0000921738-26-000008 | 10-K | XBRL Viewer

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Leases - Lessor Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lessor Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Lease income	$ 253.3	$ 250.0	$ 247.3

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment facility	Feb. 17, 2023
Segment Reporting Information [Line Items]
Number of reportable segments	5
Barstool Acquisition
Segment Reporting Information [Line Items]
Ownership interest before acquisition		36.00%
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

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Lease Costs
Total	$ 754.0	$ 734.0	$ 698.3
Finance Lease Costs
Total	200.5	200.6	198.1
General and administrative
Operating Lease Costs
Rent expense associated with triple net operating leases	631.7	620.1	591.1
Operating lease cost	16.9	19.3	22.4
Primarily Gaming expenses
Operating Lease Costs
Short-term lease cost	102.2	91.2	81.2
Variable lease cost	3.2	3.4	3.6
Interest expense, net
Finance Lease Costs
Interest on lease liabilities	109.5	110.8	110.6
Financing Obligation Costs
Interest on financing obligations	147.9	148.5	146.6
Depreciation and amortization
Finance Lease Costs
Amortization of ROU assets	$ 91.0	$ 89.8	$ 87.5

Significant Accounting Policies and Basis of Presentation - Revenue Recognition (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) performanceObligation liability loyaltyProgram	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revenue from External Customer [Line Items]
Number of performance obligations when participating in loyalty program \| performanceObligation	2
Total complimentaries associated with gaming contracts	$ 392.2	$ 373.7	$ 366.9
Revenue from contract with customer, number of liabilities \| liability	3
Number of loyalty programs \| loyaltyProgram	1
Revenue recognized	$ 9.6	5.7	21.6
Loyalty Credit Obligation
Revenue from External Customer [Line Items]
Customer-related liabilities, current	$ 29.8	29.7
Contract with customer, term	6 months
Advance Payments on Goods and Services Yet to Be Provided and Unpaid Wagers
Revenue from External Customer [Line Items]
Customer-related liabilities	$ 133.7	151.4
Virtual playing credits
Revenue from External Customer [Line Items]
Redemption period over which revenue is recognized	one day
Food and beverage
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 245.0	224.6	215.5
Hotel
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	138.8	139.8	139.0
Other
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	8.4	9.3	$ 12.4
Online Sports Betting and Related iGaming Market Access
Revenue from External Customer [Line Items]
Customer-related liabilities, long-term	$ 34.1	$ 42.6

Income Taxes - Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax benefit (expense)
Federal	$ 0.0	$ (25.6)	$ (20.8)
State	1.7	(4.7)	(4.9)
Foreign	0.0	0.2	0.0
Total current	1.7	(30.1)	(25.7)
Deferred tax benefit (expense)
Federal	(24.5)	53.9	13.2
State	(2.4)	4.0	22.8
Foreign	0.6	0.2	(2.1)
Total deferred	(26.3)	58.1	33.9
Total income tax benefit (expense)	$ (24.6)	$ 28.0	$ 8.2

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net loss	$ (845.3)	$ (313.3)	$ (491.4)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	446.9	433.6	435.1
Amortization of debt discount and debt issuance costs	8.3	8.7	8.1
Noncash interest expense	14.3	47.1	36.1
Noncash operating lease expense	372.4	316.6	305.5
Gain on Barstool Acquisition, net	0.0	0.0	(83.4)
Gain on REIT transactions, net	(3.3)	0.0	(500.8)
Loss on disposal of Barstool	0.0	0.0	923.2
Loss on sale or disposal of property and equipment	0.4	10.0	0.1
Income from unconsolidated affiliates	(37.7)	(28.1)	(25.3)
Return on investment from unconsolidated affiliates	37.4	33.4	33.3
Deferred income taxes	26.9	(58.1)	(32.7)
Stock-based compensation	60.9	52.9	85.9
Investment Agreement warrant expense	57.1	67.9	12.5
Impairment losses	945.3	89.1	130.6
Gain on financing arrangement	(215.1)	0.0	0.0
Loss on early extinguishment of debt	11.8	0.3	0.0
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable	1.6	58.9	(74.8)
Prepaid expenses and other current assets	(19.0)	26.7	(66.3)
Other assets	(12.1)	(35.7)	(18.2)
Accounts payable	(2.4)	14.2	(8.6)
Accrued expenses	18.0	(67.7)	25.9
Income taxes	(3.8)	33.4	(50.2)
Operating lease liabilities	(356.6)	(298.2)	(305.8)
Other current and long-term liabilities	(23.9)	(48.4)	107.4
Other	26.1	16.0	9.7
Net cash provided by operating activities	508.2	359.3	455.9
Investing activities
Capital expenditures	(647.7)	(482.7)	(360.0)
Proceeds from sale-and-leaseback transactions in conjunction with development projects	280.0	0.0	0.0
Sale of Barstool Sports, net of cash	0.0	0.0	(50.9)
Consideration paid for acquisitions of businesses, net of cash acquired	0.0	0.0	(314.6)
Consideration paid for gaming licenses and other intangible assets	(37.7)	(57.9)	(21.9)
Other	54.3	(0.6)	4.8
Net cash used in investing activities	(351.1)	(541.2)	(742.6)
Financing activities
Proceeds from revolving credit facility	877.5	0.0	0.0
Repayments on revolving credit facility	(307.5)	0.0	0.0
Repurchases of convertible debt	(223.8)	0.0	0.0
Principal payments on long-term debt	(37.5)	(37.5)	(37.5)
Payments of other long-term obligations	(0.7)	(10.1)	(18.7)
Principal payments on financing obligations	(43.5)	(40.8)	(39.2)
Principal payments on finance leases	(53.4)	(50.3)	(47.1)
Repurchases of common stock	(354.4)	0.0	(149.8)
Proceeds from insurance financing	26.8	29.3	34.4
Payments on insurance financing	(31.1)	(35.4)	0.0
Indemnification payments	0.0	(30.5)	0.0
Other	(18.0)	(11.2)	(4.7)
Net cash used in financing activities	(165.6)	(186.5)	(262.6)
Effect of currency rate changes on cash, cash equivalents, and restricted cash	(0.5)	(2.3)	(0.4)
Change in cash, cash equivalents, and restricted cash	(9.0)	(370.7)	(549.7)
Cash, cash equivalents, and restricted cash at the beginning of the year	723.8	1,094.5	1,644.2
Cash, cash equivalents, and restricted cash at the end of the year	714.8	723.8	1,094.5
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	686.6	706.6	1,071.8
Restricted cash included in Other current assets	27.0	16.0	21.5
Restricted cash included in Other assets	1.2	1.2	1.2
Total cash, cash equivalents, and restricted cash	714.8	723.8	1,094.5
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized	383.0	415.5	420.1
Non-cash activities:
Accrued capital expenditures	$ 51.1	$ 53.8	$ 23.5

Long-Term Debt - Debt Summary (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Jul. 01, 2021	May 31, 2020	Jan. 19, 2017
Debt Instrument [Line Items]
Principal	$ 2,904.1	$ 2,797.3
Less: Current maturities of long-term debt	(38.2)	(38.2)
Less: Debt discounts and debt issuance costs	(17.0)	(26.6)
Long-term debt, net of current maturities, debt discount, and debt issuance costs	2,848.9	2,732.5
Amended Credit Facilities \| Amended Revolving Credit Facility due 2027
Debt Instrument [Line Items]
Principal	570.0	0.0
Amended Credit Facilities \| Amended Term Loan A Facility due 2027
Debt Instrument [Line Items]
Principal	453.8	481.3
Amended Credit Facilities \| Amended Term Loan B Facility due 2029
Debt Instrument [Line Items]
Principal	$ 965.0	975.0
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
Convertible Notes \| 2.75% Convertible Notes due 2026
Debt Instrument [Line Items]
Interest rate	2.75%			2.75%
Principal	$ 106.7	330.5
Other long-term obligations
Debt Instrument [Line Items]
Principal	$ 8.6	$ 210.5

Long-Term Debt - Convertible Notes (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Net carrying amount	$ 2,904.1
2.75% Convertible Notes due 2026 \| Convertible Notes
Debt Instrument [Line Items]
Principal	106.7	$ 330.5
Unamortized debt issuance costs	(0.2)	(2.6)
Net carrying amount	$ 106.5	$ 327.9

- 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.

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- Definition

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

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Acquisitions and Dispositions	12 Months Ended
Acquisitions and Dispositions	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Acquisitions and Dispositions	Note 5—Acquisitions and Dispositions Barstool Acquisition and Disposition On February 17, 2023, we acquired the remaining 64% of the outstanding shares of Barstool common stock not already owned by us for consideration of approximately $405.5 million, which is inclusive of cash and common stock issuance, repayment of Barstool indebtedness of $23.8 million, transaction expenses and other purchase price adjustments in accordance with GAAP (the “Barstool Acquisition”). Prior to the acquisition, we held a 36% ownership interest, which was accounted for under the equity method. At the closing of the Barstool Acquisition, we obtained 100% of the Barstool common stock, and determined the fair value of Barstool to be $660.0 million based on market participant assumptions. Upon the completion of the Barstool Acquisition, Barstool became an indirect wholly owned subsidiary of PENN. We issued 2,442,809 shares of our common stock to certain former stockholders of Barstool for the Barstool Acquisition (see Note 14, “Stockholders’ Equity” for further information) and utilized $315.3 million of cash to complete the Barstool Acquisition, inclusive of transaction expenses and repayment of Barstool indebtedness. The Company held 36% of the outstanding shares of Barstool common stock prior to the Barstool Acquisition and, as such, the acquisition date estimated fair value of this previously held investment was a component of the purchase consideration. Based on the acquisition date fair value of Barstool of $660.0 million and the carrying amount of this investment of $171.1 million, the Company recorded a gain of $66.5 million related to remeasurement of the equity investment immediately prior to the acquisition date, which is included in “Gain on Barstool Acquisition, net” within our Consolidated Statements of Operations. The Company also recorded a gain of $16.9 million related to the acquisition of the remaining 64% of Barstool common stock, which is included in “Gain on Barstool Acquisition, net” within our Consolidated Statements of Operations. Barstool’s revenue and net loss were included in our results for the period beginning February 17, 2023 through August 7, 2023, the day prior to the Barstool SPA, as described below. Barstool’s revenue and net loss for the period beginning February 17, 2023 through August 7, 2023, included in the Consolidated Statements of Operations, were $99.2 million and $23.9 million, respectively. On August 8, 2023, PENN entered into the Barstool SPA with David Portnoy to sell 100% of the outstanding shares of Barstool to David Portnoy in exchange for nominal cash consideration and certain non-compete and other restrictive covenants. Pursuant to the Barstool SPA, PENN has the right to receive 50% of the gross proceeds received by David Portnoy in any subsequent sale or other monetization event of Barstool. On August 8, 2023, the Company’s Board of Directors (the “Board”) approved the sale of Barstool to David Portnoy, and we classified the assets and liabilities to be disposed of as held-for-sale. These assets and liabilities were measured at the lower of (i) the carrying value when we classified the disposal group as held-for-sale or (ii) the fair value of the disposal group, less costs to sell. The Company recognized a pre-tax loss on disposal of $923.2 million (inclusive of $714.8 million in goodwill and intangible assets write offs and a $70.0 million indemnification liability discussed below) during the third quarter of 2023, included in “Loss on disposal of Barstool” within our Consolidated Statements of Operations. Pursuant to the Barstool SPA, PENN will 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. In the second quarter of 2024, the Company paid $30.5 million in settlement costs under this indemnification obligation. 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. For information on the tax-related impacts from the Barstool transactions, see Note 13, “Income Taxes.”

Goodwill and Other Intangible Assets - Annual Assessments for Impairment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill	$ 832.0	$ 12.3	$ 30.0
Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	88.3	69.3	100.6
Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	25.0	7.5
Northeast
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill	0.0	0.0	30.0
Northeast \| Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	23.5	66.0	100.6
Northeast \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	0.0		1.0
South
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill	7.0	6.1	0.0
South \| Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	64.8	3.3	0.0
South \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	4.5		6.5
West
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill	0.0	0.0	0.0
West \| Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	0.0	0.0	0.0
West \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	5.5		0.0
Midwest
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill	0.0	6.2	0.0
Midwest \| Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	0.0	0.0	0.0
Midwest \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	15.0		0.0
Interactive
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill		0.0	0.0
Interactive \| Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	0.0	$ 0.0	0.0
Interactive \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets	$ 0.0		$ 0.0

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2025
Equity [Abstract]
Stockholders' Equity	Note 14—Stockholders' Equity 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 PENN common stock with a par value of $0.01, and 697,539 par value $0.01 of exchangeable shares through the capital of an indirect wholly-owned subsidiary of PENN (“Exchangeable Shares”), 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, which were assumed under theScore plan (as defined below), 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. During the year ended December 31, 2025, we did not issue Exchangeable Shares. During the years ended 2024, and 2023, we issued 68,048, and 2,854 Exchangeable Shares, respectively. As of both periods ended December 31, 2025 and 2024, there were 768,441 Exchangeable Shares authorized, of which 379,821 shares and 466,534 shares were outstanding, respectively. In conjunction with the February 2020 stock purchase agreement between PENN and Barstool, the Company issued 883 shares of non-voting convertible Series D Preferred Stock, par value $0.01, to certain individual stockholders affiliated with Barstool. The Series D Preferred stockholders were entitled to participate equally and ratably in all dividends and distributions paid to holders of PENN common stock based on the number of shares of PENN common stock into which such Series D Preferred Stock could convert. 1/1,000th of a share of Series D Preferred Stock was convertible into one share of PENN common stock. The Series D Preferred Stock was available for conversion into PENN common stock in tranches over four years. On February 17, 2023, as part of the Barstool Acquisition as discussed in Note 5, “Acquisitions and Dispositions,” the Company issued 2,442,809 shares of common stock with a par value of $0.01, to certain former stockholders of Barstool (the “Share Consideration”). The issuance of the Share Consideration was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof, because such issuance did not involve a public offering. The Share Consideration was subject to transfer restrictions which were waived on August 11, 2023, pursuant to the Barstool SPA. See Note 5, “Acquisitions and Dispositions” for additional information related to the Barstool SPA. On March 3, 2023, 227 shares of Series D Preferred Stock were converted to common stock. As a result of the conversion, the Company issued 226,800 shares of common stock with a par value of $0.01. Pursuant to the Barstool SPA, on August 11, 2023, all remaining 354 outstanding shares of Series D Preferred Stock were converted to common stock. As a result of the conversion, the Company issued 353,800 shares of common stock with a par value of $0.01. The issuances were exempt from registration pursuant to Section 4(a)(2) of the Securities Act. As of both periods ended December 31, 2025 and 2024, there were 5,000 shares authorized of Series D Preferred Stock of which no shares were outstanding. The Company previously issued two series of preferred stock, Series B and Series C, each with a par value of $0.01 per share. As of both periods ended December 31, 2025 and 2024, there were 1,000,000 and 18,500 shares authorized of our Series B and Series C preferred stock, respectively. There were no shares outstanding of either Series B or Series C preferred stock as of both periods ended December 31, 2025 and 2024. Share Repurchase Authorization On February 1, 2022, the Board authorized a $750.0 million share repurchase program (the “February 2022 Authorization”). The repurchase authorization expired on January 31, 2025. On December 6, 2022, the Board authorized an additional $750.0 million share repurchase program (the “December 2022 Authorization”), which expired on December 31, 2025. On October 30, 2025, the Board approved a new $750.0 million share repurchase program, 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 the 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. During the year ended December 31, 2025, the Company repurchased 20,090,831 shares of its common stock in open market transactions for $354.4 million at an average price of $17.64 per share under the December 2022 Authorization. No shares of the Company’s common stock were repurchased during the year ended December 31, 2024. During the year ended December 31, 2023, the Company repurchased 5,438,221 shares of its common stock in open market transactions for $149.8 million at an average price of $27.54 per share under the February 2022 and December 2022 Authorizations. The cost of all repurchased shares is recorded to “Treasury stock” within the Consolidated Balance Sheets.

