PENN Entertainment, Inc. (PENN): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

En el dinámico mundo del entretenimiento y los juegos, Penn Entertainment, Inc. (Penn) surge como una potencia, navegando estratégicamente el complejo panorama de las experiencias de juego digital y físico. Al combinar sin problemas la tecnología de vanguardia, diversas plataformas de juegos y estrategias innovadoras de participación del cliente, Penn se ha transformado de un operador de casino tradicional en un ecosistema de entretenimiento multifacético. Su lienzo de modelo de negocio revela un enfoque sofisticado que abarca las apuestas deportivas, los juegos en línea, la hospitalidad y el contenido digital, posicionando a la compañía a la vanguardia de una industria en rápida evolución que atiende a consumidores expertos en tecnología que buscan experiencias de entretenimiento personalizadas e inmersivas.

Penn Entertainment, Inc. (Penn) - Modelo de negocios: asociaciones clave

Proveedores de tecnología de juego

Penn Entertainment Partners con proveedores de tecnología de juego líderes:

Proveedor	Detalles de la asociación	Alcance tecnológico
Tecnología internacional de juegos (IGT)	Acuerdo de suministro de tecnología a largo plazo	Plataformas de máquinas tragamonedas y sistemas de juegos
Corporación de juegos científicos	Colaboración de tecnología estratégica	Contenido de juego digital y soluciones de hardware

Comisiones de juego estatales y organismos regulatorios

Penn Entertainment mantiene asociaciones con múltiples agencias reguladoras estatales:

• Junta de control de juegos de Pensilvania
• División de Aplicación de Juez de Nueva Jersey
• Comisión de juegos de Indiana
• Junta de juegos de Illinois

Casino Resort and Hospitality Partners

Las asociaciones clave de Casino Resort incluyen:

Pareja	Ubicación	Tipo de asociación
Librilla deportiva de Barstool	Múltiples estados	Plataforma de apuestas deportivas de marca compartida
Hard Rock International	Varias jurisdicciones	Gestión de casinos y licencias

Colaboradores de plataforma de apuestas deportivas

Asociaciones de apuestas deportivas de Penn Entertainment:

• Barstool Sportsbook (subsidiaria propiedad)
• apuesta de thescore
• Plataformas digitales Caesars

Proveedores de contenido de medios y entretenimiento

Medios estratégicos y asociaciones de contenido:

Pareja	Tipo de contenido	Enfoque de colaboración
ESPN	Contenido de medios deportivos	Integración de apuestas digitales
Deportes de taburete	Medios digitales y contenido deportivo	Marketing en plataforma de apuestas

Penn Entertainment, Inc. (Penn) - Modelo de negocios: actividades clave

Gestión de operaciones de casino y de juego

Penn Entertainment opera 44 instalaciones de juego en 20 jurisdicciones a partir de 2023. Los ingresos totales de juego para 2022 fueron de $ 5.93 mil millones. La compañía administra una cartera diversa de propiedades del casino que incluye:

Tipo de propiedad	Número de propiedades	Posiciones totales de juego
Casinos	44	48,700
Paseo	7	2,300

Desarrollo de la plataforma de apuestas deportivas

Penn's Sports Beat Platform Sportsboutbook está activo en 16 estados. Los ingresos por apuestas digitales para 2022 fueron de $ 229 millones.

• Estados de apuestas deportivas activas: 16
• Mango de apuestas en línea: $ 3.2 mil millones en 2022
• Usuarios de la plataforma digital: 2.4 millones de cuentas registradas

Hospitalidad y gestión del lugar de entretenimiento

Penn administra múltiples lugares de entretenimiento con ingresos por propiedad total de $ 6.1 mil millones en 2022.

Tipo de lugar	Número de lugares	Ingresos anuales promedio
Resorts de casino	21	$ 275 millones
Racinos	7	$ 135 millones

Integración de tecnología de juegos digitales

Penn invirtió $ 163 millones en tecnología y plataformas digitales en 2022. Los ingresos por el juego digital aumentaron en un 22% año tras año.

