2Q25 Earnings Slides vF

Summary

Penn National Gaming’s Q2 2025 investor deck highlights a broadly stable retail business, accelerating interactive (online) performance and several development milestones. Management emphasises forward-looking risks and discloses use of a non-GAAP metric (Adjusted Revenues) for its Interactive segment.

Key operational notes: retail revenue was roughly flat year‑on‑year (+1% total; +4% excluding markets with new supply), Hollywood Casino Joliet is opening on 11 August 2025 (subject to approvals) nearly six months early, and the Interactive segment posted record gaming revenue with meaningful year‑on‑year improvements in Adjusted Revenue and Adjusted EBITDA.

Source

Source: https://igamingbusiness.com/finance/quarterly-results/penn-digial-losses-q2-looking-ahead/

Key Points

• Retail portfolio: +1% Q2 revenue Y/Y overall; +4% Y/Y when excluding markets affected by new supply.
• Hollywood Casino Joliet: riverboat‑to‑land relocation opens 11 Aug 2025, ~1,000 slots, 43 table games, ESPN BET retail sportsbook; project ahead of schedule.
• Interactive segment: record quarterly gaming revenue with strong Y/Y gains in Adjusted Revenue and Adjusted EBITDA (Adj. Revenue +$28m Q2 Y/Y; Adj. EBITDA improvement +$41m Q2 Y/Y).
• Omni‑channel lift: cross‑sell from the standalone Hollywood iCasino drove big increases in spend (Retail Theo +19% from cross‑sell; Online theo growth even larger in key states).
• User metrics: MAUs have stabilised and grown Y/Y; ARPMAU trending up since launch, with notable iCasino MAU and market‑share gains after SaC launches.
• Product and launches: FanCenter to launch for football season, new OSB/UI features and fresh iCasino content; ongoing investments in player personalisation.
• Capital returns: $115m of share repurchases YTD; company remains committed to a $350m buyback target for the year.
• Risks: standard forward‑looking disclaimers — competition, new local supply, regulatory and economic uncertainty, integration risks and reliance on partnerships (eg ESPN).
• Accounting note: management uses Adjusted Revenues (excludes tax gross‑ups) to evaluate Interactive performance; reconciliation included in the deck.

Why should I read this?

Short and blunt — if you follow Penn, iGaming or casino development, this deck shows the business pivoting: retail is steady despite new supply, the Joliet move is a material near‑term catalyst, and Interactive is finally showing scalable revenue and profitability signs. It’s the sort of update that answers the “is online working?” question while flagging where local competition and regulation could dent momentum.

Author style

Punchy — the deck matters for investors and sector watchers. Read the specifics on Interactive profitability and the Joliet opening if those affect your view of Penn’s near‑term upside or risks.