PENN Entertainment, Inc. (PENN): Business Model Canvas [Dec-2025 Updated]

You're looking at PENN Entertainment, Inc. right now and wondering how they're actually making money while trying to stitch together 43+ regional casinos with a brand-new digital strategy centered on theScore Bet and that big ESPN partnership. Honestly, it's a fascinating, high-stakes balancing act: managing massive fixed rent expenses from Gaming and Leisure Properties, Inc. (GLPI) while trying to turn the Interactive segment from an operating loss into a profit driver. To really see the engine driving this transition-from their 32M+ PENN Play loyalty members to their Q2 2025 Interactive Revenue of $316.1 million-you need to break down the core structure. Below is the Business Model Canvas that maps out exactly how PENN Entertainment, Inc. is trying to win the omnichannel game.

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

You're mapping out PENN Entertainment, Inc.'s strategic alliances as of late 2025, which is a critical time given the recent digital pivot. These partnerships are the backbone supporting both the physical footprint and the evolving interactive segment.

Gaming and Leisure Properties, Inc. (GLPI) for real estate.

The relationship with Gaming and Leisure Properties, Inc. is fundamental, as GLPI acquires, finances, and owns the real estate leased to PENN Entertainment under triple-net lease arrangements. As of June 30, 2025, GLPI's portfolio included real property associated with 34 gaming and related facilities operated by PENN Entertainment. This partnership structure supports PENN Entertainment's growth projects through direct funding commitments.

Here are the key financial commitments related to PENN Entertainment's development pipeline with GLPI:

The base rent for the original master lease was $284.1 million, broken down into $208.2 million of Building Base Rent, $43.0 million of land base rent, and $32.9 million of percentage rent.

State gaming commissions for regulatory compliance.

Operating across numerous jurisdictions means PENN Entertainment must maintain compliance with various state gaming commissions. For instance, in Pennsylvania, the Pennsylvania Gaming Control Board (PGCB) oversees operations. The PGCB's budget for Fiscal Year 2024-2025 was $57 million. In Pennsylvania, sports betting revenue is subject to a 36 percent tax rate. Casino licensees seeking a sports wagering certificate in PA pay a one-time fee of $10m, with a renewal fee of $250,000 every five years. This past fiscal year, Pennsylvania's gaming industry contributed $2.8 billion in tax revenue.

Compliance involves adhering to state-specific fee structures, such as:

• Sports wagering operator application fee (PA): $5,000.
• Sports wagering operator license fee (PA, five-year validity): $50,000.
• Supplier license fee (PA, initial): $85,000.

ESPN for a transitional advertising client relationship.

The exclusive U.S. online sports betting agreement with ESPN, Inc. ended early, effective December 1, 2025. Under the original August 2023 commercial agreement, PENN Entertainment paid ESPN $150 million per year in cash payments for 10 years, plus warrants. The termination resulted in an $825 million impairment charge for PENN's Interactive segment. ESPN retains vested warrants to purchase 7,957,210 PENN shares at an average strike price of $28.951. Cash payments to ESPN cease after the fourth quarter of 2025. Still, the partnership drove over 2.9 million new users into the PENN ecosystem. PENN plans to rebrand its U.S. sportsbook to theScore Bet. PENN Entertainment will continue to work with ESPN as an advertising client.

Technology providers for slot machines and gaming systems.

PENN Entertainment utilizes third-party technology while also developing its own proprietary systems. Kambi Group plc extended its retail sportsbook platform agreement to December 31, 2025. Kambi currently supports PENN Entertainment in 13 states across 30 properties with products like kiosks and point-of-sale terminals. PENN plans to migrate these retail sportsbooks to its proprietary technology over the term ending in 2025. Separately, PENN's subsidiary, theScore Bet, operates on a natively built, vertically integrated technology stack, including a custom Risk and Trading platform. PENN detailed plans to launch a standalone Hollywood Casino app in Pennsylvania in Q1 2025.

PENN Entertainment operates over 50,000 gaming machines and has over 7,800 hotel rooms across its North American destinations.

Finance: review Q4 2025 cash flow projections incorporating the ESPN termination impact by next Tuesday.

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

You're looking at the core engine of PENN Entertainment, Inc. right now, which is a massive pivot happening in late 2025. The key activities are all about managing the physical assets while trying to finally make the digital side work under a new banner. Honestly, the transition from ESPN Bet back to theScore Bet is the biggest activity defining the near term.

Managing 43+ retail casino and racetrack properties.

The foundation of PENN Entertainment remains its physical footprint. This activity involves the day-to-day operation of a large, geographically diverse portfolio of gaming and hospitality venues. You need to keep the lights on, the tables running, and the hotel towers booked across all these locations. For instance, the M Resort Spa Casino in Las Vegas just finished its second hotel tower expansion, adding capacity to reach 765 total rooms and suites.

The sheer scale of the retail operation is best seen in the recent financial contribution. For the third quarter of 2025, the retail segment was the workhorse, generating $1.4 billion in revenue. That segment also delivered $465.8 million in Adjusted EBITDA, representing a solid operating margin of 32.8% for those properties. PENN Entertainment operates 43 properties across 20 states.

