PENN Entertainment operates a large portfolio of regional casinos and racetracks across the U.S., plus a growing online gaming business. The retail casino portfolio spans 42 properties in 19 states under brands like Hollywood Casino, Ameristar, L'Auberge, and Boomtown, catering to local and drive-market customers seeking gaming and entertainment. Properties range from smaller regional gaming floors to large resort-style casino hotels, and generate revenue through slot machines and table games, where the house edge produces gaming revenue. PENN leases the real estate underlying most of its properties under long-term triple net master leases, primarily with GLPI, resulting in roughly $1B in annual cash lease payments. PENN's Interactive segment operates theScore Bet (an online sportsbook), Hollywood Casino iCasino, and theScore Casino in Ontario, Canada. After terminating its ESPN marketing agreement in late 2025, PENN rebranded its U.S. sportsbook to theScore Bet, which leverages theScore's media app with roughly 4 million monthly active users. PENN's strategy is omnichannel — using digital sports betting and iCasino as customer acquisition channels that feed cross-sell into retail properties, tied together by the PENN Play loyalty program with over 33 million members. Near-term retail growth is driven by converting aging riverboat casinos to modern land-based facilities, including new properties in Joliet and Aurora, Illinois. On the digital side, PENN is prioritizing iCasino profitability over OSB market share, and expects the Interactive segment to reach breakeven EBITDA in FY26.