- Definition

The entire disclosure for equity.

+ References

+ Details

Fair Value Measurements - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Millions					12 Months Ended
	Oct. 01, 2025	Sep. 30, 2025	Apr. 30, 2025	Oct. 01, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment loss					$ 832.0	$ 12.3	$ 30.0
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, fair value	$ 35.0	$ 766.0		$ 197.0
Goodwill impairment loss	7.0	825.0		12.3
Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Reduction in Fair Value Recorded					$ 25.0	7.5
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]					Impairment losses
Trademarks \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	33.0		$ 7.0	56.0
Total Reduction in Fair Value Recorded	10.0		15.0	7.5
Gaming licenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Reduction in Fair Value Recorded					$ 88.3	$ 69.3	$ 100.6
Gaming licenses \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	73.5			71.0
Total Reduction in Fair Value Recorded	88.3			69.3
Level 1 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, fair value	0.0	0.0		0.0
Level 1 \| Trademarks \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0.0		0.0	0.0
Level 1 \| Gaming licenses \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0.0			0.0
Level 2 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, fair value	0.0	0.0		0.0
Level 2 \| Trademarks \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0.0		0.0	0.0
Level 2 \| Gaming licenses \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0.0			0.0
Level 3 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, fair value	35.0	$ 766.0		197.0
Level 3 \| Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value			7.0	56.0
Level 3 \| Trademarks \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	33.0		$ 7.0	56.0
Level 3 \| Gaming licenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value				71.0
Level 3 \| Gaming licenses \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	$ 73.5			$ 71.0

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Net operating loss carryforwards, valuation allowance	$ 290,700,000
Operating loss carryforward indefinitely	43,800,000
Tax benefit associated with net operating loss carryforwards, state	73,800,000
Tax reserves, interest and penalties related to current year tax positions	0
Tax reserves, interest and penalties related to prior year tax positions	2,400,000
Reversal of previously recorded tax reserves and accrued interest for tax positions settled and/or closed	6,700,000
Unrecognized tax benefits	40,500,000	$ 44,800,000
Net tax expense in connection with uncertain tax positions	3,400,000
Tax positions that, if reversed, would affect the effective tax rate	32,000,000.0	35,400,000
Unrecognized tax benefits, income (expense) to interest and penalties, net of deferred taxes	(200,000)	500,000	$ 200,000
Prepaid income taxes	35,700,000	31,900,000
Income taxes paid (refunds received), net	4,700,000	$ (3,800,000)	$ 73,900,000
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards, valuation allowance	112,200,000
Net operating loss carryforwards	353,000,000.0
State
Income Taxes [Line Items]
Net operating loss carryforwards, valuation allowance	40,800,000
Net operating loss carryforwards	1,700,000,000
Other State
Income Taxes [Line Items]
Net operating loss carryforwards, valuation allowance	8,700,000
Domestic
Income Taxes [Line Items]
Net operating loss carryforwards	191,600,000
Domestic \| Expire Various Dates through 2037
Income Taxes [Line Items]
Net operating loss carryforwards	80,000,000.0
Domestic \| Expire Various Dates through 2038
Income Taxes [Line Items]
Net operating loss carryforwards	514,100,000
Barstool Sports, Inc \| Capital Loss Carryforward
Income Taxes [Line Items]
Net operating loss carryforwards, valuation allowance	$ 129,000,000.0

Goodwill and Other Intangible Assets - Expected Intangible Asset Amortization Expense (Details) $ in Millions	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 58.0
2027	40.1
2028	22.4
2029	4.7
2030	3.7
Thereafter	6.9
Total	$ 135.8

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities were as follows:


	December 31,
(in millions)	2025		2024
Deferred tax assets:
Stock-based compensation expense	$	8.6	$	6.7
Accrued expenses	121.8		156.5
Financing and operating leasing obligations	2,150.9		2,185.6
Unrecognized tax benefits	8.5		9.5
Investments in and advances to unconsolidated affiliates	12.2		15.5
Discount on convertible notes	—		0.2
Net operating losses and tax credit carryforwards	217.8		171.8
Capital loss carryforwards	129.0		127.2
Interest limitation carryforwards	13.3		26.7
Gross deferred tax assets	2,662.1		2,699.7
Less: Valuation allowance	(290.7)		(268.0)
Net deferred tax assets	2,371.4		2,431.7
Deferred tax liabilities:
Property and equipment, not subject to the Master Leases	(143.2)		(73.6)
Property and equipment, subject to the Master Leases	(564.4)		(593.4)



Intangible assets	(257.1)		(298.4)
Lease right-of-use assets	(1,494.5)		(1,527.3)
Net deferred tax liabilities	(2,459.2)		(2,492.7)
Long-term deferred tax liabilities, net	$	(87.8)	$	(61.0)

Schedule of Components of Income Before Income Tax Benefit (Expense)

The domestic and foreign components of income (loss) before income taxes were as follows:


	For the year ended December 31,
(in millions)	2025		2024		2023
Domestic	$	85.9	$	(179.3)	$	(382.6)
Foreign	(906.6)		(162.0)		(117.0)
Total	$	(820.7)	$	(341.3)	$	(499.6)

Schedule of Provision for Income Taxes

The components of income tax benefit (expense) were as follows:


	For the year ended December 31,
(in millions)	2025		2024		2023
Current tax benefit (expense)
Federal	$	—	$	(25.6)	$	(20.8)
State	1.7		(4.7)		(4.9)
Foreign	—		0.2		—
Total current	1.7		(30.1)		(25.7)
Deferred tax benefit (expense)
Federal	(24.5)		53.9		13.2
State	(2.4)		4.0		22.8
Foreign	0.6		0.2		(2.1)
Total deferred	(26.3)		58.1		33.9
Total income tax benefit (expense)	$	(24.6)	$	28.0	$	8.2

Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Actual Effective Income Tax Rate

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate, and related amounts of income tax benefit (expense):


	For the year ended December 31, 2025

(in millions, except percentages)	Amount		Percent
US Federal statutory income tax rate	$	172.3	21.00	%
Domestic state and local income taxes, net of federal effect(1)	0.2		0.02	%
Foreign tax effects
Canada
Statutory tax rate differential	(54.3)		(6.61)	%
Changes in valuation allowances	(13.4)		(1.63)	%
Goodwill impairment	(123.3)		(15.02)	%
Other adjustments	(1.1)		(0.13)	%
Tax credits	9.0		1.10	%
Changes in valuation allowances	(2.0)		(0.25)	%
Nontaxable and nondeductible items
Other adjustments	(14.4)		(1.75)	%
Worldwide change in unrecognized tax benefits	3.4		0.41	%
Other adjustments	(1.0)		(0.14)	%
Effective tax rate	$	(24.6)	(3.00)	%

(1)In 2025, state and local income taxes in Louisiana and Pennsylvania represented the majority of domestic state and local income taxes, net of federal effect.


	For the year ended December 31,
(in millions, except tax rates)	2024			2023
Amount of pre-tax income
Federal statutory rate	$	71.7		$	105.0
State and local income taxes, net of federal benefits	17.7			16.1

Nondeductible expenses	(4.0)			(48.5)

Compensation	(6.8)			(7.2)
Foreign	4.4			1.9
Valuation allowance	(61.1)			(56.4)
Tax credits	5.9			4.9
Equity investment write-off	—			(2.6)
Other	0.2			(5.0)
Income tax benefit	$	28.0		$	8.2
Effective tax rate	8.2		%	1.7		%

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:


(in millions)	Unrecognized tax benefits
Unrecognized tax benefits as of January 1, 2023	$	42.7
Additions based on prior year positions	2.2
Decreases due to settlements and/or reduction in reserves	(1.3)
Unrecognized tax benefits as of December 31, 2023	43.6
Additions based on prior year positions	1.4
Decreases due to settlements and/or reduction in reserves	(3.1)
Unrecognized tax benefits as of December 31, 2024	41.9
Additions based on prior year positions	0.7
Decreases due to settlements and/or reduction in reserves	(5.2)
Unrecognized tax benefits as of December 31, 2025	$	37.4

Schedule of Income Taxes Paid, Net of Cash Received

A reconciliation of income taxes paid (refunds received), net was as follows:


(in millions)	For the year ended December 31, 2025

Federal	$	4.3
State and Local
Iowa	(0.5)
Michigan	(0.3)
Missouri	0.4
Pennsylvania	1.3
Other	(0.2)
Foreign
Canada	(0.3)
Income taxes paid, net	$	4.7

Stock-Based Compensation - Weighted-Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted-average assumptions used in the Black-Scholes option-pricing model
Risk-free interest rate	4.38%	4.07%	3.88%
Expected volatility	77.30%	75.96%	74.85%
Dividend yield	0.00%	0.00%	0.00%
Weighted-average expected life (in years)	5 years 2 months 12 days	5 years 2 months 12 days	5 years 1 month 6 days

Stock-Based Compensation -Fair Value and Intrinsic Value (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Weighted-average grant date fair value (in dollars per share)	$ 12.72	$ 15.28	$ 18.60
Aggregate intrinsic value of stock options exercised (in millions)	$ 0.2	$ 1.2	$ 4.1
Fair value of stock options vested (in millions)	$ 13.2	$ 11.6	$ 15.9

Significant Accounting Policies and Basis of Presentation - Segment Information (Details)	12 Months Ended
	Dec. 31, 2025 segment facility	Aug. 08, 2023	Feb. 17, 2023
Segment Information
Number of reportable segments	5
Kansas Entertainment
Segment Information
Ownership interest	50.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Barstool Sports, Inc
Segment Information
Disposal group, percentage of ownership interest sold		100.00%
Barstool Acquisition
Segment Information
Ownership interest before acquisition			36.00%
Business acquisition, percentage of voting interests acquired			64.00%
Jackpot, Nevada
Segment Information
Number of facilities the entity owned, managed, or had ownership interests in \| facility	2
Number of operating segments	1

Significant Accounting Policies and Basis of Presentation - Guarantees and Indemnifications (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Aug. 08, 2023
Disaggregation of Revenue [Line Items]
Settlement costs		$ 0.0	$ 30.5	$ 0.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Barstool Sports, Inc
Disaggregation of Revenue [Line Items]
Disposal group, percentage of ownership interest sold						100.00%
Barstool Acquisition
Disaggregation of Revenue [Line Items]
Settlement costs	$ 30.5
Liabilities associated with this indemnity		$ 39.5	$ 39.5		$ 70.0

- 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 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 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
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+ Details

Income Taxes - Loss Before Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Income (loss) before income taxes	$ (820.7)	$ (341.3)	$ (499.6)
Domestic
Income Taxes [Line Items]
Income (loss) before income taxes	85.9	(179.3)	(382.6)
Foreign
Income Taxes [Line Items]
Income (loss) before income taxes	$ (906.6)	$ (162.0)	$ (117.0)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	Note 3—New Accounting Pronouncements Accounting Pronouncements Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 updates the requirements for a public entity to enhance income tax disclosures to provide a better assessment on how an entity’s operations, related tax risks, tax planning, and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and was adopted on a prospective basis. The adoption of ASU 2023-09 resulted in additional disclosures in the notes to the Consolidated Financial Statements. See Note 13 , “Income Taxes.” 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 Consolidated Financial Statements. 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, on a prospective or retrospective basis, with early adoption permitted. The primary purpose of the new ASU 2024-04 is to improve the relevance and consistency in application of the induced conversion guidance in ASC 470-20. We have assessed the guidance and do not expect the new standard to have a material impact on the Consolidated Financial Statements. We plan on adopting the standard on a prospective basis, which is applicable for the interim period commencing on January 1, 2026. 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, with early adoption permitted. We have assessed the impact of this guidance, and do not expect the new standard to have a material impact on the Consolidated Financial Statements. We plan on adopting the standard on a prospective basis, which is applicable for the interim period commencing on January 1, 2026. 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 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.

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+ Details

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net and Depreciation Expense

Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, if any, as follows:


			Years
Land improvements			15
Buildings and improvements			5 to 31
Vessels			10 to 31
Furniture, fixtures, and equipment			1 to 31

Property and equipment, net, consisted of the following:


	December 31,
(in millions)	2025		2024
Property and equipment - Not Subject to Master Leases
Land and improvements	$	120.0	$	125.5
Building, vessels, and improvements	325.7		323.4
Furniture, fixtures, and equipment	1,995.5		1,852.9
Leasehold improvements	752.7		584.4
Construction in progress	427.1		491.4
	3,621.0		3,377.6
Less: Accumulated depreciation	(2,027.8)		(1,900.3)
	1,593.2		1,477.3
Property and equipment - Subject to Master Leases
Land and improvements	1,427.0		1,427.1
Building, vessels, and improvements	1,591.2		1,591.3
	3,018.2		3,018.4
Less: Accumulated depreciation	(894.1)		(790.7)
	2,124.1		2,227.7
Property and equipment, net	$	3,717.3	$	3,705.0

Depreciation expense was as follows:


	For the year ended December 31,
(in millions)	2025		2024		2023
Depreciation expense (1)	$	316.3	$	293.9	$	288.7

(1)During the years ended December 31, 2025, 2024, and 2023, we recorded depreciation expense of $103.4 million, $99.3 million, and $112.4 million, respectively, related to real estate assets subject to our Master Leases.

