v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information For financial reporting purposes, we aggregate our operating segments into the following reportable segments:
LocationReal Estate Assets Lease or Ownership Structure
Northeast segment
Ameristar East ChicagoEast Chicago, IndianaPinnacle Master Lease
Hollywood Casino BangorBangor, MaineAR PENN Master Lease
Hollywood Casino at Charles Town RacesCharles Town, West VirginiaAR PENN Master Lease
Hollywood Casino ColumbusColumbus, Ohio2023 Master Lease
Hollywood Casino at GreektownDetroit, MichiganVICI Master Lease
Hollywood Casino LawrenceburgLawrenceburg, IndianaAR PENN Master Lease
Hollywood Casino MorgantownMorgantown, Pennsylvania
Morgantown Lease (1)
Hollywood Casino at PENN National Race CourseGrantville, PennsylvaniaAR PENN Master Lease
Hollywood Casino PerryvillePerryville, Maryland2023 Master Lease
Hollywood Casino at The MeadowsWashington, Pennsylvania2023 Master Lease
Hollywood Casino ToledoToledo, Ohio2023 Master Lease
Hollywood Casino YorkYork, PennsylvaniaOperating Lease (not with REIT Landlord)
Hollywood Gaming at Dayton RacewayDayton, OhioAR PENN Master Lease
Hollywood Gaming at Mahoning Valley Race CourseYoungstown, OhioAR PENN Master Lease
Marquee by PENN (2)
PennsylvaniaN/A
Plainridge Park CasinoPlainville, MassachusettsPinnacle Master Lease
South segment
1st Jackpot Casino
Tunica, MississippiAR PENN Master Lease
Ameristar VicksburgVicksburg, MississippiPinnacle Master Lease
Boomtown BiloxiBiloxi, MississippiAR PENN Master Lease
Boomtown Bossier CityBossier City, LouisianaPinnacle Master Lease
Boomtown New OrleansNew Orleans, LouisianaPinnacle Master Lease
Hollywood Casino Gulf CoastBay St. Louis, MississippiAR PENN Master Lease
Hollywood Casino TunicaTunica, MississippiAR PENN Master Lease
L’Auberge Baton RougeBaton Rouge, LouisianaPinnacle Master Lease
L’Auberge Lake CharlesLake Charles, LouisianaPinnacle Master Lease
Margaritaville Resort CasinoBossier City, LouisianaVICI Master Lease
West segment
Ameristar Black HawkBlack Hawk, ColoradoPinnacle Master Lease
Cactus Petes and HorseshuJackpot, NevadaPinnacle Master Lease
M Resort Spa CasinoHenderson, Nevada2023 Master Lease
Zia Park CasinoHobbs, New MexicoAR PENN Master Lease
Midwest segment
Ameristar Council Bluffs Council Bluffs, IowaPinnacle Master Lease
Argosy Casino Alton (3)
Alton, IllinoisAR PENN Master Lease
Argosy Casino RiversideRiverside, MissouriAR PENN Master Lease
Hollywood Casino AuroraAurora, Illinois2023 Master Lease
Hollywood Casino JolietJoliet, Illinois2023 Master Lease
Hollywood Casino at Kansas Speedway (4)
Kansas City, KansasOwned - Joint Venture
Hollywood Casino St. LouisMaryland Heights, MissouriAR PENN Master Lease
Prairie State Gaming (2)
IllinoisN/A
River City CasinoSt. Louis, MissouriPinnacle Master Lease
(1)Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI.
(2)VGT route operations.
(3)The riverboat is owned by us and not subject to the AR PENN Master Lease.
(4)Pursuant to a joint venture with NASCAR Holdings LLC (“NASCAR”) and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway.
The tables below provide information about our revenues, expenses, and Segment Adjusted EBITDAR and provide a reconciliation to net income (loss).
