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Penn Entertainment (PENN) guidance and outlook

Penn Entertainment's 10-Q filed Nov 5, 2026 makes 25 forward-looking statements.

Guidance and outlook

25 statements; tone +0.28 (−1 all cautious, +1 all confident); 5 hedged.

Forward-looking statements, 10-Q filed Nov 5, 2026

We expect to continue to expand our gaming operations through the implementation and execution of a disciplined capital expenditure program at our existing properties, the pursuit of strategic acquisitions and investments, and the development of new gaming properties.
On September 14, 2026, the Company broke ground on a development project to relocate its Ameristar Council Bluffs riverboat casino operations to a new, land-based property to be rebranded as Hollywood Casino Council Bluffs (“HCCB”).
On August 17, 2026, the Company announced plans to invest approximately $195.0 million to relocate its Boomtown Casino New Orleans (“BCNO”) riverboat casino operations to a new landside property on adjacent land and rebrand the property as Hollywood Casino New Orleans (“HCNO”).
We received $216.3 million in funding from GLPI on June 24, 2026 (representing the $225.0 million commitment of GLPI less costs incurred by GLPI with respect to certain land parcels associated with the Aurora Project), resulting in a $17.4 million increase in annual rent, subject to annual escalation pursuant to the 2023 Master Lease.
We did not request or receive any funding from GLPI for the Columbus Project.
The M Resort Project added 375 rooms to the Company’s property south of the Las Vegas Strip, bringing its total to 765 rooms and suites.
On November 3, 2025, the Company received the full $150.0 million in committed funding from GLPI for the M Resort Project, resulting in an $11.7 million increase in annual rent, subject to annual escalation pursuant to the 2023 Master Lease.
On August 1, 2025, the Company received the full $130.0 million in committed funding from GLPI for the Joliet Project, resulting in a $10.1 million increase in annual rent, subject to annual escalation pursuant to the 2023 Master Lease.
We expect the majority of our future growth to come from our OSB and iCasino businesses; improvements, expansions, or relocations of our existing properties; entrance into new jurisdictions or verticals; expansions of gaming in existing jurisdictions; strategic investments and acquisitions; and cross-sell opportunities between our retail gaming, OSB, and iCasino businesses.
Our business is capital intensive and we rely on cash flow from our properties to generate sufficient cash to satisfy our obligations under the Triple Net Leases (as defined in “Liquidity and Capital Resources” ), repay debt, fund maintenance capital expenditures, repurchase our common stock, fund new capital projects at existing properties, and provide excess cash for future development and acquisitions.
Additional information regarding our capital projects is discussed in “Liquidity and Capital Resources” below.
Depreciation and amortization for the three and nine months ended September 30, 2026 increased $9.6 million and $25.9 million, respectively, compared to the corresponding prior year periods, primarily due to the opening of our development projects: M Resort (December 1, 2025), Columbus (June 12, 2026), and Aurora (June 24, 2026).

Penn Entertainment's latest quarter

Penn Entertainment, Q3 2026: revenue $1.8B (+7% year over year), operating margin 6.9%, net earnings $32.6M, operating cash flow $263M. The chart follows the revenue to costs, profit and cash.

Questions

What does Penn Entertainment expect?

We expect to continue to expand our gaming operations through the implementation and execution of a disciplined capital expenditure program at our existing properties, the pursuit of strategic acquisitions and investments, and the development of new gaming properties. On September 14, 2026, the Company broke ground on a development project to relocate its Ameristar Council Bluffs riverboat casino operations to a new, land-based property to be rebranded as Hollywood Casino Council Bluffs (“HCCB”). On August 17, 2026, the Company announced plans to invest approximately $195.0 million to relocate

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.