0000921738-26-000015 | 10-Q | XBRL Viewer

Print Document

Stockholders’ Equity and Stock-Based Compensation - 2022 Long Term Incentive Compensation Plan (Details) - 2022 Long Term Incentive Compensation Plan	Jun. 17, 2025 shares	Mar. 31, 2026 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for awards, up to (in shares)	22,067,275
Common stock counted against the maximum shares available for grant for each share awarded under the plan (in shares)	1
Shares available for future grants (in shares)		7,290,238

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Stockholders’ Equity and Stock-Based Compensation	3 Months Ended
Stockholders’ Equity and Stock-Based Compensation	Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]
Stockholders’ Equity and Stock-Based Compensation	Stockholders’ Equity and Stock-Based Compensation Common and Preferred Stock In connection with the acquisition of Score Media and Gaming, Inc. (“theScore”) in October 2021, the Company issued 12,319,340 shares of common stock with a par value of $0.01, and 697,539 exchangeable shares, par value $0.01 (“Exchangeable Shares”) through the capital of an indirect wholly-owned subsidiary of PENN, in addition to cash consideration. Each Exchangeable Share is exchangeable into one share of PENN common stock at the option of the holder, subject to certain adjustments. Upon the acquisition of theScore, certain employees of theScore elected to have their outstanding equity awards issued as Exchangeable Shares once the shares vest or are exercised. In addition, the Company may redeem all outstanding Exchangeable Shares in exchange for shares of PENN common stock at any time following the fifth anniversary of the closing, or earlier under certain circumstances. The Company did not issue any Exchangeable Shares during the three months ended March 31, 2026 and 2025, respectively. As of both March 31, 2026 and December 31, 2025, there were 768,441 Exchangeable Shares authorized, of which 98,920 shares and 379,821 shares were outstanding, respectively. Share Repurchase Authorization On October 30, 2025, the Board of Directors approved a new $750.0 million share repurchase program (the “October 2025 Authorization”), which commenced on January 1, 2026 and expires on December 31, 2028. Repurchases by the Company are subject to available liquidity, general market and economic conditions, alternate uses for capital, and other factors. Share repurchases may be made from time to time through a Rule 10b5-1 trading plan, open market transactions, block trades, or in private transactions in accordance with applicable securities laws and regulations and other legal requirements. There is no minimum number of shares that the Company is required to repurchase and the repurchase authorization may be suspended or discontinued at any time without prior notice. No shares of the Company’s common stock were repurchased during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company repurchased 1,413,882 shares of its common stock in open market transactions for $25.0 million at an average price of $17.67 per share under the previous $750.0 million authorization approved on December 6, 2022. The cost of all repurchased shares is recorded as “Treasury stock” within the unaudited Consolidated Balance Sheets. 2022 Long Term Incentive Compensation Plan The 2022 Long Term Incentive Compensation Plan, approved by shareholders on June 7, 2022, authorizes stock options, stock appreciation rights, restricted stock, performance awards, and cash awards for executive officers, non-employee directors, other employees, consultants, and advisors of the Company and its subsidiaries. Non-employee directors and consultants are eligible to receive all awards other than incentive stock options. Shareholders approved amendments to the plan on June 6, 2023 and June 17, 2025. The amendment on June 17, 2025 increased the total shares reserved for issuance to 22,067,275 shares. Equity-settled awards count against the limit on a one-for-one basis, while awards not settled in common stock do not. As of March 31, 2026, there were 7,290,238 shares available for future grants. Performance Share Program The Company’s performance share programs were adopted to provide certain key executives with stock-based compensation tied directly to the Company’s performance, which further aligns their interests with our shareholders and provides compensation only if the designated performance goals are met for the applicable performance periods. The Company did not grant restricted units with performance-based vesting conditions during the three months ended March 31, 2026 and 2025. Subsequent to quarter end, in April 2026, the Company granted 726,565 restricted units with performance- and market-based vesting conditions, at target, under the current performance share program. The restricted performance units granted in 2026 consist of one three-year performance period over a three-year service period that ends on December 31, 2028. The awards may be earned at between 0% and 200% of target based on achievement of a specified financial performance goal, subject to further adjustment (±20%) based on the Company’s relative total shareholder return “TSR” for the three-year performance period compared to a specified stock market index. The TSR modifier also incorporates a downside safeguard, such that no upward TSR modifier will apply if three-year absolute TSR is negative. Any earned shares remain subject to vesting over the full three-year service period.

Stockholders’ Equity and Stock-Based Compensation - Common and Preferred Stock (Details)	1 Months Ended	3 Months Ended
	Oct. 31, 2021 $ / shares shares	Mar. 31, 2026 $ / shares shares	Mar. 31, 2025 shares	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 shares
Score Media and Gaming Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued from acquisition (in shares)	12,319,340
Common Stock, Exchangeable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01		$ 0.01
Convertible stock, conversion ratio	1
Number of shares issued per acquiree share (in shares)		0	0
Common stock, shares authorized (in shares)		768,441		768,441
Common stock, shares outstanding (in shares)		98,920		379,821
Common Stock, Exchangeable \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Exchangeable share issuance (in shares)	697,539
Common stock, shares outstanding (in shares)		98,920	380,478	379,821	466,534

Revenue Disaggregation (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Our revenue is disaggregated by type of revenue and geographic location (with no single foreign country’s revenue representing more than 10% of total consolidated revenues) of the related properties, which is consistent with our reportable segments, as follows:


	For the three months ended March 31, 2026
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	615.4	$	212.2	$	98.1	$	272.6	$	136.1	$	—	$	—	$	1,334.4
Food and beverage	38.8		35.7		22.2		17.9		—		1.3		—		115.9
Hotel	11.3		23.0		20.6		7.8		—		—		—		62.7
Other	21.6		10.4		4.9		7.6		222.2		3.9		(4.5)		266.1
Total revenues	$	687.1	$	281.3	$	145.8	$	305.9	$	358.3	$	5.2	$	(4.5)	$	1,779.1


	For the three months ended March 31, 2025
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	610.6	$	220.7	$	91.0	$	252.3	$	123.7	$	—	$	—	$	1,298.3
Food and beverage	37.8		33.9		17.6		15.7		—		1.1		—		106.1
Hotel	11.9		24.1		16.8		8.1		—		—		—		60.9
Other	20.6		9.6		4.3		6.8		166.4		4.2		(4.7)		207.2
Total revenues	$	680.9	$	288.3	$	129.7	$	282.9	$	290.1	$	5.3	$	(4.7)	$	1,672.5

(1) Other revenues 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 $185.8 million and $128.2 million for the three months ended March 31, 2026 and 2025, respectively.

(2) Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.

Leases - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Operating Leases
2026 (excluding the three months ended March 31, 2026)	$ 491.1
2027	657.5
2028	656.4
2029	636.2
2030	639.9
Thereafter	2,264.2
Total lease payments	5,345.3
Less: Imputed interest	(1,458.1)
Present value of future lease payments	3,887.2
Less: Current portion of lease obligations	(394.2)	$ (386.0)
Long-term portion of lease obligations	3,493.0	3,592.4
Finance Leases
2026 (excluding the three months ended March 31, 2026)	111.9
2027	147.3
2028	147.1
2029	147.0
2030	146.9
Thereafter	2,980.1
Total lease payments	3,680.3
Less: Imputed interest	(1,630.8)
Present value of future lease payments	2,049.5
Less: Current portion of lease obligations	(42.5)	(45.7)
Long-term portion of lease obligations	2,007.0	2,017.4
Financing Obligations
2026 (excluding the three months ended March 31, 2026)	124.9
2027	166.6
2028	166.6
2029	166.7
2030	166.7
Thereafter	3,496.5
Total lease payments	4,288.0
Less: Imputed interest	(1,955.6)
Present value of future lease payments	2,332.4
Less: Current portion of lease obligations	(46.3)	(45.8)
Long-term portion of lease obligations	$ 2,286.1	$ 2,297.8

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, development agreements and other matters arising in the ordinary course of business. Although the Company maintains what it believes to be adequate insurance coverage to mitigate the risk of loss pertaining to covered matters, legal and administrative proceedings can be costly, time-consuming, and unpredictable. The Company does not believe that the final outcome of these matters will have a material adverse effect on its financial position, results of operations, or cash flows. Indemnification Liability On August 8, 2023, we entered into a stock purchase agreement with David Portnoy (the “Barstool SPA”) and we sold 100% of the outstanding shares of Barstool Sports, Inc. (“Barstool” or “Barstool Sports”) common stock. Pursuant to the Barstool SPA, the Company agreed to indemnify Barstool and its subsidiaries and David Portnoy for certain tax matters. The indemnity provisions generally provide for the Company’s control of defense and settlement of claims, as well as certain other costs associated with potential tax matters related to Barstool and its subsidiaries and David Portnoy. Claims under the indemnification are paid upon demand. Provisions in the Barstool SPA limit the time within which an indemnification claim can be made to the later of the resolution of the indemnification claim or the relevant statutes of limitations. The maximum potential amount of future payments the Company could be required to make under this indemnification agreement is not estimable at this time due to uncertainties related to potential outcomes and other unique facts and circumstances involved in the Barstool SPA. As of both periods ended March 31, 2026 and December 31, 2025, the Company has recorded a liability of $39.5 million for this agreement. Liabilities associated with the indemnification are recorded at fair value in “Other long-term liabilities” within the unaudited Consolidated Balance Sheets. See Note 12, “Fair Value Measurements” for more information.

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Lease Costs
Total	$ 194.2	$ 184.6
Finance Lease Costs
Total	49.7	50.3
General and administrative
Operating Lease Costs
Rent expense associated with triple net operating leases	163.3	155.9
Operating lease cost	4.1	4.1
Primarily Gaming expenses
Operating Lease Costs
Short-term lease cost	26.0	23.8
Variable lease cost	0.8	0.8
Interest expense, net
Finance Lease Costs
Interest on lease liabilities	26.9	27.6
Financing Obligation Costs
Interest on financing obligations	36.6	37.2
Depreciation and amortization
Finance Lease Costs
Amortization of ROU assets	$ 22.8	$ 22.7

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Master Leases

The components contained within the Master Leases are accounted for as either (i) operating leases, (ii) finance leases, or (iii) financing obligations. Changes to future lease payments that are not fixed within the Master Leases (i.e., when future escalators become known or future variable rent resets occur), which are discussed below, require the Company to either (i) increase both the right-of-use (“ROU”) assets and corresponding lease liabilities with respect to operating and finance leases or (ii) record the incremental variable payment associated with the financing obligation to interest expense.

AR PENN Master Lease

On February 21, 2023, the Company and GLPI entered into an agreement to amend and restate the triple net master lease dated November 1, 2013 (the “AR PENN Master Lease”), effective January 1, 2023, to (i) remove the land and buildings for Hollywood Casino Aurora (“Aurora”), Hollywood Casino Joliet (“Joliet”), Hollywood Casino Columbus (“Columbus”), Hollywood Casino Toledo (“Toledo”), and the M Resort Spa Casino (“M Resort”), and (ii) make associated adjustments to the rent. Subsequent to the execution of the AR PENN Master Lease, the lease contains real estate assets associated with 14 of the Company’s gaming facilities used in its operations. The current term of the AR PENN Master Lease expires on October 31, 2033 and thereafter contains three renewal periods of five years each on the same terms and conditions, exercisable at the Company’s option. The AR PENN Master Lease along with the 2023 Master Lease (as defined and discussed below) are cross-defaulted, cross-collateralized, and coterminous, and subject to a parent guarantee.

The payment structure under the AR PENN Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2%, depending on the Adjusted Revenue to Rent Ratio (as defined in the AR PENN Master Lease) of 1.8:1, and a component that is based on performance, which is prospectively adjusted every five years by an amount equal to 4% of the average change in net revenues of all properties associated with the AR PENN Master Lease compared to a contractual baseline during the preceding five years (“AR PENN Percentage Rent”).

The land and building components contained within the AR PENN Master Lease are classified as operating leases and the related expenses are included in “General and administrative” within the unaudited Consolidated Statements of Operations.

The next annual escalator test date is scheduled to occur on November 1, 2026. The next AR PENN Percentage Rent reset is scheduled to occur on November 1, 2028.

2023 Master Lease

Concurrent with the execution of the AR PENN Master Lease, the Company and GLPI entered into a new triple net master lease (the “2023 Master Lease”), effective January 1, 2023, specific to the property associated with Aurora, Joliet, Columbus, Toledo, M Resort, Hollywood Casino at The Meadows (“Meadows”), and Hollywood Casino Perryville (“Perryville”) and a master development agreement (the “Master Development Agreement”). The 2023 Master Lease has an initial term through October 31, 2033 with three subsequent five-year renewal periods on the same terms and conditions, exercisable at the Company’s option. The 2023 Master Lease terminated the individual triple net leases associated with Meadows and Perryville. The 2023 Master Lease and AR PENN Master Lease are cross-defaulted, cross-collateralized, and coterminous, and subject to a parent guarantee.

The 2023 Master Lease includes a base rent (the “2023 Master Lease Base Rent”) and the Master Development Agreement contains additional rent (together with the 2023 Master Lease Base Rent, the “2023 Master Lease Rent”) equal to (i) 7.75% of any project funding received by PENN from GLPI for the relocation of our riverboat casino and related developments with respect to Aurora (the “Aurora Project”); and (ii) a percentage, based on the then-current GLPI stock price, of any project funding received by PENN from GLPI for development projects with respect to Joliet (the “Joliet Project”), M Resort (the “M Resort Project”), and Columbus (the “Columbus Project” and together with the Joliet Project and M Resort Project, the “Other Development Projects,” and together with the Aurora Project, referred to as the “PENN Development Projects”). The Master Development Agreement provides that GLPI will fund up to $225.0 million for the Aurora Project and, upon our request, up to $350.0 million in aggregate for the Other Development Projects, as discussed below. The 2023 Master Lease Rent will be subject to a one-time increase of $1.4 million, effective November 1, 2027. The 2023 Master Lease Rent is subject to an annual fixed escalator rent increase of 1.5% which began on November 1, 2023 and will continue to increase annually thereafter.

The Master Development Agreement provides that PENN may elect not to proceed with a development project prior to GLPI’s commencement of any equity or debt offering or credit facility draw intended to fund such a project or after such time in certain instances, provided that GLPI will be reimbursed for all costs and expenses incurred in connection with such discontinued project. The PENN Development Projects still under construction are all subject to necessary regulatory and other government approvals.

On August 1, 2025, the Company received the full $130.0 million in committed funding from GLPI for the Joliet Project which opened on August 11, 2025, and on November 3, 2025, the Company received the full $150.0 million in committed funding from GLPI for the M Resort Project, of which the new hotel tower opened on December 1, 2025.

Effective August 1, 2025, we determined that the sale-and-lease back of real estate assets related to the new Joliet facility to GLPI for $130.0 million constituted a lease modification under ASC Topic 842, “Leases” (“ASC 842”).

In connection with the August 1, 2025 lease modification, the Company reassessed the land and building components contained within the 2023 Master Lease and remeasured the related lease liabilities. The assessment and remeasurement included the following elements: (i) the removal of the previously leased Joliet facility assets; (ii) the addition of the newly leased Joliet facility assets; and (iii) a $10.1 million increase in annual rent, which is specific to the lease back of the real estate assets related to the new Joliet facility, subject to annual escalation in accordance with the 2023 Master Lease. The modification did not result in a change to the lease classification, and all lease components continue to be accounted for as operating leases. As of the modification date, the Company recognized $166.3 million in ROU assets and $163.0 million in corresponding lease liabilities in the unaudited Consolidated Balance Sheets.

Effective November 3, 2025, we also determined that the sale-and-lease back of real estate assets related to the new M Resort hotel tower to GLPI for $150.0 million constituted a lease modification under ASC 842.

In connection with the November 3, 2025 lease modification, the Company reassessed the land and building components contained within the 2023 Master Lease and remeasured the related lease liabilities. The assessment and remeasurement included an $11.7 million increase in annual rent, which is specific to the lease back of the real estate assets related to the new M Resort hotel tower, subject to annual escalation in accordance with the 2023 Master Lease. The modification did not result in a change to the lease classification and all lease components continue to be accounted for as operating leases. As of the modification date, the Company recognized an additional ROU asset and corresponding lease liability of $94.0 million in the unaudited Consolidated Balance Sheets.

The land and building components contained within the 2023 Master Lease are classified as operating leases and the related expenses are included in “General and administrative” within the unaudited Consolidated Statements of Operations.

With respect to both the August 1, 2025 and November 3, 2025 lease modifications, we concluded that the lease term will continue to end on the current lease expiration date of October 31, 2033, and that the three optional five-year renewal periods are not included in the lease term. As the Company continues to transition from a leading retail gaming operator to a diversified provider of integrated entertainment, sports content, and casino gaming experiences, the execution of its omni-channel strategy has diversified earnings streams and does not provide reasonable assurance that the renewal options will be exercised.

We have requested $216.3 million in funding from GLPI for the Aurora Project (representing the $225.0 million commitment of GLPI less costs incurred to-date by GLPI with respect to the land associated with the Aurora Project), which we have not yet received. We did not request or receive any funding from GLPI for the Columbus Project, and GLPI’s funding commitment expired on December 31, 2025.

Pinnacle Master Lease

In connection with the acquisition of Pinnacle Entertainment, Inc. on October 15, 2018, the Company assumed a triple net master lease with GLPI (the “Pinnacle Master Lease”), originally effective April 28, 2016, pursuant to which the Company leases real estate assets associated with 12 of the gaming facilities used in its operations. Upon assumption of the Pinnacle Master Lease, as amended, there were 7.5 years remaining of the initial ten-year term, with five subsequent, five-year renewal periods, on the same terms and conditions, exercisable at the Company’s option. The Company has determined that the lease term is 32.5 years.

The payment structure under the Pinnacle Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2%, depending on the Adjusted Revenue to Rent Ratio (as defined in the Pinnacle Master Lease) of 1.8:1, and a component that is based on performance of the properties, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues compared to a contractual baseline during the preceding two years (“Pinnacle Percentage Rent”).

The Pinnacle Master Lease contains land and building components that are classified as finance leases and financing obligations. Expenses related to lease components classified as finance leases are recorded to “Depreciation and amortization” and “Interest expense, net” within the unaudited Consolidated Statements of Operations. The Company recognizes interest expense on the lease payments related to the financing obligation under the effective yield method.

The next annual escalator test date and Pinnacle Percentage Rent reset are both scheduled to occur on May 1, 2026.

