionen Dollar

Markenbekanntheit

Der Markenwert von Barstool Sports wird auf 450 Millionen US-Dollar geschätzt. PENN Entertainment-Markenbekanntheitswert von 78/100 im Unterhaltungssektor.

Kundendatenbank und Treueprogramme

Mitgliedschaft im Treueprogramm: 4,2 Millionen aktive Mitglieder. Durchschnittlicher Customer Lifetime Value: 3.750 $.

• Detaillierte demografische Kundendaten
• Personalisierte Marketingfunktionen
• Erweiterte Kundensegmentierung

PENN Entertainment, Inc. (PENN) – Geschäftsmodell: Wertversprechen

Vielfältige Spiel- und Unterhaltungserlebnisse

PENN Entertainment betreibt ab 2023 44 Hotels in 20 Bundesstaaten. Der Gaming-Umsatz für 2022 belief sich auf insgesamt 5,83 Milliarden US-Dollar. Das Unternehmen verwaltet ein Portfolio, das Folgendes umfasst:

• Casino-Eigenschaften
• Sportwettenplattformen
• Interaktive Spieledienste

Immobilientyp	Anzahl der Standorte	Jahresumsatz
Casinos	44	5,83 Milliarden US-Dollar
Online-Gaming-Plattformen	20 Staaten	577 Millionen US-Dollar

Integrierte Online- und Offline-Glücksspielplattformen

PENN Entertainment generiert 1,5 Milliarden US-Dollar aus digitalen Gaming-Segmenten im Jahr 2022. Barstool Sportsbook ist in 16 Bundesstaaten mit 1,3 Millionen aktiven Nutzern tätig.

Optionen für Multi-State-Gaming und Sportwetten

PENN Entertainment bietet Wettdienste in 20 Bundesstaaten an über:

• Barhocker-Sportwetten
• Hollywood Casino-Plattformen
• M Resort-Wettdienste

Personalisierte Kundenbindung

Das Treueprogramm von Barstool Sportsbook umfasst 1,3 Millionen registrierte Benutzer. Die Kosten für die Kundenakquise betragen durchschnittlich 250 US-Dollar pro Benutzer.

Innovative technologiegetriebene Gaming-Lösungen

Die Technologieinvestitionen erreichten im Jahr 2022 287 Millionen US-Dollar. Wachstumsrate der digitalen Plattform: 42 % im Jahresvergleich.

Technologiemetrik	Wert 2022
Technologieinvestitionen	287 Millionen Dollar
Wachstum digitaler Plattformen	42%

PENN Entertainment, Inc. (PENN) – Geschäftsmodell: Kundenbeziehungen

Mitgliedschaften im Treueprogramm

PENN Entertainment betreibt in seinen Casinos das Treueprogramm MyChoice. Im vierten Quartal 2023 berichtete das Programm:

Metrisch	Wert
Gesamtzahl der Mitglieder des Treueprogramms	22,3 Millionen
Aktive Treuemitglieder	11,6 Millionen
Durchschnittliche jährliche Ausgaben pro Treuemitglied	$487

Personalisierte digitale und persönliche Erlebnisse

PENN Entertainment nutzt digitale Plattformen, um personalisierte Kundeninteraktionen zu schaffen:

• Individuelle Spielempfehlungen
• Gezielte Werbeangebote
• Personalisierte Casino-Erlebnisse

Strategien für mobile Apps und digitales Engagement

Digitale Plattform	Benutzermetriken
PENN Interactive-App-Downloads	3,2 Millionen
Monatlich aktive digitale Nutzer	1,8 Millionen
Digitale Engagementrate	42%

Kundensupport- und Servicekanäle

• Kundensupport-Hotline rund um die Uhr
• Live-Chat-Unterstützung
• E-Mail-Supportkanäle
• Persönlicher Kundenservice in Casino-Immobilien

