Penn Entertainment, Inc. (Penn): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de entretenimento e jogo, a Penn Entertainment, Inc. (Penn) surge como uma potência, navegando estrategicamente no cenário complexo de experiências de jogos digitais e físicos. Ao misturar perfeitamente a tecnologia de ponta, diversas plataformas de jogos e estratégias inovadoras de envolvimento de clientes, a Penn se transformou de um operador tradicional de cassino em um ecossistema de entretenimento multifacetado. Seu modelo de negócios Canvas revela uma abordagem sofisticada que abrange apostas esportivas, jogos on-line, hospitalidade e conteúdo digital, posicionando a empresa na vanguarda de uma indústria em rápida evolução que atende a consumidores que procuram tecnologia que procuram experiências de entretenimento personalizadas e imersivas.

Penn Entertainment, Inc. (Penn) - Modelo de Negócios: Principais Parcerias

Provedores de tecnologia de jogos

A Penn Entertainment faz parceria com os principais provedores de tecnologia de jogos:

Provedor	Detalhes da parceria	Escopo de tecnologia
Tecnologia Internacional de Jogo (IGT)	Contrato de fornecimento de tecnologia de longo prazo	Plataformas de máquina de caça -níqueis e sistemas de jogos
Corporação de jogos científicos	Colaboração de tecnologia estratégica	Conteúdo de jogos digitais e soluções de hardware

Comissões de jogos estaduais e órgãos regulatórios

A Penn Entertainment mantém parcerias com várias agências regulatórias estaduais:

• Placa de controle de jogos da Pensilvânia
• Divisão de Aplicação de Jogos de Nova Jersey
• Comissão de Jogos de Indiana
• Conselho de Jogos de Illinois

Casino Resort and Hospitality Partners

As principais parcerias do resort de cassino incluem:

Parceiro	Localização	Tipo de parceria
BoSTool Sportsbook	Vários estados	Plataforma de apostas esportivas de marca de marca
Hard Rock International	Várias jurisdições	Gerenciamento e licenciamento de cassinos

Colaboradores de plataforma de apostas esportivas

Parcerias de apostas esportivas da Penn Entertainment:

• Barstool Sportsbook (subsidiária de propriedade)
• Aposta
• Plataformas digitais do CAESARS

Provedores de conteúdo de mídia e entretenimento

Mídia estratégica e parcerias de conteúdo:

Parceiro	Tipo de conteúdo	Foco de colaboração
ESPN	Conteúdo da mídia esportiva	Integração de apostas digitais
Esportes de barstool	Mídia digital e conteúdo esportivo	Marketing da plataforma de apostas

Penn Entertainment, Inc. (Penn) - Modelo de Negócios: Atividades -chave

Gerenciamento de operações de cassino e jogo

A Penn Entertainment opera 44 instalações de jogos em 20 jurisdições a partir de 2023. A receita total de jogos para 2022 foi de US $ 5,93 bilhões. A empresa gerencia um portfólio diversificado de propriedades de cassino, incluindo:

Tipo de propriedade	Número de propriedades	Posições totais de jogos
Cassinos	44	48,700
Pistas de corrida	7	2,300

Desenvolvimento da plataforma de apostas esportivas

A plataforma de apostas esportivas da Penn, Barstool Sportsbook, atua em 16 estados. A receita de apostas digitais para 2022 foi de US $ 229 milhões.

• Estados ativos de apostas esportivas: 16
• Puses de apostas on -line: US $ 3,2 bilhões em 2022
• Usuários da plataforma digital: 2,4 milhões de contas registradas

Gerenciamento de hospitalidade e local de entretenimento

Penn gerencia vários locais de entretenimento com receita total de propriedades de US $ 6,1 bilhões em 2022.

Tipo de local	Número de locais	Receita média anual
Resorts de cassino	21	US $ 275 milhões
Racinos	7	US $ 135 milhões

Integração de tecnologia de jogos digitais

A Penn investiu US $ 163 milhões em plataformas de tecnologia e digital em 2022. A receita de jogos digitais aumentou 22% ano a ano.