Other Triple Net Leases with REIT Landlords

VICI Master Lease

On December 4, 2025, the Company entered into a triple net master lease with VICI Properties Inc. (NYSE: VICI) (“VICI”) (“VICI Master Lease”) which amended and restated the Margaritaville Lease and the Greektown Lease (both as defined below) into a single combined lease. The VICI Master Lease has an initial term through May 23, 2034, with four subsequent five-year renewal periods on the same terms and conditions, exercisable at the Company’s option. Upon execution of the VICI Master Lease, initial annual rent was set at $80.7 million, representing the aggregate annual rent under the Margaritaville Lease and the Greektown Lease in effect immediately prior to December 4, 2025. Annual rent will increase by 1.0% to $81.5 million effective June 1, 2026 and, thereafter, will be subject to an annual escalator of up to 1.0% each June 1, depending on a minimum coverage floor ratio of Net Revenue to Rent to be determined over the performance period from June 1, 2025 to May 31, 2026 (as defined within the VICI Master Lease).

We determined that the execution of the VICI Master Lease constituted a lease modification under ASC 842. As such, the Company reassessed the land and building components and remeasured the related lease liabilities. The modification did not result in a change to the lease classification, and all lease components continue to be accounted for as operating leases. As of the modification date, the Company recognized an additional ROU asset and corresponding lease liability of $53.5 million in our unaudited Consolidated Balance Sheets.

With respect to the December 4, 2025 lease modification, we concluded that the lease term ends on May 23, 2034, the expiration of the initial 15-year lease period and that the four optional five-year renewal periods are not included in the lease term. As the Company continues to transition from a leading retail gaming operator to a diversified provider of integrated entertainment, sports content, and casino gaming experiences, the execution of its omni-channel strategy has diversified earnings streams and does not provide reasonable assurance that the renewal options will be exercised.

Margaritaville Lease

Prior to the execution of the VICI Master Lease as described above, on January 1, 2019, the Company had entered into an individual triple net lease with VICI for the real estate assets used in the operations of Margaritaville Resort Casino (the “Margaritaville Lease”). The Margaritaville Lease had an initial term of 15 years, with four subsequent five-year renewal periods on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Margaritaville Lease included a fixed component, a portion that was subject to an annual escalator of up to 2% depending on a minimum coverage floor ratio of Net Revenue to Rent of 6.1:1, and a component that was based on performance, which was prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues of the property compared to a contractual baseline during the preceding two years.

Prior to the effective date of the VICI Master Lease, the land and building components within the Margaritaville Lease were classified as operating leases and the related expenses were included to “General and administrative” within our unaudited Consolidated Statements of Operations.

Greektown Lease

Prior to the execution of the VICI Master Lease as described above, on May 23, 2019, the Company had entered into an individual triple net lease with VICI for the real estate assets used in the operations of Hollywood Casino at Greektown (the “Greektown Lease”). The Greektown Lease had an initial term of 15 years, with four subsequent five-year renewal periods on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Greektown Lease included a fixed component, a portion subject to an annual escalator of up to 2% initially determined based on an Adjusted Revenue to Rent ratio, as defined in the Greektown Lease, and subsequently amended to be determined based on an agreed upon minimum coverage floor ratio of Net Revenue to Rent, and a component that was based on performance, which was prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues of the property compared to a contractual baseline during the preceding two years.

Prior to the effective date of the VICI Master Lease, the land and building components within the Greektown Lease were classified as operating leases and the related expenses were included in “General and administrative” within our unaudited Consolidated Statements of Operations.

Morgantown Lease

On October 1, 2020, the Company entered into an individual triple net lease with a subsidiary of GLPI for the land underlying our development project in Morgantown, Pennsylvania (“Morgantown Lease”) in exchange for $30.0 million in rent credits.

The initial term of the Morgantown Lease is 20 years with six subsequent, five-year renewal periods, exercisable at the Company’s option. Initial annual rent under the Morgantown Lease is $3.0 million, subject to a 1.50% fixed annual escalation in each of the first three years subsequent to the facility opening, which occurred on December 22, 2021. Thereafter, the lease will be subject to an annual escalator consisting of either (i) 1.25%, if the consumer price index increase is greater than 0.50%, or (ii) zero, if the consumer price index increase is less than 0.50%. All improvements made on the land, including the constructed building, will be owned by the Company while the lease is in effect, however, on the expiration or termination of the Morgantown Lease, ownership of all tenant improvements on the land will transfer to GLPI.

We concluded control of the land underlying the Morgantown facility was not passed from the Company to the lessor in accordance with ASC 842. As such we recognized a financing obligation in accordance with ASC 470 and continue to recognize the underlying land asset in “Property and equipment, net” within our unaudited Consolidated Balance Sheets. The Company recognizes interest expense on the lease payments related to the financing obligation under the effective yield method.

We refer to the Master Leases, VICI Master Lease, Margaritaville Lease (prior to December 4, 2025), Greektown Lease (prior to December 4, 2025), and Morgantown Lease, collectively, as our “Triple Net Leases.”

Non-REIT Operating Leases

In addition to any operating lease components contained within the Master Leases, VICI Master Lease, Margaritaville Lease (prior to December 4, 2025), and Greektown Lease (prior to December 4, 2025, and collectively referred to as “triple net operating leases”), the Company’s operating leases consist of (i) ground and levee leases to landlords which were not assumed by our REIT Landlords and remain an obligation of the Company; and (ii) buildings and equipment not associated with our REIT Landlords. Certain of our lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation, and rental payments based on usage. The Company’s leases include options to extend the lease terms. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2026:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2026 (excluding the three months ended March 31, 2026)	$	491.1	$	111.9	$	124.9
2027	657.5		147.3		166.6
2028	656.4		147.1		166.6
2029	636.2		147.0		166.7
2030	639.9		146.9		166.7
Thereafter	2,264.2		2,980.1		3,496.5
Total lease payments	5,345.3		3,680.3		4,288.0
Less: Imputed interest	(1,458.1)		(1,630.8)		(1,955.6)
Present value of future lease payments	3,887.2		2,049.5		2,332.4
Less: Current portion of lease obligations	(394.2)		(42.5)		(46.3)
Long-term portion of lease obligations	$	3,493.0	$	2,007.0	$	2,286.1

Total payments made under our Triple Net Leases were as follows:


	For the three months ended March 31,
(in millions)		2026		2025
AR PENN Master Lease		$	73.1	$	72.1
2023 Master Lease		66.2		59.8
Pinnacle Master Lease		87.4		87.4
VICI Master Lease (1)		20.2		—
Margaritaville Lease (1)		—		6.7
Greektown Lease (1)		—		13.2
Morgantown Lease		0.8		0.8
Total		$	247.7	$	240.0

(1)Prior to December 4, 2025, lease payments made to VICI related to the Margaritaville and Greektown individual triple net leases; effective December 4, 2025, lease payments made to VICI relate to the VICI Master Lease.

Information related to lease term and discount rate was as follows:


	March 31, 2026		December 31, 2025
Weighted-Average Remaining Lease Term
Operating leases	9.0 years		9.2 years
Finance leases	25.0 years		25.3 years
Financing obligations	25.4 years		25.6 years

Weighted-Average Discount Rate
Operating leases	7.1	%	7.1	%
Finance leases	5.2	%	5.2	%
Financing obligations	5.2	%	5.2	%

The components of lease expense were as follows:


	Location on unaudited Consolidated Statements of Operations	For the three months ended March 31,
(in millions)			2026		2025
Operating Lease Costs
Rent expense associated with triple net operating leases(1)	General and administrative		$	163.3	$	155.9
Operating lease cost (2)	Primarily General and administrative		4.1		4.1
Short-term lease cost	Primarily Gaming expenses		26.0		23.8
Variable lease cost (2)	Primarily Gaming expenses		0.8		0.8
Total			$	194.2	$	184.6

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net		$	26.9	$	27.6
Amortization of ROU assets (3)	Depreciation and amortization		22.8		22.7
Total			$	49.7	$	50.3

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net		$	36.6	$	37.2

(1)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease (for the period January 1, 2025 to March 31, 2025); (iv) Greektown Lease (for the period January 1, 2025 to March 31, 2025); and (v) VICI Master Lease (for the period January 1, 2026 to March 31, 2026).

(2)Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases.

(3)Pertains to finance lease components associated with the Pinnacle Master Lease (land).

(4)Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease.

Supplemental cash flow information related to leases was as follows:


	For the three months ended March 31,
(in millions)	2026		2025
Non-cash lease activities:
Commencement of operating leases	$	1.8	$	11.6

Commencement of finance leases	$	0.3	$	0.2

Leases

Master Leases

AR PENN Master Lease

The next annual escalator test date is scheduled to occur on November 1, 2026. The next AR PENN Percentage Rent reset is scheduled to occur on November 1, 2028.

2023 Master Lease

Pinnacle Master Lease

The next annual escalator test date and Pinnacle Percentage Rent reset are both scheduled to occur on May 1, 2026.

Other Triple Net Leases with REIT Landlords

VICI Master Lease

Margaritaville Lease

Greektown Lease

Morgantown Lease

Non-REIT Operating Leases

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2026:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2026 (excluding the three months ended March 31, 2026)	$	491.1	$	111.9	$	124.9
2027	657.5		147.3		166.6
2028	656.4		147.1		166.6
2029	636.2		147.0		166.7
2030	639.9		146.9		166.7
Thereafter	2,264.2		2,980.1		3,496.5
Total lease payments	5,345.3		3,680.3		4,288.0
Less: Imputed interest	(1,458.1)		(1,630.8)		(1,955.6)
Present value of future lease payments	3,887.2		2,049.5		2,332.4
Less: Current portion of lease obligations	(394.2)		(42.5)		(46.3)
Long-term portion of lease obligations	$	3,493.0	$	2,007.0	$	2,286.1

Total payments made under our Triple Net Leases were as follows:


	For the three months ended March 31,
(in millions)		2026		2025
AR PENN Master Lease		$	73.1	$	72.1
2023 Master Lease		66.2		59.8
Pinnacle Master Lease		87.4		87.4
VICI Master Lease (1)		20.2		—
Margaritaville Lease (1)		—		6.7
Greektown Lease (1)		—		13.2
Morgantown Lease		0.8		0.8
Total		$	247.7	$	240.0

Information related to lease term and discount rate was as follows:


	March 31, 2026		December 31, 2025
Weighted-Average Remaining Lease Term
Operating leases	9.0 years		9.2 years
Finance leases	25.0 years		25.3 years
Financing obligations	25.4 years		25.6 years

Weighted-Average Discount Rate
Operating leases	7.1	%	7.1	%
Finance leases	5.2	%	5.2	%
Financing obligations	5.2	%	5.2	%

The components of lease expense were as follows:


	Location on unaudited Consolidated Statements of Operations	For the three months ended March 31,
(in millions)			2026		2025
Operating Lease Costs
Rent expense associated with triple net operating leases(1)	General and administrative		$	163.3	$	155.9
Operating lease cost (2)	Primarily General and administrative		4.1		4.1
Short-term lease cost	Primarily Gaming expenses		26.0		23.8
Variable lease cost (2)	Primarily Gaming expenses		0.8		0.8
Total			$	194.2	$	184.6

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net		$	26.9	$	27.6
Amortization of ROU assets (3)	Depreciation and amortization		22.8		22.7
Total			$	49.7	$	50.3

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net		$	36.6	$	37.2

(2)Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases.

(3)Pertains to finance lease components associated with the Pinnacle Master Lease (land).

(4)Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease.

Supplemental cash flow information related to leases was as follows:


	For the three months ended March 31,
(in millions)	2026		2025
Non-cash lease activities:
Commencement of operating leases	$	1.8	$	11.6

Commencement of finance leases	$	0.3	$	0.2

Leases

Master Leases

AR PENN Master Lease

The next annual escalator test date is scheduled to occur on November 1, 2026. The next AR PENN Percentage Rent reset is scheduled to occur on November 1, 2028.

2023 Master Lease

Pinnacle Master Lease

The next annual escalator test date and Pinnacle Percentage Rent reset are both scheduled to occur on May 1, 2026.

Other Triple Net Leases with REIT Landlords

VICI Master Lease

Margaritaville Lease

Greektown Lease

Morgantown Lease

Non-REIT Operating Leases

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2026:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2026 (excluding the three months ended March 31, 2026)	$	491.1	$	111.9	$	124.9
2027	657.5		147.3		166.6
2028	656.4		147.1		166.6
2029	636.2		147.0		166.7
2030	639.9		146.9		166.7
Thereafter	2,264.2		2,980.1		3,496.5
Total lease payments	5,345.3		3,680.3		4,288.0
Less: Imputed interest	(1,458.1)		(1,630.8)		(1,955.6)
Present value of future lease payments	3,887.2		2,049.5		2,332.4
Less: Current portion of lease obligations	(394.2)		(42.5)		(46.3)
Long-term portion of lease obligations	$	3,493.0	$	2,007.0	$	2,286.1

Total payments made under our Triple Net Leases were as follows:


	For the three months ended March 31,
(in millions)		2026		2025
AR PENN Master Lease		$	73.1	$	72.1
2023 Master Lease		66.2		59.8
Pinnacle Master Lease		87.4		87.4
VICI Master Lease (1)		20.2		—
Margaritaville Lease (1)		—		6.7
Greektown Lease (1)		—		13.2
Morgantown Lease		0.8		0.8
Total		$	247.7	$	240.0

Information related to lease term and discount rate was as follows:


	March 31, 2026		December 31, 2025
Weighted-Average Remaining Lease Term
Operating leases	9.0 years		9.2 years
Finance leases	25.0 years		25.3 years
Financing obligations	25.4 years		25.6 years

Weighted-Average Discount Rate
Operating leases	7.1	%	7.1	%
Finance leases	5.2	%	5.2	%
Financing obligations	5.2	%	5.2	%

The components of lease expense were as follows:


	Location on unaudited Consolidated Statements of Operations	For the three months ended March 31,
(in millions)			2026		2025
Operating Lease Costs
Rent expense associated with triple net operating leases(1)	General and administrative		$	163.3	$	155.9
Operating lease cost (2)	Primarily General and administrative		4.1		4.1
Short-term lease cost	Primarily Gaming expenses		26.0		23.8
Variable lease cost (2)	Primarily Gaming expenses		0.8		0.8
Total			$	194.2	$	184.6

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net		$	26.9	$	27.6
Amortization of ROU assets (3)	Depreciation and amortization		22.8		22.7
Total			$	49.7	$	50.3

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net		$	36.6	$	37.2

(2)Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases.

(3)Pertains to finance lease components associated with the Pinnacle Master Lease (land).

(4)Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease.

Supplemental cash flow information related to leases was as follows:


	For the three months ended March 31,
(in millions)	2026		2025
Non-cash lease activities:
Commencement of operating leases	$	1.8	$	11.6

Commencement of finance leases	$	0.3	$	0.2

Organization	3 Months Ended
Organization	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Organization: PENN Entertainment, Inc., together with its subsidiaries (“PENN,” or the “Company,” “we,” “our,” or “us”), operates in 27 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting (“OSB”) and iCasino offerings. PENN’s focus is on organic cross-sell opportunities, reinforced by its market-leading retail casinos, sports media assets and technology, including a proprietary state-of-the-art, fully integrated digital sports betting and iCasino platform, and an in-house iCasino content studio. The Company’s portfolio is further bolstered by its industry-leading PENN PlayTM customer loyalty program, offering its approximately 34 million members a unique set of rewards and experiences. The majority of the real estate assets (i.e., land and buildings) used in our operations are subject to triple net master leases; the most significant of which are with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) (“GLPI”), a real estate investment trust (“REIT”), and include the AR PENN Master Lease, 2023 Master Lease, and Pinnacle Master Lease (as such terms are defined in Note 6, “Leases” and collectively referred to as the “Master Leases”).