Loss per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

We recorded a net loss attributable to PENN for the years ended December 31, 2025, 2024, and 2023. As such, the dilution from potential common shares was anti-dilutive, and therefore, we used basic weighted-average common shares outstanding rather than diluted weighted-average common shares outstanding when calculating diluted loss per share. Stock options, restricted stock, convertible preferred shares, and convertible debt that could potentially dilute basic EPS in the future, that were not included in the computation of diluted loss per share, are as follows:


	For the year ended December 31,
(in millions)	2025	2024	2023
Assumed conversion of dilutive stock options	—	0.1	0.6
Assumed conversion of dilutive restricted stock	0.7	0.4	0.3
Assumed conversion of convertible preferred shares	—	—	0.3
Assumed conversion of convertible debt	9.0	14.1	14.1

Schedule of Calculation of Basic and Diluted EPS

The following table presents the calculation of basic and diluted loss per share for the Company’s common stock for the years ended December 31, 2025, 2024, and 2023:


	For the year ended December 31,
(in millions, except per share data)	2025		2024		2023
Calculation of basic loss per share:
Net loss applicable to common stock	$	(843.1)	$	(311.5)	$	(490.0)
Weighted-average shares outstanding - PENN Entertainment, Inc.	144.2		151.6		151.5
Weighted-average shares outstanding - Exchangeable Shares	0.4		0.5		0.6
Weighted-average common shares outstanding - basic	144.6		152.1		152.1
Basic loss per share	$	(5.83)	$	(2.05)	$	(3.22)

Calculation of diluted loss per share:
Net loss applicable to common stock	$	(843.1)	$	(311.5)	$	(490.0)



Weighted-average common shares outstanding - diluted	144.6		152.1		152.1
Diluted loss per share	$	(5.83)	$	(2.05)	$	(3.22)

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 41.9	$ 43.6	$ 42.7
Additions based on prior year positions	0.7	1.4	2.2
Decreases due to settlements and/or reduction in reserves	(5.2)	(3.1)	(1.3)
Unrecognized tax benefits, ending balance	$ 37.4	$ 41.9	$ 43.6

Commitments and Contingencies - Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation vesting period	5 years
Deferred compensation matching contributions	$ 4.9	$ 4.7	$ 4.3
Deferred compensation	$ 119.3	107.2
401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Discretionary match contribution percentage	50.00%
Maximum percentage of eligible employee compensation eligible for discretionary employer match contribution	6.00%
Matching contributions	$ 14.9	$ 14.7	$ 13.4

Stock-Based Compensation - Narrative (Details) $ in Millions			12 Months Ended
	Jun. 17, 2025 shares	Apr. 12, 2021 USD ($) tranche shares	Dec. 31, 2025 USD ($) performancePeriod shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) performancePeriod shares	Jun. 05, 2023 shares	Jun. 07, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 60.9	$ 52.9	$ 85.9
Unamortized compensation costs, stock options			$ 19.8
Fair value of awards vested		$ 29.3
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition			3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition			4 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition			1 year 4 months 24 days
Contractual lives			10 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition			1 year 6 months
Fair value of awards vested			$ 33.8	38.3	57.2
Unrecognized compensation cost, other awards			$ 65.8
2022 Long Term Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for awards, up to (in shares) \| shares	22,067,275					7,000,000	6,870,000
Share based compensation arrangement by share based payment award, share ratio	1
Shares available for future grants (in shares) \| shares			9,309,563
2018 Long Term Incentive Compensation Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) \| shares		600,000
Number of tranches \| tranche		4
2018 Long Term Incentive Compensation Plan \| Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition		6 years 8 months 12 days
2018 Long Term Incentive Compensation Plan \| Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition		8 years 8 months 12 days
2018 Long Term Incentive Compensation Plan \| Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) \| shares		300,000
Fair value of awards vested		$ 19.4
Number of tranches \| tranche		15
2018 Long Term Incentive Compensation Plan \| Restricted Stock Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition		2 years 2 months 12 days
2018 Long Term Incentive Compensation Plan \| Restricted Stock Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition		6 years
2018 Long Term Incentive Compensation Plan \| Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 5.8	$ 7.4	$ 8.4
Fair value of awards vested		$ 48.7
2022 Amended Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) \| shares			1,254,323	1,317,269	461,747
2022 Amended Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual award performance periods \| performancePeriod			1		3
Service period			3 years		1 year
Vesting period			3 years		3 years
2022 Amended Plan \| Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned			0.00%		0.00%
2022 Amended Plan \| Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned			200.00%		150.00%

Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in Calculating Level 3 Assets and Liabilities (Details)	Dec. 31, 2025
Level 3 \| Discount rate \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale debt securities	0.325

Investments in and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Summary Financial Information

The following table provides summarized balance sheet and results of operations information related to Kansas Entertainment and our share of income from unconsolidated affiliates from our investment in Kansas Entertainment:


	December 31,
(in millions)	2025		2024


Current assets	$	25.7	$	24.1
Long-term assets	$	133.6	$	139.5
Current liabilities	$	17.8	$	16.2


	For the year ended December 31,
(in millions)	2025		2024		2023
Revenues	$	188.4	$	175.9	$	170.8
Operating expenses	120.0		109.1		105.6
Operating income	68.4		66.8		65.2
Net income	$	68.5	$	66.9	$	65.2

Net income attributable to PENN Entertainment, Inc.	$	34.3	$	33.5	$	32.6

Leases - AR PENN Master Lease (Details) $ in Millions	Nov. 03, 2025 USD ($) extensionOption	Feb. 21, 2023 USD ($) facility renewalOption	Jan. 01, 2023 USD ($) renewalOption	Dec. 31, 2025 USD ($)	Aug. 01, 2025 USD ($)	Dec. 31, 2024 USD ($)
Lessee, Lease, Cost [Line Items]
Number of options to extend lease \| renewalOption			3
Long-term portion of financing obligations				$ 2,297.8		$ 2,343.1
Property and equipment, net				3,717.3		$ 3,705.0
Operating lease liability recognized				$ 3,978.4
PENN Master Lease
Lessee, Lease, Cost [Line Items]
Initial rent		$ 284.1
Number of facilities with leased real estate \| facility		14
Number of options to extend lease \| renewalOption		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
Long-term portion of financing obligations			$ 1,600.0
Property and equipment, net			1,100.0
Operating lease liability recognized			$ 1,200.0
PENN Master Lease \| Building Base Rent
Lessee, Lease, Cost [Line Items]
Initial rent		$ 208.2
PENN Master Lease \| Land Base Rent
Lessee, Lease, Cost [Line Items]
Initial rent		43.0
PENN Master Lease \| Percentage Rent
Lessee, Lease, Cost [Line Items]
Initial rent		$ 32.9
2023 Master Lease
Lessee, Lease, Cost [Line Items]
Number of options to extend lease \| extensionOption	3
Lease renewal term	5 years		5 years
Operating lease liability recognized	$ 94.0		$ 1,800.0
2023 Master Lease \| New Joliet Facility Lease
Lessee, Lease, Cost [Line Items]
Operating lease liability recognized					$ 163.0

Investments in and Advances to Unconsolidated Affiliates - Investment in Barstool Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Feb. 29, 2020	Dec. 31, 2025	Dec. 31, 2024
Series D Preferred Stock
Schedule of Equity Method Investments [Line Items]
Stock issuance/offerings ( in shares)	883
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Barstool Sports, Inc
Schedule of Equity Method Investments [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001
Barstool Sports, Inc
Schedule of Equity Method Investments [Line Items]
Investment acquired, percent	36.00%
Investment acquired, percent, delayed basis	1.00%
Investment purchase price	$ 161.2
Investment purchase price, cash	135.0
Equity transferred for investment	$ 23.1

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock, Non-Exchangeable	Common Stock, Exchangeable	Total PENN Stock-holders’ Equity	Preferred Stock	Common Stock Common Stock, Non-Exchangeable	Common Stock Common Stock, Exchangeable	Treasury Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2022					581
Beginning balance at Dec. 31, 2022	$ 3,596.6			$ 3,597.7	$ 19.4	$ 1.7	$ 0.0	$ (629.5)	$ 4,220.2	$ 154.5	$ (168.6)	$ (1.1)
Beginning balance (in shares) at Dec. 31, 2022						152,903,708	620,019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)						997,137
Share-based compensation arrangements	85.9			85.9					85.9
Share issuance in connection with acquisitions (in shares)						2,442,809
Share issuance in connection with acquisitions	80.8			80.8					80.8
Share repurchases (in shares)						(5,438,221)
Share repurchases	(149.8)			(149.8)				(149.8)
Preferred stock conversions (in shares)					581	580,600
Preferred stock conversions	0.0				$ (19.4)				19.4
Common stock issuance (in shares)						4,055
Common stock issuance	0.1			0.1					0.1
Exchangeable share issuance (in shares)							2,854
Exchangeable share conversions (in shares)						62,606	62,606
Investment Agreement warrants	22.8			22.8					22.8
Unrealized gain (loss) on debt securities	3.2			3.2							3.2
Foreign currency translation adjustment during the period	44.1			44.1							44.1
Net loss	(491.4)			(490.0)						(490.0)		(1.4)
Other	7.3			7.3		$ (0.1)		0.2	7.4
Ending balance (in shares) at Dec. 31, 2023					0
Ending balance (in shares) at Dec. 31, 2023						151,552,694	560,267
Ending balance at Dec. 31, 2023	3,199.6			3,202.1	$ 0.0	$ 1.8	$ 0.0	(779.5)	4,436.6	(335.5)	(121.3)	(2.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)						510,641
Share-based compensation arrangements	52.9			52.9					52.9
Common stock issuance (in shares)						4,055
Common stock issuance	0.1			0.1					0.1
Exchangeable share issuance (in shares)			68,048
Exchangeable share conversions (in shares)						161,781	161,781
Investment Agreement warrants	57.6			57.6					57.6
Unrealized gain (loss) on debt securities	5.4			5.4							5.4
Foreign currency translation adjustment during the period	(139.1)			(139.1)							(139.1)
Net loss	(313.3)			(311.5)						(311.5)		(1.8)
Other	(4.8)			(4.8)					(4.8)
Ending balance (in shares) at Dec. 31, 2024					0
Ending balance (in shares) at Dec. 31, 2024		152,229,171	466,534			152,229,171	466,534
Ending 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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)						359,205
Share-based compensation arrangements	60.9			60.9					60.9
Share repurchases (in shares)						(20,090,831)
Share repurchases	(354.4)			(354.4)				(354.4)
Exchangeable share issuance (in shares)			0
Exchangeable share conversions (in shares)						86,713	86,713
Investment Agreement warrants	57.1			57.1					57.1
Unrealized gain (loss) on debt securities	(3.8)			(3.8)							(3.8)
Foreign currency translation adjustment during the period	65.5			65.5							65.5
Net loss	(845.3)			(843.1)						(843.1)		(2.2)
Other	(10.9)			(10.9)				(3.3)	(7.6)
Ending balance (in shares) at Dec. 31, 2025					0
Ending balance (in shares) at Dec. 31, 2025		132,584,258	379,821			132,584,258	379,821
Ending 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)

Significant Accounting Policies and Basis of Presentation (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation: The Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission.

Principles of Consolidation

Principles of Consolidation: The 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 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 Consolidated Financial Statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Estimates used by us may include, among other things, the useful lives for depreciable and amortizable assets, the provision for credit losses, income tax provisions, the evaluation of the future realization of deferred tax assets, indemnification liabilities associated with certain tax matters, determining the adequacy of reserves for self-insured liabilities, the liabilities associated with our PENN Play program, the initial measurements of financing obligations and lease liabilities associated with our Triple Net Leases (as defined in Note 11, “Leases”), the initial selection of useful lives for depreciable and amortizable assets related to acquisitions, contingencies, and litigation inclusive of financing arrangements in which the Company receives up-front cash proceeds, and stock-based compensation expense. Additionally, we use estimates for projected cash flows when assessing (i) the recoverability of long lived assets, goodwill, and other intangible assets, (ii) the initial valuation of intangible assets in conjunction with acquisitions, and (iii) the fair value of land and building components during lease classification tests. We applied estimation methods consistently for the periods presented within our 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.

See Note 17, “Segment Information” and Note 11, “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.

Cash and Cash Equivalents

Cash and Cash Equivalents: The Company considers all cash balances and highly-liquid investments with original maturities of three months or less at the date of purchase to be cash and cash equivalents.

Concentration of Credit Risk

Concentration of Credit Risk: Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and accounts receivable. The Company’s policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market funds which are exposed to minimal interest rate and credit risk. The Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits.

Concentration of credit risk, with respect to casino receivables, is limited through the Company’s credit evaluation process. The Company issues markers to approved casino customers following investigations of creditworthiness. The Company utilizes a forward-looking current expected credit loss model to measure the provision for credit losses.

Property and Equipment, Net

Property and Equipment, Net: Property and equipment are stated at cost, less accumulated depreciation. Capital expenditures are accounted for as either project capital (new facilities or expansions) or maintenance (replacement). Project capital expenditures are for fixed asset additions associated with constructing new facilities, or expansions of existing facilities. Maintenance capital expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost-effective to repair. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income.

The estimated useful lives of property and equipment are determined based on the nature of the assets as well as the Company’s current operating strategy. Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, if any, as follows:


			Years
Land improvements			15
Buildings and improvements			5 to 31
Vessels			10 to 31
Furniture, fixtures, and equipment			1 to 31

All costs funded by the Company considered to be an improvement to the real estate assets subject to any of our Triple Net Leases (as defined in Note 11, “Leases”) are recorded as leasehold improvements. Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term.

The Company reviews the carrying amount of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on undiscounted estimated future cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and prospects, as well as the effect of obsolescence, demand, competition, and other regulatory and economic factors.

For purposes of recognizing and measuring impairment, assets are grouped at the individual property level representing the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. In assessing the recoverability of the carrying amount of property and equipment, we must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, we may be required to record an impairment loss for these assets. Such an impairment loss would be recognized as a non-cash component of operating income.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets: Goodwill represents the future economic benefits of a business combination measured as the excess of the purchase price over the fair value of net assets acquired and has been allocated to our reporting units. Goodwill is tested for impairment annually on October 1st of each year, or more frequently if indicators of impairment exist. For the quantitative goodwill impairment test, an income approach, in which a discounted cash flow (“DCF”) model is utilized, and a market-based approach using guideline public company multiples of earnings before interest, taxes, depreciation, and amortization (“EBITDA”) from the Company’s peer group are utilized in order to estimate the fair market value of the Company’s reporting units. In determining the carrying amount of each reporting unit that utilizes real estate assets subject to our Triple Net Leases (as defined in Note 11, “Leases”), if and as applicable, (i) the Company allocates each reporting unit their pro-rata portion of the right-of-use (“ROU”) assets, lease liabilities, and/or financing obligations, and (ii) pushes down the carrying amount of the property and equipment subject to such leases. The Company compares the fair value of its reporting units to the carrying amounts. If the carrying amount of the reporting unit exceeds the fair value, an impairment is recorded equal to the amount of the excess (not to exceed the amount of goodwill allocated to the reporting unit).

