\nPENN Entertainment, Inc. (\u201cPENN\u201d or the \u201cCompany\u201d) (Nasdaq: PENN) today reported financial results for the quarter ended March 31, 2026.<\/p>\n
\nJay Snowden, Chief Executive Officer and President, said: \u201cWe are pleased to report another solid quarter. Retail Segment Adjusted EBITDAR grew year-over-year and stable trends are carrying into April. In our Interactive segment, continued online casino growth combined with positive trends in Ontario are driving momentum as we prepare for the anticipated July 13 launch of regulated iCasino and online sports betting in Alberta1<\/sup>. Importantly, we are executing on the plan we outlined last quarter, driving Retail and Interactive growth, optimizing corporate overhead, making disciplined capital investments, and continuing to delever.<\/p>\n First Quarter Retail Segment Highlights2<\/sup>:<\/b><\/p>\n \n\u201cTrends were encouraging across the portfolio, with strength in our West segment reflecting the continued ramp of M Resort\u2019s new hotel tower and strong execution by the team at Ameristar Casino Resort and Spa in Black Hawk, Colorado,\u201d said Mr. Snowden. \u201cIncreased visitation and higher spend per visit companywide supported year-over-year theoretical revenue growth across all rated worth segments, representing our largest quarterly increase in three years. We recently announced the June opening dates1<\/sup> for the new hotel tower at Hollywood Columbus and the new Hollywood Casino Aurora and remain excited about the anticipated returns on our development project investments based on the success to date from our recent openings at Hollywood Casino Joliet and M Resort.<\/p>\n 1<\/sup> Subject to regulatory approvals. First Quarter Interactive Segment Highlights:<\/b><\/p>\n \n\u201cOur Interactive segment delivered a meaningful Adjusted EBITDA improvement year-over-year, which marks the first full quarter under our realigned digital strategy. iCasino revenue growth of approximately 15% year-over-year was driven by the continued momentum of standalone iCasino, which notably achieved record quarterly revenue in the first quarter as well as record monthly revenue in March. The trends we are seeing provide us with confidence in the trajectory of the business and upcoming launch in Alberta1<\/sup>,\u201d concluded Mr. Snowden.<\/p>\n Liquidity and Financial Position<\/b><\/p>\n \nOn March 16, 2026, the Company issued $600.0 million of unsecured notes due 2031 at an interest rate of 6.75%. Net proceeds were used to repay borrowings under PENN\u2019s revolving credit facility.<\/p>\n \nTotal liquidity as of March 31, 2026 was $1.7 billion inclusive of $708.0 million in Cash and cash equivalents. Traditional net debt as of the end of the quarter was $2.2 billion.<\/p>\n \nOn April 16, 2026, the Company amended its Second Amended and Restated Credit Agreement in order to refinance and extend the term of its $1.0 billion Amended Revolving Credit Facility and $446.9 million Amended Term Loan A Facility. The Company\u2019s existing Amended Term Loan B Facility was not refinanced as part of this transaction.<\/p>\n Summary of First Quarter Results<\/b><\/p>\n\n
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2<\/sup> Retail Segment consists of retail operating segments which are composed of our Northeast, South, West, and Midwest reportable segments.<\/p>\n\n
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