Stockholders’ Equity and Stock-Based Compensation - Share Repurchase Authorization (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Oct. 30, 2025	Dec. 06, 2022
Share-Based Payment Arrangement [Abstract]
Authorized amount under share repurchase program			$ 750.0	$ 750.0
Repurchase of common stock (in shares)	0	1,413,882
Repurchase of common stock, value		$ 25.0
Shares repurchased, average price per share (in dollars per share)		$ 17.67

Significant Accounting Policies and Basis of Presentation - Schedule of Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 98.7	$ 93.9
Food and beverage
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	63.1	58.1
Hotel
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	33.7	34.2
Other
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 1.9	$ 1.6

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2026 segment facility
Segment Reporting Information [Line Items]
Number of reportable segments	5
Jackpot, Nevada
Segment Reporting Information [Line Items]
Number of facilities the entity owned, managed, or had ownership interests in \| facility	2
Number of operating segments	1

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Carrying Amounts and Estimated Fair Values by Input Level

The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows:


	March 31, 2026
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	708.0	$	708.0	$	708.0	$	—	$	—
Available-for-sale debt securities	$	26.4	$	26.4	$	—	$	—	$	26.4
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Amended Credit Facilities	$	1,423.0	$	1,436.2	$	—	$	1,436.2	$	—
5.625% Notes	$	400.0	$	399.0	$	—	$	399.0	$	—
4.125% Notes	$	396.7	$	373.0	$	—	$	373.0	$	—
6.75% Notes	$	589.8	$	582.0	$	—	$	582.0	$	—
Convertible Notes	$	106.6	$	106.2	$	—	$	106.2	$	—
Other long-term obligations	$	7.8	$	6.6	$	—	$	6.6	$	—
Other liabilities	$	42.7	$	42.8	$	—	$	2.7	$	40.1


	December 31, 2025
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	686.6	$	686.6	$	686.6	$	—	$	—

Available-for-sale debt securities	$	26.4	$	26.4	$	—	$	—	$	26.4
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Amended Credit Facilities	$	1,975.8	$	1,993.0	$	—	$	1,993.0	$	—
5.625% Notes	$	399.8	$	399.0	$	—	$	399.0	$	—
4.125% Notes	$	396.4	$	368.0	$	—	$	368.0	$	—
Convertible Notes	$	106.5	$	105.6	$	—	$	105.6	$	—
Other long-term obligations	$	8.6	$	7.3	$	—	$	7.3	$	—
Other liabilities	$	42.8	$	42.8	$	—	$	2.7	$	40.1

Schedule of Significant Unobservable Inputs Used in Calculating Level 3 Assets and Liabilities

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 assets and liabilities on a recurring basis as of March 31, 2026:

Valuation Technique

Unobservable Input

Discount Rate

Available-for-sale debt securities

Discounted cash flow

Discount rate

32.5

Significant Accounting Policies and Basis of Presentation - Schedule of Operating Segments within Reportable Segments (Details)	Mar. 31, 2026
Kansas Entertainment
Segment Reporting Information [Line Items]
Ownership interest	50.00%

Long-Term Debt - 6.750%, 5.625% and 2.75% Unsecured Convertible Notes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 16, 2026	Jun. 13, 2025	May 31, 2020	Jan. 19, 2017
6.75% Notes due 2031 \| Convertible Notes
Debt Instrument [Line Items]
Debt principal amount		$ 600,000,000.0
Interest rate	6.75%	6.75%
6.75% Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	6.75%
5.625% Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Debt principal amount					$ 400,000,000.0
Interest rate	5.625%				5.625%
Remaining term	12 months
2.75% Convertible Notes due 2026 \| Convertible Notes
Debt Instrument [Line Items]
Debt principal amount				$ 330,500,000
Interest rate	2.75%			2.75%
Remaining term	12 months
Debt conversion, converted instrument, aggregate principal amount			$ 223,800,000
Number of shares issued upon conversion (in shares)	5,928,661

Leases - Pinnacle Master Lease (Details) - Pinnacle Master Lease	Apr. 28, 2016 facility option
Lessee, Lease, Cost [Line Items]
Number of facilities with leased real estate \| facility	12
Remaining lease term	7 years 6 months
Initial lease term	10 years
Lease - expected term with renewal options	32 years 6 months
Adjusted annual escalator percentage	2.00%
Adjusted revenue to rent ratio, as defined	1.8
Percentage rent escalation interval	2 years
Percentage of average net revenues during preceding two years	4.00%
Percentage rent baseline period	2 years
Lease Renewal Option One
Lessee, Lease, Cost [Line Items]
Number of options to extend lease \| option	5
Lease renewal term	5 years

Leases - Other Triple Net Leases with REIT Landlords (Details) $ in Millions						3 Months Ended
	Dec. 04, 2025 USD ($) renewalOption	Dec. 22, 2021	Oct. 01, 2020 USD ($) renewalOption	May 23, 2019 option	Jan. 01, 2019 option	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Lessee, Lease, Cost [Line Items]
Operating lease right-of-use assets						$ 3,870.7	$ 3,966.1
Operating lease liability recognized						$ 3,887.2
VICI Master Lease
Lessee, Lease, Cost [Line Items]
Annual base rent	$ 80.7
Margaritaville Lease
Lessee, Lease, Cost [Line Items]
Lessee, operating lease, number of options to extend \| option					4
Lease renewal term					5 years
Lessee, operating lease, term of contract					15 years
Adjusted annual escalator percentage					2.00%
Lessee, operating lease, adjusted revenue to rent ratio					6.1
Operating lease, percentage of average annual net revenues during the preceding two years					4.00%
Greektown Lease
Lessee, Lease, Cost [Line Items]
Lessee, operating lease, number of options to extend \| option				4
Lease renewal term				5 years
Lessee, operating lease, term of contract				15 years
Adjusted annual escalator percentage				2.00%
Operating lease, percentage of average annual net revenues during the preceding two years				4.00%
VICI Master Lease
Lessee, Lease, Cost [Line Items]
Lessee, operating lease, number of options to extend \| renewalOption	4
Lease renewal term						5 years
Lessee, percentage of fixed rent	1.00%
Percentage of rent fixed escalator	1.00%
Operating lease right-of-use assets	$ 53.5
Operating lease liability recognized	$ 53.5
Lessee, operating lease, term of contract	15 years
VICI Master Lease \| June 1, 2026
Lessee, Lease, Cost [Line Items]
Annual base rent	$ 81.5
Margaritaville Lease \| Margaritaville Lease
Lessee, Lease, Cost [Line Items]
Percentage rent escalation interval					2 years
Percentage rent baseline period					2 years
Greektown Lease \| Greektown Lease
Lessee, Lease, Cost [Line Items]
Percentage rent escalation interval				2 years
Percentage rent baseline period				2 years
Morgantown Lease
Lessee, Lease, Cost [Line Items]
Percentage rent escalation interval		3 years
Morgantown Lease \| Morgantown
Lessee, Lease, Cost [Line Items]
Lessee, operating lease, number of options to extend \| renewalOption			6
Lessee, operating lease, term of contract			20 years
Lease renewal term			5 years
Morgantown Lease \| Morgantown Lease
Lessee, Lease, Cost [Line Items]
Adjusted annual escalator percentage			1.50%
Sale of property in exchange for rent credits			$ 30.0
Annual rent			$ 3.0
Morgantown Lease Annual Escalator Scenario One
Lessee, Lease, Cost [Line Items]
Lessee annual escalator consisting			1.25%
Lessee, annual escalator, consumer price index threshold, percentage			0.50%
Morgantown Lease Annual Escalator Scenario Two
Lessee, Lease, Cost [Line Items]
Lessee, annual escalator, consumer price index threshold, percentage			0.50%
Lessee, annual escalator, percentage			0.00%

Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 16, 2026	Dec. 31, 2025	Apr. 07, 2023
Barstool Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities associated with this indemnity	$ 39,500,000		$ 39,500,000
Senior Notes \| 5.625% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.625%		5.625%
Senior Notes \| 4.125% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	4.125%		4.125%
Senior Notes \| 6.75% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	6.75%
Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 26,400,000		$ 26,400,000
Convertible Notes \| 6.75% Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt principal amount		$ 600,000,000.0
Interest rate	6.75%	6.75%
Secured Convertible Notes \| Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate				12.00%
Debt securities, available-for-sale				$ 20,000,000.0

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

For the three months ended March 31, 2026, we recorded a net loss attributable to PENN. As such, because the dilution from potential common shares was anti-dilutive, we used basic weighted-average common shares outstanding rather than diluted weighted-average common shares outstanding when calculating diluted loss per share. There are no reconciling items between the weighted-average common shares outstanding for basic and diluted EPS calculations for the period in which we recorded a net loss. Restricted stock and convertible debt that could potentially dilute basic EPS in the future, that is not included in the computation of diluted loss per share, is as follows:


	For the three months ended March 31,
(in millions)		2026

Assumed conversion of dilutive restricted stock		0.6

Assumed conversion of convertible debt		4.6

For the three months ended March 31, 2025, we recorded net income attributable to PENN. As such, we used diluted weighted-average common shares outstanding when calculating diluted income per share. Stock options, restricted stock, and convertible debt that could potentially dilute basic EPS in the future are included in the computation of diluted income per share. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2025.


	For the three months ended March 31,
(in millions)		2025
Weighted-average common shares outstanding		152.3
Assumed conversion of:
Dilutive stock options		0.1
Dilutive restricted stock		0.5
Convertible debt (1)		14.1
Weighted-average common shares outstanding - Diluted		167.0

(1)See Note 5, “Long-Term Debt” for details regarding the repurchases of the Convertible Notes.

Restricted stock with performance and market based vesting conditions that were not met as of March 31, 2026 and 2025 were excluded from the computation of diluted EPS.

Anti-dilutive equity-based awards are excluded from the computation of diluted EPS, and primarily consists of stock options awarded under the Company’s previous and current long-term incentive compensation plans and warrants previously issued (“Initial Warrants”) under the terms of the Investment Agreement between PENN and ESPN, entered into on August 8, 2023 (the “Investment Agreement”). The prior year period included warrants outstanding prior to the November 5, 2025 amendment to the Investment Agreement, pursuant to which the Initial Warrants were deemed vested through and including February 8, 2026, and the remaining unvested warrants were forfeited and cancelled for no consideration.

Anti-dilutive options and warrants to purchase 13.8 million and 35.6 million shares were outstanding for the three months ended March 31, 2026 and 2025, respectively.

The Company’s calculation of weighted-average common shares outstanding includes the Exchangeable Shares issued in connection with theScore acquisition, as discussed in Note 10, “Stockholders’ Equity and Stock-Based Compensation.” The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the three months ended March 31, 2026 and 2025:


	For the three months ended March 31,
(in millions, except per share data)		2026		2025
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock		$	(2.3)	$	111.8
Weighted-average shares outstanding — PENN Entertainment, Inc.		133.3		151.9
Weighted-average shares outstanding — Exchangeable Shares		0.1		0.4
Weighted-average common shares outstanding — basic		133.4		152.3
Basic earnings (loss) per share		$	(0.02)	$	0.73

Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock		$	(2.3)	$	111.8
Interest expense, net of tax (1):
Convertible Notes		—		1.8
Diluted income applicable to common stock		$	(2.3)	$	113.6
Weighted-average common shares outstanding — diluted		133.4		167.0
Diluted earnings (loss) per share		$	(0.02)	$	0.68

(1)The tax-affected rate was 21% for both of the three months ended March 31, 2026 and 2025.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (2.8)	$ 111.5
Other comprehensive loss, net of tax:
Foreign currency translation adjustment	(10.4)	(0.3)
Other comprehensive loss	(10.4)	(0.3)
Total comprehensive income (loss)	(13.2)	111.2
Comprehensive loss attributable to non-controlling interest	0.5	0.3
Comprehensive income (loss) attributable to PENN Entertainment, Inc.	$ (12.7)	$ 111.5

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

+ Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-19

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 37: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 38: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Organization (Details) member in Millions	Mar. 31, 2026 jurisdiction member
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states with live sports betting in which the entity operates \| jurisdiction	27
Number of members \| member	34

Long-Term Debt - Amended Credit Facilities (Details)			3 Months Ended
Long-Term Debt - Amended Credit Facilities (Details)	Dec. 04, 2024 USD ($)	May 03, 2022 USD ($) covenant	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Apr. 28, 2026 USD ($)	Apr. 16, 2026 USD ($)
Debt Instrument [Line Items]
Number of financial covenants \| covenant		2
Proceeds from revolving credit facility			$ 125,000,000.0	$ 150,000,000.0
Senior Secured Credit Facility
Debt Instrument [Line Items]
Covenant relief period, minimum interest coverage ratio		2.00
Senior Secured Credit Facility \| Maximum
Debt Instrument [Line Items]
Covenant relief period, maximum consolidated total net leverage ratio one		4.50
Covenant relief period, maximum consolidated total net leverage ratio two		5.00
Amended Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 1,000,000,000.0
Proceeds from revolving credit facility			25,000,000.0
Letters of credit outstanding			23,900,000
Available borrowing capacity			$ 951,100,000
Amended Credit Facilities \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Borrowing capacity						$ 1,000,000,000.0
Letters of credit outstanding					$ 23,900,000
Available borrowing capacity					976,100,000
Long-term line of credit					$ 0
Amended Credit Facilities \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee on unused capacity		0.35%
Amended Credit Facilities \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee on unused capacity		0.20%
Amended Credit Facilities \| Term Loan A Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 550,000,000.0
Debt instrument, term		5 years
Amended Credit Facilities \| Term Loan A Facility \| Subsequent Event
Debt Instrument [Line Items]
Borrowing capacity						$ 446,900,000
Amended Credit Facilities \| Term Loan B Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 1,000,000,000.0
Debt instrument, term		7 years
Amended Credit Facilities \| Term Loan A \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Amended Credit Facilities \| Term Loan A \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Amended Credit Facilities \| Term Loan A \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Amended Credit Facilities \| Term Loan A \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Amended Credit Facilities \| Term Loan B \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
Basis spread on variable rate, floor		0.50%
Amended Credit Facilities \| Term Loan B \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Basis spread on variable rate, floor		1.50%
Amended Credit Facilities \| Term Loan B Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 978,000,000
Amended Credit Facilities \| Term Loan B Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Amended Credit Facilities \| Term Loan B Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Amended Credit Facilities \| Term Loan B Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Amended Credit Facilities \| Term Loan B Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Amended Credit Facilities \| Term Loan B \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Reduction of basis spread on variable rate		0.25%
Amended Credit Facilities \| Term Loan B \| Base Rate
Debt Instrument [Line Items]
Reduction of basis spread on variable rate		0.25%

Earnings (Loss) Per Share - Schedule of Calculation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock	$ (2.3)	$ 111.8
Weighted-average common shares outstanding — basic (in shares)	133.4	152.3
Basic earnings (loss) per share (in dollars per share)	$ (0.02)	$ 0.73
Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock	$ (2.3)	$ 111.8
Convertible Notes	0.0	1.8
Diluted income applicable to common stock	$ (2.3)	$ 113.6
Weighted-average common shares outstanding - diluted (in shares)	133.4	167.0
Diluted earnings (loss) per share (in dollars per share)	$ (0.02)	$ 0.68
Common Stock, Non-Exchangeable
Calculation of basic earnings (loss) per share:
Weighted-average common shares outstanding — basic (in shares)	133.3	151.9
Common Stock, Exchangeable
Calculation of basic earnings (loss) per share:
Weighted-average common shares outstanding — basic (in shares)	0.1	0.4

Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in Calculating Level 3 Assets and Liabilities (Details)	Mar. 31, 2026
Level 3 \| Discount rate \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale debt securities	0.325

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Aug. 08, 2023
Barstool Acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities associated with this indemnity	$ 39.5	$ 39.5
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Barstool Sports, Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, percentage of ownership interest sold			100.00%

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock, Non-Exchangeable	Common Stock, Exchangeable	Total PENN Stockholders’ Equity	Preferred Stock	Common Stock Common Stock, Non-Exchangeable	Common Stock Common Stock, Exchangeable	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2024					0
Beginning balance at Dec. 31, 2024	$ 2,858.4			$ 2,862.7	$ 0.0	$ 1.8	$ 0.0	$ (779.5)	$ 4,542.4	$ (647.0)	$ (255.0)	$ (4.3)
Beginning balance (in shares) at Dec. 31, 2024						152,229,171	466,534
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)						334,366
Share-based compensation arrangements	15.6			15.6					15.6
Share repurchases (in shares)						(1,413,882)
Share repurchases	(25.0)			(25.0)				(25.0)
Exchangeable share conversions (in shares)						86,056	(86,056)
Investment Agreement warrants	14.2			14.2					14.2
Currency translation adjustment	(0.3)			(0.3)							(0.3)
Net income (loss)	111.5			111.8						111.8		(0.3)
Other	(5.0)			(5.0)				(0.1)	(4.9)
Ending balance (in shares) at Mar. 31, 2025					0
Ending balance (in shares) at Mar. 31, 2025						151,235,711	380,478
Ending balance at Mar. 31, 2025	2,969.4			2,974.0	$ 0.0	$ 1.8	$ 0.0	(804.6)	4,567.3	(535.2)	(255.3)	(4.6)
Beginning balance (in shares) at Dec. 31, 2025					0
Beginning balance at Dec. 31, 2025	1,827.5			1,834.0	$ 0.0	$ 1.8	$ 0.0	(1,137.2)	4,652.8	(1,490.1)	(193.3)	(6.5)
Beginning balance (in shares) at Dec. 31, 2025		132,584,258	379,821			132,584,258	379,821
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)						836,764
Share-based compensation arrangements	14.1			14.1					14.1
Exchangeable share conversions (in shares)						280,901	(280,901)
Currency translation adjustment	(10.4)			(10.4)							(10.4)
Net income (loss)	(2.8)			(2.3)						(2.3)		(0.5)
Other	(6.9)			(6.9)					(6.9)
Ending balance (in shares) at Mar. 31, 2026					0
Ending balance (in shares) at Mar. 31, 2026		133,701,923	98,920			133,701,923	98,920
Ending balance at Mar. 31, 2026	$ 1,821.5			$ 1,828.5	$ 0.0	$ 1.8	$ 0.0	$ (1,137.2)	$ 4,660.0	$ (1,492.4)	$ (203.7)	$ (7.0)

Leases - Schedule of Other Information Related to Lease Term and Discount Rate (Details)	Mar. 31, 2026	Dec. 31, 2025
Weighted-Average Remaining Lease Term
Operating leases	9 years	9 years 2 months 12 days
Finance leases	25 years	25 years 3 months 18 days
Financing obligations	25 years 4 months 24 days	25 years 7 months 6 days
Weighted-Average Discount Rate
Operating leases	7.10%	7.10%
Finance leases	5.20%	5.20%
Financing obligations	5.20%	5.20%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 708.0	$ 686.6
Accounts receivable, net	241.0	254.2
Prepaid expenses	151.5	151.7
Other current assets	60.3	73.6
Total current assets	1,160.8	1,166.1
Property and equipment, net	3,715.5	3,717.3
Investment in and advances to unconsolidated affiliates	79.1	79.4
Goodwill	1,778.6	1,786.6
Other intangible assets, net	1,398.2	1,404.8
Operating lease right-of-use assets	3,870.7	3,966.1
Finance lease right-of-use assets	1,901.8	1,924.3
Other assets	213.3	223.9
Total assets	14,118.0	14,268.5
Current liabilities
Accounts payable	71.0	54.2
Current maturities of long-term debt	38.3	38.2
Current portion of financing obligations	46.3	45.8
Current portion of operating lease liabilities	394.2	386.0
Current portion of finance lease liabilities	42.5	45.7
Accrued expenses and other current liabilities	824.1	905.6
Total current liabilities	1,416.4	1,475.5
Long-term debt, net of current maturities, debt discounts, and debt issuance costs	2,885.6	2,848.9
Long-term portion of financing obligations	2,286.1	2,297.8
Long-term portion of operating lease liabilities	3,493.0	3,592.4
Long-term portion of finance lease liabilities	2,007.0	2,017.4
Deferred income taxes	94.0	87.8
Other long-term liabilities	114.4	121.2
Total liabilities	12,296.5	12,441.0
Commitments and contingencies (Note 9)
Stockholders’ equity
Treasury stock, at cost (45,257,733 shares in both periods)	(1,137.2)	(1,137.2)
Additional paid-in capital	4,660.0	4,652.8
Accumulated deficit	(1,492.4)	(1,490.1)
Accumulated other comprehensive loss	(203.7)	(193.3)
Total PENN Entertainment, Inc. stockholders’ equity	1,828.5	1,834.0
Non-controlling interest	(7.0)	(6.5)
Total stockholders’ equity	1,821.5	1,827.5
Total liabilities and stockholders’ equity	14,118.0	14,268.5
Series B Preferred Stock
Stockholders’ equity
Preferred stock	0.0	0.0
Series C Preferred Stock
Stockholders’ equity
Preferred stock	0.0	0.0
Series D Preferred Stock
Stockholders’ equity
Preferred stock	0.0	0.0
Common Stock, Non-Exchangeable
Stockholders’ equity
Common stock	1.8	1.8
Common Stock, Exchangeable
Stockholders’ equity
Common stock	$ 0.0	$ 0.0