We consider our gaming licenses, trademarks, and certain other intangible assets to be indefinite-lived based on our future expectations to operate our gaming properties indefinitely as well as our historical experience in renewing these intangible assets at minimal cost with various state and provincial commissions. Indefinite-lived intangible assets are tested annually for impairment on October 1st of each year, or more frequently if indicators of impairment exist, by comparing the fair value of the recorded assets to their carrying amount. If the carrying amounts of the indefinite-lived intangible assets exceed their fair value, an impairment is recognized. The Company completes its testing of its indefinite-lived intangible assets prior to assessing the realizability of its goodwill.

The Company assesses the fair value of its gaming licenses using the Greenfield Method under the income approach, which estimates the fair value using a DCF model assuming the Company built a casino with similar utility to that of the existing casino. The method assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. The Company assesses the fair value of its trademarks using the relief-from-royalty method under the income approach. The principle behind this method is that the value of the trademark is equal to the present value of the after-tax royalty savings attributable to the owned trademark.

Other intangible assets that have a definite-life, including gaming technology and media technology, are amortized on a straight-line basis over their estimated useful lives or related service contract. The Company reviews the carrying amount of its amortizing intangible assets for possible impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Should events and circumstances indicate amortizing intangible assets may not be recoverable, the Company performs a test for recoverability whereby estimated undiscounted cash flows are compared to the carrying values of the assets. Should the estimated undiscounted cash flows exceed the carrying value, no impairments are recorded. If the undiscounted cash flows do not exceed the carrying values, an impairment is recorded based on the fair value of the asset, typically measured using either a discounted cash flow or replacement cost approach.

Once an impairment of goodwill or other intangible asset has been recorded, it cannot be reversed.

Convertible Debt

Convertible Debt: Our Convertible Notes (as defined within Note 10, “Long-term Debt”) are accounted for in accordance with Accounting Standards Codification (“ASC”) 470-20, “Debt with Conversion and Other Options” (“ASC 470-20”). The Convertible Notes are accounted for as a single liability measured at amortized cost, as no embedded features require bifurcation.

Financing Obligations

Financing Obligations: In accordance with ASC Topic 842, “Leases,” (“ASC 842”) for transactions in which the Company enters into a contract to sell an asset and leases it back from the seller under a sale and leaseback transaction, the Company must determine whether control of the asset has transferred from the Company. In cases whereby control has not transferred from the Company, we continue to recognize the underlying asset as “Property and equipment, net” within the Consolidated Balance Sheets, which is then depreciated over the shorter of the remaining useful life or lease term. Additionally, a financial liability is recognized and referred to as a financing obligation, in accordance with ASC 470, “Debt” (“ASC 470”).

The accounting for financing obligations under ASC 470 is materially consistent with the accounting for finance leases under ASC 842. The Company recognizes interest expense on the minimum lease payments related to a financing obligation under the effective yield method. Contingent payments are recorded to interest expense as incurred. Principal payments associated with financing obligations are presented as financing cash outflows and interest payments associated with financing obligations are presented as operating cash outflows within our Consolidated Statements of Cash Flows. For more information, see Note 7, “Property and Equipment, Net” and Note 11, “Leases.”

We concluded that certain components contained within the Pinnacle Master Lease and the Morgantown Lease (both as defined in Note 11, “Leases”) are required to be accounted for as financing obligations on the Consolidated Balance Sheets in accordance with ASC 842, as control of the underlying assets were not considered to have transferred from the Company.

Operating and Finance Leases

Operating and Finance Leases: The Company determines if a contract is or contains a leasing element at contract inception or the date in which a modification of an existing contract occurs. In order for a contract to be considered a lease, the contract must transfer the right to control the use of an identified asset for a period of time in exchange for consideration. Control is determined to have occurred if the lessee has the right to (i) obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use and (ii) direct the use of the identified asset.

In accordance with ASC 842, we elected the following policies: (i) to account for lease and non-lease components as a single component for all classes of underlying assets and (ii) to not recognize short-term leases (i.e., leases that are less than 12 months and do not contain purchase options) within the Consolidated Balance Sheets, with the expense related to these short-term leases recorded in total operating expenses within the Consolidated Statements of Operations.

The Company has leasing arrangements that contain both lease and non-lease components. We account for both the lease and non-lease components as a single component for all classes of underlying assets. In determining the present value of lease payments at lease commencement date, the Company utilizes its incremental borrowing rate based on the information available, unless the rate implicit in the lease is readily determinable. The liability for operating and finance leases is based on the present value of future lease payments. Operating lease expenses are primarily recorded as rent expense, which are included within “General and administrative” within the Consolidated Statements of Operations and presented as operating cash outflows within the Consolidated Statements of Cash Flows. Finance lease expenses are recorded as depreciation expense, which is included within “Depreciation and amortization” and “Interest expense, net” within the Consolidated Statements of Operations over the lease term. Principal payments associated with finance leases are presented as financing cash outflows and interest payments associated with finance leases are presented as operating cash outflows within the Consolidated Statements of Cash Flows.

ROU assets are monitored for potential impairment similar to the Company’s property and equipment, using the impairment model in ASC 360, “Property, Plant and Equipment.” If the Company determines the carrying amount of a ROU asset is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value.

Debt Discount and Debt Issuance Costs

Debt Discount and Debt Issuance Costs: Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense using the effective interest method over the contractual term of the underlying indebtedness. These costs are classified as a direct reduction of long-term debt within the Company’s Consolidated Balance Sheets.

Self-Insurance Reserves

Self-Insurance Reserves: The Company is self-insured for employee health coverage, general liability and workers’ compensation up to certain stop-loss amounts (for general liability and workers’ compensation). We use a reserve method for each reported claim plus an allowance for claims incurred but not yet reported to a fully-developed claims reserve method based on an actuarial computation of ultimate liability. Self-insurance reserves are included in “Accrued expenses and other current liabilities” within the Company’s Consolidated Balance Sheets.

Income Taxes

Income Taxes: Under ASC 740, “Income Taxes” (“ASC 740”), deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more-likely-than-not (a greater than 50% probability) that some portion or all of the deferred tax assets will not be realized.

The realizability of the net deferred tax assets is evaluated quarterly by assessing the valuation allowance and by adjusting the amount of the allowance, if necessary. The Company considers all available positive and negative evidence including projected future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets.

The evaluation of both positive and negative evidence is a requirement pursuant to ASC 740 in determining more-likely-than-not the net deferred tax assets will be realized. In the event the Company determines that the deferred tax assets would be realized in the future in excess of their net recorded amount, an adjustment to the valuation allowance would be recorded, which would reduce the provision for income taxes.

ASC 740 also creates a single model to address uncertainty in tax positions and clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise’s financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

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.

The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. The transaction price for food and beverage, hotel, and retail contracts is the net amount collected from the customer for such goods and services. Sales tax and other taxes collected on behalf of governmental authorities are accounted for on the net basis and are not included in revenues or expenses. The transaction price for our racing operations, inclusive of live racing events conducted at our racing facilities and our import and export arrangements, is the commission received from the pari-mutuel pool less contractual fees and obligations primarily consisting of purse funding requirements, simulcasting fees, tote fees and certain pari-mutuel taxes that are directly related to the racing operations. The transaction price for our management service contracts is the amount collected for services rendered in accordance with the contractual terms.

Gaming revenue contracts involve two performance obligations for those customers earning points under our PENN Play program and a single performance obligation for customers that do not participate in the PENN Play program. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as opposed to an individual wagering contract. For purposes of allocating the transaction price in a gaming contract between the wagering performance obligation and the obligation associated with the loyalty points earned, we allocate an amount to the loyalty point contract liability based on the standalone selling price (“SSP”) of the points earned, which is determined by the value of a point that can be redeemed for slot play and complimentaries such as, food and beverage at our restaurants, Choice Privileges points, Ticketmaster tickets, lodging at our hotels, and products offered at our PENN Play mall and retail stores, less estimated breakage. The allocated revenue for gaming wagers is recognized at the conclusion of each wager or wagering game session. The liability associated with the loyalty points is deferred and recognized as revenue when the customer redeems the loyalty points for slot play and complimentaries and such goods and services are delivered to the customer.

Food and beverage, hotel, and retail services have been determined to be separate, standalone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food and beverage or retail product. Cancellation fees for hotel and meeting space services are recognized upon cancellation by the customer and are included in food, beverage, hotel, and other revenue within our Consolidated Statements of Operations.

Racing revenue contracts, inclusive of our (i) host racing facilities, (ii) import arrangements that permit us to simulcast in live racing events occurring at other racetracks, and (iii) export arrangements that permit our live racing events to be simulcast at other racetracks, provide access to and the processing of wagers into the pari-mutuel pool. The Company has concluded it is not the controlling entity to the arrangement, but rather functions as an agent to the pari-mutuel pool. Commissions earned from the pari-mutuel pool less contractual fees and obligations are recognized on a net basis, which is included within food, beverage, hotel, and other revenues within our Consolidated Statements of Operations.

Management services have been determined to be separate, standalone performance obligations and the transaction price for such contracts are recorded as services are performed. The Company records revenues on a monthly basis calculated by applying the contractual rate called for in the contracts.

In addition to sports betting and iCasino revenues, PENN Interactive generates in-app purchase and advertising revenues from free-to-play social casino games, which can be downloaded to mobile phones and tablets from digital storefronts. Players can purchase virtual playing credits within our social casino games, which allows for increased playing opportunities and functionality. PENN Interactive records deferred revenue from the sale of virtual playing credits and recognizes this revenue over the average redemption period of the credits, which is generally one day. Advertising revenues are recognized in the period when the advertising impression, click, or install delivery occurs.

Furthermore, PENN Interactive generates revenues from advertising on theScore media app. Advertising revenue is recorded at the time of fulfilling the performance obligations relating to the display of customers’ advertisements on theScore media app.

PENN Interactive also enters into multi-year agreements with sports betting operators for OSB and iCasino market access (“Skins”) across our portfolio, of which the Company generally receives upfront (i) cash or (ii) cash and equity securities. Additionally, in consideration for the use of each Skin, the Company receives a monthly revenue share amount of the revenues earned by the operators less contractual fees and obligations primarily consisting of taxes, promotional credits, data fees and player costs.

The market access provided to operators by jurisdiction and by activity represent separate performance obligations. The transaction price includes fixed fees for access to certain geographic markets and variable consideration in the form of a monthly revenue share, annual minimum guarantee amounts, and reimbursements for out-of-pocket expenses including jurisdictional gaming taxes. The upfront and fixed access fees relate solely to distinct markets and are allocated to the performance obligations specific to those markets. Market access fees are recognized as revenue over the term of the related market access agreement which commences upon the online launch of the activity by the third-party operator. Monthly revenue share and annual minimum guarantee variable consideration relate directly to the Company’s efforts to satisfy each individual performance obligation and, as such, is allocated to each performance obligation. Revenues from monthly revenue shares are recognized in the period in which the revenue was earned by our third-party operators. Minimum guarantee revenue is deferred at the end of the period in which it relates and subsequently recognized as revenue over the remaining term of the market access agreement. The Company also recognizes revenue for reimbursements of certain out-of-pocket expenses, including license fees and jurisdictional gaming taxes. The Company has elected the “right to invoice” practical expedient and recognizes revenue upon incurring reimbursable costs, as appropriate.

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.

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 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 our Consolidated Balance Sheets, was $29.8 million and $29.7 million as of December 31, 2025 and 2024, 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; (vii) unclaimed jackpots; and (viii) gift cards redeemable at our properties. 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 $133.7 million and $151.4 million as of December 31, 2025 and 2024, respectively, and are included in “Accrued expenses and other current liabilities” within our 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 operators for OSB and iCasino market access across our portfolio of properties.

As of December 31, 2025, and 2024, our deferred revenue balance was $34.1 million and $42.6 million, respectively, the majority of which is included in “Other long-term liabilities” within our Consolidated Balance Sheets. During the years ended December 31, 2025, 2024, and 2023 we recognized revenue of $9.6 million, $5.7 million, and $21.6 million, respectively, that was included in the December 31, 2024, 2023, and 2022 deferred revenue balances.

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 Transaction

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 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.

Stock-Based Compensation

Stock-Based Compensation: The cost of employee services received in exchange for an award of equity instruments is based on the grant-date fair value of the award and the expense is recognized ratably over the requisite service period. The Company accounts for forfeitures in the period in which they occur based on actual amounts. The fair value of stock options is estimated at the grant date using the Black-Scholes option-pricing model, which requires us to make assumptions, including the expected term, which is based on the contractual term of the stock option and historical exercise data of the Company’s employees; the risk-free interest rate, which is based on the U.S. Treasury spot rate with a term equal to the expected term assumed at the grant date; the expected volatility, which is estimated based on the historical volatility of the Company’s stock price over the expected term assumed at the grant date; and the expected dividend yield, which is zero since we have not historically paid dividends.

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 convertible preferred stock, and convertible debt.

Holders of the Company’s Series D Preferred Stock (as defined in Note 6, “Investments in and Advances to Unconsolidated Affiliates”) were entitled to participate equally and ratably in all dividends and distributions paid to holders of PENN common stock irrespective of any vesting requirement. Accordingly, the Series D Preferred Stock shares were considered a participating security, and the Company was required to apply the two-class method to consider the impact of the preferred shares on the calculation of basic and diluted EPS. The previous holders of the Company’s Series D Preferred Stock were not obligated to absorb losses; therefore, in reporting periods where the Company was in a net loss position, it did not apply the two-class method. In reporting periods where the Company was in a net income position, the two-class method was applied by allocating all earnings during the period to common shares and preferred shares. See Note 16, “Loss per Share” for more information. As discussed in Note 14, “Stockholders’ Equity,” all remaining outstanding shares of Series D Preferred Stock were converted to common stock during the third quarter of 2023. There were no outstanding shares of Series D Preferred Stock as of December 31, 2025.

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. 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. In the second quarter of 2024, the Company paid $30.5 million in settlement costs under this indemnification obligation. 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. For both periods ended as of December 31, 2025 and 2024, the Company has recorded a liability of $39.5 million for this agreement. Liabilities associated with the indemnification are recorded in “Other long-term liabilities” within the Consolidated Balance Sheets.

