Penn Entertainment, Inc. (Penn): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique du divertissement et des jeux, Penn Entertainment, Inc. (Penn) émerge comme une puissance, naviguant stratégiquement dans le paysage complexe des expériences de jeu numériques et physiques. En mélangeant de manière transparente la technologie de pointe, diverses plates-formes de jeux et des stratégies innovantes d'engagement client, Penn est passé d'un opérateur de casino traditionnel en un écosystème de divertissement à multiples facettes. Leur toile de modèle commercial révèle une approche sophistiquée qui couvre les paris sportifs, les jeux en ligne, l'hospitalité et le contenu numérique, positionnant l'entreprise à l'avant-garde d'une industrie en évolution rapide qui s'adresse aux consommateurs avertis en technologie à la recherche d'expériences de divertissement personnalisées et immersives.

Penn Entertainment, Inc. (Penn) - Modèle d'entreprise: partenariats clés

Fournisseurs de technologies de jeu

Penn Entertainment s'associe aux principaux fournisseurs de technologies de jeu:

Fournisseur	Détails du partenariat	Portée technologique
Technologie internationale de jeu (IGT)	Contrat d'approvisionnement technologique à long terme	Plates-formes de machines à sous et systèmes de jeux
Scientific Games Corporation	Collaboration technologique stratégique	Contenu de jeu numérique et solutions matérielles

Commissions d'État et organismes de réglementation

Penn Entertainment maintient des partenariats avec plusieurs agences de réglementation de l'État:

• PENNSYLVANIE Paming Control Board
• Division de l'application des jeux du New Jersey
• Commission de jeu de l'Indiana
• Board de jeu de l'Illinois

Casino Resort and Hospitality Partners

Les partenariats clés de Casino Resort comprennent:

Partenaire	Emplacement	Type de partenariat
Barstool Sportsbook	Plusieurs États	Plate-forme de paris sportifs co-marquée
Hard Rock International	Diverses juridictions	Gestion et licence de casino

Collaborateurs de la plate-forme de paris sportifs

Partenariats de paris sportifs de Penn Entertainment:

• Barstool Sportsbook (filiale possédé)
• le pari entre les technologies
• Plateformes numériques de Césars

Fournisseurs de contenu de médias et de divertissement

Partenariats stratégiques des médias et du contenu:

Partenaire	Type de contenu	Focus de la collaboration
ESPN	Contenu des médias sportifs	Intégration des paris numériques
Sports de tabouret de bar	Médias numériques et contenu sportif	Marketing de plate-forme de paris

Penn Entertainment, Inc. (Penn) - Modèle d'entreprise: Activités clés

Casino et gestion des opérations de jeu

Penn Entertainment exploite 44 installations de jeux dans 20 juridictions à partir de 2023. Le chiffre d'affaires total des jeux pour 2022 était de 5,93 milliards de dollars. La société gère un portefeuille diversifié de propriétés de casino, notamment:

Type de propriété	Nombre de propriétés	Positions totales de jeu
Casinos	44	48,700
Hippodrome	7	2,300

Développement de la plate-forme de paris sportifs

La plate-forme de paris sportive de Penn Barstool Sportsbook est active dans 16 États. Les revenus de paris numériques pour 2022 étaient de 229 millions de dollars.

• Paris sportifs actifs États: 16
• Poignée de paris en ligne: 3,2 milliards de dollars en 2022
• Utilisateurs de plate-forme numérique: 2,4 millions de comptes enregistrés

Gestion des lieux d'accueil et de divertissement

Penn gère plusieurs sites de divertissement avec un chiffre d'affaires total de 6,1 milliards de dollars en 2022.

Type de lieu	Nombre de sites	Revenus annuels moyens
Casino Resorts	21	275 millions de dollars
Racinos	7	135 millions de dollars

Intégration de la technologie de jeu numérique

Penn a investi 163 millions de dollars dans la technologie et les plateformes numériques en 2022. Les revenus de jeux numériques ont augmenté de 22% en glissement annuel.