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company calculates its provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate to its year-to-date pre-tax book income or loss. The tax effects of discrete items are recognized in the period in which they occur. The effective tax rate (income taxes as a percentage of income from operations before income taxes) including discrete items was 36.8% and 26.2% for the three months ended March 31, 2026 and 2025, respectively. The change in the effective tax rate for the three months ended March 31, 2026, as compared to the prior-year period, was primarily driven by (i) the exclusion of certain foreign losses for which no tax benefit can be recognized in the Company’s worldwide effective tax rate calculation; (ii) non-deductible permanent items; (iii) state income taxes; and (iv) changes in the valuation allowance. The effective tax rate may vary from period to period depending on, among other factors, the geographic and business mix of the Company’s earnings, changes in its valuation allowance assessment, and other factors, including the Company’s historical and projected pre-tax earnings, which are considered in evaluating the realizability of deferred tax assets. As of each reporting date, the Company evaluates all available positive and negative evidence in assessing the realizability of deferred tax assets, in accordance with ASC Topic 740, “Income Taxes” (“ASC 740”). As of March 31, 2026, the Company continues to maintain a valuation allowance on deferred tax assets not considered “more likely than not” to be realized. A reduction in the valuation allowance could result in a significant decrease in income tax expense in the period the release is recorded. The timing and amount of any reversal will depend on actual earnings achieved in 2026 and projected future income levels. As of March 31, 2026 and December 31, 2025, the Company had prepaid income taxes of $16.7 million and $35.7 million, respectively, which were included in “Prepaid expenses” within the unaudited Consolidated Balance Sheets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Long-Term Debt - Covenants (Details)	Mar. 31, 2026	Mar. 16, 2026	Dec. 31, 2025
5.625% Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	5.625%		5.625%
4.125% Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	4.125%		4.125%
6.75% Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Interest rate	6.75%
6.75% Notes due 2031 \| Convertible Notes
Debt Instrument [Line Items]
Interest rate	6.75%	6.75%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Significant Accounting Policies and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The unaudited Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. These unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Principles of Consolidation	Principles of Consolidation: The unaudited Consolidated Financial Statements include the accounts of PENN Entertainment, Inc. and its subsidiaries. Investments in and advances to unconsolidated affiliates that do not meet the consolidation criteria of the authoritative guidance for voting interest entities (“VOEs”) or variable interest entities (“VIEs”) are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications: Certain reclassifications have been made to conform the prior period presentation with current year presentation.
Use of Estimates	Use of Estimates: The preparation of unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of revenues and expenses during the reporting period. We applied estimation methods consistently for the periods presented within the unaudited Consolidated Financial Statements. Actual results may differ from those estimates.
Segment Information	Segment Information: We have five reportable segments: Northeast, South, West, Midwest, and Interactive. Our gaming and racing properties are grouped by geographic location, and each is viewed as an operating segment with the exception of our two properties in Jackpot, Nevada, which are viewed as one operating segment. We consider our combined Video Gaming Terminal (“VGT”) operations, by state, to be separate operating segments. The Northeast, South, West, and Midwest segments (referred to as our “retail segments”) primarily generate revenue from gaming operations (such as slot machines and table games), food and beverage offerings, and hotel visitation. The Interactive segment includes all of our OSB, online casino/iCasino, and social gaming (collectively referred to as “online gaming”) operations, management of retail sports betting, and media operations.
Revenue Recognition and Customer-related Liabilities	Revenue Recognition: Our revenue from contracts with customers consists primarily of gaming wagers, inclusive of sports betting and iCasino products, food and beverage transactions, hotel room sales, retail transactions, racing wagers, and third-party revenue sharing agreements. See Note 4, “Revenue Disaggregation” for information on our revenue by type and geographic location. Complimentaries Associated with Gaming Contracts Food, beverage, hotel, and other services furnished to patrons for free as an inducement to gamble at our retail properties or through the redemption of our customers’ loyalty points are recorded as “Food, beverage, hotel, and other” revenues at their estimated standalone selling prices, with an offset recorded as a reduction to “Gaming” revenues. The cost of providing complimentary goods and services to patrons as an inducement to gamble as well as for the fulfillment of our loyalty point obligation is included in “Food, beverage, hotel, and other” expenses. Additionally, the Company provides discretionary complimentaries in the form of iCasino and OSB free play bonuses. Free play bonuses provided to patrons as an inducement to gamble on the Company’s digital sports betting and iCasino apps are recorded as a reduction of “Gaming” revenues. Customer-related Liabilities The Company has three general types of liabilities related to contracts with customers: (i) the obligation associated with its PENN Play program (loyalty points and tier status benefits), (ii) advance payments on goods and services yet to be provided and for unpaid wagers, and (iii) deferred revenue associated with third-party OSB and/or iCasino partners for OSB and iCasino market access. Our PENN Play program connects the Company’s brands under one loyalty program and allows members to earn loyalty points, or “PENN Cash,” redeemable for slot play and complimentaries, such as food and beverage at our restaurants, lodging at our hotels, redemptions at the PENN Play marketplace that features popular retailers, and products offered at our retail stores across the vast majority of our properties. In addition, members of the PENN Play program earn credit toward tier status, which entitles them to receive certain other benefits, such as priority access, discounts, gifts, trips to PENN destinations, partner experiences, and PENN Cash. The obligation associated with our PENN Play program, which is included in “Accrued expenses and other current liabilities” within the unaudited Consolidated Balance Sheets, was $33.1 million and $29.8 million as of March 31, 2026 and December 31, 2025, respectively, and consisted primarily of the obligation associated with the loyalty points. Our loyalty point obligations are generally settled within six months of issuance. Changes between the opening and closing balances primarily relate to the timing of our customers’ election to redeem loyalty points as well as the timing of when our customers receive their earned tier status benefits. The Company’s advance payments on goods and services yet to be provided and for unpaid wagers primarily consist of the following: (i) deposits on rooms and convention space; (ii) money deposited on behalf of a customer in advance of their property visit (referred to as “safekeeping” or “front money”); (iii) money deposited in an online wallet not yet wagered; (iv) money deposited in an online wallet for pending and concluded wagers not yet withdrawn; (v) outstanding tickets generated by slot machine play, sports betting, or pari-mutuel wagering; (vi) outstanding chip liabilities; and (vii) unclaimed jackpots. Unpaid wagers generally represent obligations stemming from prior wagering events, of which revenue was previously recognized. The Company’s advance payments on goods and services yet to be provided and for unpaid wagers were $117.1 million and $133.7 million as of March 31, 2026 and December 31, 2025, respectively, and are included in “Accrued expenses and other current liabilities” within the unaudited Consolidated Balance Sheets. The Company’s deferred revenue is primarily related to PENN Interactive, which enters into multi-year agreements with third-party OSB and/or iCasino partners for OSB and iCasino market access across our portfolio of properties. As of March 31, 2026 and December 31, 2025, our deferred revenue balance was $37.4 million and $34.1 million, respectively, the majority of which is included in “Other long-term liabilities” within the unaudited Consolidated Balance Sheets. During the three months ended March 31, 2026 and 2025, we recognized revenue of $1.7 million and $3.6 million, respectively, that was included in the December 31, 2025 and 2024 deferred revenue balance.
Advertising	Advertising: The Company expenses advertising costs the first time the advertising takes place or as incurred.
Gaming and Pari-mutuel Taxes	Gaming and Pari-mutuel Taxes: We are subject to gaming and pari-mutuel taxes based on gross gaming revenue and pari-mutuel revenue in the jurisdictions in which we operate, as well as taxes on revenues derived from arrangements which allow for third-party OSB and/or iCasino partners to operate online sportsbooks and iCasinos under our gaming licenses. The Company primarily recognizes gaming and pari-mutuel tax expense based on the statutorily required percentage of revenue that is required to be paid to state, provincial and/or local jurisdictions in the states and provinces where or in which the wagering occurs. Also included in gaming and pari-mutuel taxes are costs to support the operations of local regulatory authorities which some jurisdictions require us to pay.
Foreign Currency Translation	Foreign Currency Translation: The functional currency of the Company’s foreign subsidiaries is the local currency in which the subsidiary operates. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Translation adjustments resulting from this process are recorded to other comprehensive income or loss. Revenues and expenses are typically translated at the average exchange rates during the year. Gains or losses resulting from foreign currency transactions are included in “Other” within the unaudited Consolidated Statements of Operations.
Comprehensive Income or Loss and Accumulated Other Comprehensive Income or Loss	Comprehensive Income or Loss and Accumulated Other Comprehensive Income or Loss: Comprehensive income or loss includes net income or loss and all other non-stockholder changes in equity, or other comprehensive income or loss. The balance of accumulated other comprehensive income or loss consists of foreign currency translation adjustments and unrealized gains or losses on debt securities.
Earnings or Loss Per Share	Earnings or Loss Per Share: Basic earnings or loss per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution, if any, for all potentially-dilutive securities such as warrants, stock options, unvested restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) (collectively with RSAs, “restricted stock”), outstanding preferred stock, and convertible debt.
Guarantees and Indemnifications	Guarantees and Indemnifications: The Company accounts for indemnity obligations in accordance with ASC Topic 460-20, “Contingencies” and records a liability at fair value.
Accounting Pronouncements Adopted and Accounting Pronouncements to be Implemented	Accounting Pronouncements Adopted In November 2024, the FASB issued ASU 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” (“ASU 2024-04”). ASU 2024-04 clarifies the determination of accounting treatment required for settlement of convertible debt (particularly, cash convertible instruments) at terms that differ from the original conversion terms. ASU 2024-04 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and was adopted on a prospective basis. The adoption of ASU 2024-04 did not have a material impact on our unaudited Consolidated Financial Statements. In July 2025, the FASB issued ASU 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”). ASU 2025-05 introduces optional relief for entities estimating expected credit losses on accounts receivable and contract assets arising from revenue transactions under ASC 606, “Revenue from Contracts with Customers.” The guidance allows entities to apply a practical expedient assuming current conditions persist over the asset’s life, and for certain non-public entities, to consider post-balance sheet cash collections when estimating credit losses. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and was adopted on a prospective basis. The adoption of ASU 2025-05 did not have a material impact on our unaudited Consolidated Financial Statements. Accounting Pronouncements to be Implemented In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 updates the requirements for a public entity to disclose additional information about specific income statement expense categories in the notes to financial statements. ASU 2024-03 does not change or remove current expense disclosure requirements, however, it affects where this information appears in the notes to financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, on a prospective or retrospective basis, with early adoption permitted. We are assessing the guidance and currently expect adoption of the new standard to result in additional disclosures in the notes to the unaudited Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”). The amendments in ASU 2025-06 improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods, which may impact the timing and extent of cost capitalization for internal-use software. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, on a prospective, modified, or retrospective basis, with early adoption permitted. We are currently assessing the guidance, and we do not expect the new standard to have a material impact on the unaudited Consolidated Financial Statements.

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-Term Debt

The table below presents long-term debt, net of current maturities, debt discounts, and debt issuance costs:


(in millions)	March 31, 2026		December 31, 2025
Amended Credit Facilities:
Amended Revolving Credit Facility due 2027	$	25.0	$	570.0
Amended Term Loan A Facility due 2027	446.9		453.8
Amended Term Loan B Facility due 2029	962.5		965.0
5.625% Notes due 2027	400.0		400.0
4.125% Notes due 2029	400.0		400.0
6.75% Notes due 2031	600.0		—
2.75% Convertible Notes due 2026	106.7		106.7
Other long-term obligations	7.8		8.6
	2,948.9		2,904.1
Less: Current maturities of long-term debt	(38.3)		(38.2)
Less: Debt discounts and debt issuance costs	(25.0)		(17.0)
	$	2,885.6	$	2,848.9

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2026:


(in millions)
Years ending December 31:
2026 (excluding the three months ended March 31, 2026)	$	134.8
2027	862.0
2028	10.8
2029	1,335.8
2030	0.8
Thereafter	604.7
Total minimum payments	$	2,948.9

Amended Credit Facilities

On May 3, 2022, the Company entered into an agreement with its various lenders to amend and restate its previous credit agreement (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement provides for a $1.0 billion revolving credit facility (the “Amended Revolving Credit Facility”), a five-year $550.0 million term loan A facility (the “Amended Term Loan A Facility”) and a seven-year $1.0 billion term loan B facility (the “Amended Term Loan B Facility”) (together, the “Amended Credit Facilities”). The proceeds from the Amended Credit Facilities were used to repay the balances of the previous credit facilities.

The interest rates per annum applicable to loans under the Amended Credit Facilities are, at the Company’s option, equal to either an adjusted secured overnight financing rate (“Term SOFR”) or a base rate, plus an applicable margin. The applicable margin for each of the Amended Revolving Credit Facility and the Amended Term Loan A Facility ranges from 2.25% to 1.50% per annum for Term SOFR loans and 1.25% to 0.50% per annum for base rate loans, in each case depending on the Company’s total net leverage ratio (as defined within the Second Amended and Restated Credit Agreement). The applicable margin for the Amended Term Loan B Facility was 2.75% per annum for Term SOFR loans and 1.75% per annum for base rate loans until the margins were both reduced by 25 basis points pursuant to the Second Amendment Agreement, as discussed and defined below, and effective December 4, 2024. The Amended Term Loan B Facility is subject to a Term SOFR “floor” of 0.50% per annum and a base rate “floor” of 1.50% per annum. In addition, the Company pays a commitment fee on the unused portion of the commitments under the Amended Revolving Credit Facility at a rate that ranges from 0.35% to 0.20% per annum, depending on the Company’s total net leverage ratio (as defined within the Second Amended and Restated Credit Agreement).

The Amended Credit Facilities contain customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and certain of its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, pay dividends and make other restricted payments and prepay certain indebtedness that is subordinated in right of payment to the obligations under the Amended Credit Facilities. The Amended Credit Facilities contain two financial covenants: a maximum total net leverage ratio (as defined within the Second Amended and Restated Credit Agreement) of 4.50 to 1.00, which is subject to a step up to 5.00 to 1.00 in the case of certain significant acquisitions, and a minimum interest coverage ratio (as defined within the Second Amended and Restated Credit Agreement) of 2.00 to 1.00. The Amended Credit Facilities also contain certain customary affirmative covenants and events of default, including the occurrence of a change of control (as defined in the documents governing the Second Amended and Restated Credit Agreement), termination, and certain defaults under the Master Leases, which are discussed in Note 6, “Leases.”

On December 4, 2024 (the “Second Amendment Effective Date”), PENN entered into a Second Amendment (the “Second Amendment Agreement”) with its various lenders to reduce the interest rate margins applicable to the Company’s approximately $978 million in existing Amended Term Loan B Facility loans from 2.75% to 2.50% for Term SOFR loans, and from 1.75% to 1.50% for base rate loans.

Subsequent to quarter end, on April 16, 2026, PENN entered into a Third Amendment (the “Third Amendment Agreement”) to its Second Amended and Restated Credit Agreement. The Third Amendment Agreement, among other things, refinanced and extended the term of the Company’s $1.0 billion Amended Revolving Credit Facility and $446.9 million Amended Term Loan A Facility (together, as so amended, the “Amended Facilities”). The Amended Facilities will mature in April 2031, subject to an earlier springing maturity 91 days inside certain of the Company’s existing debt obligations in the event that such debt remains outstanding and has not been refinanced, unless certain liquidity conditions are met. The interest rate margins applicable to the Amended Revolving Credit Facility and Amended Term Loan A Facility were unchanged by the Third Amendment Agreement, except that the Third Amendment Agreement removed the credit spread adjustment applicable to SOFR borrowings under the Amended Revolving Credit Facility and Amended Term Loan A Facility.

After the refinancing, the borrowing capacity under the Amended Facilities will be available for future working capital and other general corporate purposes.

The Company’s existing Amended Term Loan B Facility remains outstanding and was not refinanced as part of the Third Amendment Agreement. The maturity of the Company’s Amended Term Loan B Facility remains unchanged.

As of March 31, 2026, the Company had $25.0 million drawn on the Amended Revolving Credit Facility. Additionally, the Company had conditional obligations under letters of credit issued pursuant to the Amended Credit Facilities with face amounts aggregating to $23.9 million, resulting in $951.1 million of available borrowing capacity under the Amended Revolving Credit Facility. As of April 28, 2026, the Company had no outstanding borrowings under its Amended Revolving Credit Facility; and continued to have $23.9 million in outstanding letters of credit, resulting in $976.1 million in available borrowing capacity.

6.75% Senior Unsecured Notes

On March 16, 2026, the Company completed an offering of $600.0 million aggregate principal amount of 6.75% senior unsecured notes that mature on April 1, 2031 (the “6.75% Notes”). The 6.75% Notes were issued at par and interest is payable semi-annually on April 1st and October 1st of each year. The 6.75% Notes are not guaranteed by any of the Company’s subsidiaries except in the event that the Company, in the future, issues certain subsidiary-guaranteed debt securities. The Company may redeem the 6.75% Notes at any time on or after April 1, 2028, at the declining redemption premiums set forth in the indenture governing the 6.75% Notes, and, prior to April 1, 2028, at a “make-whole” redemption premium set forth in the indenture governing the 6.75% Notes. Net proceeds of the 6.75% Notes were used to repay borrowings under the Amended Revolving Credit Facility.

5.625% Senior Unsecured Notes

On January 19, 2017, the Company completed an offering of $400.0 million aggregate principal amount of 5.625% senior unsecured notes that mature on January 15, 2027 (the “5.625% Notes”). The 5.625% Notes were issued at par and interest is payable semi-annually on January 15th and July 15th of each year. The 5.625% Notes are not guaranteed by any of the Company’s subsidiaries except in the event that the Company, in the future, issues certain subsidiary-guaranteed debt securities. The Company may redeem the 5.625% Notes at any time on or after January 15, 2022, at the declining redemption premiums set forth in the indenture governing the 5.625% Notes. As of March 31, 2026, the 5.625% Notes are scheduled to mature within the next twelve months. However, the Company has classified this obligation as long-term based on its intent and ability to refinance on a long-term basis.

2.75% Unsecured Convertible Notes

In May 2020, the Company completed a public offering of $330.5 million aggregate principal amount of 2.75% unsecured convertible notes (the “Convertible Notes”) that mature, unless earlier converted, redeemed, or repurchased, on May 15, 2026 at a price of par.