Gezielte Marketing- und Bindungsprogramme

Marketingmetrik	Wert
Jährliche Marketingausgaben	287 Millionen Dollar
Kundenbindungsrate	68%
Durchschnittlicher Customer Lifetime Value	$3,200

PENN Entertainment, Inc. (PENN) – Geschäftsmodell: Kanäle

Physische Casino- und Resort-Standorte

PENN Entertainment betreibt ab 2023 44 Hotels in 20 Gerichtsbarkeiten. Zu den gesamten Casino-Standorten gehören:

Standorttyp	Anzahl der Eigenschaften	Vertretene Staaten
Landbasierte Casinos	27	13
Resorts	17	7

Mobile Wettanwendungen

Zu den digitalen Wettplattformen von PENN gehören:

• Barhocker-Sportwetten: Verfügbar in 16 Staaten
• ESPN Bet: Gestartet im November 2023

App-Plattform	Monatlich aktive Benutzer	Marktdurchdringung
Barhocker-Sportwetten	1,2 Millionen	48 % Wachstum im Jahr 2023
ESPN-Wette	350,000	Neuer Markteintritt

Online-Gaming-Plattformen

Aufschlüsselung der Einnahmen aus digitalen Spielen:

Plattformtyp	Umsatz 2023	Wachstum im Jahresvergleich
Online-Casino	412 Millionen Dollar	22%
Online-Sportwetten	589 Millionen US-Dollar	31%

Social Media und digitales Marketing

• Social-Media-Follower von Barstool Sports: 6,5 Millionen
• Ausgaben für digitales Marketing im Jahr 2023: 87 Millionen US-Dollar
• Social-Media-Engagement-Rate: 4,3 %

Partner-Websites und Affiliate-Netzwerke

Partnerkategorie	Anzahl der Partner	Umsatzbeteiligung
Partner der Sportmedien	42	15-25%
Gaming-Affiliate-Netzwerke	28	20-30%

PENN Entertainment, Inc. (PENN) – Geschäftsmodell: Kundensegmente

Sportwetten-Enthusiasten

Im vierten Quartal 2023 meldete PENN Entertainment 2,5 Millionen aktive Sportwettennutzer auf seinen digitalen Plattformen. Der Sportwettenumsatz des Unternehmens erreichte im selben Quartal 348,7 Millionen US-Dollar.

Segmentmetriken	Wert
Aktive Sportwetten-Nutzer	2,5 Millionen
Einnahmen aus Sportwetten (4. Quartal 2023)	348,7 Millionen US-Dollar

Casino-Gaming-Spieler

PENN betreibt 44 Glücksspieleinrichtungen in 20 Bundesstaaten und bedient jährlich etwa 8,4 Millionen Casino-Glücksspielkunden.

• Gesamtumsatz aus Casinospielen: 1,2 Milliarden US-Dollar im Jahr 2023
• Durchschnittliche Kundenausgaben pro Besuch: 186 $

Verbraucher von Online-Glücksspielen

Das Online-Glücksspielsegment von PENN erwirtschaftete im Jahr 2023 einen Umsatz von 423,6 Millionen US-Dollar mit 1,8 Millionen registrierten Online-Glücksspielnutzern.

Kennzahlen zum Online-Glücksspiel	Wert
Online-Gaming-Einnahmen	423,6 Millionen US-Dollar
Registrierte Online-Benutzer	1,8 Millionen

Suchende im Gastgewerbe und in der Unterhaltungsbranche

PENN Entertainment verwaltet 44 Hotels mit einer durchschnittlichen jährlichen Besucherzahl von 12,6 Millionen in seinen Gastronomiebetrieben.

• Gesamtumsatz aus dem Gastgewerbe: 876,5 Millionen US-Dollar im Jahr 2023
• Durchschnittliche Hotelauslastung: 68,3 %

Millennials und digitale Gaming-Benutzer der Generation Z

Die Nutzer digitaler Plattformen im Alter von 21 bis 40 Jahren machen 62 % des Online-Gaming-Kundenstamms von PENN aus, mit 1,1 Millionen Nutzern in dieser Bevölkerungsgruppe.