For the three months ended June 30, 2026
(in millions)NortheastSouthWestMidwest
Interactive (1)
Other
Intersegment Eliminations (2)
Total
Total revenues
$731.6 $301.9 $151.5 $320.6 $349.4 $5.6 $(3.2)$1,857.4 
Less:
Gaming taxes(299.3)(66.4)(26.6)(85.8)(230.9)
Compensation and benefits(106.0)(57.3)(33.7)(49.1)(24.0)
Media and advertising (3)
(31.8)
Other segment items (4)
(106.1)(69.2)(36.2)(52.7)(72.2)
Segment Adjusted EBITDAR (5)
$220.2 $109.0 $55.0 $133.0 $(9.5)$507.7 
Other operating benefits (costs) and other income (expenses):
Other category (6)
(31.8)
Rent expense associated with triple net operating leases (7)
(163.3)
Stock-based compensation(17.4)
Cash-settled stock-based awards variance2.6 
Pre-opening expenses(23.0)
Depreciation and amortization(117.8)
Non-operating items of equity method investments (8)
(1.1)
Interest expense, net(100.9)
Interest income2.0 
Loss on early extinguishment of debt(1.8)
Other (9)
(15.5)
Income before income taxes39.7 
Income tax expense(7.1)
Net income$32.6 
(1)Revenues and gaming taxes expense within the Interactive segment are inclusive of gaming tax reimbursement amounts related to third-party OSB and/or iCasino partners for OSB and iCasino market access of $185.5 million for the three months ended June 30, 2026.
(2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.
(3)Includes advertising and media expenses across various platforms for both the Hollywood-branded iCasino and theScore Bet, which launched in the US following the termination of the Sportsbook Agreement. Such platforms include television, radio, out-of-home, social media, both paid and organic search, as well as sponsorships and media costs associated with partnerships with major sports leagues, and other professional sports teams.
(4)For each reportable segment, the Other segment items category includes:
a.Northeast segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses.
b.South segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees.
c.West segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses.
d.Midwest segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees.
e.Interactive segment - professional services, legal expenses, software subscriptions and maintenance fees, software development costs, utilities, supplies, property and liability insurance, other taxes and fees, lease expenses, allocated corporate expenses, and third-party revenue share fees.
(5)We define Segment Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (7) below), stock-based compensation, debt extinguishment charges, impairment losses, insurance recoveries, net of deductible charges, changes in the estimated fair value of our contingent purchase price obligations, gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards, pre-opening expenses, loss on disposal of a business, non-cash gains/losses associated with REIT transactions, and other. Segment Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (8) below) added back for our Kansas Entertainment joint venture.
(6)Primarily represents corporate overhead expenses of $29.5 million for the three months ended June 30, 2026.
(7)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; and (iii) VICI Master Lease.
(8)Consists primarily of depreciation expense associated with our Kansas Entertainment joint venture.
(9)Represents expenses related to transaction costs and non-recurring restructuring charges (primarily severance) as a result of the Company’s new corporate organizational structure.
For the three months ended June 30, 2025
(in millions)NortheastSouthWestMidwest
Interactive (1)
Other
Intersegment Eliminations (2)
Total
Total revenues
$711.6 $302.2 $137.7 $297.0 $316.1 $5.7 $(5.3)$1,765.0 
Less:
Gaming taxes(290.4)(65.8)(25.4)(78.8)(184.5)
Compensation and benefits(103.6)(59.6)(31.1)(44.7)(37.6)
Media and advertising (3)
(73.5)
Other segment items (4)
(108.1)(72.0)(27.7)(51.7)(82.5)
Segment Adjusted EBITDAR (5)
$209.5 $104.8 $53.5 $121.8 $(62.0)$427.6 

Other operating benefits (costs) and other income (expenses):
Other category (6)
(35.5)
Rent expense associated with triple net operating leases (7)
(156.0)
Stock-based compensation(16.1)
Cash-settled stock-based awards variance3.1 
Pre-opening expenses(4.4)
Depreciation and amortization(110.5)
Impairment loss (8)
(15.0)
Non-operating items of equity method investments (9)
(1.1)
Interest expense, net(95.9)
Interest income2.1 
Loss on early extinguishment of debt(11.8)
Other1.6 
Loss before income taxes(11.9)
Income tax expense(6.4)
Net loss$(18.3)
(1)Revenues and gaming taxes expense within the Interactive segment are inclusive of gaming tax reimbursement amounts related to third-party OSB and/or iCasino partners for OSB and iCasino market access of $137.9 million for the three months ended June 30, 2025.
(2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.
(3)Includes advertising expenses of $37.5 million related to the Sportsbook Agreement and $14.3 million related to the Investment Agreement with ESPN. Also, includes advertising and media expenses (including such expenses associated with the Hollywood-branded iCasino and theScore Bet) across various platforms. Such platforms include television, radio, out-of-home, social media, and both paid and organic search, as well as sponsorships and media costs associated with partnerships with major sports leagues, and other professional sports teams.