On June 13, 2025, the Company entered into an agreement with certain holders of the Convertible Notes to repurchase $223.8 million aggregate principal amount of the Convertible Notes.

As of March 31, 2026, the Convertible Notes are scheduled to mature within the next twelve months. However, the Company has classified this obligation as long-term based on its intent and ability to refinance on a long-term basis.

As of March 31, 2026 and December 31, 2025, none of the Convertible Notes have been converted into shares of the Company’s common stock. The maximum number of shares that could be issued to satisfy the conversion feature of the Convertible Notes is 5,928,661 as of March 31, 2026.

Interest expense, net

The table below presents interest expense, net:


	For the three months ended March 31,
(in millions)		2026		2025
Interest expense		$	108.0	$	120.3
Capitalized interest		(7.0)		(9.5)
Interest expense, net		$	101.0	$	110.8

Covenants

Our Amended Credit Facilities, 5.625% Notes, 4.125% Notes due 2029 (the “4.125% Notes”), and 6.75% Notes, require us, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests. In addition, our Amended Credit Facilities, 5.625% Notes, 4.125% Notes, and 6.75% Notes, restrict, among other things, our ability to incur additional indebtedness, incur guarantee obligations, amend debt instruments, pay dividends, create liens on assets, make investments, engage in mergers or consolidations, and otherwise restrict corporate activities. Our debt agreements also contain customary events of default, including cross-default provisions that require us to meet certain requirements under the Master Leases (which are defined in Note 6, “Leases”), each with GLPI. If we are unable to meet our financial covenants or in the event of a cross-default, it could trigger an acceleration of payment terms.

As of March 31, 2026, the Company was in compliance with all required financial covenants. The Company believes that it will remain in compliance with all of its required financial covenants for at least the next twelve months following the date of filing this Quarterly Report on Form 10-Q with the SEC.

Other Long-Term Obligation

In February 2021, the Company entered into a financing arrangement with a third-party, which provided the Company with upfront and non-refundable cash proceeds while permitting us to participate in future proceeds on certain insurance coverage claims for economic losses PENN sustained due to the COVID-19 pandemic. During the three months ended March 31, 2025, the Company determined that obligations under these claims were no longer probable and therefore recognized a $215.1 million non-cash gain, which was recorded as “Gain on financing arrangement” within the unaudited Consolidated Statements of Operations.

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenues
Revenues	$ 1,779.1	$ 1,672.5
Gaming taxes	(686.0)	(609.9)
Media and advertising	(40.6)	(99.9)
Segment Adjusted EBITDAR	460.6	368.0
Adjusted EBITDAR:
Other category	(31.5)	(38.8)
Rent expense associated with triple net operating leases	(163.3)	(155.9)
Stock-based compensation	(14.1)	(15.6)
Cash-settled stock-based awards variance	3.4	3.2
Pre-opening expenses	(4.1)	(0.5)
Depreciation and amortization	(117.0)	(108.0)
Non-operating items of equity method investments	(1.1)	(1.1)
Interest expense, net	(101.0)	(110.8)
Interest income	1.9	3.2
Gain on financing arrangement	0.0	215.1
Other	(27.9)	0.4
Income before income taxes	5.9	159.2
Income tax expense	(8.7)	(47.7)
Net income (loss)	(2.8)	111.5
Corporate overhead costs	28.2	36.0
Proxy related costs for legal and advisory		7.7
Capital expenditures:
Capital expenditures	94.6	125.2
Assets:
Investment in and advances to unconsolidated affiliates	79.1		$ 79.4
Total assets	14,118.0		14,268.5
Sportsbook Agreement
Adjusted EBITDAR:
Marketing expenses		37.5
Investment Agreement
Adjusted EBITDAR:
Marketing expenses		14.2
Operating Segments
Revenues
Revenues	1,779.1	1,672.5
Operating Segments \| Northeast
Revenues
Revenues	687.1	680.9
Gaming taxes	(282.6)	(279.5)
Compensation and benefits	(105.3)	(103.5)
Other segment items	(104.6)	(103.7)
Segment Adjusted EBITDAR	194.6	194.2
Capital expenditures:
Capital expenditures	20.1	13.5
Assets:
Investment in and advances to unconsolidated affiliates	0.1		0.1
Total assets	1,784.4		1,815.6
Operating Segments \| South
Revenues
Revenues	281.3	288.3
Gaming taxes	(61.5)	(63.4)
Compensation and benefits	(57.8)	(56.8)
Other segment items	(57.8)	(64.8)
Segment Adjusted EBITDAR	104.2	103.3
Capital expenditures:
Capital expenditures	10.0	13.7
Assets:
Investment in and advances to unconsolidated affiliates	0.0		0.0
Total assets	1,274.2		1,295.2
Operating Segments \| West
Revenues
Revenues	145.8	129.7
Gaming taxes	(25.6)	(23.7)
Compensation and benefits	(33.3)	(31.3)
Other segment items	(33.0)	(29.0)
Segment Adjusted EBITDAR	53.9	45.7
Capital expenditures:
Capital expenditures	3.7	40.5
Assets:
Investment in and advances to unconsolidated affiliates	0.0		0.0
Total assets	421.6		427.6
Operating Segments \| Midwest
Revenues
Revenues	305.9	282.9
Gaming taxes	(81.9)	(74.7)
Compensation and benefits	(49.6)	(44.1)
Other segment items	(55.7)	(50.3)
Segment Adjusted EBITDAR	118.7	113.8
Capital expenditures:
Capital expenditures	57.5	51.7
Assets:
Investment in and advances to unconsolidated affiliates	77.6		77.8
Total assets	1,611.0		1,567.5
Operating Segments \| Interactive
Revenues
Revenues	358.3	290.1
Gaming taxes	(234.4)	(168.6)
Compensation and benefits	(29.9)	(36.7)
Media and advertising	(29.5)	(88.5)
Other segment items	(75.3)	(85.3)
Segment Adjusted EBITDAR	(10.8)	(89.0)
Adjusted EBITDAR:
Tax gross up	185.8	128.2
Capital expenditures:
Capital expenditures	0.0	3.6
Assets:
Investment in and advances to unconsolidated affiliates	0.0		0.0
Total assets	1,503.1		1,530.0
Other
Revenues
Revenues	5.2	5.3
Capital expenditures:
Capital expenditures	3.3	2.2
Assets:
Investment in and advances to unconsolidated affiliates	1.4		1.5
Total assets	7,523.7		$ 7,632.6
Intersegment Eliminations
Revenues
Revenues	$ (4.5)	$ (4.7)

Stockholders’ Equity and Stock-Based Compensation - Performance Share Program (Details) - Performance Share Program	1 Months Ended	3 Months Ended
	Apr. 29, 2026 performancePeriod shares	Mar. 31, 2026 shares	Mar. 31, 2025 shares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		0	0
Restricted Stock Units (RSUs) \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	726,565
Performance Shares \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual award performance periods \| performancePeriod	1
Performance period	3 years
Service period	3 years
Further adjustment potential percentage	0.20
Performance Shares \| Minimum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned	0.00%
Performance Shares \| Maximum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned	200.00%

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate, including discrete items	36.80%	26.20%
Prepaid income taxes	$ 16.7		$ 35.7

Earnings (Loss) Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Anti-dilutive securities (in shares)	13.8	35.6

Leases - AR PENN Master Lease (Details) - Penn Master Lease	Feb. 21, 2023 facility option
Lessee, Lease, Cost [Line Items]
Number of facilities with leased real estate \| facility	14
Number of options to extend lease \| option	3
Lease renewal term	5 years
Adjusted annual escalator percentage	2.00%
Adjusted revenue to rent ratio	1.8
Period over which fixed component is adjusted	5 years
Adjustment to fixed component as percentage of the average change to net revenues during the preceding five years	4.00%
Percentage rent baseline period	5 years

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings (Loss) Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding — basic (in shares)	133.4	152.3
Weighted-average common shares outstanding—diluted (in shares)	133.4	167.0
Dilutive stock options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and restricted stock (in shares)		0.1
Dilutive restricted stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and restricted stock (in shares)	0.6	0.5
Convertible debt
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Convertible debt (in shares)	4.6	14.1

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Other Information and Supplemental Cash Flow Information Related to Leases

Total payments made under our Triple Net Leases were as follows:


	For the three months ended March 31,
(in millions)		2026		2025
AR PENN Master Lease		$	73.1	$	72.1
2023 Master Lease		66.2		59.8
Pinnacle Master Lease		87.4		87.4
VICI Master Lease (1)		20.2		—
Margaritaville Lease (1)		—		6.7
Greektown Lease (1)		—		13.2
Morgantown Lease		0.8		0.8
Total		$	247.7	$	240.0

Information related to lease term and discount rate was as follows:


	March 31, 2026		December 31, 2025
Weighted-Average Remaining Lease Term
Operating leases	9.0 years		9.2 years
Finance leases	25.0 years		25.3 years
Financing obligations	25.4 years		25.6 years

Weighted-Average Discount Rate
Operating leases	7.1	%	7.1	%
Finance leases	5.2	%	5.2	%
Financing obligations	5.2	%	5.2	%

The components of lease expense were as follows:


	Location on unaudited Consolidated Statements of Operations	For the three months ended March 31,
(in millions)			2026		2025
Operating Lease Costs
Rent expense associated with triple net operating leases(1)	General and administrative		$	163.3	$	155.9
Operating lease cost (2)	Primarily General and administrative		4.1		4.1
Short-term lease cost	Primarily Gaming expenses		26.0		23.8
Variable lease cost (2)	Primarily Gaming expenses		0.8		0.8
Total			$	194.2	$	184.6

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net		$	26.9	$	27.6
Amortization of ROU assets (3)	Depreciation and amortization		22.8		22.7
Total			$	49.7	$	50.3

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net		$	36.6	$	37.2

(2)Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases.

(3)Pertains to finance lease components associated with the Pinnacle Master Lease (land).

(4)Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease.

Supplemental cash flow information related to leases was as follows:


	For the three months ended March 31,
(in millions)	2026		2025
Non-cash lease activities:
Commencement of operating leases	$	1.8	$	11.6

Commencement of finance leases	$	0.3	$	0.2

Schedule of Maturity Analysis, Operating Leases

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2026:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2026 (excluding the three months ended March 31, 2026)	$	491.1	$	111.9	$	124.9
2027	657.5		147.3		166.6
2028	656.4		147.1		166.6
2029	636.2		147.0		166.7
2030	639.9		146.9		166.7
Thereafter	2,264.2		2,980.1		3,496.5
Total lease payments	5,345.3		3,680.3		4,288.0
Less: Imputed interest	(1,458.1)		(1,630.8)		(1,955.6)
Present value of future lease payments	3,887.2		2,049.5		2,332.4
Less: Current portion of lease obligations	(394.2)		(42.5)		(46.3)
Long-term portion of lease obligations	$	3,493.0	$	2,007.0	$	2,286.1

Schedule of Maturity Analysis, Finance Leases

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2026:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2026 (excluding the three months ended March 31, 2026)	$	491.1	$	111.9	$	124.9
2027	657.5		147.3		166.6
2028	656.4		147.1		166.6
2029	636.2		147.0		166.7
2030	639.9		146.9		166.7
Thereafter	2,264.2		2,980.1		3,496.5
Total lease payments	5,345.3		3,680.3		4,288.0
Less: Imputed interest	(1,458.1)		(1,630.8)		(1,955.6)
Present value of future lease payments	3,887.2		2,049.5		2,332.4
Less: Current portion of lease obligations	(394.2)		(42.5)		(46.3)
Long-term portion of lease obligations	$	3,493.0	$	2,007.0	$	2,286.1

Schedule of Maturity Analysis, Financing Obligations

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2026:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2026 (excluding the three months ended March 31, 2026)	$	491.1	$	111.9	$	124.9
2027	657.5		147.3		166.6
2028	656.4		147.1		166.6
2029	636.2		147.0		166.7
2030	639.9		146.9		166.7
Thereafter	2,264.2		2,980.1		3,496.5
Total lease payments	5,345.3		3,680.3		4,288.0
Less: Imputed interest	(1,458.1)		(1,630.8)		(1,955.6)
Present value of future lease payments	3,887.2		2,049.5		2,332.4
Less: Current portion of lease obligations	(394.2)		(42.5)		(46.3)
Long-term portion of lease obligations	$	3,493.0	$	2,007.0	$	2,286.1

Significant Accounting Policies and Basis of Presentation - Customer-related Liabilities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) liability loyaltyProgram	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, number of liabilities \| liability	3
Number of loyalty programs \| loyaltyProgram	1
Revenue recognized	$ 1.7	$ 3.6
Online sports betting and related iGaming market access
Disaggregation of Revenue [Line Items]
Customer-related liabilities	37.4		$ 34.1
Loyalty Credit Obligation
Disaggregation of Revenue [Line Items]
Customer-related liabilities, current	$ 33.1		29.8
Contract with customer, term	6 months
Advance Payments on Goods and Services Yet to Be Provided and Unpaid Wagers
Disaggregation of Revenue [Line Items]
Customer-related liabilities	$ 117.1		$ 133.7

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 22, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	0-24206
Entity Registrant Name	PENN Entertainment, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2234473
Entity Address, Address Line One	825 Berkshire Blvd., Suite 200
Entity Address, City or Town	Wyomissing,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19610
City Area Code	610
Local Phone Number	373-2400
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PENN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		133,843,371
Entity Central Index Key	0000921738
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Treasury stock (in shares)	45,257,733	45,257,733
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	18,500	18,500
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series D Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000	5,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock, Non-Exchangeable
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	178,959,656	177,841,991
Common stock, shares outstanding (in shares)	133,701,923	132,584,258
Common Stock, Exchangeable
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	768,441	768,441
Common stock, shares issued (in shares)	768,441	768,441
Common stock, shares outstanding (in shares)	98,920	379,821

Revenue Disaggregation

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Disaggregation

Our revenues are generated primarily by providing the following types of services: (i) gaming, inclusive of retail sports betting, iCasino, and OSB; (ii) food and beverage; (iii) hotel; and (iv) other. Other revenues are primarily comprised of PENN Interactive’s revenues generated from third-party iCasino and OSB, in addition to the related gross-up for taxes, racing operations, media advertising, retail, and commissions received on ATM transactions. Our revenue is disaggregated by type of revenue and geographic location (with no single foreign country’s revenue representing more than 10% of total consolidated revenues) of the related properties, which is consistent with our reportable segments, as follows:


	For the three months ended March 31, 2026
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	615.4	$	212.2	$	98.1	$	272.6	$	136.1	$	—	$	—	$	1,334.4
Food and beverage	38.8		35.7		22.2		17.9		—		1.3		—		115.9
Hotel	11.3		23.0		20.6		7.8		—		—		—		62.7
Other	21.6		10.4		4.9		7.6		222.2		3.9		(4.5)		266.1
Total revenues	$	687.1	$	281.3	$	145.8	$	305.9	$	358.3	$	5.2	$	(4.5)	$	1,779.1


	For the three months ended March 31, 2025
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	610.6	$	220.7	$	91.0	$	252.3	$	123.7	$	—	$	—	$	1,298.3
Food and beverage	37.8		33.9		17.6		15.7		—		1.1		—		106.1
Hotel	11.9		24.1		16.8		8.1		—		—		—		60.9
Other	20.6		9.6		4.3		6.8		166.4		4.2		(4.7)		207.2
Total revenues	$	680.9	$	288.3	$	129.7	$	282.9	$	290.1	$	5.3	$	(4.7)	$	1,672.5

(2) Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC Topic 820, “Fair Value Measurements and Disclosures,” establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions, as there is little, if any, related market activity.

The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy. The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate. The fair value of the Company’s trade accounts receivable and payable approximates the carrying amounts.

Long-Term Debt

On March 16, 2026, the Company issued $600.0 million of unsecured notes due 2031 at an interest rate of 6.75%. See Note 5, “Long-Term Debt” for more information.

The fair value of our Amended Credit Facilities, 5.625% Notes, 4.125% Notes, 6.75% Notes, and the Convertible Notes is estimated based on quoted prices in active markets. Due to their trading frequency, these long-term debt instruments are classified as Level 2 measurements.

Indemnification Liability

As of both periods ended March 31, 2026 and December 31, 2025, other liabilities include a $39.5 million tax indemnification, as described in Note 9, “Commitments and Contingencies.” Liabilities associated with the indemnification are recorded in “Other long-term liabilities” within the unaudited Consolidated Balance Sheets. The indemnity has been classified as a Level 3 measurement. Key assumptions used to estimate the fair value of the indemnification include the expected tax rate and the probability of potential outcomes based on valuation methods that utilize unobservable inputs that are significant to the overall fair value as of March 31, 2026 and December 31, 2025.

Available-for-Sale Debt Securities

The Company acquired 12.0% secured convertible notes in a third-party technology provider on April 7, 2023 for $20.0 million, due on the third-year anniversary of the date of issuance. On February 2, 2026, the Company amended the terms of the convertible notes to extend the maturity date to April 2029. As of both periods ended March 31, 2026 and December 31, 2025, the balance of the convertible notes was $26.4 million, which is reported in “Other assets” in our unaudited Consolidated Balance Sheets. The fair value of the convertible notes was determined using valuation models that utilize Level 3 measurements.