• Inversión tecnológica: $ 163 millones
• Presupuesto de desarrollo de la plataforma digital: $ 45 millones
• Crecimiento de ingresos de juegos digitales: 22%

Estrategias de marketing y adquisición de clientes

El gasto de marketing para 2022 fue de $ 412 millones, centrado en los canales digitales y tradicionales.

Canal de marketing	Gasto	Costo de adquisición de clientes
Marketing digital	$ 247 millones	$82
Marketing tradicional	$ 165 millones	$95

Penn Entertainment, Inc. (Penn) - Modelo de negocios: recursos clave

Propiedades físicas de casino y resort

A partir de 2024, Penn Entertainment posee 44 propiedades en 20 estados. Portafolio inmobiliario total valorada en aproximadamente $ 4.3 mil millones.

Estado	Número de propiedades	Tipo de propiedad
Luisiana	8	Casinos en bote fluvial/terrestre
Pensilvania	6	Casinos de resort integrados
Ohio	4	Casinos comerciales

Plataformas y tecnología de juegos digitales

Penn Entertainment invirtió $ 325 millones en tecnología de juegos digitales en 2023. Plataforma de apuestas deportivas de Barstool activa en 16 estados.

• Tecnología de la plataforma de apuestas deportivas
• Software de casino en línea
• Aplicaciones de juegos móviles

Licencias de juego

Penn posee licencias de juego en 20 estados, con un valor de licencia estimado de $ 1.2 mil millones.

Tipo de licencia	Número de estados	Valor estimado
Casino comercial	12	$ 750 millones
Apuestas deportivas en línea	16	$ 450 millones

Reconocimiento de marca

Barstool Sports Brand Value estimado en $ 450 millones. Pann Entertainment Brand Reconocido de 78/100 en el sector de entretenimiento.

Base de datos de clientes y programas de fidelización

Membresía del programa de fidelización: 4.2 millones de miembros activos. Valor promedio de por vida del cliente: $ 3,750.

• Datos demográficos detallados del cliente
• Capacidades de marketing personalizadas
• Segmentación avanzada de clientes

Penn Entertainment, Inc. (Penn) - Modelo de negocios: propuestas de valor

Diversas experiencias de juegos y entretenimiento

Penn Entertainment opera 44 propiedades en 20 estados a partir de 2023. Los ingresos de juegos para 2022 totalizaron $ 5.83 mil millones. La compañía administra una cartera que incluye:

• Propiedades del casino
• Plataformas de apuestas deportivas
• Servicios de juego interactivos

Tipo de propiedad	Número de ubicaciones	Ingresos anuales
Casinos	44	$ 5.83 mil millones
Plataformas de juego en línea	20 estados	$ 577 millones

Plataformas de juego integradas en línea y fuera de línea

Penn Entertainment Generado $ 1.5 mil millones de segmentos de juegos digitales en 2022. Barstool Sportsbook opera en 16 estados con 1.3 millones de usuarios activos.

Opciones de apuestas deportivas y de juegos de varios estados

Penn Entertainment ofrece servicios de apuestas en 20 estados a través de:

• Librilla deportiva de Barstool
• Plataformas de casino de Hollywood
• M Servicios de apuestas de resort

Compromiso personalizado del cliente

El programa de lealtad de la Liberación deportiva de Barstool incluye 1.3 millones de usuarios registrados. El costo de adquisición del cliente promedia $ 250 por usuario.

Soluciones de juegos innovadoras impulsadas por la tecnología

La inversión en tecnología alcanzó los $ 287 millones en 2022. Tasa de crecimiento de la plataforma digital: 42% año tras año.

Métrica de tecnología	Valor 2022
Inversión tecnológica	$ 287 millones
Crecimiento de la plataforma digital	42%

Penn Entertainment, Inc. (Penn) - Modelo de negocios: relaciones con los clientes

Membresías del programa de fidelización

Penn Entertainment opera el programa de lealtad de MyChoice en sus propiedades del casino. A partir del cuarto trimestre de 2023, el programa informó:

Métrico	Valor
Miembros del programa de fidelización total	22.3 millones
Miembros de lealtad activos	11.6 millones
Gasto anual promedio por miembro de fidelización	$487

Experiencias digitales y en persona personalizadas

Penn Entertainment aprovecha las plataformas digitales para crear interacciones personalizadas de los clientes:

• Recomendaciones de juego personalizadas
• Ofertas promocionales específicas
• Experiencias de piso de casino personalizadas

Aplicaciones móviles y estrategias de participación digital

Plataforma digital	Métricas de usuario
Descargas de aplicaciones móviles de Penn Interactive	3.2 millones
Usuarios digitales activos mensuales	1.8 millones
Tasa de compromiso digital	42%

Canal de servicio al cliente y canales de servicio

• Línea directa de soporte al cliente 24/7
• Soporte de chat en vivo
• Canales de soporte por correo electrónico
• Servicio al cliente en persona en Casino Properties

Programas de marketing y retención específicos

Métrico de marketing	Valor
Gasto de marketing anual	$ 287 millones
Tasa de retención de clientes	68%
Valor promedio de por vida del cliente	$3,200

Penn Entertainment, Inc. (Penn) - Modelo de negocios: canales

Ubicaciones físicas de casino y resort

Penn Entertainment opera 44 propiedades en 20 jurisdicciones a partir de 2023. Las ubicaciones totales de los casinos incluyen:

Tipo de ubicación	Número de propiedades	Estados representados
Casinos terrestres	27	13
Resorts	17	7

Aplicaciones de apuestas móviles

Las plataformas de apuestas digitales de Penn incluyen:

• Barstool Sportsbook: disponible en 16 estados
• ESPN BET: Lanzado en noviembre de 2023

Plataforma de aplicaciones	Usuarios activos mensuales	Penetración del mercado
Librilla deportiva de Barstool	1.2 millones	48% de crecimiento en 2023
ESPN BET	350,000	Nueva entrada al mercado

Plataformas de juego en línea

Desglose de ingresos de juegos digitales:

Tipo de plataforma	2023 ingresos	Crecimiento año tras año
Casino en línea	$ 412 millones	22%
Apuestas deportivas en línea	$ 589 millones	31%

Redes sociales y marketing digital

• Barstool Sports Social Media Seguidores: 6.5 millones
• Gasto de marketing digital en 2023: $ 87 millones
• Tasa de compromiso de las redes sociales: 4.3%

Sitios web de socios y redes de afiliados

Categoría de socio	Número de socios	Participación de ingresos
Afiliados de los medios deportivos	42	15-25%
Redes de afiliados para juegos	28	20-30%

Penn Entertainment, Inc. (Penn) - Modelo de negocios: segmentos de clientes

Entusiastas de las apuestas deportivas

A partir del cuarto trimestre de 2023, Penn Entertainment reportó 2.5 millones de usuarios de apuestas deportivas activas en sus plataformas digitales. Los ingresos por apuestas deportivas de la compañía alcanzaron los $ 348.7 millones en el mismo trimestre.

Métricas de segmento	Valor
Usuarios de apuestas deportivas activas	2.5 millones
Ingresos de apuestas deportivas (cuarto trimestre 2023)	$ 348.7 millones

Jugadores de juegos de casino

Penn opera 44 propiedades de juego en 20 estados, atendiendo a aproximadamente 8.4 millones de clientes de juegos de casino anualmente.

• Ingresos totales para juegos de casino: $ 1.2 mil millones en 2023
• Gasto promedio del cliente por visita: $ 186

Consumidores de juegos de azar en línea

El segmento de juego en línea de Penn generó $ 423.6 millones en ingresos para 2023, con 1.8 millones de usuarios de juegos en línea registrados.

Métricas de juego en línea	Valor
Ingresos de juego en línea	$ 423.6 millones
Usuarios en línea registrados	1.8 millones

Buscadores de hospitalidad y entretenimiento

Penn Entertainment administra 44 propiedades con un recuento promedio de visitantes anuales de 12.6 millones en sus lugares de hospitalidad.

• Ingresos totales de hospitalidad: $ 876.5 millones en 2023
• Tasa promedio de ocupación del hotel: 68.3%

Usuarios de juegos digitales Millennial y Gen Z

Los usuarios de la plataforma digital de 21 a 40 años representan el 62% de la base de clientes de juegos en línea de Penn, con 1.1 millones de usuarios en este grupo demográfico.