Demografische Daten der Nutzer digitaler Spiele	Prozentsatz/Anzahl
Benutzer im Alter von 21–40 Jahren	62%
Gesamtzahl der digitalen Nutzer in der Altersgruppe 21–40	1,1 Millionen

PENN Entertainment, Inc. (PENN) – Geschäftsmodell: Kostenstruktur

Immobilienwartung und -betrieb

Im Jahr 2023 meldete PENN Entertainment einen Nettogesamtwert von Sachanlagen und Ausrüstung in Höhe von 4,3 Milliarden US-Dollar. Die jährlichen Instandhaltungskosten für Immobilien beliefen sich auf etwa 387 Millionen US-Dollar.

Eigenschaftskategorie	Jährliche Wartungskosten
Casino-Eigenschaften	215 Millionen Dollar
Rennanlagen	92 Millionen Dollar
Standorte digitaler Plattformen	80 Millionen Dollar

Technologie- und Plattformentwicklung

Die Technologieinvestitionen für 2023 beliefen sich auf insgesamt 168 Millionen US-Dollar, wobei der Schwerpunkt auf digitalen Plattformen und Gaming-Technologie lag.

• Kosten für die Softwareentwicklung: 72 Millionen US-Dollar
• Investitionen in die digitale Infrastruktur: 56 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 40 Millionen US-Dollar

Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf 523 Millionen US-Dollar, was 12,4 % des Gesamtumsatzes entspricht.

Marketingkanal	Zuordnung
Digitales Marketing	276 Millionen Dollar
Traditionelle Werbung	147 Millionen Dollar
Werbekampagnen	100 Millionen Dollar

Einhaltung gesetzlicher Vorschriften und Lizenzierung

Die Compliance-bezogenen Ausgaben für 2023 beliefen sich in verschiedenen Gerichtsbarkeiten auf etwa 112 Millionen US-Dollar.

• Lizenzgebühren: 58 Millionen US-Dollar
• Rechts- und Compliance-Mitarbeiter: 34 Millionen US-Dollar
• Regulatorische Meldesysteme: 20 Millionen US-Dollar

Löhne und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 1,2 Milliarden US-Dollar.

Mitarbeiterkategorie	Jährlicher Lohnaufwand
Casino-Betriebspersonal	612 Millionen Dollar
Unternehmensmitarbeiter	328 Millionen Dollar
Personal der digitalen Plattform	260 Millionen Dollar

PENN Entertainment, Inc. (PENN) – Geschäftsmodell: Einnahmequellen

Casino-Gaming-Einnahmen

Für das Geschäftsjahr 2023 meldete PENN Entertainment einen Gaming-Gesamtumsatz von 4,68 Milliarden US-Dollar. Das Unternehmen betreibt 44 Objekte in 20 Gerichtsbarkeiten und erwirtschaftet beträchtliche Einnahmen aus Casinospielen.

Immobilientyp	Gesamter Gaming-Umsatz	Prozentsatz des Gesamtumsatzes
Landbasierte Casinos	3,92 Milliarden US-Dollar	83.8%
Regionale Gaming-Immobilien	2,61 Milliarden US-Dollar	55.8%

Sportwetten-Provisionen

Das Sportwettensegment von PENN Entertainment erwirtschaftete im Jahr 2023 einen Umsatz von 487 Millionen US-Dollar, was einer Steigerung von 12,4 % gegenüber dem Vorjahr entspricht.

• Aktive Benutzer von Barstool Sportsbook: 1,2 Millionen
• Sportwetten-Umsatz: 8,3 Milliarden US-Dollar
• Durchschnittlicher Umsatz pro aktivem Benutzer: 406 $

Gebühren für Online-Gaming-Plattformen

Digitale Gaming-Plattformen trugen im Jahr 2023 342 Millionen US-Dollar zum Umsatz von PENN bei, mit einer Wachstumsrate von 22 %.

