Consolidated adjusted EBITDA rose by 45.7% to $284 million, and the company returned to a net profit of around $33 million after posting a large loss a year earlier that was driven by impairment charges. Retail revenue increased 5% to $1.49 billion, with adjusted EBITDAR up 7.7% to $501.8 million and a margin of 33.7%, helped by new developments such as Hollywood Casino Aurora, Hollywood Casino Columbus and the 375-room hotel tower at M Resort in Henderson.
Jay Snowden, CEO of Penn Entertainment, said:
“Penn’s third-quarter results were highlighted by strong year-over-year growth in retail segment Adjusted EBITDAR, continued progress toward interactive profitability, and further balance-sheet deleveraging.”
Penn has raised its 2026 retail guidance to $5.89 billion in revenue and $1.973 billion in adjusted EBITDAR, with Snowden pointing to strong October trends, including Pennsylvania’s gaming revenue posting its strongest year-on-year growth of 2026 after skill games were shut down on October 14. Interactive revenue came to $348.4 million, including $191.4 million in tax gross-ups, while the segment’s adjusted EBITDA loss shrank to $18.3 million from $76.6 million. Penn ended September with $2 billion in liquidity, including $1 billion in cash.
Following the midterm elections, Snowden also flagged Texas as a potential growth market, where Penn owns the Sam Houston and Retama Park racetracks.