The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows:


	March 31, 2026
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	708.0	$	708.0	$	708.0	$	—	$	—
Available-for-sale debt securities	$	26.4	$	26.4	$	—	$	—	$	26.4
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Amended Credit Facilities	$	1,423.0	$	1,436.2	$	—	$	1,436.2	$	—
5.625% Notes	$	400.0	$	399.0	$	—	$	399.0	$	—
4.125% Notes	$	396.7	$	373.0	$	—	$	373.0	$	—
6.75% Notes	$	589.8	$	582.0	$	—	$	582.0	$	—
Convertible Notes	$	106.6	$	106.2	$	—	$	106.2	$	—
Other long-term obligations	$	7.8	$	6.6	$	—	$	6.6	$	—
Other liabilities	$	42.7	$	42.8	$	—	$	2.7	$	40.1


	December 31, 2025
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	686.6	$	686.6	$	686.6	$	—	$	—

Available-for-sale debt securities	$	26.4	$	26.4	$	—	$	—	$	26.4
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Amended Credit Facilities	$	1,975.8	$	1,993.0	$	—	$	1,993.0	$	—
5.625% Notes	$	399.8	$	399.0	$	—	$	399.0	$	—
4.125% Notes	$	396.4	$	368.0	$	—	$	368.0	$	—
Convertible Notes	$	106.5	$	105.6	$	—	$	105.6	$	—
Other long-term obligations	$	8.6	$	7.3	$	—	$	7.3	$	—
Other liabilities	$	42.8	$	42.8	$	—	$	2.7	$	40.1

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 assets and liabilities on a recurring basis as of March 31, 2026:

Valuation Technique

Unobservable Input

Discount Rate

Available-for-sale debt securities

Discounted cash flow

Discount rate

32.5

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Investments in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Return on investment from unconsolidated affiliates	$ 8.8	$ 8.3
Kansas Entertainment
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
Investment balance	$ 77.6		$ 77.8
Return on investment from unconsolidated affiliates	$ 8.8	$ 8.3

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded From Computation of Earnings (Loss) Per Share


	For the three months ended March 31,
(in millions)		2026

Assumed conversion of dilutive restricted stock		0.6

Assumed conversion of convertible debt		4.6


	For the three months ended March 31,
(in millions)		2025
Weighted-average common shares outstanding		152.3
Assumed conversion of:
Dilutive stock options		0.1
Dilutive restricted stock		0.5
Convertible debt (1)		14.1
Weighted-average common shares outstanding - Diluted		167.0

(1)See Note 5, “Long-Term Debt” for details regarding the repurchases of the Convertible Notes.

Schedule of Calculation of Basic and Diluted Loss Per Share

The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the three months ended March 31, 2026 and 2025:


	For the three months ended March 31,
(in millions, except per share data)		2026		2025
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock		$	(2.3)	$	111.8
Weighted-average shares outstanding — PENN Entertainment, Inc.		133.3		151.9
Weighted-average shares outstanding — Exchangeable Shares		0.1		0.4
Weighted-average common shares outstanding — basic		133.4		152.3
Basic earnings (loss) per share		$	(0.02)	$	0.73

Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock		$	(2.3)	$	111.8
Interest expense, net of tax (1):
Convertible Notes		—		1.8
Diluted income applicable to common stock		$	(2.3)	$	113.6
Weighted-average common shares outstanding — diluted		133.4		167.0
Diluted earnings (loss) per share		$	(0.02)	$	0.68

(1)The tax-affected rate was 21% for both of the three months ended March 31, 2026 and 2025.

Significant Accounting Policies and Basis of Presentation

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Significant Accounting Policies and Basis of Presentation

Basis of Presentation: The unaudited Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included.

Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. These unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Principles of Consolidation: The unaudited Consolidated Financial Statements include the accounts of PENN Entertainment, Inc. and its subsidiaries. Investments in and advances to unconsolidated affiliates that do not meet the consolidation criteria of the authoritative guidance for voting interest entities (“VOEs”) or variable interest entities (“VIEs”) are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

Reclassifications: Certain reclassifications have been made to conform the prior period presentation with current year presentation.

Use of Estimates: The preparation of unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of revenues and expenses during the reporting period. We applied estimation methods consistently for the periods presented within the unaudited Consolidated Financial Statements. Actual results may differ from those estimates.

Segment Information: We have five reportable segments: Northeast, South, West, Midwest, and Interactive. Our gaming and racing properties are grouped by geographic location, and each is viewed as an operating segment with the exception of our two properties in Jackpot, Nevada, which are viewed as one operating segment. We consider our combined Video Gaming Terminal (“VGT”) operations, by state, to be separate operating segments.

The Northeast, South, West, and Midwest segments (referred to as our “retail segments”) primarily generate revenue from gaming operations (such as slot machines and table games), food and beverage offerings, and hotel visitation. The Interactive segment includes all of our OSB, online casino/iCasino, and social gaming (collectively referred to as “online gaming”) operations, management of retail sports betting, and media operations.

See Note 13, “Segment Information” and Note 6, “Leases” for further segment and lease structure information, respectively. For financial reporting purposes, we aggregate our operating segments into the following reportable segments:

Location

Real Estate Assets Lease or Ownership Structure

Northeast segment

Ameristar East Chicago

East Chicago, Indiana

Pinnacle Master Lease

Hollywood Casino Bangor

Bangor, Maine

AR PENN Master Lease

Hollywood Casino at Charles Town Races

Charles Town, West Virginia

AR PENN Master Lease

Hollywood Casino Columbus

Columbus, Ohio

2023 Master Lease

Hollywood Casino at Greektown

Detroit, Michigan

VICI Master Lease

Hollywood Casino Lawrenceburg

Lawrenceburg, Indiana

AR PENN Master Lease

Hollywood Casino Morgantown

Morgantown, Pennsylvania

Morgantown Lease (1)

Hollywood Casino at PENN National Race Course

Grantville, Pennsylvania

AR PENN Master Lease

Hollywood Casino Perryville

Perryville, Maryland

2023 Master Lease

Hollywood Casino at The Meadows

Washington, Pennsylvania

2023 Master Lease

Hollywood Casino Toledo

Toledo, Ohio

2023 Master Lease

Hollywood Casino York

York, Pennsylvania

Operating Lease (not with REIT Landlord)

Hollywood Gaming at Dayton Raceway

Dayton, Ohio

AR PENN Master Lease

Hollywood Gaming at Mahoning Valley Race Course

Youngstown, Ohio

AR PENN Master Lease

Marquee by PENN (2)

Pennsylvania

N/A

Plainridge Park Casino

Plainville, Massachusetts

Pinnacle Master Lease

South segment

1st Jackpot Casino

Tunica, Mississippi

AR PENN Master Lease

Ameristar Vicksburg

Vicksburg, Mississippi

Pinnacle Master Lease

Boomtown Biloxi

Biloxi, Mississippi

AR PENN Master Lease

Boomtown Bossier City

Bossier City, Louisiana

Pinnacle Master Lease

Boomtown New Orleans

New Orleans, Louisiana

Pinnacle Master Lease

Hollywood Casino Gulf Coast

Bay St. Louis, Mississippi

AR PENN Master Lease

Hollywood Casino Tunica

Tunica, Mississippi

AR PENN Master Lease

L’Auberge Baton Rouge

Baton Rouge, Louisiana

Pinnacle Master Lease

L’Auberge Lake Charles

Lake Charles, Louisiana

Pinnacle Master Lease

Margaritaville Resort Casino

Bossier City, Louisiana

VICI Master Lease

West segment

Ameristar Black Hawk

Black Hawk, Colorado

Pinnacle Master Lease

Cactus Petes and Horseshu

Jackpot, Nevada

Pinnacle Master Lease

M Resort Spa Casino

Henderson, Nevada

2023 Master Lease

Zia Park Casino

Hobbs, New Mexico

AR PENN Master Lease

Midwest segment

Ameristar Council Bluffs

Council Bluffs, Iowa

Pinnacle Master Lease

Argosy Casino Alton (3)

Alton, Illinois

AR PENN Master Lease

Argosy Casino Riverside

Riverside, Missouri

AR PENN Master Lease

Hollywood Casino Aurora

Aurora, Illinois

2023 Master Lease

Hollywood Casino Joliet

Joliet, Illinois

2023 Master Lease

Hollywood Casino at Kansas Speedway (4)

Kansas City, Kansas

Owned - Joint Venture

Hollywood Casino St. Louis

Maryland Heights, Missouri

AR PENN Master Lease

Prairie State Gaming (2)

Illinois

N/A

River City Casino

St. Louis, Missouri

Pinnacle 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.

Revenue Recognition: Our revenue from contracts with customers consists primarily of gaming wagers, inclusive of sports betting and iCasino products, food and beverage transactions, hotel room sales, retail transactions, racing wagers, and third-party revenue sharing agreements. See Note 4, “Revenue Disaggregation” for information on our revenue by type and geographic location.

Complimentaries Associated with Gaming Contracts

Food, beverage, hotel, and other services furnished to patrons for free as an inducement to gamble at our retail properties or through the redemption of our customers’ loyalty points are recorded as “Food, beverage, hotel, and other” revenues at their estimated standalone selling prices, with an offset recorded as a reduction to “Gaming” revenues. The cost of providing complimentary goods and services to patrons as an inducement to gamble as well as for the fulfillment of our loyalty point obligation is included in “Food, beverage, hotel, and other” expenses. Revenues recorded to “Food, beverage, hotel, and other” and offset to “Gaming” revenues were as follows:


	For the three months ended March 31,
(in millions)		2026		2025
Food and beverage		$	63.1	$	58.1
Hotel		33.7		34.2
Other		1.9		1.6
Total complimentaries associated with gaming contracts		$	98.7	$	93.9

Additionally, the Company provides discretionary complimentaries in the form of iCasino and OSB free play bonuses. Free play bonuses provided to patrons as an inducement to gamble on the Company’s digital sports betting and iCasino apps are recorded as a reduction of “Gaming” revenues.

Customer-related Liabilities

The Company has three general types of liabilities related to contracts with customers: (i) the obligation associated with its PENN Play program (loyalty points and tier status benefits), (ii) advance payments on goods and services yet to be provided and for unpaid wagers, and (iii) deferred revenue associated with third-party OSB and/or iCasino partners for OSB and iCasino market access.

Our PENN Play program connects the Company’s brands under one loyalty program and allows members to earn loyalty points, or “PENN Cash,” redeemable for slot play and complimentaries, such as food and beverage at our restaurants, lodging at our hotels, redemptions at the PENN Play marketplace that features popular retailers, and products offered at our retail stores across the vast majority of our properties. In addition, members of the PENN Play program earn credit toward tier status, which entitles them to receive certain other benefits, such as priority access, discounts, gifts, trips to PENN destinations, partner experiences, and PENN Cash.

The obligation associated with our PENN Play program, which is included in “Accrued expenses and other current liabilities” within the unaudited Consolidated Balance Sheets, was $33.1 million and $29.8 million as of March 31, 2026 and December 31, 2025, respectively, and consisted primarily of the obligation associated with the loyalty points. Our loyalty point obligations are generally settled within six months of issuance. Changes between the opening and closing balances primarily relate to the timing of our customers’ election to redeem loyalty points as well as the timing of when our customers receive their earned tier status benefits.

The Company’s advance payments on goods and services yet to be provided and for unpaid wagers primarily consist of the following: (i) deposits on rooms and convention space; (ii) money deposited on behalf of a customer in advance of their property visit (referred to as “safekeeping” or “front money”); (iii) money deposited in an online wallet not yet wagered; (iv) money deposited in an online wallet for pending and concluded wagers not yet withdrawn; (v) outstanding tickets generated by slot machine play, sports betting, or pari-mutuel wagering; (vi) outstanding chip liabilities; and (vii) unclaimed jackpots. Unpaid wagers generally represent obligations stemming from prior wagering events, of which revenue was previously recognized. The Company’s advance payments on goods and services yet to be provided and for unpaid wagers were $117.1 million and $133.7 million as of March 31, 2026 and December 31, 2025, respectively, and are included in “Accrued expenses and other current liabilities” within the unaudited Consolidated Balance Sheets.

The Company’s deferred revenue is primarily related to PENN Interactive, which enters into multi-year agreements with third-party OSB and/or iCasino partners for OSB and iCasino market access across our portfolio of properties.

As of March 31, 2026 and December 31, 2025, our deferred revenue balance was $37.4 million and $34.1 million, respectively, the majority of which is included in “Other long-term liabilities” within the unaudited Consolidated Balance Sheets. During the three months ended March 31, 2026 and 2025, we recognized revenue of $1.7 million and $3.6 million, respectively, that was included in the December 31, 2025 and 2024 deferred revenue balance.

Advertising: The Company expenses advertising costs the first time the advertising takes place or as incurred. Advertising expenses, which generally relate to media placement costs and are primarily included in “Gaming” expenses within the unaudited Consolidated Statements of Operations were $40.6 million and $99.9 million for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2025, advertising expense included media marketing services and brand and other rights provided by ESPN, Inc. and ESPN Enterprises Inc. (together, “ESPN”) pursuant to the Sportsbook Agreement (the “Sportsbook Agreement”) which was terminated on November 5, 2025.

Gaming and Pari-mutuel Taxes: We are subject to gaming and pari-mutuel taxes based on gross gaming revenue and pari-mutuel revenue in the jurisdictions in which we operate, as well as taxes on revenues derived from arrangements which allow for third-party OSB and/or iCasino partners to operate online sportsbooks and iCasinos under our gaming licenses. The Company primarily recognizes gaming and pari-mutuel tax expense based on the statutorily required percentage of revenue that is required to be paid to state, provincial and/or local jurisdictions in the states and provinces where or in which the wagering occurs. Also included in gaming and pari-mutuel taxes are costs to support the operations of local regulatory authorities which some jurisdictions require us to pay. Gaming and pari-mutuel taxes are recorded in “Gaming” expenses or “Food, beverage, hotel, and other” expenses within the unaudited Consolidated Statements of Operations and were $686.0 million and $609.9 million for the three months ended March 31, 2026 and 2025, respectively.

Foreign Currency Translation: The functional currency of the Company’s foreign subsidiaries is the local currency in which the subsidiary operates. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Translation adjustments resulting from this process are recorded to other comprehensive income or loss. Revenues and expenses are typically translated at the average exchange rates during the year. Gains or losses resulting from foreign currency transactions are included in “Other” within the unaudited Consolidated Statements of Operations.

Comprehensive Income or Loss and Accumulated Other Comprehensive Income or Loss: Comprehensive income or loss includes net income or loss and all other non-stockholder changes in equity, or other comprehensive income or loss. The balance of accumulated other comprehensive income or loss consists of foreign currency translation adjustments and unrealized gains or losses on debt securities.

Earnings or Loss Per Share: Basic earnings or loss per share (“EPS”) is computed by dividing net income or loss applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution, if any, for all potentially-dilutive securities such as warrants, stock options, unvested restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) (collectively with RSAs, “restricted stock”), outstanding preferred stock, and convertible debt.

Guarantees and Indemnifications: The Company accounts for indemnity obligations in accordance with ASC Topic 460-20, “Contingencies” and records a liability at fair value. See Note 9, “Commitments and Contingencies” for more information.

Long-Term Debt - Other Long-Term Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Gain on financing arrangement	$ 0.0	$ 215.1
Other long-term obligations
Debt Instrument [Line Items]
Gain on financing arrangement		$ 215.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

We have five reportable segments: Northeast, South, West, Midwest, and Interactive. Our gaming and racing properties are grouped by geographic location, and each is viewed as an operating segment with the exception of our two properties in Jackpot, Nevada, which are viewed as one operating segment. We consider our combined VGT operations, by state, to be separate operating segments.

The retail segments primarily generate revenue from gaming operations (such as slot machines and table games), food and beverage offerings, and hotel visitation. The accounting policies of our retail segments are the same as those described in our significant accounting policies. See Note 2, “Significant Accounting Policies and Basis of Presentation” for further information.

The Interactive segment includes all of our online gaming operations, management of retail sports betting, and media operations. The accounting policies of our Interactive segment are the same as those described in our significant accounting policies. See Note 2, “Significant Accounting Policies and Basis of Presentation” for further information.

The Other category, included in the tables to reconcile the segment information to the consolidated information, consists of our stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Park, and our management contract for Retama Park Racetrack. The Other category also includes corporate overhead expenses, which consist of certain expenses, such as: payroll, professional fees, travel expenses, and other general and administrative expenses that have not otherwise been allocated.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer and President. Segment Adjusted EBITDAR (as defined below) is our measure of segment profit or loss for each segment and is utilized by the CODM as follows:

•within the annual budget and forecasting process when making decisions about the allocation of operating and capital resources to each segment;

•to evaluate monthly budget-to-actual variances which are used in assessing segment performance;

•to determine whether to reinvest profits into the segment or into other parts of the Company, such as new development projects, return generating investments in our retail operations and Interactive segment; and

•to determine various capital allocation initiatives such as mergers and acquisitions, share repurchases, and delevering.

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 March 31, 2026
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Total revenues	$	687.1	$	281.3	$	145.8	$	305.9	$	358.3	$	5.2	$	(4.5)	$	1,779.1
Less:
Gaming taxes	(282.6)		(61.5)		(25.6)		(81.9)		(234.4)
Compensation and benefits	(105.3)		(57.8)		(33.3)		(49.6)		(29.9)
Media and advertising (3)									(29.5)
Other segment items (4)	(104.6)		(57.8)		(33.0)		(55.7)		(75.3)
Segment Adjusted EBITDAR (5)	$	194.6	$	104.2	$	53.9	$	118.7	$	(10.8)					$	460.6


Other operating benefits (costs) and other income (expenses):
Other category (6)	(31.5)
Rent expense associated with triple net operating leases (7)	(163.3)
Stock-based compensation	(14.1)
Cash-settled stock-based awards variance	3.4


Pre-opening expenses	(4.1)
Depreciation and amortization	(117.0)


Non-operating items of equity method investments (8)	(1.1)
Interest expense, net	(101.0)
Interest income	1.9



Other (9)	(27.9)
Income before income taxes	5.9
Income tax expense	(8.7)
Net loss	$	(2.8)

(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 $185.8 million for the three months ended March 31, 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 $28.2 million for the three months ended March 31, 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 non-recurring restructuring charges (primarily severance) related to the Company’s new corporate organizational structure, and other transaction costs.


	For the three months ended March 31, 2025
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Total revenues	$	680.9	$	288.3	$	129.7	$	282.9	$	290.1	$	5.3	$	(4.7)	$	1,672.5
Less:
Gaming taxes	(279.5)		(63.4)		(23.7)		(74.7)		(168.6)
Compensation and benefits	(103.5)		(56.8)		(31.3)		(44.1)		(36.7)
Media and advertising (3)									(88.5)
Other segment items (4)	(103.7)		(64.8)		(29.0)		(50.3)		(85.3)
Segment Adjusted EBITDAR (5)	$	194.2	$	103.3	$	45.7	$	113.8	$	(89.0)					$	368.0


Other operating benefits (costs) and other income (expenses):
Other category (6)	(38.8)
Rent expense associated with triple net operating leases (7)	(155.9)
Stock-based compensation	(15.6)
Cash-settled stock-based awards variance	3.2


Pre-opening expenses	(0.5)
Depreciation and amortization	(108.0)


Non-operating items of equity method investments (8)	(1.1)
Interest expense, net	(110.8)
Interest income	3.2




Gain on financing arrangement (9)	215.1
Other	0.4
Income before income taxes	159.2
Income tax expense	(47.7)
Net income	$	111.5

(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 $128.2 million for the three months ended March 31, 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 $14.2 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:

(6)Primarily represents corporate overhead expenses of $36.0 million for the three months ended March 31, 2025, which is inclusive of $7.7 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)Consists primarily of depreciation expense associated with our Kansas Entertainment joint venture.