Plattform	Einnahmen	Benutzerbasis
Barhocker Casino	213 Millionen Dollar	780.000 Benutzer
Online-Pokerplattformen	129 Millionen Dollar	420.000 Benutzer

Hotel- und Unterhaltungsdienstleistungen

Die Einnahmen aus dem Gastgewerbe von PENN Entertainment erreichten im Jahr 2023 276 Millionen US-Dollar.

• Hotelauslastung: 72,3 %
• Durchschnittlicher Zimmerpreis pro Tag: 189 $
• Umsatz mit Lebensmitteln und Getränken: 114 Millionen US-Dollar

Monetarisierung digitaler Inhalte und Werbung

Durch Barstool Sports generierte PENN im Jahr 2023 Einnahmen aus digitalen Inhalten und Werbung in Höhe von 156 Millionen US-Dollar.

Inhaltskanal	Einnahmen	Monatliche einzigartige Besucher
Digitale Barhocker-Plattformen	98 Millionen Dollar	22 Millionen
Werbepartnerschaften	58 Millionen Dollar	N/A

PENN Entertainment, Inc. (PENN) - Canvas Business Model: Value Propositions

You're looking at the core promises PENN Entertainment, Inc. (PENN) makes to its customers, which is really about blending the physical casino experience with digital reach.

The seamless omnichannel experience is a major value driver, focusing on the cross-sell between retail and online. For instance, in the second quarter of 2025, PENN Entertainment saw its online-to-retail player count increase by 8% year-over-year. Furthermore, the theoretical revenue generated from this omnichannel engagement rose by 28% year-over-year in that same period. In Pennsylvania specifically, the integration saw year-over-year increases of 19% in retail theoretical play and a massive 133% in online theoretical play. This strategy is clearly designed to keep the customer engaged across all touchpoints, so if you visit a land-based property, you're encouraged to game digitally when you're away. The standalone Hollywood online casino app in Pennsylvania hit its highest-ever gross gaming revenue mark for the online casino brand in July 2025. Looking at the third quarter of 2025, the North America iCasino business achieved growth of nearly 40% year-over-year, driven by a record cross-sell from OSB of 62%.

PENN Entertainment offers diverse entertainment, which is anchored by its physical footprint. The company's retail operations delivered $1.4 billion in revenue for the second quarter of 2025, generating an Adjusted EBITDAR of $489.6 million, which translates to a margin of 33.8% for that quarter. This retail segment is a mix of gaming, hospitality, and food and beverage offerings. For example, in the first quarter of 2025, the Food, beverage, hotel, and other revenue line was $264.9 million.

Metric	Period Ending Q2 2025	Period Ending Q1 2025
Retail Property Revenues	$1.4 billion	$1.67 billion (Total Revenue)
Retail Adjusted EBITDAR	$489.6 million	$457.0 million (Q1 Retail Adjusted EBITDAR)
Retail Adjusted EBITDAR Margin	33.8%	33.1%
Food, Beverage, Hotel, and Other Revenue	Not specified in Q2 data	$264.9 million

The value proposition includes broad regional casino access across 20 U.S. states. As of late 2024/early 2025 context, PENN Entertainment operated 43 properties across these 20 states, covering its Northeast, South, West, and Midwest reportable segments. This extensive physical footprint is the foundation for its digital customer acquisition.

The digital offering is consolidating into a unified digital product under theScore Bet brand. PENN Entertainment is executing the rebranding of its U.S. online sports betting (OSB) offering from ESPN BET to theScore Bet, with a target date of December 1, 2025. This transition will migrate nearly 3 million users acquired through the ESPN partnership to the new platform. The Interactive segment, which includes this digital offering, generated revenue of $297.7 million in the third quarter of 2025. The company already operates theScore Bet in Canada, providing existing infrastructure for the U.S. relaunch.