Application of Business Combination Accounting

Application of Business Combination Accounting: We utilize the acquisition method of accounting in accordance with ASC 805, “Business Combinations,” (“ASC 805”) which requires us to allocate the purchase price to tangible and identifiable intangible assets based on their fair values. The excess of the purchase price over the fair value ascribed to tangible and identifiable intangible assets is recorded as goodwill. If the fair value ascribed to tangible and identifiable intangible assets changes during the measurement period (due to additional information being available and related Company analysis), the measurement period adjustment is recognized in the reporting period in which the adjustment amount is determined and offset against goodwill. The measurement period for our acquisitions is no more than one year in duration.

Voting Interest Entities and Variable Interest Entities

Voting Interest Entities and Variable Interest Entities: The Company consolidates all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the VOE model or the VIE model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting rights. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the entity.

For those entities that qualify as a VIE, the primary beneficiary is generally defined as the party who has a controlling financial interest in the VIE. The Company consolidates the financial position and results of operations of every VOE in which it has a controlling financial interest and VIEs in which it is considered to be the primary beneficiary.

Accounting Pronouncements Adopted and Accounting Pronouncements to be Implemented

Accounting Pronouncements Adopted

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 updates the requirements for a public entity to enhance income tax disclosures to provide a better assessment on how an entity’s operations, related tax risks, tax planning, and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and was adopted on a prospective basis. The adoption of ASU 2023-09 resulted in additional disclosures in the notes to the Consolidated Financial Statements. See Note 13 , “Income Taxes.”

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 Consolidated Financial Statements.

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, on a prospective or retrospective basis, with early adoption permitted. The primary purpose of the new ASU 2024-04 is to improve the relevance and consistency in application of the induced conversion guidance in ASC 470-20. We have assessed the guidance and do not expect the new standard to have a material impact on the Consolidated Financial Statements. We plan on adopting the standard on a prospective basis, which is applicable for the interim period commencing on January 1, 2026.

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, with early adoption permitted. We have assessed the impact of this guidance, and do not expect the new standard to have a material impact on the Consolidated Financial Statements. We plan on adopting the standard on a prospective basis, which is applicable for the interim period commencing on January 1, 2026.

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 Consolidated Financial Statements.

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows:


(in millions)	Northeast		South		West		Midwest		Interactive		Other		Total
Balance as of January 1, 2024
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,664.0	$	87.7	$	4,245.3
Accumulated goodwill impairment losses	(828.8)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,550.2)
Goodwill, net	$	94.7	$	175.6	$	200.2	$	560.6	$	1,664.0	$	—	$	2,695.1


Effect of foreign currency exchange rates	—		—		—		—		(119.7)		—		(119.7)
Impairment losses during year	—		(6.1)		—		(6.2)		—		—		(12.3)

Balance as of December 31, 2024
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,544.3	$	87.7	$	4,125.6
Accumulated goodwill impairment losses	(828.8)		(67.1)		(16.6)		(562.3)		—		(87.7)		(1,562.5)
Goodwill, net	$	94.7	$	169.5	$	200.2	$	554.4	$	1,544.3	$	—	$	2,563.1



Effect of foreign currency exchange rates	—		—		—		—		55.5		—		55.5
Impairment losses during year	—		(7.0)		—		—		(825.0)		—		(832.0)

Balance as of December 31, 2025
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,599.8	$	87.7	$	4,181.1
Accumulated goodwill impairment losses	(828.8)		(74.1)		(16.6)		(562.3)		(825.0)		(87.7)		(2,394.5)
Goodwill, net	$	94.7	$	162.5	$	200.2	$	554.4	$	774.8	$	—	$	1,786.6

Summary of Impairment Charges by Reportable Segment


	For the year ended December 31,
	2025						2024						2023
(in millions)	Goodwill		Gaming Licenses		Trademarks		Goodwill		Gaming Licenses		Trademarks		Goodwill		Gaming Licenses
Segment
Northeast	$	—	$	23.5	$	—	$	—	$	66.0	$	1.0	$	30.0	$	100.6
South	7.0		64.8		4.5		6.1		3.3		6.5		—		—
West	—		—		5.5		—		—		—		—		—
Midwest	—		—		15.0		6.2		—		—		—		—
Interactive	825.0		—		—		—		—		—		—		—
Total	$	832.0	$	88.3	$	25.0	$	12.3	$	69.3	$	7.5	$	30.0	$	100.6

As of October 1, 2025, the date of the most recent annual impairment test, five reporting units had negative carrying amounts. The amount of goodwill at these reporting units was as follows:


(in millions)
Northeast segment
Plainridge Park Casino	$	6.3
South segment
Ameristar Vicksburg	$	19.5
Boomtown New Orleans	$	5.2
West segment
Cactus Petes and Horseshu	$	10.2
Midwest segment
Ameristar Council Bluffs	$	36.2

Schedule of Impaired Intangible Assets

Summary of Impairment Charges by Reportable Segment


	For the year ended December 31,
	2025						2024						2023
(in millions)	Goodwill		Gaming Licenses		Trademarks		Goodwill		Gaming Licenses		Trademarks		Goodwill		Gaming Licenses
Segment
Northeast	$	—	$	23.5	$	—	$	—	$	66.0	$	1.0	$	30.0	$	100.6
South	7.0		64.8		4.5		6.1		3.3		6.5		—		—
West	—		—		5.5		—		—		—		—		—
Midwest	—		—		15.0		6.2		—		—		—		—
Interactive	825.0		—		—		—		—		—		—		—
Total	$	832.0	$	88.3	$	25.0	$	12.3	$	69.3	$	7.5	$	30.0	$	100.6

Schedule of Indefinite-Lived Intangible Assets

The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets:


	December 31, 2025						December 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	976.7	$	—	$	976.7	$	1,064.9	$	—	$	1,064.9
Trademarks	291.7		—		291.7		319.5		—		319.5
Other	0.6		—		0.6		0.6		—		0.6
Amortizing intangible assets
Customer relationships	111.9		(110.0)		1.9		111.6		(106.6)		5.0
Technology	370.7		(252.6)		118.1		303.0		(184.9)		118.1
Other	37.3		(21.5)		15.8		40.1		(18.3)		21.8
Total other intangible assets, net	$	1,788.9	$	(384.1)	$	1,404.8	$	1,839.7	$	(309.8)	$	1,529.9

Schedule of Finite-Lived Intangible Assets

The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets:


	December 31, 2025						December 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	976.7	$	—	$	976.7	$	1,064.9	$	—	$	1,064.9
Trademarks	291.7		—		291.7		319.5		—		319.5
Other	0.6		—		0.6		0.6		—		0.6
Amortizing intangible assets
Customer relationships	111.9		(110.0)		1.9		111.6		(106.6)		5.0
Technology	370.7		(252.6)		118.1		303.0		(184.9)		118.1
Other	37.3		(21.5)		15.8		40.1		(18.3)		21.8
Total other intangible assets, net	$	1,788.9	$	(384.1)	$	1,404.8	$	1,839.7	$	(309.8)	$	1,529.9

Schedule of Expected Intangible Asset Amortization Expense

The following table presents the estimated amortization expense based on our amortizing intangible assets as of December 31, 2025:


(in millions)
Years ending December 31:
2026	$	58.0
2027	40.1
2028	22.4
2029	4.7
2030	3.7
Thereafter	6.9
Total	$	135.8

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount [Abstract]
Federal statutory rate	$ 172.3	$ 71.7	$ 105.0
State and local income taxes, net of federal benefits	0.2	17.7	16.1
Foreign	(54.3)	4.4	1.9
Changes in valuation allowances		(61.1)	(56.4)
Goodwill impairment	(123.3)
Other adjustments		0.2	(5.0)
Tax credits	9.0	5.9	4.9
Other adjustments	(14.4)
Nontaxable and nondeductible items		4.0	48.5
Worldwide change in unrecognized tax benefits	3.4
Total income tax benefit (expense)	$ (24.6)	$ 28.0	$ 8.2
Percentage
US Federal statutory income tax rate	21.00%
Domestic state and local income taxes, net of federal effect	0.02%
Foreign tax effects	(6.61%)
Goodwill impairment	(15.02%)
Tax credits	1.10%
Other adjustments	(1.75%)
Worldwide change in unrecognized tax benefits	0.41%
Effective tax rate	(3.00%)	8.20%	1.70%
Canada
Amount [Abstract]
Changes in valuation allowances	$ (13.4)
Other adjustments	$ (1.1)
Percentage
Changes in valuation allowances	(1.63%)
Other adjustments	(0.13%)
United States
Amount [Abstract]
Changes in valuation allowances	$ (2.0)
Other adjustments	$ (1.0)
Percentage
Changes in valuation allowances	(0.25%)
Other adjustments	(0.14%)

Leases - Pinnacle Master Lease (Details)	Apr. 28, 2016 facility renewalOption	Jan. 01, 2023 renewalOption
Lessee, Lease, Cost [Line Items]
Number of options to extend lease		3
Pinnacle Master Lease
Lessee, Lease, Cost [Line Items]
Initial lease term	10 years
Adjusted annual escalator percentage	2.00%
Adjusted revenue to rent ratio, as defined	1.8
Percentage rent escalation interval	2 years
Pinnacle Master Lease \| Lease Renewal Option One
Lessee, Lease, Cost [Line Items]
Lease renewal term	5 years
Pinnacle Master Lease
Lessee, Lease, Cost [Line Items]
Number of facilities with leased real estate \| facility	12
Remaining lease term	7 years 6 months
Lease - expected term with renewal options	32 years 6 months
Percentage of average net revenues during preceding two years	4.00%
Percentage rent baseline period	2 years
Pinnacle Master Lease \| Lease Renewal Option One
Lessee, Lease, Cost [Line Items]
Number of options to extend lease	5

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Total revenues	$ 6,961.0	$ 6,578.1	$ 6,362.9
Operating expenses
General and administrative	1,633.8	1,568.4	1,563.4
Depreciation and amortization	446.9	433.6	435.1
Impairment losses	945.3	89.1	130.6
Loss on disposal of Barstool	0.0	0.0	923.2
Total operating expenses	7,634.6	6,505.6	7,053.1
Operating income (loss)	(673.6)	72.5	(690.2)
Other income (expenses)
Interest expense, net	(405.8)	(470.5)	(464.7)
Interest income	9.7	23.6	40.3
Income from unconsolidated affiliates	37.7	28.1	25.3
Gain on Barstool Acquisition, net	0.0	0.0	83.4
Gain on REIT transactions, net	3.3	0.0	500.8
Gain on financing arrangement	215.1	0.0	0.0
Loss on early extinguishment of debt	(11.8)	(0.3)	0.0
Other	4.7	5.3	5.5
Total other income (expenses)	(147.1)	(413.8)	190.6
Loss before income taxes	(820.7)	(341.3)	(499.6)
Income tax benefit (expense)	(24.6)	28.0	8.2
Net loss	(845.3)	(313.3)	(491.4)
Net loss attributable to non-controlling interest	2.2	1.8	1.4
Net loss attributable to PENN Entertainment, Inc.	$ (843.1)	$ (311.5)	$ (490.0)
Loss per share
Basic loss per share (in dollars per share)	$ (5.83)	$ (2.05)	$ (3.22)
Diluted loss per share (in dollars per share)	$ (5.83)	$ (2.05)	$ (3.22)
Weighted-average common shares outstanding - basic (in shares)	144.6	152.1	152.1
Weighted-average common shares outstanding - diluted (in shares)	144.6	152.1	152.1
Gaming
Revenues
Total revenues	$ 5,350.0	$ 5,169.5	$ 4,905.8
Operating expenses
Cost of revenue	3,446.4	3,429.0	2,989.4
Food, beverage, hotel, and other
Revenues
Total revenues	1,611.0	1,408.6	1,457.1
Operating expenses
Cost of revenue	$ 1,162.2	$ 985.5	$ 1,011.4