(4)For each reportable segment, the Other segment items category includes:
a.Northeast segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses.
b.South segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees.
c.West segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses.
d.Midwest segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees.
e.Interactive segment - professional services, legal expenses, software subscriptions and maintenance fees, software development costs, utilities, supplies, property and liability insurance, other taxes and fees, lease expenses, allocated corporate expenses, and third-party revenue share fees.
(5)We define Segment Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (7) below), stock-based compensation, debt extinguishment charges, impairment losses, insurance recoveries, net of deductible charges, changes in the estimated fair value of our contingent purchase price obligations, gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards, pre-opening expenses, loss on disposal of a business, non-cash gains/losses associated with REIT transactions, and other. Segment Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (9) below) added back for our Kansas Entertainment joint venture.
(6)Primarily represents corporate overhead expenses of $38.7 million for the three months ended June 30, 2025, which is inclusive of $9.4 million of legal and advisory costs related to activist activity in connection with our 2025 annual meeting of shareholders.
(7)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease.
(8)Relates to an impairment charge in our Midwest segment.
(9)Consists primarily of depreciation expense associated with our Kansas Entertainment joint venture.
For the six months ended June 30, 2026
(in millions)NortheastSouthWestMidwest
Interactive (1)
Other
Intersegment Eliminations (2)
Total
Total revenues
$1,418.7 $583.1 $297.2 $626.5 $707.7 $10.9 $(7.7)$3,636.4 
Less:
Gaming taxes(581.9)(127.9)(52.2)(167.7)(465.3)
Compensation and benefits(211.3)(115.1)(67.0)(98.7)(53.9)
Media and advertising (3)
(61.3)
Other segment items (4)
(210.8)(126.9)(69.0)(108.4)(147.6)
Segment Adjusted EBITDAR (5)
$414.7 $213.2 $109.0 $251.7 $(20.4)$968.2 
Other operating benefits (costs) and other income (expenses):
Other category (6)
(63.2)
Rent expense associated with triple net operating leases (7)
(326.6)
Stock-based compensation(31.5)
Cash-settled stock-based awards variance6.0 
Pre-opening expenses(27.2)
Depreciation and amortization(234.8)
Non-operating items of equity method investments (8)
(2.3)
Interest expense, net(201.8)
Interest income3.8 
Loss on early extinguishment of debt(1.8)
Other (9)
(43.2)
Income before income taxes45.6 
Income tax expense(15.8)
Net income$29.8 
(1)Revenues and gaming taxes expense within the Interactive segment are inclusive of gaming tax reimbursement amounts related to third-party OSB and/or iCasino partners for OSB and iCasino market access of $371.3 million for the six months ended June 30, 2026.
(2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.
(3)Includes advertising and media expenses across various platforms for both the Hollywood-branded iCasino and theScore Bet, which launched in the US following the termination of the Sportsbook Agreement. Such platforms include television, radio, out-of-home, social media, both paid and organic search, as well as sponsorships and media costs associated with partnerships with major sports leagues, and other professional sports teams.
(4)For each reportable segment, the Other segment items category includes:
a.Northeast segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses.
b.South segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees.
c.West segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses.
d.Midwest segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees.
e.Interactive segment - professional services, legal expenses, software subscriptions and maintenance fees, software development costs, utilities, supplies, property and liability insurance, other taxes and fees, lease expenses, allocated corporate expenses, and third-party revenue share fees.
(5)We define Segment Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (7) below), stock-based compensation, debt extinguishment charges, impairment losses, insurance recoveries, net of deductible charges, changes in the estimated fair value of our contingent purchase price obligations, gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards, pre-opening expenses, loss on disposal of a business, non-cash gains/losses associated with REIT transactions, and other. Segment Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (8) below) added back for our Kansas Entertainment joint venture.
(6)Primarily represents corporate overhead expenses of $57.7 million for the six months ended June 30, 2026.
(7)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; and (iii) VICI Master Lease.
(8)Consists primarily of depreciation expense associated with our Kansas Entertainment joint venture.
(9)Represents expenses related to settlement costs and related legal and advisory fees associated with the Cooperation Agreement with HG Vora Capital Management, LLC and related parties, as well as transaction costs and non-recurring restructuring charges (primarily severance) related to the Company’s new corporate organizational structure.