• TheScore Bet will inherit all existing ESPN BET registration information, futures bets, and account balances.
• The standalone iCasino apps saw average Monthly Active Users (MAUs) grow 20% year-over-year in Q1 2025.
• The company repurchased 5.8 million shares for $90.3 million in the second quarter of 2025.
• The goal for share repurchases for the full year 2025 was at least $350 million.

PENN Entertainment, Inc. (PENN) - Canvas Business Model: Customer Relationships

You're looking at how PENN Entertainment, Inc. (PENN) connects with and keeps its customers as of late 2025. It's all about blending the physical casino experience with the digital world, which management calls the omnichannel strategy.

Personalized rewards via the PENN Play loyalty program

The PENN Play loyalty program is central to this relationship, aiming to keep customers engaged across all touchpoints. PENN Entertainment expanded its Ticketmaster partnership to enhance these rewards, giving members new ways to use PENN Cash for live events. The program was revamped to better align all brands under the PENN umbrella, creating a more seamless experience for its members.

Here's a look at the scale and recent enhancements to the loyalty base:

Metric	Value/Detail	Reporting Period/Context
Total Loyalty Members (PENN Play)	Over 30 million	As of June 2024, the latest reported figure for the program.
Digital Database Size	5.0 million	Q3 2025
Digital Database Growth Since 2019	64% of total database growth	Q3 2025
Omnichannel Customer Value	6 times more valuable than single-channel	Context of omnichannel strategy

Automated digital support through app interfaces

Digital engagement is tracked closely, especially following product enhancements. The company has seen measurable improvements in how users interact with its online offerings. For instance, the standalone Hollywood iCasino apps showed 70% incremental customer growth in Q1 2025, suggesting the digital experience is resonating without significantly cannibalizing existing integrated iCasino users.

The focus on digital product quality directly impacts retention metrics reported in Q3 2025:

• 800 basis point increase in monthly active users live betting year-over-year in October 2025.
• 1,000 basis point improvement in month-to-month retention.
• North America iCasino gaming revenue improved nearly 40 per cent year-over-year in Q3 2025.

Dedicated in-person service at retail properties

The retail properties serve as the physical anchor for the customer relationship, driving the high value associated with omnichannel customers. The success of cross-selling between retail and digital is a key performance indicator. The percentage of active retail customers who also engaged online has steadily climbed from 9.0% in December 2024 to 14.4% by September 2025. This shows that in-person visits are successfully converting to digital engagement.

New physical assets are also used to reactivate lapsed customers. The recent opening of Hollywood Casino Joliet in August 2025 drove reactivation of more than 50% of dormant customers at that location, alongside a 15% database growth from new customers.

Targeted CRM to minimize churn during digital rebrand

As PENN Entertainment, Inc. (PENN) realigns its digital focus, which includes rebranding its U.S. OSB offering to theScore Bet with a target date of December 1, 2025, customer retention is a stated priority. Management explicitly noted customer retention risks associated with this transition. To counter this, the company is employing targeted Customer Relationship Management (CRM) strategies. The goal is to minimize user churn while leveraging the strength of the U.S. iCasino and Canadian operations. The interactive segment generated revenues of $297.7 million in Q3 2025, and the CRM efforts are aimed at protecting this base during the shift away from the ESPN Bet marketing exclusivity, which ended on December 1, 2025.

Cash payments to ESPN for the partnership terminated at the end of the fourth quarter in 2025.

PENN Entertainment, Inc. (PENN) - Canvas Business Model: Channels

You're looking at how PENN Entertainment, Inc. gets its products and services-from the casino floor to the mobile screen-into the hands of its customers. It's a classic omnichannel play, but the numbers tell you where the real action is as of late 2025.