Demografía de los usuarios de juegos digitales	Porcentaje/número
Usuarios de 21 a 40 años	62%
Usuarios digitales totales en el grupo de edad de 21 a 40 años	1.1 millones

Penn Entertainment, Inc. (Penn) - Modelo de negocio: Estructura de costos

Mantenimiento y operaciones de la propiedad

A partir de 2023, Penn Entertainment reportó propiedades y equipos totales, neto en $ 4.3 mil millones. Los gastos anuales de mantenimiento de la propiedad fueron de aproximadamente $ 387 millones.

Categoría de propiedad	Costo de mantenimiento anual
Propiedades del casino	$ 215 millones
Instalaciones de carreras	$ 92 millones
Ubicaciones de plataforma digital	$ 80 millones

Desarrollo de la tecnología y la plataforma

Las inversiones en tecnología para 2023 totalizaron $ 168 millones, con un enfoque en plataformas digitales y tecnología de juegos.

• Costos de desarrollo de software: $ 72 millones
• Inversiones de infraestructura digital: $ 56 millones
• Mejoras de ciberseguridad: $ 40 millones

Marketing y adquisición de clientes

Los gastos de marketing para 2023 alcanzaron $ 523 millones, lo que representa el 12.4% de los ingresos totales.

Canal de marketing	Asignación
Marketing digital	$ 276 millones
Publicidad tradicional	$ 147 millones
Campañas promocionales	$ 100 millones

Cumplimiento regulatorio y licencias

Los gastos relacionados con el cumplimiento para 2023 fueron de aproximadamente $ 112 millones en varias jurisdicciones.

• Tasas de licencia: $ 58 millones
• Personal legal y de cumplimiento: $ 34 millones
• Sistemas de informes regulatorios: $ 20 millones

Salario de empleados y capacitación

Los gastos totales relacionados con los empleados para 2023 fueron de $ 1.2 mil millones.

Categoría de empleado	Gasto salarial anual
Personal de operaciones de casino	$ 612 millones
Empleados corporativos	$ 328 millones
Personal de plataforma digital	$ 260 millones

Penn Entertainment, Inc. (Penn) - Modelo de negocios: flujos de ingresos

Ingresos para juegos de casino

Para el año fiscal 2023, Penn Entertainment reportó ingresos totales para los juegos de $ 4.68 mil millones. La compañía opera 44 propiedades en 20 jurisdicciones, generando importantes ingresos por juegos de casino.

Tipo de propiedad	Ingresos totales para los juegos	Porcentaje de ingresos totales
Casinos terrestres	$ 3.92 mil millones	83.8%
Propiedades de juego regionales	$ 2.61 mil millones	55.8%

Comisiones de apuestas deportivas

El segmento de apuestas deportivas de Penn Entertainment generó $ 487 millones en ingresos para 2023, lo que representa un aumento del 12.4% respecto al año anterior.

• Barstool Sportsbook Active Usuarios: 1.2 millones
• Mango de apuestas deportivas: $ 8.3 mil millones
• Ingresos promedio por usuario activo: $ 406

Tarifas de plataforma de juegos en línea

Las plataformas de juegos digitales contribuyeron con $ 342 millones a los ingresos de Penn en 2023, con una tasa de crecimiento del 22%.

Plataforma	Ganancia	Base de usuarios
Casino de barras de bar	$ 213 millones	780,000 usuarios
Plataformas de póker en línea	$ 129 millones	420,000 usuarios

Servicios de hospitalidad y entretenimiento

Los ingresos relacionados con la hospitalidad para Penn Entertainment alcanzaron los $ 276 millones en 2023.

• Tasa de ocupación del hotel: 72.3%
• Tasa promedio de la habitación diaria: $ 189
• Ingresos de alimentos y bebidas: $ 114 millones

Contenido digital y monetización publicitaria

A través de Barstool Sports, Penn generó $ 156 millones en contenido digital e ingresos por publicidad para 2023.

Canal de contenido	Ganancia	Visitantes únicos mensuales
Plataformas digitales de Barstool	$ 98 millones	22 millones
Asociaciones publicitarias	$ 58 millones	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.