(9)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 March 31,
(in millions)		2026		2025
Capital expenditures:
Northeast segment		$	20.1	$	13.5
South segment		10.0		13.7
West segment		3.7		40.5
Midwest segment		57.5		51.7
Interactive segment		—		3.6
Other		3.3		2.2
Total capital expenditures		$	94.6	$	125.2

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)	Northeast		South		West		Midwest		Interactive		Other (1)		Total
Balance sheet as of March 31, 2026
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	77.6	$	—	$	1.4	$	79.1
Total assets	$	1,784.4	$	1,274.2	$	421.6	$	1,611.0	$	1,503.1	$	7,523.7	$	14,118.0

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net income (loss)	$ (2.8)	$ 111.5
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	117.0	108.0
Amortization of debt discounts and debt issuance costs	2.1	2.3
Non-cash operating lease expense	97.1	83.5
Income from unconsolidated affiliates	(8.3)	(7.6)
Return on investment from unconsolidated affiliates	8.8	8.3
Deferred income taxes	6.5	11.5
Stock-based compensation	14.1	15.6
Investment Agreement warrant expense	0.0	14.2
Gain on financing arrangement	0.0	(215.1)
Changes in operating assets and liabilities
Accounts receivable	12.7	0.9
Prepaid expenses and other current assets	3.0	(8.6)
Other assets	5.7	1.7
Accounts payable	14.1	4.0
Accrued expenses	(58.6)	(64.2)
Income taxes	19.0	55.8
Operating lease liabilities	(92.9)	(78.9)
Other current and long-term liabilities	(22.8)	(19.9)
Other	7.7	18.9
Net cash provided by operating activities	122.4	41.9
Investing activities
Capital expenditures	(94.6)	(125.2)
Other	9.9	(10.7)
Net cash used in investing activities	(84.7)	(135.9)
Financing activities
Proceeds from revolving credit facility	125.0	150.0
Repayments of revolving credit facility	(670.0)	(90.0)
Proceeds from issuance of long-term debt	600.0	0.0
Principal payments on long-term debt	(9.4)	(9.4)
Debt issuance costs	(10.3)	0.0
Principal payments on financing obligations	(11.2)	(10.7)
Principal payments on finance leases	(13.9)	(13.1)
Repurchases of common stock	0.0	(25.0)
Payments on insurance financing	(9.4)	(12.4)
Other	(7.8)	(5.6)
Net cash used in financing activities	(7.0)	(16.2)
Effect of currency rate changes on cash, cash equivalents, and restricted cash	(0.8)	0.0
Change in cash, cash equivalents, and restricted cash	29.9	(110.2)
Cash, cash equivalents, and restricted cash at the beginning of the year	714.8	723.8
Cash, cash equivalents, and restricted cash at the end of the period	744.7	613.6
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	708.0	591.6
Restricted cash included in Other current assets	35.5	20.8
Restricted cash included in Other assets	1.2	1.2
Total cash, cash equivalents, and restricted cash	744.7	613.6
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized	107.8	102.0
Cash refunds related to income taxes, net	16.7	19.7
Non-cash activities:
Accrued capital expenditures	$ 54.2	$ 67.7

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Non-cash lease activities:
Commencement of operating leases	$ 1.8	$ 11.6
Commencement of finance leases	$ 0.3	$ 0.2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Policies and Basis of Presentation - Advertising (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Marketing and advertising expense	$ 40.6	$ 99.9

Investments in and Advances to Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	Investments in and Advances to Unconsolidated Affiliates As of March 31, 2026, investments in and advances to unconsolidated affiliates primarily consisted of the Company’s 50% investment in Kansas Entertainment, the joint venture with NASCAR that owns Hollywood Casino at Kansas Speedway. Kansas Entertainment Joint Venture As of March 31, 2026 and December 31, 2025, our investment in Kansas Entertainment was $77.6 million and $77.8 million, respectively. During the three months ended March 31, 2026 and 2025, the Company received distributions from Kansas Entertainment totaling $8.8 million and $8.3 million, respectively. The Company deems these distributions to be returns on its investment based on the source of those cash flows from the normal business operations of Kansas Entertainment. The Company has determined that Kansas Entertainment does not qualify as a VIE. Using the guidance for entities that are not VIEs, the Company determined that it did not have a controlling financial interest in the joint venture, primarily as it did not have the ability to direct the activities of the joint venture that most significantly impacted the joint venture’s economic performance without the input of NASCAR. Therefore, the Company did not consolidate the financial position of Kansas Entertainment as of March 31, 2026 and December 31, 2025, nor the results of operations for the three months ended March 31, 2026 and 2025.

Long-Term Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Interest expense	$ 108.0	$ 120.3
Capitalized interest	(7.0)	(9.5)
Interest expense, net	$ 101.0	$ 110.8

Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended
Revenue Disaggregation (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,779.1	$ 1,672.5
Gaming
Disaggregation of Revenue [Line Items]
Total revenues	1,334.4	1,298.3
Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	115.9	106.1
Hotel
Disaggregation of Revenue [Line Items]
Total revenues	62.7	60.9
Other
Disaggregation of Revenue [Line Items]
Total revenues	266.1	207.2
Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	1,779.1	1,672.5
Operating Segments \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues	687.1	680.9
Operating Segments \| Northeast \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	615.4	610.6
Operating Segments \| Northeast \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	38.8	37.8
Operating Segments \| Northeast \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	11.3	11.9
Operating Segments \| Northeast \| Other
Disaggregation of Revenue [Line Items]
Total revenues	21.6	20.6
Operating Segments \| South
Disaggregation of Revenue [Line Items]
Total revenues	281.3	288.3
Operating Segments \| South \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	212.2	220.7
Operating Segments \| South \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	35.7	33.9
Operating Segments \| South \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	23.0	24.1
Operating Segments \| South \| Other
Disaggregation of Revenue [Line Items]
Total revenues	10.4	9.6
Operating Segments \| West
Disaggregation of Revenue [Line Items]
Total revenues	145.8	129.7
Operating Segments \| West \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	98.1	91.0
Operating Segments \| West \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	22.2	17.6
Operating Segments \| West \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	20.6	16.8
Operating Segments \| West \| Other
Disaggregation of Revenue [Line Items]
Total revenues	4.9	4.3
Operating Segments \| Midwest
Disaggregation of Revenue [Line Items]
Total revenues	305.9	282.9
Operating Segments \| Midwest \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	272.6	252.3
Operating Segments \| Midwest \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	17.9	15.7
Operating Segments \| Midwest \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	7.8	8.1
Operating Segments \| Midwest \| Other
Disaggregation of Revenue [Line Items]
Total revenues	7.6	6.8
Operating Segments \| Interactive
Disaggregation of Revenue [Line Items]
Total revenues	358.3	290.1
Tax gross up	185.8	128.2
Operating Segments \| Interactive \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	136.1	123.7
Operating Segments \| Interactive \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Operating Segments \| Interactive \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Operating Segments \| Interactive \| Other
Disaggregation of Revenue [Line Items]
Total revenues	222.2	166.4
Other
Disaggregation of Revenue [Line Items]
Total revenues	5.2	5.3
Other \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Other \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	1.3	1.1
Other \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Other \| Other
Disaggregation of Revenue [Line Items]
Total revenues	3.9	4.2
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(4.5)	(4.7)
Intersegment Eliminations \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Intersegment Eliminations \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Intersegment Eliminations \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Intersegment Eliminations \| Other
Disaggregation of Revenue [Line Items]
Total revenues	$ (4.5)	$ (4.7)

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted In November 2024, the FASB issued ASU 2024-04, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” (“ASU 2024-04”). ASU 2024-04 clarifies the determination of accounting treatment required for settlement of convertible debt (particularly, cash convertible instruments) at terms that differ from the original conversion terms. ASU 2024-04 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and was adopted on a prospective basis. The adoption of ASU 2024-04 did not have a material impact on our unaudited Consolidated Financial Statements. In July 2025, the FASB issued ASU 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”). ASU 2025-05 introduces optional relief for entities estimating expected credit losses on accounts receivable and contract assets arising from revenue transactions under ASC 606, “Revenue from Contracts with Customers.” The guidance allows entities to apply a practical expedient assuming current conditions persist over the asset’s life, and for certain non-public entities, to consider post-balance sheet cash collections when estimating credit losses. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and was adopted on a prospective basis. The adoption of ASU 2025-05 did not have a material impact on our unaudited Consolidated Financial Statements. Accounting Pronouncements to be Implemented In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 updates the requirements for a public entity to disclose additional information about specific income statement expense categories in the notes to financial statements. ASU 2024-03 does not change or remove current expense disclosure requirements, however, it affects where this information appears in the notes to financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, on a prospective or retrospective basis, with early adoption permitted. We are assessing the guidance and currently expect adoption of the new standard to result in additional disclosures in the notes to the unaudited Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”). The amendments in ASU 2025-06 improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods, which may impact the timing and extent of cost capitalization for internal-use software. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, on a prospective, modified, or retrospective basis, with early adoption permitted. We are currently assessing the guidance, and we do not expect the new standard to have a material impact on the unaudited Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Significant Accounting Policies and Basis of Presentation - Gaming and Pari-mutuel Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Gaming taxes	$ 686.0	$ 609.9

Leases - Schedule of Triple Net Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Leased Assets [Line Items]
Lease payments	$ 247.7	$ 240.0
AR PENN Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	73.1	72.1
2023 Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	66.2	59.8
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	87.4	87.4
VICI Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	20.2	0.0
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Lease payments	0.0	6.7
Greektown Lease
Schedule of Leased Assets [Line Items]
Lease payments	0.0	13.2
Morgantown Lease
Schedule of Leased Assets [Line Items]
Lease payments	$ 0.8	$ 0.8

Significant Accounting Policies and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Operating Segments within Reportable Segments

For financial reporting purposes, we aggregate our operating segments into the following reportable segments:

Location

Real Estate Assets Lease or Ownership Structure

Northeast segment

Ameristar East Chicago

East Chicago, Indiana

Pinnacle Master Lease

Hollywood Casino Bangor

Bangor, Maine

AR PENN Master Lease

Hollywood Casino at Charles Town Races

Charles Town, West Virginia

AR PENN Master Lease

Hollywood Casino Columbus

Columbus, Ohio

2023 Master Lease

Hollywood Casino at Greektown

Detroit, Michigan

VICI Master Lease

Hollywood Casino Lawrenceburg

Lawrenceburg, Indiana

AR PENN Master Lease

Hollywood Casino Morgantown

Morgantown, Pennsylvania

Morgantown Lease (1)

Hollywood Casino at PENN National Race Course

Grantville, Pennsylvania

AR PENN Master Lease

Hollywood Casino Perryville

Perryville, Maryland

2023 Master Lease

Hollywood Casino at The Meadows

Washington, Pennsylvania

2023 Master Lease

Hollywood Casino Toledo

Toledo, Ohio

2023 Master Lease

Hollywood Casino York

York, Pennsylvania

Operating Lease (not with REIT Landlord)

Hollywood Gaming at Dayton Raceway

Dayton, Ohio

AR PENN Master Lease

Hollywood Gaming at Mahoning Valley Race Course

Youngstown, Ohio

AR PENN Master Lease

Marquee by PENN (2)

Pennsylvania

N/A

Plainridge Park Casino

Plainville, Massachusetts

Pinnacle Master Lease

South segment

1st Jackpot Casino

Tunica, Mississippi

AR PENN Master Lease

Ameristar Vicksburg

Vicksburg, Mississippi

Pinnacle Master Lease

Boomtown Biloxi

Biloxi, Mississippi

AR PENN Master Lease

Boomtown Bossier City

Bossier City, Louisiana

Pinnacle Master Lease

Boomtown New Orleans

New Orleans, Louisiana

Pinnacle Master Lease

Hollywood Casino Gulf Coast

Bay St. Louis, Mississippi

AR PENN Master Lease

Hollywood Casino Tunica

Tunica, Mississippi

AR PENN Master Lease

L’Auberge Baton Rouge

Baton Rouge, Louisiana

Pinnacle Master Lease

L’Auberge Lake Charles

Lake Charles, Louisiana

Pinnacle Master Lease

Margaritaville Resort Casino

Bossier City, Louisiana

VICI Master Lease

West segment

Ameristar Black Hawk

Black Hawk, Colorado

Pinnacle Master Lease

Cactus Petes and Horseshu

Jackpot, Nevada

Pinnacle Master Lease

M Resort Spa Casino

Henderson, Nevada

2023 Master Lease

Zia Park Casino

Hobbs, New Mexico

AR PENN Master Lease

Midwest segment

Ameristar Council Bluffs

Council Bluffs, Iowa

Pinnacle Master Lease

Argosy Casino Alton (3)

Alton, Illinois

AR PENN Master Lease

Argosy Casino Riverside

Riverside, Missouri

AR PENN Master Lease

Hollywood Casino Aurora

Aurora, Illinois

2023 Master Lease

Hollywood Casino Joliet

Joliet, Illinois

2023 Master Lease

Hollywood Casino at Kansas Speedway (4)

Kansas City, Kansas

Owned - Joint Venture

Hollywood Casino St. Louis

Maryland Heights, Missouri

AR PENN Master Lease

Prairie State Gaming (2)

Illinois

N/A

River City Casino

St. Louis, Missouri

Pinnacle 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.

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 March 31, 2026
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Total revenues	$	687.1	$	281.3	$	145.8	$	305.9	$	358.3	$	5.2	$	(4.5)	$	1,779.1
Less:
Gaming taxes	(282.6)		(61.5)		(25.6)		(81.9)		(234.4)
Compensation and benefits	(105.3)		(57.8)		(33.3)		(49.6)		(29.9)
Media and advertising (3)									(29.5)
Other segment items (4)	(104.6)		(57.8)		(33.0)		(55.7)		(75.3)
Segment Adjusted EBITDAR (5)	$	194.6	$	104.2	$	53.9	$	118.7	$	(10.8)					$	460.6


Other operating benefits (costs) and other income (expenses):
Other category (6)	(31.5)
Rent expense associated with triple net operating leases (7)	(163.3)
Stock-based compensation	(14.1)
Cash-settled stock-based awards variance	3.4


Pre-opening expenses	(4.1)
Depreciation and amortization	(117.0)


Non-operating items of equity method investments (8)	(1.1)
Interest expense, net	(101.0)
Interest income	1.9



Other (9)	(27.9)
Income before income taxes	5.9
Income tax expense	(8.7)
Net loss	$	(2.8)

(2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.

(4)For each reportable segment, the Other segment items category includes:

(6)Primarily represents corporate overhead expenses of $28.2 million for the three months ended March 31, 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.


	For the three months ended March 31, 2025
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Total revenues	$	680.9	$	288.3	$	129.7	$	282.9	$	290.1	$	5.3	$	(4.7)	$	1,672.5
Less:
Gaming taxes	(279.5)		(63.4)		(23.7)		(74.7)		(168.6)
Compensation and benefits	(103.5)		(56.8)		(31.3)		(44.1)		(36.7)
Media and advertising (3)									(88.5)
Other segment items (4)	(103.7)		(64.8)		(29.0)		(50.3)		(85.3)
Segment Adjusted EBITDAR (5)	$	194.2	$	103.3	$	45.7	$	113.8	$	(89.0)					$	368.0


Other operating benefits (costs) and other income (expenses):
Other category (6)	(38.8)
Rent expense associated with triple net operating leases (7)	(155.9)
Stock-based compensation	(15.6)
Cash-settled stock-based awards variance	3.2


Pre-opening expenses	(0.5)
Depreciation and amortization	(108.0)


Non-operating items of equity method investments (8)	(1.1)
Interest expense, net	(110.8)
Interest income	3.2




Gain on financing arrangement (9)	215.1
Other	0.4
Income before income taxes	159.2
Income tax expense	(47.7)
Net income	$	111.5

(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 $128.2 million for the three months ended March 31, 2025.

(2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.

(4)For each reportable segment, the Other segment items category includes:

(7)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease.

(8)Consists primarily of depreciation expense associated with our Kansas Entertainment joint venture.