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Consistent with overall ERM policies and practices, the Company’s cybersecurity program focuses on the following areas: •Vigilance: The Company maintains a global presence, with cybersecurity threat operations functioning 24/7 with the specific goal of identifying, preventing, and mitigating cybersecurity threats and responding to cybersecurity incidents in accordance with our established incident response and recovery plans. •Systems Safeguards: The Company deploys systems safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti- malware functionality and access controls, which are evaluated and improved through regular vulnerability assessments and cybersecurity threat intelligence. •Collaboration: The Company utilizes collaboration mechanisms established with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity risks. •Third-Party Risk Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers, and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. •Training: The Company provides training for personnel regarding cybersecurity threats, which is designed to reinforce the Company’s information security policies, standards, and practices. This training includes certain periodic and mandatory training for Company personnel regarding cybersecurity threats as well as the handling and processing of payment cards. All periodic and mandatory training is scaled to reflect the roles, responsibilities and information systems access of applicable personnel. •Incident Response and Recovery Planning: The Company has established and maintains comprehensive incident response and recovery plans that address the Company’s response to a cybersecurity incident and the recovery from a cybersecurity incident, and such plans are tested and evaluated on a regular basis. •Communication, Coordination and Disclosure: The Company utilizes a cross-functional approach to address the risk from cybersecurity threats, involving management personnel from the Company’s technology, operations, legal, accounting, risk management, internal audit, and other key business functions, as well as the members of the Board and the Audit Committee of the Board in a dialogue regarding cybersecurity threats and incidents, while also implementing controls and procedures for the escalation of cybersecurity incidents pursuant to established thresholds designed to help ensure that decisions regarding the disclosure and reporting of such incidents can be made by management in a timely manner. •Governance: The Board’s oversight of cybersecurity risk management is supported by the Audit Committee, which regularly interacts with the Company’s ERM function, the Company’s Chief Technology Officer, other members of management, and relevant management committees and councils, including the Company’s Cyber Security Committee. A key part of the Company’s strategy for managing risks from cybersecurity threats is the assessment and testing of the Company’s processes and practices through auditing, assessments, tabletop exercises, threat modeling, vulnerability testing, and other exercises focused on evaluating the effectiveness of our cybersecurity measures. The Company engages third parties to perform assessments of our cybersecurity measures, including information security maturity assessments, audits, and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits, and reviews are reported to the Company’s Cyber Security Committee, and when appropriate, the Audit Committee and the Board. The Company adjusts its cybersecurity policies, standards, processes, and practices as necessary based on the information provided by the assessments, audits, and reviews.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity represents a critical component of the Company’s overall approach to risk management. The Company’s cybersecurity policies, standards, and practices are integrated into the Company’s enterprise risk management (“ERM”) approach, and cybersecurity risks are among the core enterprise risks that are subject to oversight by the Board. The Company’s cybersecurity policies, standards, and practices are intended to align with recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization, and other applicable industry standards. The Company generally approaches cybersecurity threats through a cross-functional, multilayered approach, with the specific goals of: (i) identifying, preventing, and mitigating cybersecurity threats to the Company; (ii) preserving the confidentiality, integrity, security, and availability of the information that we collect and store to use in our business; (iii) protecting the Company’s intellectual property; (iv) maintaining the confidence of our customers, clients, and business partners; and (v) providing appropriate public disclosure of cybersecurity risks, and incidents when required.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Company’s Cyber Security Committee, in coordination with the Board and Audit Committee, oversees the management of risks from cybersecurity threats, including the policies, standards, processes, and practices that the Company’s Chief Technology Officer and its Chief Information Security Officer, in coordination with the Company’s Cyber Security Committee, develop and implement to address risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company’s Cyber Security Committee, in coordination with the Board and Audit Committee, oversees the management of risks from cybersecurity threats, including the policies, standards, processes, and practices that the Company’s Chief Technology Officer and its Chief Information Security Officer, in coordination with the Company’s Cyber Security Committee, develop and implement to address risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board and the Audit Committee each receive regular presentations and reports on cybersecurity risks, which address a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends, and information security considerations arising with respect to the Company’s peers and third parties. The Board and the Audit Committee are also informed of identified cybersecurity incidents that meet established reporting thresholds, as well as ongoing updates regarding each such incident until it has been addressed.
Cybersecurity Risk Role of Management [Text Block]	The Company’s Chief Technology Officer and its Chief Information Security Officer are members of the Company’s management that are principally responsible for overseeing the Company’s cybersecurity risk management program, in partnership with other business leaders across the Company. The Company’s Chief Technology Officer serves as Chair of the Company’s Cyber Security Committee and works in coordination with the other members of the Cyber Security Committee, which includes our Chief Technology Officer; Chief Information Security Officer; EVP, Chief Financial Officer; Chief Compliance Officer; Chief Accounting Officer; Chief Legal Officer; SVP of Operations; Deputy Chief Compliance Officer; SVP, Public Affairs; VP, Risk Management; VP, Internal Audit; and VP, Legal – Intellectual Property and Privacy, who also serves as the Company’s Privacy Compliance Officer and Data Protection Officer. The Company’s Chief Technology Officer, Aaron LaBerge, has served in various roles in information technology for over 25 years, including more than 20 years at The Walt Disney Company. Mr. LaBerge most recently served as President & Chief Technology Officer for Disney Entertainment and ESPN, where he was responsible for driving all technology and product development in support of the Walt Disney Company’s two media divisions and oversaw all cybersecurity functions, and prior to that he served as Executive Vice President and Chief Technology Officer for ESPN where he was also responsible for cybersecurity matters. Mr. LaBerge holds a B.A. in electrical and computer engineering from the University of South Carolina. The Company’s Chief Information Security Officer, David Lingenfelter, has served in various roles in information technology and information security for over 25 years, including Security Risk Assessor, Security Policy Development, and Security Architect, as well as serving as Vice President of Information Security and Product Security Officer for large public companies. Mr. Lingenfelter has also contributed to the development and review of various security-related publications including the National Institute of Standards and Technology, the International Organization for Standardization, and the Cloud Security Alliance, has served in numerous roles on various cybersecurity-related advisory boards, and holds a B.S. in Electrical Engineering from Fairleigh Dickinson University. The Company’s Chief Technology Officer and Chief Information Security Officer, in coordination with the Company’s Cyber Security Committee, work collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and designed to allow the Company to promptly respond to any cybersecurity incidents in accordance with the Company’s Security Incident Response Plan. To facilitate the success of this program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s incident response and recovery plans. Through the ongoing communications from these teams, the Chief Technology Officer, the Chief Information Security Officer, and the Company’s Cyber Security Committee monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents in real time, and report such incidents to the Audit Committee when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company’s Chief Technology Officer and its Chief Information Security Officer are members of the Company’s management that are principally responsible for overseeing the Company’s cybersecurity risk management program, in partnership with other business leaders across the Company. The Company’s Chief Technology Officer serves as Chair of the Company’s Cyber Security Committee and works in coordination with the other members of the Cyber Security Committee, which includes our Chief Technology Officer; Chief Information Security Officer; EVP, Chief Financial Officer; Chief Compliance Officer; Chief Accounting Officer; Chief Legal Officer; SVP of Operations; Deputy Chief Compliance Officer; SVP, Public Affairs; VP, Risk Management; VP, Internal Audit; and VP, Legal – Intellectual Property and Privacy, who also serves as the Company’s Privacy Compliance Officer and Data Protection Officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company’s Chief Information Security Officer, David Lingenfelter, has served in various roles in information technology and information security for over 25 years, including Security Risk Assessor, Security Policy Development, and Security Architect, as well as serving as Vice President of Information Security and Product Security Officer for large public companies. Mr. Lingenfelter has also contributed to the development and review of various security-related publications including the National Institute of Standards and Technology, the International Organization for Standardization, and the Cloud Security Alliance, has served in numerous roles on various cybersecurity-related advisory boards, and holds a B.S. in Electrical Engineering from Fairleigh Dickinson University.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	To facilitate the success of this program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company’s incident response and recovery plans. Through the ongoing communications from these teams, the Chief Technology Officer, the Chief Information Security Officer, and the Company’s Cyber Security Committee monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents in real time, and report such incidents to the Audit Committee when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Leases - Schedule of Other Information Related to Lease Term and Discount Rate (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Weighted-Average Remaining Lease Term
Operating leases	9 years 2 months 12 days	10 years 2 months 12 days
Finance leases	25 years 3 months 18 days	26 years 3 months 18 days
Financing obligations	25 years 7 months 6 days	26 years 7 months 6 days
Weighted-Average Discount Rate
Operating leases	7.10%	7.70%
Finance leases	5.20%	5.20%
Financing obligations	5.20%	5.20%

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Note 9—Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
(in millions)	2025		2024
Accrued salaries and wages	$	152.8	$	141.3
Accrued gaming, pari-mutuel, property, and other taxes	120.8		120.2
Accrued interest	20.9		20.3
Other accrued expenses and other current liabilities:
Deferred compensation (1)	119.3		107.2
Progressive jackpot liability	79.1		63.3
Advanced deposits	75.3		90.0
Unpaid wagers	52.4		56.5
Self-insurance liabilities	33.1		31.8
PENN Play loyalty point obligation	29.8		29.7
Other	222.1		247.0
Accrued expenses and other current liabilities	$	905.6	$	907.3

(1)Includes expenses related to the Company’s non-qualified deferred compensation plan that covers most management and other highly-compensated employees. See Note 12, “Commitments and Contingencies.”

Loss per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Anti-dilutive securities, stock options (in shares)	33.2	35.1	14.5
Convertible preferred stock
Schedule of Equity Method Investments [Line Items]
Anti-dilutive securities, stock options (in shares)			0.3

- 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

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued salaries and wages	$ 152.8	$ 141.3
Accrued gaming, pari-mutuel, property, and other taxes	120.8	120.2
Accrued interest	20.9	20.3
Deferred compensation	119.3	107.2
Progressive jackpot liability	79.1	63.3
Advanced deposits	75.3	90.0
Unpaid wagers	52.4	56.5
Self-insurance liabilities	33.1	31.8
PENN Play loyalty point obligation	29.8	29.7
Other	222.1	247.0
Accrued expenses and other current liabilities	$ 905.6	$ 907.3

Significant Accounting Policies and Basis of Presentation - Property and Equipment Net (Details)	12 Months Ended
	Dec. 31, 2025
Estimated useful lives of property and equipment
Maintenance capital expenditures, to replace fixed assets, useful life trigger (greater than)	1 year
Land improvements
Estimated useful lives of property and equipment
Useful lives	15 years
Buildings and improvements \| Minimum
Estimated useful lives of property and equipment
Useful lives	5 years
Buildings and improvements \| Maximum
Estimated useful lives of property and equipment
Useful lives	31 years
Vessels \| Minimum
Estimated useful lives of property and equipment
Useful lives	10 years
Vessels \| Maximum
Estimated useful lives of property and equipment
Useful lives	31 years
Furniture, fixtures, and equipment \| Minimum
Estimated useful lives of property and equipment
Useful lives	1 year
Furniture, fixtures, and equipment \| Maximum
Estimated useful lives of property and equipment
Useful lives	31 years

Significant Accounting Policies and Basis of Presentation - Concentration of Credit Risk and Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	$ (5.2)	$ (3.6)
Accounts receivable, net	254.2	256.8
Markers and returned checks
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	14.0	13.5
Payment processors, credit card, and other advances to customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	80.1	86.1
Receivables from ATM and cash kiosk transactions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	33.8	36.4
Hotel and banquet
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	3.4	3.9
Racing settlements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	7.4	7.2
Online gaming and licensing receivables from third-party operators, including taxes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	73.1	55.9
Media receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	15.5	15.7
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	$ 32.1	$ 41.7

Stock-Based Compensation - Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Performance shares
Number of Shares
Outstanding (in shares) \| shares	2,995,735
Granted (in shares) \| shares	1,569,647
Vested (in shares) \| shares	(237,746)
Forfeited (in shares) \| shares	(1,081,198)
Outstanding (in shares) \| shares	3,246,438
Weighted- Average Grant Date Fair Value
Outstanding (in dollars per share) \| $ / shares	$ 31.21
Granted (in dollars per share) \| $ / shares	14.76
Vested (in dollars per share) \| $ / shares	39.14
Forfeited (in dollars per share) \| $ / shares	47.89
Outstanding (in dollars per share) \| $ / shares	$ 17.12
Restricted stock
Number of Shares
Outstanding (in shares) \| shares	2,509,623
Granted (in shares) \| shares	2,762,449
Vested (in shares) \| shares	(907,738)
Forfeited (in shares) \| shares	(893,265)
Outstanding (in shares) \| shares	3,471,069
Weighted- Average Grant Date Fair Value
Outstanding (in dollars per share) \| $ / shares	$ 26.11
Granted (in dollars per share) \| $ / shares	18.72
Vested (in dollars per share) \| $ / shares	27.03
Forfeited (in dollars per share) \| $ / shares	23.90
Outstanding (in dollars per share) \| $ / shares	$ 20.56

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 686.6	$ 706.6
Accounts receivable, net	254.2	256.8
Prepaid expenses	151.7	152.3
Other current assets	73.6	38.7
Total current assets	1,166.1	1,154.4
Property and equipment, net	3,717.3	3,705.0
Investment in and advances to unconsolidated affiliates	79.4	86.2
Goodwill	1,786.6	2,563.1
Other intangible assets, net	1,404.8	1,529.9
Operating lease right-of-use assets	3,966.1	3,976.8
Finance lease right-of-use assets	1,924.3	2,014.3
Other assets	223.9	232.0
Total assets	14,268.5	15,261.7
Current liabilities
Accounts payable	54.2	50.8
Current maturities of long-term debt	38.2	38.2
Current portion of financing obligations	45.8	43.5
Current portion of operating lease liabilities	386.0	322.1
Current portion of finance lease liabilities	45.7	53.2
Accrued expenses and other current liabilities	905.6	907.3
Total current liabilities	1,475.5	1,415.1
Long-term debt, net of current maturities, debt discount, and debt issuance costs	2,848.9	2,732.5
Long-term portion of financing obligations	2,297.8	2,343.1
Long-term portion of operating lease liabilities	3,592.4	3,654.3
Long-term portion of finance lease liabilities	2,017.4	2,062.3
Deferred income taxes	87.8	61.0
Other long-term liabilities	121.2	135.0
Total liabilities	12,441.0	12,403.3
Commitments and contingencies (Note 12)
Stockholders’ equity
Treasury stock, at cost, (45,257,733 and 25,166,902)	(1,137.2)	(779.5)
Additional paid-in capital	4,652.8	4,542.4
Accumulated deficit	(1,490.1)	(647.0)
Accumulated other comprehensive loss	(193.3)	(255.0)
Total PENN Entertainment, Inc. stockholders’ equity	1,834.0	2,862.7
Non-controlling interest	(6.5)	(4.3)
Total stockholders’ equity	1,827.5	2,858.4
Total liabilities and stockholders’ equity	$ 14,268.5	$ 15,261.7
Treasury stock, shares (in shares)	45,257,733	25,166,902
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

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Note 10—Long-Term Debt

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


	December 31,
(in millions)	2025		2024
Amended Credit Facilities:
Amended Revolving Credit Facility due 2027	$	570.0	$	—
Amended Term Loan A Facility due 2027	453.8		481.3
Amended Term Loan B Facility due 2029	965.0		975.0
5.625% Notes due 2027	400.0		400.0
4.125% Notes due 2029	400.0		400.0
2.75% Convertible Notes due 2026	106.7		330.5
Other long-term obligations	8.6		210.5
	2,904.1		2,797.3
Less: Current maturities of long-term debt	(38.2)		(38.2)
Less: Debt discounts and debt issuance costs	(17.0)		(26.6)
	$	2,848.9	$	2,732.5

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2025:


(in millions)
Years ending December 31:
2026	$	145.0
2027	1,407.0
2028	10.8
2029	1,335.8
2030	0.8
Thereafter	4.7
Total minimum payments	$	2,904.1

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 11, “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 $978.0 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.

As of December 31, 2025, the Company had $570.0 million drawn on the Amended Revolving Credit Facility. No amounts were drawn on the revolver as of December 31, 2024. As of December 31, 2025 and 2024, the Company had conditional obligations under letters of credit issued pursuant to the Amended Credit Facilities with face amounts aggregating to $23.9 million and $20.9 million, respectively, resulting in $406.1 million and $979.1 million of available borrowing capacity under the Amended Revolving Credit Facility, respectively. As of February 25, 2026, the Company had $565.0 million in outstanding borrowings under its Amended Revolving Credit Facility, resulting in $411.1 million in available borrowing capacity.

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”) at a price of par. Interest on the 5.625% Notes 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, beginning on or after January 15, 2022, at the declining redemption premiums set forth in the indenture governing the 5.625% Notes.

4.125% Senior Unsecured Notes

On July 1, 2021, the Company completed an offering of $400.0 million aggregate principal amount of 4.125% senior unsecured notes that mature on July 1, 2029 (the “4.125% Notes”). The 4.125% Notes were issued at par and interest is payable semi-annually on January 1st and July 1st of each year. The 4.125% 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 4.125% Notes at any time on or after July 1, 2024, at the declining redemption premiums set forth in the indenture governing the 4.125% Notes, and, prior to July 1, 2024, at a “make-whole” redemption premium set forth in the indenture governing the 4.125% Notes.

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. After underwriting fees and discounts, net proceeds received by the Company were $322.2 million. Interest on the Convertible Notes is payable semi-annually on May 15 and November 15.

