Penn Entertainment has reported its latest financial figures, with the operator observing a revenue rise of 6.5% year-over-year to $1.84bn during the third quarter.
Indeed, the company has enjoyed a broadly positive three-month period over the course of Q3, with cumulative year-to-date revenues and adjusted EBITDAR both having risen in comparison to the same period of 2025.
The organization's Northeast segment drove company revenues, with Interactive revenues also having risen both during Q3 and YTD.
Penn's Q3 EBITDAR surges as net income returns
Overall, Penn's Q3 revenue rise was vastly surpassed by a 31.4% upswing in adjusted EBITDAR, which settled at $284m during the three-month timeframe. Elsewhere, net income reached $32.6m, an impressive turnaround from a reported net loss of $865.1m during the third quarter of 2025.
By company segment, Northeast generated $708.3m in revenue, making it the operator's leading segment, trailed by its interactive segment, which generated $348.4m and Midwest segment, which generated $341.9m. Penn's South segment generated $291.8m, followed by West segment revenues, which settled at $147.5m.
All company segments observed year-over-year revenue growth during the quarter, with interactive revenues seeing the sharpest upturn of 14.5% compared to Q3 2025. Gaming revenues overall generated $1.37bn, up 3.6% year-over-year, with the remaining $468m coming from food, beverage, hotel and other operations. In comparison to results from Q2, Penn's overall revenue remained largely flat.
Penn Q3 revenue by regional segment ($m)
YTD set up for a strong finish
Over the course of the first nine months of 2026, Penn's revenues have reached $5.48bn, up 6.02% in comparison to the same period of the prior year. Adjusted EBITDAR is also up 29.9% year-over-year to $862.4m, once again driven by a gaming segment YTD revenue of $4.1bn, up 4.9%.
Net income from the first three quarters settled at $62.4m, up from a loss of $712.5m during the first nine months of 2025. Northeast and interactive segment revenues once again drove the bulk of revenue through the year so far, both rising year -over-year and generating $2.13bn and $1.06bn, respectively.
2026 has been a big year for Penn so far, with a multitude of new investments coming alongside a number of market launches, partnerships and new product launches. Most importantly, however, the operator has now enjoyed a string of positive quarters which began at the turn of the year.
Penn net loss / income turnaround ($m)
CEO's comments
Speaking on these latest results, Penn Entertainment CEO Jay Snowden said: "Penn's third quarter results were highlighted by strong year-over-year growth in Retail Segment Adjusted EBITDAR, continued progress toward Interactive profitability, and further balance sheet deleveraging. Our Retail segment achieved record third quarter revenue, reflecting broad-based strength across the portfolio, including our completed development projects. Sustained revenue growth in U.S. standalone Hollywood iCasino and Canada, together with operational discipline, reinforces our confidence in achieving our full-year Adjusted EBITDA target in our Interactive segment. Importantly, the healthy operating trends we experienced across both our Retail and Interactive segments continued through October.
“Our Retail segment delivered better than expected revenue and Adjusted EBITDAR results, driven by same-store growth and contributions from our completed development projects. Property-level performance was supported by increases in rated revenue and spend per visit across all age segments, meaningful contributions from mid- and high-worth customers, and continued growth in unrated revenue. For the third consecutive quarter, Segment Adjusted EBITDAR margins improved year-over-year. We believe the returns we are generating from investments in our portfolio highlight the opportunity across our remaining development pipeline and position us well for future growth.
“Adjusted EBITDA in our Interactive segment improved meaningfully year-over-year, reflecting continued execution against our plan to achieve profitability. U.S. iCasino revenue growth was driven by the strength of standalone Hollywood iCasino, supported by efficient user acquisition and reinvestment. In Ontario, increased users and revenue per user contributed to revenue growth across both iCasino and online sports betting (“OSB”) as we continue to reinvest in one of our most attractive jurisdictions. We are also pleased with the early performance of our Alberta iCasino and OSB operations, which further expand our Canadian presence. These encouraging trends reinforce our strategic focus on U.S. iCasino and Canada as key drivers of profitable growth.”
In February 2026, Penn's board dispute with HG Vora was settled via the expansion of the board to 11 seats, with HG Vora and the operator agreeing on five nominated independent directors