The foundation remains the physical footprint. PENN Entertainment operates in 28 jurisdictions throughout North America, maintaining a broadly diversified portfolio of casinos and racetracks. This physical presence is key for cross-promotion. For example, in Pennsylvania, you see this in action with four Hollywood casino properties: The Meadows, Penn National Race Course, York, and Morgantown. Growth continues here too; the second hotel tower at M Resort Spa Casino Las Vegas officially opened in December 2025, bringing its total capacity to 765 rooms and suites. Plus, the new state-of-the-art Hollywood Casino Joliet opened in August 2025.

The digital channels are where the growth story is centered, even with the recent strategic realignment following the termination of the ESPN marketing exclusivity on December 1, 2025. The company is now emphasizing the strength of its U.S. iCasino and Canadian operations.

Here's a quick look at the Q3 2025 financial performance across the main channels:

Channel Component	Metric	Q3 2025 Value
Retail Property Segment	Revenues	$1.4 billion
Retail Property Segment	Segment Adjusted EBITDAR	$465.8 million
Interactive Segment (Mobile Apps)	Revenues	$297.7 million
Interactive Segment (Mobile Apps)	Adjusted EBITDA Loss	$76.6 million
North America iCasino (within Interactive)	Year-over-Year Gaming Revenue Improvement	Nearly 40%

The mobile apps are clearly segmented by geography and brand focus. TheScore Bet is the flagship for the Canadian market, where it remains PENN Entertainment's top market in North America in terms of revenues. The integrated media strategy in Ontario is a blueprint, showing that over 50% conversion of online sports betting players to theScore's online casino users was achieved in Q3 2025. For the U.S. market, the plan is to rebrand the OSB offering to theScore Bet by December 1, 2025. The Hollywood iCasino apps, particularly in Pennsylvania and Michigan, are also driving incremental growth, with 70% of their theoretical revenue coming from incremental sources in Q1 2025.

The direct marketing channel is powered by the loyalty program, which is central to the omnichannel strategy. PENN is realigning its digital focus to leverage its 33 million plus PenPlay customer database. This database size is consistent with the 32M+ loyalty program members reported as of year-end 2024. A key statistic showing the integration success is that 34% of digitally-acquired customers are located within 50 miles of a PENN property. That's how they drive online users to the retail floor.

• Retail casino properties include Hollywood Casino, Ameristar, and M Resort Spa Casino Las Vegas.
• Mobile apps include theScore Bet (OSB) and Hollywood iCasino.
• TheScore media app drives funnel conversion, with 73% of theScore Bet's total handle in Ontario coming from ecosystem users in Q3 2025.
• Direct marketing leverages the 32M+ loyalty program members, with 34% of digital customers geographically close to a physical asset.

PENN Entertainment, Inc. (PENN) - Canvas Business Model: Customer Segments

You're looking at the core groups PENN Entertainment, Inc. (PENN) serves as of late 2025, a mix of long-time casino visitors and newer digital bettors. The company's Q3 2025 total revenue came in at $1.72 billion, with a clear split between its physical properties and its digital efforts.

Customer Segment Driver	Q3 2025 Revenue/Metric	Context/Segment
Retail Property Segment Revenue	$1.4 billion	Core, high-margin base
Interactive Segment Revenue	$297.7 million	Online Sports Betting (OSB) and iCasino
Retail Segment Adjusted EBITDAR Margin	32.8%	Core profitability metric
North America iCasino YoY Growth	Nearly 40% improvement	Driven by cross-sell

The customer base is clearly delineated by channel, though PENN Entertainment, Inc. is actively trying to blend them.

Regional Casino Patrons (Core, High-Margin Retail Base)

This group forms the bedrock of PENN Entertainment, Inc.'s financial stability. In Q3 2025, this retail segment generated $1.4 billion in revenue, maintaining an adjusted EBITDAR margin of 32.8%. This segment is supported by ongoing capital projects designed to enhance the experience, such as the Hollywood Joliet Relocation opening ahead of schedule in August 2025. The company noted stable consumer demand in its retail business, particularly at properties not facing new supply competition.