For the six months ended June 30, 2025
(in millions)NortheastSouthWestMidwest
Interactive (1)
Other
Intersegment Eliminations (2)
Total
Total revenues
$1,392.5 $590.5 $267.4 $579.9 $606.2 $11.0 $(10.0)$3,437.5 
Less:
Gaming taxes(569.9)(129.2)(49.1)(153.5)(353.1)
Compensation and benefits(207.1)(116.4)(62.4)(88.8)(74.3)
Media and advertising (3)
(162.0)
Other segment items (4)
(211.8)(136.8)(56.7)(102.0)(167.8)
Segment Adjusted EBITDAR (5)
$403.7 $208.1 $99.2 $235.6 $(151.0)$795.6 

Other operating benefits (costs) and other income (expenses):
Other category (6)
(74.3)
Rent expense associated with triple net operating leases (7)
(311.9)
Stock-based compensation(31.7)
Cash-settled stock-based awards variance6.3 
Pre-opening expenses(4.9)
Depreciation and amortization(218.5)
Impairment loss (8)
(15.0)
Non-operating items of equity method investments (9)
(2.2)
Interest expense, net(206.7)
Interest income5.3 
Gain on financing arrangement (10)
215.1 
Loss on early extinguishment of debt(11.8)
Other2.0 
Income before income taxes147.3 
Income tax expense(54.1)
Net income$93.2 
(1)Revenues and gaming taxes expense within the Interactive segment are inclusive of gaming tax reimbursement amounts related to third-party OSB and/or iCasino partners for OSB and iCasino market access of $266.1 million for the six months ended June 30, 2025.
(2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.
(3)Includes advertising expenses of $75.0 million related to the Sportsbook Agreement and $28.5 million related to the Investment Agreement with ESPN. Also, includes advertising and media expenses (including such expenses associated with the Hollywood-branded iCasino and theScore Bet) across various platforms. Such platforms include television, radio, out-of-home, social media, and both paid and organic search, as well as sponsorships and media costs associated with partnerships with major sports leagues, and other professional sports teams.
(4)For each reportable segment, the Other segment items category includes:
a.Northeast segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses.
b.South segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees.
c.West segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses.
d.Midwest segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees.
e.Interactive segment - professional services, legal expenses, software subscriptions and maintenance fees, software development costs, utilities, supplies, property and liability insurance, other taxes and fees, lease expenses, allocated corporate expenses, and third-party revenue share fees.
(5)We define Segment Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (7) below), stock-based compensation, debt extinguishment charges, impairment losses, insurance recoveries, net of deductible charges, changes in the estimated fair value of our contingent purchase price obligations, gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards, pre-opening expenses, loss on disposal of a business, non-cash gains/losses associated with REIT transactions, and other. Segment Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (9) below) added back for our Kansas Entertainment joint venture.
(6)Primarily represents corporate overhead expenses of $74.7 million for the six months ended June 30, 2025, which is inclusive of $17.1 million of legal and advisory costs related to activist activity in connection with our 2025 annual meeting of shareholders.
(7)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease.
(8)Relates to an impairment charge in our Midwest segment.
(9)Consists primarily of depreciation expense associated with our Kansas Entertainment joint venture.
(10)Relates to the $215.1 million non-cash gain on financing arrangement. See Note 5, “Long-Term Debt.”
The table below presents capital expenditures by segment:
For the three months ended June 30,For the six months ended June 30,
(in millions)2026202520262025
Capital expenditures:
Northeast segment$24.7 $31.4 $44.8 $44.9 
South segment9.5 17.1 19.4 30.8 
West segment4.4 42.8 8.1 83.3 
Midwest segment55.8 64.5 113.3 116.2 
Interactive segment— 0.1 0.1 3.7 
Other3.1 3.5 6.3 5.7 
Total capital expenditures$97.5 $159.4 $192.0 $284.6 
The measure of segment assets is reported on our unaudited Consolidated Balance Sheets as total consolidated assets.
The table below presents investment in and advances to unconsolidated affiliates and total assets by segment:
(in millions)NortheastSouthWestMidwestInteractive
Other (1)
Total
Balance sheet as of June 30, 2026
Investment in and advances to unconsolidated affiliates$0.1 $— $— $77.4 $— $1.3 $78.8 
Total assets$1,756.0 $1,254.9 $423.4 $1,424.4 $1,388.4 $7,822.1 $14,069.2 
Balance sheet as of December 31, 2025
Investment in and advances to unconsolidated affiliates$0.1 $— $— $77.8 $— $1.5 $79.4 
Total assets$1,815.6 $1,295.2 $427.6 $1,567.5 $1,530.0 $7,632.6 $14,268.5 
(1)The real estate assets subject to the Master Leases, which are classified as either property and equipment, net, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.