(9)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 March 31,
(in millions)		2026		2025
Capital expenditures:
Northeast segment		$	20.1	$	13.5
South segment		10.0		13.7
West segment		3.7		40.5
Midwest segment		57.5		51.7
Interactive segment		—		3.6
Other		3.3		2.2
Total capital expenditures		$	94.6	$	125.2

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)	Northeast		South		West		Midwest		Interactive		Other (1)		Total
Balance sheet as of March 31, 2026
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	77.6	$	—	$	1.4	$	79.1
Total assets	$	1,784.4	$	1,274.2	$	421.6	$	1,611.0	$	1,503.1	$	7,523.7	$	14,118.0

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

Schedule of Complimentaries

Revenues recorded to “Food, beverage, hotel, and other” and offset to “Gaming” revenues were as follows:


	For the three months ended March 31,
(in millions)		2026		2025
Food and beverage		$	63.1	$	58.1
Hotel		33.7		34.2
Other		1.9		1.6
Total complimentaries associated with gaming contracts		$	98.7	$	93.9

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt, Net of Current Maturities, Debt Discounts and Issuance Costs

The table below presents long-term debt, net of current maturities, debt discounts, and debt issuance costs:


(in millions)	March 31, 2026		December 31, 2025
Amended Credit Facilities:
Amended Revolving Credit Facility due 2027	$	25.0	$	570.0
Amended Term Loan A Facility due 2027	446.9		453.8
Amended Term Loan B Facility due 2029	962.5		965.0
5.625% Notes due 2027	400.0		400.0
4.125% Notes due 2029	400.0		400.0
6.75% Notes due 2031	600.0		—
2.75% Convertible Notes due 2026	106.7		106.7
Other long-term obligations	7.8		8.6
	2,948.9		2,904.1
Less: Current maturities of long-term debt	(38.3)		(38.2)
Less: Debt discounts and debt issuance costs	(25.0)		(17.0)
	$	2,885.6	$	2,848.9

Schedule of Maturities of Long-term Debt

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2026:


(in millions)
Years ending December 31:
2026 (excluding the three months ended March 31, 2026)	$	134.8
2027	862.0
2028	10.8
2029	1,335.8
2030	0.8
Thereafter	604.7
Total minimum payments	$	2,948.9

Schedule of Interest Expense, Net

The table below presents interest expense, net:


	For the three months ended March 31,
(in millions)		2026		2025
Interest expense		$	108.0	$	120.3
Capitalized interest		(7.0)		(9.5)
Interest expense, net		$	101.0	$	110.8

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Long-Term Debt - Schedule of Long-term Debt, Net of Current Maturities, Debt Discounts and Issuance Costs (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 16, 2026	Dec. 31, 2025	May 31, 2020	Jan. 19, 2017
Debt Instrument [Line Items]
Principal	$ 2,948.9		$ 2,904.1
Less: Current maturities of long-term debt	(38.3)		(38.2)
Less: Debt discounts and debt issuance costs	(25.0)		(17.0)
Long-term debt, net of current maturities, debt discounts, and debt issuance costs	2,885.6		2,848.9
Amended Credit Facilities \| Amended Revolving Credit Facility due 2027
Debt Instrument [Line Items]
Principal	25.0		570.0
Amended Credit Facilities \| Amended Term Loan A Facility due 2027
Debt Instrument [Line Items]
Principal	446.9		453.8
Amended Credit Facilities \| Amended Term Loan B Facility due 2029
Debt Instrument [Line Items]
Principal	$ 962.5		965.0
Senior Notes \| 5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate	5.625%				5.625%
Principal	$ 400.0		$ 400.0
Senior Notes \| 4.125% Notes due 2029
Debt Instrument [Line Items]
Interest rate	4.125%		4.125%
Principal	$ 400.0		$ 400.0
Senior Notes \| 6.75% Notes due 2031
Debt Instrument [Line Items]
Interest rate	6.75%
Principal	$ 600.0		0.0
Convertible Notes \| 6.75% Notes due 2031
Debt Instrument [Line Items]
Interest rate	6.75%	6.75%
Convertible Notes \| 2.75% Convertible Notes due 2026
Debt Instrument [Line Items]
Interest rate	2.75%			2.75%
Principal	$ 106.7		106.7
Other long-term obligations
Debt Instrument [Line Items]
Principal	$ 7.8		$ 8.6

Significant Accounting Policies and Basis of Presentation - Segment Information (Details)	3 Months Ended
	Mar. 31, 2026 segment facility
Segment Reporting Information [Line Items]
Number of reportable segments	5
Jackpot, Nevada
Segment Reporting Information [Line Items]
Number of facilities the entity owned, managed, or had ownership interests in \| facility	2
Number of operating segments	1

Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Millions	Mar. 31, 2026 USD ($)
Debt Disclosure [Abstract]
2026 (excluding the three months ended March 31, 2026)	$ 134.8
2027	862.0
2028	10.8
2029	1,335.8
2030	0.8
Thereafter	604.7
Total minimum payments	$ 2,948.9

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Fair Value Measurements - Schedule of Carrying Amounts and Estimated Fair Values by Input Level (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 16, 2026	Dec. 31, 2025	May 31, 2020
Senior Notes \| 5.625% Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	5.625%		5.625%
Senior Notes \| 4.125% Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	4.125%		4.125%
Senior Notes \| 6.75% Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	6.75%
Convertible Notes
Financial liabilities:
Long-term debt	$ 26.4		$ 26.4
Convertible Notes \| 6.75% Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	6.75%	6.75%
Convertible Notes \| Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	2.75%			2.75%
Recurring \| Level 1
Financial assets:
Cash and cash equivalents	$ 708.0		686.6
Available-for-sale debt securities	0.0		0.0
Held-to-maturity securities	0.0		0.0
Promissory notes	0.0		0.0
Financial liabilities:
Other liabilities	0.0		0.0
Recurring \| Level 1 \| Amended Credit Facilities
Financial liabilities:
Long-term debt	0.0		0.0
Recurring \| Level 1 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	0.0		0.0
Recurring \| Level 1 \| Senior Notes \| 4.125% Notes
Financial liabilities:
Long-term debt	0.0		0.0
Recurring \| Level 1 \| Senior Notes \| 6.75% Notes
Financial liabilities:
Long-term debt	0.0
Recurring \| Level 1 \| Convertible Notes \| Convertible Notes
Financial liabilities:
Long-term debt	0.0		0.0
Recurring \| Level 1 \| Other long-term obligations
Financial liabilities:
Long-term debt	0.0		0.0
Recurring \| Level 2
Financial assets:
Cash and cash equivalents	0.0		0.0
Available-for-sale debt securities	0.0		0.0
Held-to-maturity securities	6.7		6.7
Promissory notes	7.9		7.9
Financial liabilities:
Other liabilities	2.7		2.7
Recurring \| Level 2 \| Amended Credit Facilities
Financial liabilities:
Long-term debt	1,436.2		1,993.0
Recurring \| Level 2 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	399.0		399.0
Recurring \| Level 2 \| Senior Notes \| 4.125% Notes
Financial liabilities:
Long-term debt	373.0		368.0
Recurring \| Level 2 \| Senior Notes \| 6.75% Notes
Financial liabilities:
Long-term debt	582.0
Recurring \| Level 2 \| Convertible Notes \| Convertible Notes
Financial liabilities:
Long-term debt	106.2		105.6
Recurring \| Level 2 \| Other long-term obligations
Financial liabilities:
Long-term debt	6.6		7.3
Recurring \| Level 3
Financial assets:
Cash and cash equivalents	0.0		0.0
Available-for-sale debt securities	26.4		26.4
Held-to-maturity securities	0.0		0.0
Promissory notes	0.0		0.0
Financial liabilities:
Other liabilities	40.1		40.1
Recurring \| Level 3 \| Amended Credit Facilities
Financial liabilities:
Long-term debt	0.0		0.0
Recurring \| Level 3 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	0.0		0.0
Recurring \| Level 3 \| Senior Notes \| 4.125% Notes
Financial liabilities:
Long-term debt	0.0		0.0
Recurring \| Level 3 \| Senior Notes \| 6.75% Notes
Financial liabilities:
Long-term debt	0.0
Recurring \| Level 3 \| Convertible Notes \| Convertible Notes
Financial liabilities:
Long-term debt	0.0		0.0
Recurring \| Level 3 \| Other long-term obligations
Financial liabilities:
Long-term debt	0.0		0.0
Recurring \| Carrying Amount
Financial assets:
Cash and cash equivalents	708.0		686.6
Available-for-sale debt securities	26.4		26.4
Held-to-maturity securities	6.7		6.7
Promissory notes	7.9		7.9
Financial liabilities:
Other liabilities	42.7		42.8
Recurring \| Carrying Amount \| Amended Credit Facilities
Financial liabilities:
Long-term debt	1,423.0		1,975.8
Recurring \| Carrying Amount \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	400.0		399.8
Recurring \| Carrying Amount \| Senior Notes \| 4.125% Notes
Financial liabilities:
Long-term debt	396.7		396.4
Recurring \| Carrying Amount \| Senior Notes \| 6.75% Notes
Financial liabilities:
Long-term debt	589.8
Recurring \| Carrying Amount \| Convertible Notes \| Convertible Notes
Financial liabilities:
Long-term debt	106.6		106.5
Recurring \| Carrying Amount \| Other long-term obligations
Financial liabilities:
Long-term debt	7.8		8.6
Recurring \| Fair Value
Financial assets:
Cash and cash equivalents	708.0		686.6
Available-for-sale debt securities	26.4		26.4
Held-to-maturity securities	6.7		6.7
Promissory notes	7.9		7.9
Financial liabilities:
Other liabilities	42.8		42.8
Recurring \| Fair Value \| Amended Credit Facilities
Financial liabilities:
Long-term debt	1,436.2		1,993.0
Recurring \| Fair Value \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	399.0		399.0
Recurring \| Fair Value \| Senior Notes \| 4.125% Notes
Financial liabilities:
Long-term debt	373.0		368.0
Recurring \| Fair Value \| Senior Notes \| 6.75% Notes
Financial liabilities:
Long-term debt	582.0
Recurring \| Fair Value \| Convertible Notes \| Convertible Notes
Financial liabilities:
Long-term debt	106.2		105.6
Recurring \| Fair Value \| Other long-term obligations
Financial liabilities:
Long-term debt	$ 6.6		$ 7.3

Leases - 2023 Master Lease (Details) $ in Millions				12 Months Ended
Leases - 2023 Master Lease (Details) $ in Millions	Nov. 03, 2025 USD ($) extensionOption	Aug. 01, 2025 USD ($)	Jan. 01, 2023 USD ($) option	Dec. 31, 2025 USD ($)	Mar. 31, 2026 USD ($)
Lessee, Lease, Cost [Line Items]
Operating lease right-of-use assets				$ 3,966.1	$ 3,870.7
Operating lease liability recognized					$ 3,887.2
2023 Master Lease
Lessee, Lease, Cost [Line Items]
Number of options to extend lease	3		3
Lease renewal term	5 years		5 years
Percentage of project funding anticipated relocation of rent			7.75%
Lessee, rent subject to a one-time increase			$ 1.4
Percentage of rent fixed escalator			1.50%
Lessee operating lease annual minimum payment increase	$ 11.7
Operating lease right-of-use assets	94.0
Operating lease liability recognized	94.0
2023 Master Lease \| New Joliet Facility Lease
Lessee, Lease, Cost [Line Items]
Lessee operating lease annual minimum payment increase		$ 10.1
Operating lease right-of-use assets		166.3
Operating lease liability recognized		163.0
2023 Master Lease \| Aurora Project
Lessee, Lease, Cost [Line Items]
Project funding on new master lease			$ 225.0	$ 216.3
2023 Master Lease \| Joliet Development Project
Lessee, Lease, Cost [Line Items]
Project funding on new master lease			$ 350.0
Proceeds from sale-and-leaseback transactions in conjunction with development projects		$ 130.0
2023 Master Lease \| The M Resort Development Project
Lessee, Lease, Cost [Line Items]
Project funding commitment, received amount	150.0
2023 Master Lease \| M Resort Project
Lessee, Lease, Cost [Line Items]
Project funding commitment, received amount	$ 150.0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues
Total revenues	$ 1,779.1	$ 1,672.5
Operating expenses
General and administrative	427.7	403.0
Depreciation and amortization	117.0	108.0
Total operating expenses	1,682.0	1,629.7
Operating income	97.1	42.8
Other income (expenses)
Interest expense, net	(101.0)	(110.8)
Interest income	1.9	3.2
Income from unconsolidated affiliates	8.3	7.6
Gain on financing arrangement	0.0	215.1
Other	(0.4)	1.3
Total other income (expenses)	(91.2)	116.4
Income before income taxes	5.9	159.2
Income tax expense	(8.7)	(47.7)
Net income (loss)	(2.8)	111.5
Net loss attributable to non-controlling interest	0.5	0.3
Net income (loss) attributable to PENN Entertainment, Inc.	$ (2.3)	$ 111.8
Earnings (loss) per share:
Basic earnings (loss) per share (in dollars per share)	$ (0.02)	$ 0.73
Diluted earnings (loss) per share (in dollars per share)	$ (0.02)	$ 0.68
Weighted-average common shares outstanding - basic (in shares)	133.4	152.3
Weighted-average common shares outstanding - diluted (in shares)	133.4	167.0
Gaming
Revenues
Total revenues	$ 1,334.4	$ 1,298.3
Operating expenses
Cost of revenue	807.9	853.8
Food, beverage, hotel, and other
Revenues
Total revenues	444.7	374.2
Operating expenses
Cost of revenue	$ 329.4	$ 264.9

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

For financial reporting purposes, we aggregate our operating segments into the following reportable segments:

Location

Real Estate Assets Lease or Ownership Structure

Northeast segment

Ameristar East Chicago

East Chicago, Indiana

Pinnacle Master Lease

Hollywood Casino Bangor

Bangor, Maine

AR PENN Master Lease

Hollywood Casino at Charles Town Races

Charles Town, West Virginia

AR PENN Master Lease

Hollywood Casino Columbus

Columbus, Ohio

2023 Master Lease

Hollywood Casino at Greektown

Detroit, Michigan

VICI Master Lease

Hollywood Casino Lawrenceburg

Lawrenceburg, Indiana

AR PENN Master Lease

Hollywood Casino Morgantown

Morgantown, Pennsylvania

Morgantown Lease (1)

Hollywood Casino at PENN National Race Course

Grantville, Pennsylvania

AR PENN Master Lease

Hollywood Casino Perryville

Perryville, Maryland

2023 Master Lease

Hollywood Casino at The Meadows

Washington, Pennsylvania

2023 Master Lease

Hollywood Casino Toledo

Toledo, Ohio

2023 Master Lease

Hollywood Casino York

York, Pennsylvania

Operating Lease (not with REIT Landlord)

Hollywood Gaming at Dayton Raceway

Dayton, Ohio

AR PENN Master Lease

Hollywood Gaming at Mahoning Valley Race Course

Youngstown, Ohio

AR PENN Master Lease

Marquee by PENN (2)

Pennsylvania

N/A

Plainridge Park Casino

Plainville, Massachusetts

Pinnacle Master Lease

South segment

1st Jackpot Casino

Tunica, Mississippi

AR PENN Master Lease

Ameristar Vicksburg

Vicksburg, Mississippi

Pinnacle Master Lease

Boomtown Biloxi

Biloxi, Mississippi

AR PENN Master Lease

Boomtown Bossier City

Bossier City, Louisiana

Pinnacle Master Lease

Boomtown New Orleans

New Orleans, Louisiana

Pinnacle Master Lease

Hollywood Casino Gulf Coast

Bay St. Louis, Mississippi

AR PENN Master Lease

Hollywood Casino Tunica

Tunica, Mississippi

AR PENN Master Lease

L’Auberge Baton Rouge

Baton Rouge, Louisiana

Pinnacle Master Lease

L’Auberge Lake Charles

Lake Charles, Louisiana

Pinnacle Master Lease

Margaritaville Resort Casino

Bossier City, Louisiana

VICI Master Lease

West segment

Ameristar Black Hawk

Black Hawk, Colorado

Pinnacle Master Lease

Cactus Petes and Horseshu

Jackpot, Nevada

Pinnacle Master Lease

M Resort Spa Casino

Henderson, Nevada

2023 Master Lease

Zia Park Casino

Hobbs, New Mexico

AR PENN Master Lease

Midwest segment

Ameristar Council Bluffs

Council Bluffs, Iowa

Pinnacle Master Lease

Argosy Casino Alton (3)

Alton, Illinois

AR PENN Master Lease

Argosy Casino Riverside

Riverside, Missouri

AR PENN Master Lease

Hollywood Casino Aurora

Aurora, Illinois

2023 Master Lease

Hollywood Casino Joliet

Joliet, Illinois

2023 Master Lease

Hollywood Casino at Kansas Speedway (4)

Kansas City, Kansas

Owned - Joint Venture

Hollywood Casino St. Louis

Maryland Heights, Missouri

AR PENN Master Lease

Prairie State Gaming (2)

Illinois

N/A

River City Casino

St. Louis, Missouri

Pinnacle 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.

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 March 31, 2026
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Total revenues	$	687.1	$	281.3	$	145.8	$	305.9	$	358.3	$	5.2	$	(4.5)	$	1,779.1
Less:
Gaming taxes	(282.6)		(61.5)		(25.6)		(81.9)		(234.4)
Compensation and benefits	(105.3)		(57.8)		(33.3)		(49.6)		(29.9)
Media and advertising (3)									(29.5)
Other segment items (4)	(104.6)		(57.8)		(33.0)		(55.7)		(75.3)
Segment Adjusted EBITDAR (5)	$	194.6	$	104.2	$	53.9	$	118.7	$	(10.8)					$	460.6


Other operating benefits (costs) and other income (expenses):
Other category (6)	(31.5)
Rent expense associated with triple net operating leases (7)	(163.3)
Stock-based compensation	(14.1)
Cash-settled stock-based awards variance	3.4


Pre-opening expenses	(4.1)
Depreciation and amortization	(117.0)


Non-operating items of equity method investments (8)	(1.1)
Interest expense, net	(101.0)
Interest income	1.9



Other (9)	(27.9)
Income before income taxes	5.9
Income tax expense	(8.7)
Net loss	$	(2.8)

(2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.

(4)For each reportable segment, the Other segment items category includes:

(6)Primarily represents corporate overhead expenses of $28.2 million for the three months ended March 31, 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.


	For the three months ended March 31, 2025
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Total revenues	$	680.9	$	288.3	$	129.7	$	282.9	$	290.1	$	5.3	$	(4.7)	$	1,672.5
Less:
Gaming taxes	(279.5)		(63.4)		(23.7)		(74.7)		(168.6)
Compensation and benefits	(103.5)		(56.8)		(31.3)		(44.1)		(36.7)
Media and advertising (3)									(88.5)
Other segment items (4)	(103.7)		(64.8)		(29.0)		(50.3)		(85.3)
Segment Adjusted EBITDAR (5)	$	194.2	$	103.3	$	45.7	$	113.8	$	(89.0)					$	368.0


Other operating benefits (costs) and other income (expenses):
Other category (6)	(38.8)
Rent expense associated with triple net operating leases (7)	(155.9)
Stock-based compensation	(15.6)
Cash-settled stock-based awards variance	3.2


Pre-opening expenses	(0.5)
Depreciation and amortization	(108.0)


Non-operating items of equity method investments (8)	(1.1)
Interest expense, net	(110.8)
Interest income	3.2




Gain on financing arrangement (9)	215.1
Other	0.4
Income before income taxes	159.2
Income tax expense	(47.7)
Net income	$	111.5

(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 $128.2 million for the three months ended March 31, 2025.

(2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.

(4)For each reportable segment, the Other segment items category includes:

(7)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease.

(8)Consists primarily of depreciation expense associated with our Kansas Entertainment joint venture.

(9)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 March 31,
(in millions)		2026		2025
Capital expenditures:
Northeast segment		$	20.1	$	13.5
South segment		10.0		13.7
West segment		3.7		40.5
Midwest segment		57.5		51.7
Interactive segment		—		3.6
Other		3.3		2.2
Total capital expenditures		$	94.6	$	125.2

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)	Northeast		South		West		Midwest		Interactive		Other (1)		Total
Balance sheet as of March 31, 2026
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	77.6	$	—	$	1.4	$	79.1
Total assets	$	1,784.4	$	1,274.2	$	421.6	$	1,611.0	$	1,503.1	$	7,523.7	$	14,118.0

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