On June 13, 2025, the Company entered into separate and privately negotiated agreements with certain holders of the Convertible Notes to repurchase $223.8 million aggregate principal amount of the Convertible Notes. The repurchases were completed on June 20, 2025, and the Company recorded an $11.8 million loss on the early extinguishment of debt during the year ended December 31, 2025, which is included in “Loss on early extinguishment of debt” within the Consolidated Statements of Operations.

As of December 31, 2025, 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.

The Convertible Notes are convertible into shares of the Company’s common stock at an initial conversion price of $23.40 per share, or 42.7350 shares, per $1,000 principal amount of Convertible Notes, subject to adjustment if certain corporate events occur. However, in no event will the conversion rate exceed 55.5555 shares of common stock per $1,000 principal amount of Convertible Notes. As of December 31, 2025, the maximum number of shares that could be issued to satisfy the conversion feature of the Convertible Notes is 5,928,661.

Starting on February 15, 2026, holders may convert the Convertible Notes at any time until the close of business on the second scheduled trading day immediately before May 15, 2026. The Convertible Notes may, at the Company’s election, be settled upon conversion in cash, shares of common stock of the Company, or a combination thereof. Beginning on November 20, 2023, the Company has the option to redeem the Convertible Notes, in whole or in part, subject to certain specified conditions.

In addition, holders may require the Company to repurchase the Convertible Notes upon the occurrence of certain corporate events that constitute a fundamental change under the indenture governing the Convertible Notes at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase, subject to the terms therein. In connection with certain corporate events or if the Company issues a notice of redemption, the conversion rate will, under certain circumstances, be increased as set forth in the indenture governing the Convertible Notes.

As of December 31, 2025, none of the Convertible Notes have been converted into shares of the Company’s common stock.

The Convertible Notes consisted of the following components:


	December 31,
(in millions)	2025		2024
Liability:
Principal	$	106.7	$	330.5
Unamortized debt issuance costs	(0.2)		(2.6)
Net carrying amount	$	106.5	$	327.9

Interest expense, net

The table below presents interest expense, net:


	For the year ended December 31,
(in millions)	2025		2024		2023
Interest expense	$	447.6	$	487.1	$	469.6
Capitalized interest	(41.8)		(16.6)		(4.9)
Interest expense, net	$	405.8	$	470.5	$	464.7

The table below presents interest expense related to the Convertible Notes:


	For the year ended December 31,
(in millions)	2025		2024		2023
Coupon interest	$	5.8	$	9.1	$	9.1
Amortization of debt issuance costs	1.1		1.8		1.7
Convertible Notes interest expense	$	6.9	$	10.9	$	10.8

Debt issuance costs will be amortized to interest expense through May 2026, the remaining term of the Convertible Notes, at an effective interest rate of 3.3%.

Covenants

Our Amended Credit Facilities, 5.625% Notes, and 4.125% 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, and 4.125% 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 discussed in Note 11, “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 December 31, 2025, 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 12 months following the date of filing this Annual Report on Form 10-K with the SEC.

Other Long-Term Obligation

In February 2021, we entered into a third-party financing arrangement providing the Company with upfront and non-refundable cash proceeds of $72.5 million while permitting us to participate in future proceeds on certain claims for insurance coverage benefits from the Company’s insurers (the “Insurers”) for economic losses PENN sustained due to the COVID-19 pandemic. On May 7, 2025, the Superior Court of Pennsylvania (the “SCP”) issued a ruling on the Company’s appeal of a lower court’s summary judgment that found in favor of the Insurers, affirming the lower court’s ruling. As a result of the SCP’s ruling, the Company has determined that obligations under these claims are no longer probable. Accordingly, during the quarter ended March 31, 2025, we recognized a non-cash gain, which consists of the cash proceeds received in 2021 of $72.5 million and $142.6 million of accreted non-cash interest. The gain is recorded as “Gain on financing arrangement” within the Consolidated Statements of Operations for the year ended December 31, 2025.

Prior to recognizing the non-cash gain, as described above, the financing obligation was classified as a non-current liability and had a $201.2 million balance as of December 31, 2024. Consistent with an obligor’s accounting under a debt instrument, period interest was accreted using an effective interest rate of 27.0% until the time that the claims and related obligations were resolved. The amount included in “Interest expense, net” related to this obligation was $13.9 million, $47.1 million, and $36.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Note 19—Related Party Transactions The Company leases two executive office buildings in Wyomissing, Pennsylvania from affiliates of its chairman emeritus of the Board. Rent expense was $1.1 million for each of the three years ended December 31, 2025, 2024, and 2023. One lease was renewed in December 2025 and will expire in December 2030, and the other lease expires in August 2026. As of December 31, 2025, the future minimum lease commitments relating to the leases were $2.3 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
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-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Revenue Disaggregation

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Disaggregation

Note 4—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, 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 year ended December 31, 2025
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	2,473.6	$	877.2	$	383.5	$	1,051.6	$	564.1	$	—	$	—	$	5,350.0
Food and beverage	153.1		148.0		75.7		65.5		—		3.6		—		445.9
Hotel	53.0		100.0		65.2		35.1		—		—		—		253.3
Other	89.5		41.9		18.8		29.2		738.5		14.9		(21.0)		911.8
Total revenues	$	2,769.2	$	1,167.1	$	543.2	$	1,181.4	$	1,302.6	$	18.5	$	(21.0)	$	6,961.0


	For the year ended December 31, 2024
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	2,465.0	$	904.1	$	366.6	$	1,043.6	$	390.2	$	—	$	—	$	5,169.5
Food and beverage	147.8		132.7		73.9		62.3		—		3.5		—		420.2
Hotel	54.3		91.6		66.2		37.9		—		—		—		250.0
Other	88.6		40.6		18.6		28.4		569.7		16.1		(23.6)		738.4
Total revenues	$	2,755.7	$	1,169.0	$	525.3	$	1,172.2	$	959.9	$	19.6	$	(23.6)	$	6,578.1


	For the year ended December 31, 2023
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	2,451.4	$	950.3	$	376.5	$	1,046.5	$	81.1	$	—	$	—	$	4,905.8
Food and beverage	144.0		132.1		71.8		59.9		—		3.1		—		410.9
Hotel	55.3		93.7		61.0		37.3		—		—		—		247.3
Other	87.7		40.3		19.2		28.9		637.7		17.1		(32.0)		798.9
Total revenues	$	2,738.4	$	1,216.4	$	528.5	$	1,172.6	$	718.8	$	20.2	$	(32.0)	$	6,362.9

(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 $588.3 million, $435.6 million, and $390.4 million for the years ended December 31, 2025, 2024, and 2023, respectively. Additionally, due to the inclusion of Barstool operating results prior to the disposition on August 8, 2023, other revenues within the Interactive segment for the year ended December 31, 2023 included $105.8 million in advertising revenue and $29.8 million in retail revenue.

(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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-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

Leases - Triple Net Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Cost [Line Items]
Lease payments	$ 967.8	$ 950.4	$ 937.8
AR PENN Master Lease
Lessee, Lease, Cost [Line Items]
Lease payments	288.8	284.6	284.1
2023 Master Lease
Lessee, Lease, Cost [Line Items]
Lease payments	245.9	236.2	232.8
Pinnacle Master Lease
Lessee, Lease, Cost [Line Items]
Lease payments	349.6	346.7	339.4
VICI Master Lease
Lessee, Lease, Cost [Line Items]
Lease payments	6.7	0.0	0.0
Margaritaville Lease
Lessee, Lease, Cost [Line Items]
Lease payments	24.6	26.8	26.2
Greektown Lease
Lessee, Lease, Cost [Line Items]
Lease payments	49.0	52.9	52.2
Morgantown Lease
Lessee, Lease, Cost [Line Items]
Lease payments	$ 3.2	$ 3.2	$ 3.1

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 13—Income Taxes

The following table summarizes the tax effects of temporary differences between the Consolidated Financial Statements carrying amount of assets and liabilities and their respective tax basis, which are recorded at the prevailing enacted tax rate that will be in effect when these differences are settled or realized. These temporary differences result in taxable or deductible amounts in future years. The Company assessed all available positive and negative evidence to estimate whether sufficient future taxable income will be generated to realize our existing net deferred tax assets.

The components of the Company’s deferred tax assets and liabilities were as follows:


	December 31,
(in millions)	2025		2024
Deferred tax assets:
Stock-based compensation expense	$	8.6	$	6.7
Accrued expenses	121.8		156.5
Financing and operating leasing obligations	2,150.9		2,185.6
Unrecognized tax benefits	8.5		9.5
Investments in and advances to unconsolidated affiliates	12.2		15.5
Discount on convertible notes	—		0.2
Net operating losses and tax credit carryforwards	217.8		171.8
Capital loss carryforwards	129.0		127.2
Interest limitation carryforwards	13.3		26.7
Gross deferred tax assets	2,662.1		2,699.7
Less: Valuation allowance	(290.7)		(268.0)
Net deferred tax assets	2,371.4		2,431.7
Deferred tax liabilities:
Property and equipment, not subject to the Master Leases	(143.2)		(73.6)
Property and equipment, subject to the Master Leases	(564.4)		(593.4)



Intangible assets	(257.1)		(298.4)
Lease right-of-use assets	(1,494.5)		(1,527.3)
Net deferred tax liabilities	(2,459.2)		(2,492.7)
Long-term deferred tax liabilities, net	$	(87.8)	$	(61.0)

The realizability of the net deferred tax assets is evaluated quarterly by assessing the need for a valuation allowance and by adjusting the amount of the allowance, if necessary. Pursuant to ASC 740, the Company considers all available (both quantitative and qualitative) positive and negative evidence including, but not limited to, statutory carryback periods, projected future taxable income, and feasible tax planning strategies that could be implemented as a source of positive evidence to realize the net deferred tax assets. In accordance with ASC 740, the most objectively verifiable form of evidence is to evaluate an entity’s three-year history of pre-tax book income or loss by jurisdiction. ASC 740 suggests that additional scrutiny should be given to deferred taxes of an entity with cumulative pre-tax book losses during the three most recent years and is considered significant negative evidence that is objectively verifiable and therefore, an entity would need sufficient quality and quantity to support a conclusion to overcome.

The Company maintained a valuation allowance of $290.7 million as of December 31, 2025, against certain net deferred tax assets primarily related to (i) capital losses realized of $129.0 million, primarily related to the sale of Barstool; (ii) foreign jurisdictions that were in a three-year cumulative pre-tax loss position as of the balance sheet date of $112.2 million, inclusive of unrealized foreign currency translation adjustment; (iii) certain state net operating loss (“NOL”) carryforwards of $40.8 million; and (iv) other state deferred tax assets of $8.7 million. The Company intends to continue to maintain a valuation allowance on its net deferred tax assets until there is sufficient objectively verifiable positive evidence to support the realization of all or some portion of these deferred tax assets. In the event the Company determines that the deferred income tax assets would be realized in the future more than their net recorded amount, an adjustment to the valuation allowance would be recorded, which would reduce the provision for income taxes.

As of December 31, 2025, the Company had the following pre-tax carryforwards: (i) pre-tax U.S. federal NOL carryforwards of $191.6 million, of which $80.0 million will expire at various dates through 2037, and the residual being carried forward indefinitely; (ii) pre-tax foreign NOL carryforwards of $353.0 million that will expire through 2045; (iii) pre-tax capital losses of $514.1 million, the majority of which was generated from the Barstool divestiture and will expire in 2028; and (iv) pre-tax interest expense limitation carryforwards of $43.8 million that can be carried forward indefinitely. All acquired tax attributes are subject to limitations under the Internal Revenue Code and underlying Treasury Regulations.

As of December 31, 2025, the Company also had $1.7 billion of pre-tax state NOL carryforwards, primarily generated in the Commonwealth of Pennsylvania, Colorado, Illinois, Indiana, Iowa, Louisiana, Maryland, Missouri, New Mexico, and localities within Ohio. The tax benefit associated with these NOL carryforwards was $73.8 million and a partial valuation allowance as mentioned above has been recorded due to negative evidence of certain statutory limitations and level of earnings projections in the respective jurisdictions. The majority of the state NOL carryforwards, existing as of December 31, 2025, will expire at various dates through December 31, 2045 with the remaining being carried forward indefinitely.

In general, the Company has not recognized any U.S. tax expense on undistributed foreign earnings, as we intend to reinvest and expand into new markets outside the U.S. for the foreseeable future. If our intent changes or if these earnings are needed for our U.S. operations, we would be required to accrue and pay U.S. taxes on a portion or all of these undistributed earnings. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries. The undistributed foreign earnings were immaterial at December 31, 2025.

The domestic and foreign components of income (loss) before income taxes were as follows:


	For the year ended December 31,
(in millions)	2025		2024		2023
Domestic	$	85.9	$	(179.3)	$	(382.6)
Foreign	(906.6)		(162.0)		(117.0)
Total	$	(820.7)	$	(341.3)	$	(499.6)

The components of income tax benefit (expense) were as follows:


	For the year ended December 31,
(in millions)	2025		2024		2023
Current tax benefit (expense)
Federal	$	—	$	(25.6)	$	(20.8)
State	1.7		(4.7)		(4.9)
Foreign	—		0.2		—
Total current	1.7		(30.1)		(25.7)
Deferred tax benefit (expense)
Federal	(24.5)		53.9		13.2
State	(2.4)		4.0		22.8
Foreign	0.6		0.2		(2.1)
Total deferred	(26.3)		58.1		33.9
Total income tax benefit (expense)	$	(24.6)	$	28.0	$	8.2

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate, and related amounts of income tax benefit (expense):


	For the year ended December 31, 2025

(in millions, except percentages)	Amount		Percent
US Federal statutory income tax rate	$	172.3	21.00	%
Domestic state and local income taxes, net of federal effect(1)	0.2		0.02	%
Foreign tax effects
Canada
Statutory tax rate differential	(54.3)		(6.61)	%
Changes in valuation allowances	(13.4)		(1.63)	%
Goodwill impairment	(123.3)		(15.02)	%
Other adjustments	(1.1)		(0.13)	%
Tax credits	9.0		1.10	%
Changes in valuation allowances	(2.0)		(0.25)	%
Nontaxable and nondeductible items
Other adjustments	(14.4)		(1.75)	%
Worldwide change in unrecognized tax benefits	3.4		0.41	%
Other adjustments	(1.0)		(0.14)	%
Effective tax rate	$	(24.6)	(3.00)	%

(1)In 2025, state and local income taxes in Louisiana and Pennsylvania represented the majority of domestic state and local income taxes, net of federal effect.


