Penn Entertainment (formerly Penn National Gaming)

History

Penn Entertainment began in 1982 when Peter D. Carlino acquired the Penn National Race Course and incorporated PNRC Corp. The company's roots extend to 1968 with two racing organizations formed to pursue thoroughbred licenses in Pennsylvania. In 1994, it was renamed Penn National Gaming and completed an IPO on Nasdaq, raising $18 million. Major acquisitions followed: Hollywood Casino Corp. in 2006, Pinnacle Entertainment in 2018 (adding Ameristar and Belterra), and Score Media and Gaming in 2021, which brought the theScore digital platform. The company rebranded as Penn Entertainment in 2022 to reflect its broader entertainment and digital focus.

Business Model

Penn Entertainment generates revenue through land-based casino operations (slots, table games, poker, dining, hotels), horse racing, and digital gaming via its theScore Bet sportsbook and iCasino. The company’s omnichannel approach leverages the PENN Play loyalty program to cross-sell between physical and online properties. Its proprietary iCasino content studio produces exclusive online games. Penn also partners with Gaming and Leisure Properties, Inc. for real estate funding, such as the $150 million arrangement announced in 2025 for property improvements.

Products and Platforms

The company’s portfolio includes 43 destinations under brands like Hollywood Casino, Ameristar, Boomtown, Argosy, and L’Auberge. Digital operations are managed by Penn Sports Interactive, which operates theScore Bet (sportsbook and iCasino) with over 500 online games. The PENN Play loyalty program rewards members with points, hotel discounts, and PENN Cash across channels.

Market Position and Competition

Penn Entertainment is one of the largest casino operators in the U.S., competing with Caesars Entertainment, MGM Resorts, and DraftKings in the digital space. Its ownership of theScore provides a strong brand in Canada and U.S. states where iGaming and sports betting are legal. The company holds licenses across 20 U.S. states and Canada, giving it a broad regulatory footprint.

Recent News and Partnerships

In 2025, Penn announced a $150 million funding deal with Gaming and Leisure Properties for property upgrades. The company also partnered with Birches Health to expand responsible gaming initiatives. Penn continues to invest in its proprietary iCasino content and theScore Bet platform to compete in the growing online gambling market.