• Investissement technologique: 163 millions de dollars
• Budget de développement de la plate-forme numérique: 45 millions de dollars
• Croissance des revenus des jeux numériques: 22%

Stratégies de marketing et d'acquisition des clients

Les dépenses de marketing pour 2022 étaient de 412 millions de dollars, axée sur les canaux numériques et traditionnels.

Canal de marketing	Dépenses	Coût d'acquisition des clients
Marketing numérique	247 millions de dollars	$82
Marketing traditionnel	165 millions de dollars	$95

Penn Entertainment, Inc. (Penn) - Modèle d'entreprise: Ressources clés

Propriétés physiques du casino et du complexe

En 2024, Penn Entertainment possède 44 propriétés dans 20 États. Le portefeuille immobilier total évalué à environ 4,3 milliards de dollars.

État	Nombre de propriétés	Type de propriété
Louisiane	8	Bateau fluvial / casinos terrestres
Pennsylvanie	6	Casinos de villégiature intégrés
Ohio	4	Casinos commerciaux

Plates-formes et technologies de jeu numériques

Penn Entertainment a investi 325 millions de dollars dans la technologie de jeu numérique en 2023. Platform de Barstool Sportsbook Active dans 16 États.

• Technologie de la plate-forme de paris sportifs
• Logiciel de casino en ligne
• Applications de jeux mobiles

Licences de jeu

Penn détient des licences de jeu dans 20 États, avec une valeur de licence estimée de 1,2 milliard de dollars.

Type de licence	Nombre d'États	Valeur estimée
Casino commercial	12	750 millions de dollars
Paris sportifs en ligne	16	450 millions de dollars

Reconnaissance de la marque

Barstool Sports Brand Value est estimé à 450 millions de dollars. Score de reconnaissance de la marque Penn Entertainment de 78/100 dans le secteur du divertissement.

Base de données des clients et programmes de fidélité

Adhésion au programme de fidélité: 4,2 millions de membres actifs. Valeur à vie moyenne du client: 3 750 $.

• Données démographiques détaillées du client
• Capacités de marketing personnalisées
• Segmentation avancée du client

Penn Entertainment, Inc. (Penn) - Modèle d'entreprise: propositions de valeur

Diverses expériences de jeu et de divertissement

Penn Entertainment exploite 44 propriétés dans 20 États en 2023. Les revenus de jeu pour 2022 ont totalisé 5,83 milliards de dollars. La société gère un portefeuille comprenant:

• Propriétés du casino
• Plateformes de paris sportifs
• Services de jeu interactifs

Type de propriété	Nombre d'emplacements	Revenus annuels
Casinos	44	5,83 milliards de dollars
Plateformes de jeu en ligne	20 États	577 millions de dollars

Plates-formes de jeu intégrées en ligne et hors ligne

Penn Entertainment généré 1,5 milliard de dollars Des segments de jeux numériques en 2022. Barstool Sportsbook opère dans 16 États avec 1,3 million d'utilisateurs actifs.

Options de jeux et de paris sportifs multi-États

Penn Entertainment propose des services de paris dans 20 États à travers:

• Barstool Sportsbook
• Plates-formes de casino hollywoodien
• M SERVICES DE PARTIFS RELAT

Engagement client personnalisé

Le programme de fidélité Barstool SportsBook comprend 1,3 million d'utilisateurs enregistrés. Le coût d'acquisition du client coûte en moyenne 250 $ par utilisateur.

Solutions de jeu axées sur la technologie innovante

L'investissement technologique a atteint 287 millions de dollars en 2022. Taux de croissance de la plate-forme numérique: 42% en glissement annuel.

Métrique technologique	Valeur 2022
Investissement technologique	287 millions de dollars
Croissance de la plate-forme numérique	42%

Penn Entertainment, Inc. (Penn) - Modèle d'entreprise: relations avec les clients

Adhésions au programme de fidélité

Penn Entertainment exploite le programme de fidélité MyChoice dans ses propriétés de casino. Au quatrième trimestre 2023, le programme a rapporté:

Métrique	Valeur
Membres du programme de fidélité totale	22,3 millions
Membres de fidélité active	11,6 millions
Dépenses annuelles moyennes par membre de fidélité	$487

Expériences numériques et en personne personnalisées

Penn Entertainment exploite les plates-formes numériques pour créer des interactions client personnalisées:

• Recommandations de jeu personnalisées
• Offres promotionnelles ciblées
• Expériences de plancher de casino personnalisés

Application mobile et stratégies d'engagement numérique

Plate-forme numérique	Métriques des utilisateurs
Téléchargements d'applications mobiles interactifs Penn Interactive	3,2 millions
Utilisateurs numériques actifs mensuels	1,8 million
Taux d'engagement numérique	42%

Soutien client et canaux de service

• Hotline de support client 24/7
• Support de chat en direct
• Canaux d'assistance par e-mail
• Service client en personne chez Casino Properties

Programmes de marketing et de rétention ciblés

Métrique marketing	Valeur
Dépenses marketing annuelles	287 millions de dollars
Taux de rétention de la clientèle	68%
Valeur à vie moyenne du client	$3,200

Penn Entertainment, Inc. (Penn) - Modèle d'entreprise: Channeaux

Casino physique et lieux de la station

Penn Entertainment exploite 44 propriétés à travers 20 juridictions à partir de 2023. Les emplacements du casino total incluent:

Type d'emplacement	Nombre de propriétés	États représentés
Casinos terrestres	27	13
Stations balnéaires	17	7

Applications de paris mobiles

Les plates-formes de paris numériques de Penn comprennent:

• Barstool Sportsbook: Disponible dans 16 États
• ESPN BET: Lancé en novembre 2023

Plate-forme d'application	Utilisateurs actifs mensuels	Pénétration du marché
Barstool Sportsbook	1,2 million	Croissance de 48% en 2023
ESPN BET	350,000	Nouvelle entrée du marché

Plateformes de jeu en ligne

Répartition des revenus des jeux numériques:

Type de plate-forme	Revenus de 2023	Croissance d'une année à l'autre
Casino en ligne	412 millions de dollars	22%
Paris sportifs en ligne	589 millions de dollars	31%

Médias sociaux et marketing numérique

• Barstool Sports Social Media Abolders: 6,5 millions
• Dépenses en marketing numérique en 2023: 87 millions de dollars
• Taux d'engagement des médias sociaux: 4,3%

Sites Web partenaires et réseaux d'affiliation

Catégorie de partenaire	Nombre de partenaires	Part des revenus
Affiliés des médias sportifs	42	15-25%
Réseaux d'affiliation de jeu	28	20-30%

Penn Entertainment, Inc. (Penn) - Modèle d'entreprise: segments de clientèle

Antariens de paris sportifs

Au quatrième trimestre 2023, Penn Entertainment a rapporté 2,5 millions d'utilisateurs de paris sportifs actifs sur ses plateformes numériques. Les revenus de paris sportifs de l'entreprise ont atteint 348,7 millions de dollars au même trimestre.

Métriques du segment	Valeur
Utilisateurs de paris sportifs actifs	2,5 millions
Revenus de paris sportifs (Q4 2023)	348,7 millions de dollars

Joueurs de jeu de casino

Penn exploite 44 propriétés de jeu dans 20 États, desservant environ 8,4 millions de clients de jeux de casino chaque année.

• Revenus de jeux de casino total: 1,2 milliard de dollars en 2023
• Dépenses moyennes des clients par visite: 186 $

Consommateurs de jeux de hasard en ligne

Le segment de jeu en ligne de Penn a généré 423,6 millions de dollars de revenus pour 2023, avec 1,8 million d'utilisateurs de jeux en ligne enregistrés.

Métriques de jeu en ligne	Valeur
Revenus de jeux en ligne	423,6 millions de dollars
Utilisateurs en ligne enregistrés	1,8 million

Hospitalités et chercheurs de divertissement

Penn Entertainment gère 44 propriétés avec un décompte annuel moyen des visiteurs de 12,6 millions dans ses lieux d'hospitalité.

• Revenus hospitaliers totaux: 876,5 millions de dollars en 2023
• Taux d'occupation moyenne des hôtels: 68,3%

Utilisateurs de jeux numériques du millénaire et de la génération Z

Les utilisateurs de plate-forme numérique âgés de 21 à 40 ans représentent 62% de la clientèle de jeux de jeux en ligne de Penn, avec 1,1 million d'utilisateurs dans ce groupe démographique.