• Investimento de tecnologia: US $ 163 milhões
• Orçamento de desenvolvimento de plataformas digitais: US $ 45 milhões
• Crescimento da receita de jogos digitais: 22%

Estratégias de marketing e aquisição de clientes

As despesas de marketing para 2022 foram de US $ 412 milhões, com foco em canais digitais e tradicionais.

Canal de marketing	Gastos	Custo de aquisição do cliente
Marketing digital	US $ 247 milhões	$82
Marketing tradicional	US $ 165 milhões	$95

Penn Entertainment, Inc. (Penn) - Modelo de negócios: Recursos -chave

Propriedades físicas do cassino e resort

A partir de 2024, a Penn Entertainment possui 44 propriedades em 20 estados. O portfólio imobiliário total no valor de aproximadamente US $ 4,3 bilhões.

Estado	Número de propriedades	Tipo de propriedade
Louisiana	8	Barco de rio/cassinos terrestres
Pensilvânia	6	Cassinos do resort integrado
Ohio	4	Cassinos comerciais

Plataformas de jogos digitais e tecnologia

A Penn Entertainment investiu US $ 325 milhões em tecnologia de jogos digitais em 2023. Plataforma de esportes de Barstool ativa em 16 estados.

• Tecnologia da plataforma de apostas esportivas
• Software de cassino online
• Aplicativos para jogos móveis

Licenças de jogo

A Penn detém licenças de jogo em 20 estados, com valor estimado de licença de US $ 1,2 bilhão.

Tipo de licença	Número de estados	Valor estimado
Cassino comercial	12	US $ 750 milhões
Apostas esportivas on -line	16	US $ 450 milhões

Reconhecimento da marca

O valor da marca esportiva da Barstool estimou US $ 450 milhões. Penn Entertainment Brand Reconhecimento de 78/100 no setor de entretenimento.

Banco de dados de clientes e programas de fidelidade

Associação do Programa de Fidelidade: 4,2 milhões de membros ativos. Valor médio da vida útil do cliente: US $ 3.750.

• Dados demográficos detalhados do cliente
• Recursos de marketing personalizados
• Segmentação avançada de clientes

Penn Entertainment, Inc. (Penn) - Modelo de Negócios: Proposições de Valor

Diversas experiências de jogos e entretenimento

A Penn Entertainment opera 44 propriedades em 20 estados a partir de 2023. A receita de jogos para 2022 totalizou US $ 5,83 bilhões. A empresa gerencia um portfólio, incluindo:

• Propriedades do cassino
• Plataformas de apostas esportivas
• Serviços de jogos interativos

Tipo de propriedade	Número de locais	Receita anual
Cassinos	44	US $ 5,83 bilhões
Plataformas de jogos online	20 estados	US $ 577 milhões

Plataformas de jogo online e offline integradas

Penn Entertainment gerado US $ 1,5 bilhão dos segmentos de jogos digitais em 2022. O Barstool Sportsbook opera em 16 estados com 1,3 milhão de usuários ativos.

Opções de apostas para jogos e esportes multi-estados

A Penn Entertainment oferece serviços de apostas em 20 estados até:

• BoSTool Sportsbook
• Plataformas de cassino de Hollywood
• M Serviços de apostas resort

Engajamento personalizado do cliente

O programa de fidelidade do Barstool Sportsbook inclui 1,3 milhão de usuários registrados. O custo de aquisição do cliente é de US $ 250 por usuário.

Soluções inovadoras de jogos orientadas por tecnologia

O investimento em tecnologia atingiu US $ 287 milhões em 2022. Taxa de crescimento da plataforma digital: 42% ano a ano.