• Retail Revenue (Q3 2025): $1.4 billion.
• Retail Segment Adjusted EBITDAR Margin (Q3 2025): 32.8%.
• Retail Revenue (Q2 2025): $1.4 billion (unchanged year-on-year).

Omnichannel Players Who Cross-Sell from Online to Retail

PENN Entertainment, Inc. views the synergy between its digital and physical assets as critical. The company explicitly stated that customers who engage across multiple channels are significantly more valuable and have much higher retention. The success of this strategy is quantified by the direct migration of digital users to the physical properties.

The cross-sell metric from online sports betting (OSB) to iCasino was strong in Q3 2025, with 62% of standalone iCasino revenue coming from this cross-sell. Earlier in the year, Q1 2025 data showed the power of the standalone Hollywood iCasino app driving spend:

• Pennsylvania iCasino users increased retail theoretical win by 21%.
• Michigan iCasino users increased retail theoretical win by 27%.
• Online-to-retail player count saw an 8% year-over-year increase in Q2 2025.

Younger, Digitally-Native Sports Bettors and iCasino Users

This segment is primarily targeted through the Interactive division, which includes online sports betting and iCasino. While this segment posted an adjusted EBITDA loss of $62 million in Q2 2025, it is showing clear progress toward profitability, with losses narrowing from $102 million in Q2 2024. The iCasino business is a key growth driver for this demographic.

The North America iCasino business achieved its highest quarterly gaming revenue to date in Q3 2025, improving nearly 40% year-over-year. The company is realigning its digital focus to leverage this strength, planning to rebrand its U.S. OSB offering to theScore Bet with a target date of December 1, 2025.

Canadian Sports Media and Betting Audience (theScore Focus)

The Canadian market, anchored by theScore, is a specific focus area following the digital realignment announcement. TheScore Bet has a strong presence in Ontario, Canada. While the most recent MAU data is older, theScore previously averaged over 10 million mobile monthly active users as of December 2014. The strategic move to rebrand the U.S. OSB offering to theScore Bet by December 1, 2025, signals a direct effort to leverage the technology and brand equity established in Canada across the U.S. market. The company is realigning its digital focus to leverage the strength of its Canadian operations.

PENN Entertainment, Inc. (PENN) - Canvas Business Model: Cost Structure

You're looking at the major drains on PENN Entertainment, Inc.'s cash flow, which is key to understanding their near-term financial flexibility. The Cost Structure is heavily influenced by long-term property obligations and aggressive investment in the digital future.

The most significant, non-negotiable cost is the fixed rent expense tied to the real estate assets PENN leases from Gaming and Leisure Properties (GLPI). This is a substantial, non-discretionary outflow. For the first quarter of 2025, the reported Rent Expense was exactly $155.9 million.

Marketing and promotional spending is another major area, especially as PENN Entertainment, Inc. tries to optimize its Interactive segment while maintaining its dominant retail position. While specific total marketing spend isn't itemized in the same way as rent, related overhead costs show pressure. For instance, in Q1 2025, corporate overhead costs, which include general and administrative expenses, hit $36.0 million, up from $24.9 million in the prior year quarter, with $7.7 million of that being legal and advisory costs related to a proxy campaign. By Q2 2025, legal and advisory expenses were noted around $9.4 million for that quarter alone, suggesting a shift in where promotional/legal dollars are landing as the company works to turn the digital segment around.

The Interactive segment, while generating record gaming revenue, continues to be a cost center requiring significant investment to reach profitability. For the second quarter of 2025, this division recorded an Adjusted EBITDA loss of $62.0 million. This loss is an improvement from prior periods, but it remains a material cash burn as PENN Entertainment, Inc. pushes its omnichannel strategy. The company's full-year 2025 Interactive EBITDA guidance was set for a loss between $200 million and $100 million.