Key operational metrics for the retail segment in Q3 2025 were:

• Retail Segment Revenue: $1.4 billion
• Retail Segment Adjusted EBITDA: $465.8 million
• Retail Segment Adjusted EBITDA Margin: 32.8%
• Properties in Operation: 43

Developing proprietary digital gaming technology (theScore Bet).

This activity centers on leveraging the technology stack acquired via theScore Media & Gaming purchase. The goal is to use this proprietary platform to drive the new U.S. sportsbook and the existing Canadian operations. The company is banking on this tech to deliver the unified media and betting experience they couldn't quite nail with the previous brand.

The digital segment's performance in Q3 2025 shows the investment and development costs. The Interactive Segment Revenue hit $297.7 million, but it still posted an Adjusted EBITDA Loss of $76.6 million. However, the North American iCasino business showed real momentum, achieving its highest quarterly gaming revenue to date with a 40% year-over-year improvement. That success is tied directly to the omnichannel play, as 62% of that iCasino growth came from cross-sell originating from OSB.

Here's a look at the digital segment's Q3 2025 financial snapshot:

Executing the U.S. online sports betting (OSB) brand transition.

This was a massive, immediate activity in late 2025. PENN Entertainment mutually agreed to terminate the ESPN Bet agreement in November 2025, which was a major strategic reset. The execution involved immediately rebranding the platform to theScore Bet, which went live in the U.S. on December 1, 2025. This transition was designed to be seamless for existing users, migrating all account settings and wagers. The ESPN Bet platform had previously struggled, capturing less than 3% of the U.S. online betting market share at its peak. The termination also resulted in an $825 million impairment charge in the Interactive segment.

The transition activity involved several moving parts:

• Brand change from ESPN Bet to theScore Bet effective December 1, 2025
• TheScore Bet is now live in 21 U.S. jurisdictions
• Termination of the ESPN marketing exclusivity, stopping cash payments after Q4 2025
• The previous ESPN Bet licensing cost was $150 million USD per year

Marketing and customer acquisition for omnichannel play.

The core of the omnichannel strategy is using the digital platforms, especially OSB, to drive traffic and spending to the retail casinos, and vice versa. The customer database is central to this. PENN Entertainment boasts a database of over 33 million PenPlay customers. The marketing activity is now focused on retaining these customers and maximizing their lifetime value across both physical and digital touchpoints.

The shift away from ESPN Bet is expected to reduce fixed marketing costs, which management noted were pressuring margins in Q3 2025. The company has an explicit financial goal to make the Interactive segment break-even or better by 2026. Furthermore, the company is committed to returning capital to shareholders, authorizing a new $750 million share repurchase program starting January 1, 2026. In Q3 2025 alone, PENN Entertainment repurchased $154.1 million of its own stock.

Key financial and strategic figures related to shareholder and customer value:

• Total PenPlay Customer Database: Over 33 million
• Q3 2025 Share Repurchases: $154.1 million
• New Share Repurchase Authorization (starting Jan 1, 2026): $750 million
• Interactive Segment Profitability Target: Break-even or better in 2026

Finance: draft 13-week cash view by Friday.

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

You're looking at the hard assets and proprietary systems that make PENN Entertainment, Inc. (PENN) tick. These aren't just line items on a balance sheet; they are the engines driving the omnichannel strategy. Honestly, the scale of the physical footprint combined with the digital ecosystem is what sets the stage here.

Physical Footprint and Operational Scale

The foundation remains the physical footprint. PENN Entertainment, Inc. (PENN) operates an extensive portfolio that anchors its revenue base. This physical presence is crucial for generating the cash flow that fuels digital investment.

The sheer scale of the retail operations can be seen in the Q2 2025 performance metrics:

Loyalty Program and Customer Data

The proprietary PENN Play loyalty program is the connective tissue between the physical and digital worlds. As of late 2025, this program boasts 33M+ members, a significant base for cross-selling and data capture. This program replaced the former mychoice scheme, consolidating the customer base under one banner.

Key aspects of the loyalty program resource include:

• The program is free to join and features five tier levels: Play, Advantage, Preferred, Elite, and Owners Club.
• It uses a loyalty currency called PENN Cash, which members earn and redeem across gaming, dining, shopping, and stays.
• Omnichannel engagement is a direct result, with online-to-retail player count growing by 8% year-over-year in Q2 2025.

In-House Digital Platform Technology

PENN Entertainment, Inc. (PENN) relies on its in-house digital platform technology, which underpins the PENN Play system and its online gaming offerings like HollywoodCasino.com and theScore Bet. This technology stack includes the core Player Account Management system necessary to track loyalty points, manage wagers, and facilitate seamless play across all channels. The company's Q2 2025 performance showed theoretical revenue from online-to-retail growing by 28%, which speaks directly to the effectiveness of this integrated technology foundation.

Financial Strength and Liquidity

Liquidity provides the necessary buffer for ongoing operations and strategic capital expenditures, such as the development projects mentioned in their guidance. As of the end of Q2 2025, the company held significant cash reserves:

• Cash and cash equivalents: $671.6 million as of June 30, 2025.
• Total liquidity (inclusive of cash): $1.2 billion as of June 30, 2025.

This cash position supports the commitment to shareholder returns, with a stated goal to repurchase at least $350 million of shares in 2025.

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.

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:

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:

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.

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:

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:

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.