Métrica de tecnologia	2022 Valor
Investimento em tecnologia	US $ 287 milhões
Crescimento da plataforma digital	42%

Penn Entertainment, Inc. (Penn) - Modelo de Negócios: Relacionamentos do Cliente

Associações do Programa de Fidelidade

A Penn Entertainment opera o programa de fidelidade MyChoice em suas propriedades de cassino. A partir do quarto trimestre 2023, o programa relatou:

Métrica	Valor
Membros do programa de fidelidade total	22,3 milhões
Membros de lealdade ativa	11,6 milhões
Membro médio anual de gasto por lealdade	$487

Experiências digitais e pessoais personalizadas

A Penn Entertainment aproveita as plataformas digitais para criar interações personalizadas do cliente:

• Recomendações de jogos personalizadas
• Ofertas promocionais direcionadas
• Experiências personalizadas de piso de cassino

Aplicativos móveis e estratégias de engajamento digital

Plataforma digital	Métricas de usuário
Penn Interactive Mobile App Downloads	3,2 milhões
Usuários digitais ativos mensais	1,8 milhão
Taxa de engajamento digital	42%

Suporte ao cliente e canais de serviço

• 24/7 de suporte ao cliente
• Suporte ao bate -papo ao vivo
• Canais de suporte de email
• Atendimento pessoal ao cliente nas propriedades do cassino

Programas de marketing e retenção direcionados

Métrica de marketing	Valor
Gastos anuais de marketing	US $ 287 milhões
Taxa de retenção de clientes	68%
Valor médio de vida útil do cliente	$3,200

Penn Entertainment, Inc. (Penn) - Modelo de Negócios: Canais

Locais de cassino físico e resort

A Penn Entertainment opera 44 propriedades em 20 jurisdições a partir de 2023. O total de locais de cassino incluem:

Tipo de localização	Número de propriedades	Estados representados
Cassinos terrestres	27	13
Resorts	17	7

Aplicativos de apostas móveis

As plataformas de apostas digitais de Penn incluem:

• BoSTool Sportsbook: Disponível em 16 estados
• ESPN BET: Lançado em novembro de 2023

Plataforma de aplicativo	Usuários ativos mensais	Penetração de mercado
BoSTool Sportsbook	1,2 milhão	48% de crescimento em 2023
ESPN BET	350,000	Nova entrada no mercado

Plataformas de jogos online

Digital Gaming Receita de Receita:

Tipo de plataforma	2023 Receita	Crescimento ano a ano
Cassino online	US $ 412 milhões	22%
Apostas esportivas on -line	US $ 589 milhões	31%

Mídia social e marketing digital

• Seguidores de mídia social esportiva de Barstool: 6,5 milhões
• Gastes de marketing digital em 2023: US $ 87 milhões
• Taxa de engajamento de mídia social: 4,3%

Sites parceiros e redes de afiliados

Categoria de parceiro	Número de parceiros	Participação de receita
Afiliados da mídia esportiva	42	15-25%
Redes de afiliados para jogos	28	20-30%

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

Entusiastas de apostas esportivas

A partir do quarto trimestre de 2023, a Penn Entertainment reportou 2,5 milhões de usuários de apostas esportivas ativas em suas plataformas digitais. A receita de apostas esportivas da empresa atingiu US $ 348,7 milhões no mesmo trimestre.

Métricas de segmento	Valor
Usuários ativos de apostas esportivas	2,5 milhões
Receita de apostas esportivas (Q4 2023)	US $ 348,7 milhões

Jogadores de jogos de cassino

A Penn opera 44 propriedades de jogos em 20 estados, atendendo a aproximadamente 8,4 milhões de clientes de jogos de cassino anualmente.

• Receita total de jogos de cassino: US $ 1,2 bilhão em 2023
• Gastes médios de cliente por visita: $ 186

Consumidores de jogo online

O segmento de jogo on -line da Penn gerou US $ 423,6 milhões em receita para 2023, com 1,8 milhão de usuários de jogos on -line registrados.

Métricas de jogo online	Valor
Receita de jogos online	US $ 423,6 milhões
Usuários online registrados	1,8 milhão

Hospitalidade e buscadores de entretenimento

A Penn Entertainment gerencia 44 propriedades com uma contagem média anual de visitantes de 12,6 milhões em seus locais de hospitalidade.

• Receita total de hospitalidade: US $ 876,5 milhões em 2023
• Taxa média de ocupação do hotel: 68,3%

Millennial e Gen Z Digital Gaming Usuários

Os usuários da plataforma digital de 21 a 40 anos representam 62% da base de clientes de jogos on-line da Penn, com 1,1 milhão de usuários nesse grupo demográfico.