Demographie des utilisateurs de jeux numériques	Pourcentage / nombre
Utilisateurs âgés de 21 à 40 ans	62%
Total des utilisateurs numériques dans 21 à 40 groupes d'âge	1,1 million

Penn Entertainment, Inc. (Penn) - Modèle d'entreprise: Structure des coûts

Entretien et opérations des biens

En 2023, Penn Entertainment a déclaré que Total Property and Equipment, net à 4,3 milliards de dollars. Les frais de maintenance des biens annuels étaient d'environ 387 millions de dollars.

Catégorie de propriété	Coût de maintenance annuel
Propriétés du casino	215 millions de dollars
Installations de course	92 millions de dollars
Emplacements de plate-forme numérique	80 millions de dollars

Technologie et développement de plate-forme

Les investissements technologiques pour 2023 ont totalisé 168 millions de dollars, en mettant l'accent sur les plateformes numériques et la technologie de jeu.

• Coûts de développement de logiciels: 72 millions de dollars
• Investissements d'infrastructure numérique: 56 millions de dollars
• Améliorations de la cybersécurité: 40 millions de dollars

Marketing et acquisition de clients

Les dépenses de marketing pour 2023 ont atteint 523 millions de dollars, ce qui représente 12,4% des revenus totaux.

Canal de marketing	Allocation
Marketing numérique	276 millions de dollars
Publicité traditionnelle	147 millions de dollars
Campagnes promotionnelles	100 millions de dollars

Conformité réglementaire et licence

Les dépenses liées à la conformité pour 2023 étaient d'environ 112 millions de dollars dans diverses juridictions.

• Frais de licence: 58 millions de dollars
• Personnel juridique et de conformité: 34 millions de dollars
• Systèmes de rapports réglementaires: 20 millions de dollars

Salaire et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 1,2 milliard de dollars.

Catégorie des employés	Dépenses des salaires annuelles
Personnel des opérations de casino	612 millions de dollars
Employés d'entreprise	328 millions de dollars
Personnel de plate-forme numérique	260 millions de dollars

Penn Entertainment, Inc. (Penn) - Modèle d'entreprise: Strots de revenus

Revenus de jeu de casino

Pour l'exercice 2023, Penn Entertainment a rapporté des revenus totaux de jeu de 4,68 milliards de dollars. La société exploite 44 propriétés dans 20 juridictions, générant des revenus de jeu de casino substantiels.

Type de propriété	Revenus de jeux totaux	Pourcentage du total des revenus
Casinos terrestres	3,92 milliards de dollars	83.8%
Propriétés de jeu régional	2,61 milliards de dollars	55.8%

Commissions de paris sportifs

Le segment des paris sportifs de Penn Entertainment a généré 487 millions de dollars de revenus pour 2023, ce qui représente une augmentation de 12,4% par rapport à l'année précédente.

• Barstool Sportsbook Utilisateurs actifs: 1,2 million
• Poignée de paris sportifs: 8,3 milliards de dollars
• Revenu moyen par utilisateur actif: 406 $

Frais de plate-forme de jeu en ligne

Les plateformes de jeux numériques ont contribué 342 millions de dollars aux revenus de Penn en 2023, avec un taux de croissance de 22%.

Plate-forme	Revenu	Base d'utilisateurs
Casino de barreaux	213 millions de dollars	780 000 utilisateurs
Plates-formes de poker en ligne	129 millions de dollars	420 000 utilisateurs

Services d'accueil et de divertissement

Les revenus liés à l'hospitalité pour Penn Entertainment ont atteint 276 millions de dollars en 2023.

• Taux d'occupation de l'hôtel: 72,3%
• Tarif quotidien moyen: 189 $
• Revenus de nourriture et de boissons: 114 millions de dollars

Contenu numérique et monétisation publicitaire

Grâce à Barstool Sports, Penn a généré 156 millions de dollars de contenu numérique et de revenus publicitaires pour 2023.

Canal de contenu	Revenu	Visiteurs uniques mensuels
Plates-formes numériques de Barstool	98 millions de dollars	22 millions
Partenariats publicitaires	58 millions de dollars	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.