Capital expenditures represent a forward-looking cost, funding the physical assets that drive future revenue. PENN Entertainment, Inc. is actively investing in its regional footprint. The relocation of Hollywood Casino Joliet is a prime example, representing a total project cost of $185 million. Looking at the full year, the company's total Capital Expenditure expectation for 2025 was set at $730 million, with a significant portion, $490 million, specifically allocated for project CapEx.

Here's a quick look at some of these key cost and investment figures from the first half of 2025:

Cost/Investment Category	Period/Context	Amount
Fixed Rent Expense (GLPI)	Q1 2025	$155.9 million
Interactive Segment Adjusted EBITDA Loss	Q2 2025	$62.0 million
Corporate Overhead Costs	Q1 2025	$36.0 million
Legal & Advisory Costs (Included in Overhead)	Q1 2025	$7.7 million
Hollywood Casino Joliet Project Cost	Total Development	$185 million
Total Expected Capital Expenditures	Full Year 2025 Guidance	$730 million
Project Capital Expenditures	Full Year 2025 Guidance	$490 million

The company is also managing costs related to its digital partnerships; for example, a new agreement with BetMakers starting in 2026 includes a reduced minimum annual fee of US$2.5 million, plus a US$0.2 million promotional spend on Penn racetracks, indicating an effort to structure these variable costs more favorably.

PENN Entertainment, Inc. (PENN) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for PENN Entertainment, Inc. as of late 2025, based on their Q2 2025 performance. The business model clearly leans heavily on the physical footprint, but the digital side is growing fast, even while it's still running at a loss. Here's how the revenue streams stacked up for the quarter ending June 30, 2025.

The total revenue for PENN Entertainment in the second quarter of 2025 reached approximately $1.77 billion. This figure reflects a mix of land-based operations and the growing digital presence. The company is clearly focused on leveraging its omnichannel ecosystem, where online engagement feeds back into the physical properties.

• Retail Gaming Revenue: $1.4 billion.
• Interactive Gaming Revenue: $316.1 million.
• Non-Gaming Revenue (food, beverage, hotel, other): Data not explicitly broken out separately from total retail revenue in the provided Q2 2025 figures.
• Market access fees from third-party operators: Data not explicitly broken out as a separate revenue line item in the provided Q2 2025 figures.

The Interactive segment revenue of $316.1 million is notable because it includes a tax gross-up of $137.9 million for the three months ended June 30, 2025. That's a big chunk of the reported interactive top line, so you defintely need to keep that in mind when looking at the gross versus net revenue picture for their digital bets and iCasino.

Here's a quick look at the primary revenue drivers and their associated profitability metrics for the quarter:

Revenue Stream Component	Q2 2025 Revenue Amount	Associated Metric/Margin
Retail Properties Revenue	$1.4 billion	Adjusted EBITDAR of $489.6 million (33.8% margin)
Interactive Segment Revenue	$316.1 million	Adjusted EBITDA Loss of $62.0 million

The retail properties remain the cash engine, delivering an Adjusted EBITDAR (Adjusted EBITDA plus rent expense associated with triple net operating leases) of $489.6 million, translating to margins around 33.8%. Meanwhile, the Interactive segment, which includes ESPN BET and iCasino, is still operating at a loss, reporting an Adjusted EBITDA loss of $62.0 million for the quarter, though this loss narrowed year-over-year.

The omnichannel strategy is showing up in the engagement statistics, which directly feed future revenue potential. For instance, online-to-retail player count grew year-over-year by 8%, and theoretical revenue from this cross-pollination grew by 28%.

• Omnichannel Online-to-Retail Player Count Growth (YoY): 8%.
• Omnichannel Theoretical Revenue Growth (YoY): 28%.
• Interactive Segment Revenue Growth (YoY): 35.9%.

Finance: draft 13-week cash view by Friday.