Digital Gaming User Demographics	Porcentagem/número
Usuários de 21 a 40 anos	62%
Usuários digitais totais na faixa etária de 21 a 40	1,1 milhão

Penn Entertainment, Inc. (Penn) - Modelo de negócios: estrutura de custos

Manutenção de propriedades e operações

A partir de 2023, a Penn Entertainment reportou propriedades e equipamentos totais, líquidos em US $ 4,3 bilhões. As despesas anuais de manutenção de propriedades foram de aproximadamente US $ 387 milhões.

Categoria de propriedade	Custo de manutenção anual
Propriedades do cassino	US $ 215 milhões
Instalações de corrida	US $ 92 milhões
Locais da plataforma digital	US $ 80 milhões

Desenvolvimento de tecnologia e plataforma

Os investimentos em tecnologia para 2023 totalizaram US $ 168 milhões, com foco em plataformas digitais e tecnologia de jogos.

• Custos de desenvolvimento de software: US $ 72 milhões
• Investimentos de infraestrutura digital: US $ 56 milhões
• Aprimoramentos de segurança cibernética: US $ 40 milhões

Marketing e aquisição de clientes

As despesas de marketing para 2023 atingiram US $ 523 milhões, representando 12,4% da receita total.

Canal de marketing	Alocação
Marketing digital	US $ 276 milhões
Publicidade tradicional	US $ 147 milhões
Campanhas promocionais	US $ 100 milhões

Conformidade regulatória e licenciamento

As despesas relacionadas à conformidade em 2023 foram de aproximadamente US $ 112 milhões em várias jurisdições.

• Taxas de licenciamento: US $ 58 milhões
• Equipe legal e de conformidade: US $ 34 milhões
• Sistemas de relatórios regulatórios: US $ 20 milhões

Salários e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 1,2 bilhão.

Categoria de funcionários	Despesas salariais anuais
Equipe de operações de cassino	US $ 612 milhões
Funcionários corporativos	US $ 328 milhões
Pessoal da plataforma digital	US $ 260 milhões

Penn Entertainment, Inc. (Penn) - Modelo de Negócios: Fluxos de Receita

Receita de jogos de cassino

Para o ano fiscal de 2023, a Penn Entertainment registrou receitas totais de jogos de US $ 4,68 bilhões. A Companhia opera 44 propriedades em 20 jurisdições, gerando receita substancial de jogos de cassino.

Tipo de propriedade	Receita total de jogos	Porcentagem da receita total
Cassinos terrestres	US $ 3,92 bilhões	83.8%
Propriedades regionais de jogos	US $ 2,61 bilhões	55.8%

Comissões de apostas esportivas

O segmento de apostas esportivas da Penn Entertainment gerou US $ 487 milhões em receita para 2023, representando um aumento de 12,4% em relação ao ano anterior.

• Usuários ativos do Barstool Sportsbook: 1,2 milhão
• Alça de apostas esportivas: US $ 8,3 bilhões
• Receita média por usuário ativo: $ 406

Taxas de plataforma de jogo online

As plataformas de jogos digitais contribuíram com US $ 342 milhões para a receita da Penn em 2023, com uma taxa de crescimento de 22%.

Plataforma	Receita	Base de usuários
Casino de Barstool	US $ 213 milhões	780.000 usuários
Plataformas de poker online	US $ 129 milhões	420.000 usuários

Serviços de hospitalidade e entretenimento

As receitas relacionadas à hospitalidade para a Penn Entertainment atingiram US $ 276 milhões em 2023.

• Taxa de ocupação do hotel: 72,3%
• Taxa média média diária: US $ 189
• Receita de alimentos e bebidas: US $ 114 milhões

Conteúdo digital e monetização de publicidade

Através da Barstool Sports, a Penn gerou US $ 156 milhões em conteúdo digital e receita de publicidade para 2023.

Canal de conteúdo	Receita	Visitantes únicos mensais
Plataformas digitais de Barstool	US $ 98 milhões	22 milhões
Parcerias de publicidade	US $ 58 milhões	N / D

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.