	For the year ended December 31,
(in millions, except tax rates)	2024			2023
Amount of pre-tax income
Federal statutory rate	$	71.7		$	105.0
State and local income taxes, net of federal benefits	17.7			16.1

Nondeductible expenses	(4.0)			(48.5)

Compensation	(6.8)			(7.2)
Foreign	4.4			1.9
Valuation allowance	(61.1)			(56.4)
Tax credits	5.9			4.9
Equity investment write-off	—			(2.6)
Other	0.2			(5.0)
Income tax benefit	$	28.0		$	8.2
Effective tax rate	8.2		%	1.7		%

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:


(in millions)	Unrecognized tax benefits
Unrecognized tax benefits as of January 1, 2023	$	42.7
Additions based on prior year positions	2.2
Decreases due to settlements and/or reduction in reserves	(1.3)
Unrecognized tax benefits as of December 31, 2023	43.6
Additions based on prior year positions	1.4
Decreases due to settlements and/or reduction in reserves	(3.1)
Unrecognized tax benefits as of December 31, 2024	41.9
Additions based on prior year positions	0.7
Decreases due to settlements and/or reduction in reserves	(5.2)
Unrecognized tax benefits as of December 31, 2025	$	37.4

During the year ended December 31, 2025, we did not record any new tax reserves or accrued interest and penalties related to current year uncertain tax positions. Regarding prior year tax positions, we recorded $2.4 million of tax reserves and accrued interest and reversed $6.7 million of previously recorded tax reserves and accrued interest for uncertain tax positions. As of December 31, 2025 and 2024, unrecognized tax benefits, inclusive of accruals for income tax related interest and penalties, of $40.5 million and $44.8 million, respectively, were included in “Other long-term liabilities” within the Company’s Consolidated Balance Sheets. Overall, the Company recorded a net tax benefit of $3.4 million in connection with its uncertain tax positions for the year ended December 31, 2025.

The liability for unrecognized tax benefits as of December 31, 2025 and 2024, included $32.0 million and $35.4 million, respectively, of tax positions that, if reversed, would affect the effective tax rate. We recognized expense of $0.2 million to interest and penalties, net of deferred taxes, as compared to income of $0.5 million and $0.2 million to interest and penalties, net of deferred taxes, for the years ended December 31, 2025, 2024 and 2023, respectively. We classify any income tax related penalties and interest accrued related to unrecognized tax benefits in “Income tax benefit (expense)” within the Consolidated Statements of Operations.

The Company is currently in various stages of the examination process in connection with its open audits. Generally, it is difficult to determine when these examinations will be closed. As of December 31, 2025, the Company has open tax years 2022 through 2024 that could be subject to examination for U.S. federal income taxes. In addition, we are subject to state and local income tax examinations for various tax years in the taxing jurisdictions in which we operate. Such audits could result in increased tax liabilities and interest and penalties. While the Company believes its tax positions are appropriate, we cannot assure the outcome will remain consistent with our expectation. The Company believes we have adequately reserved for potential audit exposures of uncertain tax positions. In the event the final outcome of these matters is different than the amounts recorded, such differences will impact our income tax provision in the period in which the determination is made.

As of December 31, 2025 and 2024, prepaid income taxes of $35.7 million and $31.9 million, respectively, were included in “Prepaid expenses” within the Company’s Consolidated Balance Sheets.

A reconciliation of income taxes paid (refunds received), net was as follows:


(in millions)	For the year ended December 31, 2025

Federal	$	4.3
State and Local
Iowa	(0.5)
Michigan	(0.3)
Missouri	0.4
Pennsylvania	1.3
Other	(0.2)
Foreign
Canada	(0.3)
Income taxes paid, net	$	4.7

For the years ended December 31, 2024 and 2023, income tax refunds received, net was $3.8 million, and income taxes paid, net was $73.9 million, respectively. The Company’s policy is to record interest and penalties related to income tax matters, as part of income tax expense.

Tax Legislation

On July 4, 2025, the One Big Beautiful Bill Act (“OBBB”) was enacted. The impacts were limited to timing differences, including bonus depreciation, accelerated research and experimental expenses, and utilization of interest carryforwards, with no material effect on the Company’s effective tax rate. The enactment lowered current year cash taxes, and the resulting current year federal net operating loss and tax credit carryforwards are expected to be fully utilized in future periods.

- 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

Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended	12 Months Ended
	Feb. 17, 2023	Jun. 30, 2024	Sep. 30, 2023	Aug. 07, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 08, 2023
Business Combination [Line Items]
Settlement costs					$ 0.0	$ 30.5	$ 0.0
Barstool Sports, Inc \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Combination [Line Items]
Disposal group, percentage of ownership interest sold								100.00%
Right to receive gross proceeds, percent								50.00%
Pre-tax non-cash loss			$ 923.2
Goodwill and intangible assets write offs			714.8
Barstool Acquisition
Business Combination [Line Items]
Business acquisition, percentage of voting interests acquired	64.00%
Purchase price	$ 405.5
Liabilities incurred on acquisition	$ 23.8
Ownership interest before acquisition	36.00%
Acquire additional								100.00%
Business combination, fair value	$ 660.0
Business acquisition, equity interest Issued or issuable (in shares)	2,442,809
Cash consideration	$ 315.3
Fair value of investment	171.1
Gain on investments	66.5
Gain on disposition of business	$ 16.9
Net revenue				$ 99.2
Net loss				$ 23.9
Liabilities associated with this indemnity			$ 70.0		$ 39.5	$ 39.5
Settlement costs		$ 30.5

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 7—Property and Equipment, Net

Property and equipment, net, consisted of the following:


	December 31,
(in millions)	2025		2024
Property and equipment - Not Subject to Master Leases
Land and improvements	$	120.0	$	125.5
Building, vessels, and improvements	325.7		323.4
Furniture, fixtures, and equipment	1,995.5		1,852.9
Leasehold improvements	752.7		584.4
Construction in progress	427.1		491.4
	3,621.0		3,377.6
Less: Accumulated depreciation	(2,027.8)		(1,900.3)
	1,593.2		1,477.3
Property and equipment - Subject to Master Leases
Land and improvements	1,427.0		1,427.1
Building, vessels, and improvements	1,591.2		1,591.3
	3,018.2		3,018.4
Less: Accumulated depreciation	(894.1)		(790.7)
	2,124.1		2,227.7
Property and equipment, net	$	3,717.3	$	3,705.0

Depreciation expense was as follows:


	For the year ended December 31,
(in millions)	2025		2024		2023
Depreciation expense (1)	$	316.3	$	293.9	$	288.7

Long-Term Debt - Senior Secured Credit Facilities (Details)			12 Months Ended
	Dec. 04, 2024 USD ($)	May 03, 2022 USD ($) covenant	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 27, 2025 USD ($)
Debt Instrument [Line Items]
Number of financial covenants \| covenant		2
Proceeds from revolving credit facility			$ 877,500,000	$ 0	$ 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]
Maximum borrowing capacity		$ 1,000,000,000.0
Amended Credit Facilities \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee on unused capacity		0.20%
Amended Credit Facilities \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee on unused capacity		0.35%
Amended Credit Facilities \| Term Loan A Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 550,000,000.0
Debt instrument, term		5 years
Amended Credit Facilities \| Term Loan B Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,000,000,000.0
Debt instrument, term		7 years
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 \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
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 A \| Base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Amended Credit Facilities \| Term Loan B \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
Reduction of basis spread on variable rate		0.25%
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%
Reduction of basis spread on variable rate		0.25%
Basis spread on variable rate, floor		1.50%
Amended Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Letters of credit outstanding			23,900,000	20,900,000
Available borrowing capacity			406,100,000	979,100,000		$ 411,100,000
Long-term line of credit						$ 565,000,000.0
Amended Credit Facilities \| Term Loan B Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 978,000,000.0
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 \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
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 Facility \| Base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Amended Credit Facilities \| Amended Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from revolving credit facility			$ 570,000,000.0	$ 0

Significant Accounting Policies and Basis of Presentation - Earnings or Loss Per Share (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Aug. 11, 2023
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	0	0	354

- 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

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 8—Goodwill and Other Intangible Assets

A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows:


(in millions)	Northeast		South		West		Midwest		Interactive		Other		Total
Balance as of January 1, 2024
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,664.0	$	87.7	$	4,245.3
Accumulated goodwill impairment losses	(828.8)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,550.2)
Goodwill, net	$	94.7	$	175.6	$	200.2	$	560.6	$	1,664.0	$	—	$	2,695.1


Effect of foreign currency exchange rates	—		—		—		—		(119.7)		—		(119.7)
Impairment losses during year	—		(6.1)		—		(6.2)		—		—		(12.3)

Balance as of December 31, 2024
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,544.3	$	87.7	$	4,125.6
Accumulated goodwill impairment losses	(828.8)		(67.1)		(16.6)		(562.3)		—		(87.7)		(1,562.5)
Goodwill, net	$	94.7	$	169.5	$	200.2	$	554.4	$	1,544.3	$	—	$	2,563.1



Effect of foreign currency exchange rates	—		—		—		—		55.5		—		55.5
Impairment losses during year	—		(7.0)		—		—		(825.0)		—		(832.0)

Balance as of December 31, 2025
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,599.8	$	87.7	$	4,181.1
Accumulated goodwill impairment losses	(828.8)		(74.1)		(16.6)		(562.3)		(825.0)		(87.7)		(2,394.5)
Goodwill, net	$	94.7	$	162.5	$	200.2	$	554.4	$	774.8	$	—	$	1,786.6

Summary of Impairment Charges by Reportable Segment


	For the year ended December 31,
	2025						2024						2023
(in millions)	Goodwill		Gaming Licenses		Trademarks		Goodwill		Gaming Licenses		Trademarks		Goodwill		Gaming Licenses
Segment
Northeast	$	—	$	23.5	$	—	$	—	$	66.0	$	1.0	$	30.0	$	100.6
South	7.0		64.8		4.5		6.1		3.3		6.5		—		—
West	—		—		5.5		—		—		—		—		—
Midwest	—		—		15.0		6.2		—		—		—		—
Interactive	825.0		—		—		—		—		—		—		—
Total	$	832.0	$	88.3	$	25.0	$	12.3	$	69.3	$	7.5	$	30.0	$	100.6

Impairment charges on goodwill, gaming licenses, and trademarks are recorded to “Impairment losses” within our Consolidated Statement of Operations.

Interim Assessments for Impairment

During the third quarter of 2025, PENN announced the mutual decision for an early termination (the “Termination Agreement”) of its Sportsbook Agreement with ESPN (as defined in Note 12, “Commitments and Contingencies”). Pursuant to the Termination Agreement, PENN’s exclusive right to use the ESPN BET trademark for OSB in the U.S. ended on December 1, 2025. As a result, the Company realigned its digital focus to leverage the strength of its U.S. iCasino and Canadian operations, while continuing to use OSB to drive both the acquisition of customers with significant lifetime value and unique cross-sell opportunities across PENN’s retail and digital assets. The Company rebranded its OSB offering in the U.S. to theScore Bet.

The realignment of its digital focus led the Company to revise its future cash flow projections for the Interactive reporting unit and to perform an interim quantitative impairment test during the third quarter of 2025, which resulted in a non-cash impairment charge of $825.0 million. The impairment charge is presented in “Impairment losses” within the Consolidated Statements of Operations. The estimated fair value of the Interactive goodwill was determined through a combination of a discounted cash flow model and a market-based approach, which utilized Level 3 inputs.

Additionally, during the second quarter of 2025, PENN announced a development project to relocate its Ameristar Council Bluffs (“ACB”) riverboat casino operations to a new, land-based facility to be rebranded as Hollywood Casino Council Bluffs. As a result of this strategic rebranding decision, the Company reassessed the indefinite-lived classification of the ACB trademark and concluded the trademark is no longer considered to have an indefinite useful life. The Company performed a quantitative impairment test, then assigned the remaining carrying amount of $7.0 million a finite useful life of approximately 2.5 years. The interim assessment for impairment resulted in a non-cash impairment charge of $15.0 million, recorded within the Midwest segment, reflecting the decline in the trademark’s fair value. The primary driver of the impairment was a reduction in the projected revenues attributable to the ACB trademark compared to its prior valuation. The impairment charge is presented in “Impairment losses” within the Consolidated Statements of Operations. The fair value of the ACB trademark was estimated using a relief-from-royalty discounted cash flow model incorporating Level 3 inputs.

Annual Assessments for Impairment

In 2025, the annual assessment for impairment resulted in a non-cash impairment charge of $7.0 million to goodwill in our South segment due to reductions in long-term cash flow projections as a result of economic challenges in a specific operating region. In 2024, we recorded goodwill impairment charges totaling $12.3 million in our South and Midwest segments due to increased competition that led to slight reductions in long-term cash flow projections at certain of our properties. In 2023, we recorded a goodwill impairment charge of $30.0 million at our Hollywood Casino Greektown (“Greektown”) reporting unit due to economic challenges in the region in which it operates. The estimated fair value of the reporting units was determined through a combination of a discounted cash flow model and a market-based approach, which utilized Level 3 inputs.

In 2025, 2024, and 2023, the annual assessment for impairment resulted in non-cash impairment charges of $88.3 million, $69.3 million, and $100.6 million, respectively, on our gaming licenses in our Northeast and South segments. A former expansion of legislation in the market and increased supply resulted in reductions in long-term cash flow projections for certain of our properties, resulting in impairment of gaming licenses. The estimated fair values of the gaming licenses were determined by using a discounted cash flow model, which utilized Level 3 inputs.

In 2025 and 2024, the annual assessment for impairment resulted in non-cash impairment charges of $10.0 million and $7.5 million, respectively, on our trademarks. These charges primarily related to properties in our South and West segments due to reductions in long-term cash flow projections as a result of increased competition and economic challenges in specific operating regions. The estimated fair values of trademarks were determined by using discounted cash flow models, which utilized Level 3 inputs.

Carrying Values of Goodwill and Other Intangible Assets

As of October 1, 2025, the date of the most recent annual impairment test, five reporting units had negative carrying amounts. The amount of goodwill at these reporting units was as follows:


(in millions)
Northeast segment
Plainridge Park Casino	$	6.3
South segment
Ameristar Vicksburg	$	19.5
Boomtown New Orleans	$	5.2
West segment
Cactus Petes and Horseshu	$	10.2
Midwest segment
Ameristar Council Bluffs	$	36.2

The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets:


	December 31, 2025						December 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	976.7	$	—	$	976.7	$	1,064.9	$	—	$	1,064.9
Trademarks	291.7		—		291.7		319.5		—		319.5
Other	0.6		—		0.6		0.6		—		0.6
Amortizing intangible assets
Customer relationships	111.9		(110.0)		1.9		111.6		(106.6)		5.0
Technology	370.7		(252.6)		118.1		303.0		(184.9)		118.1
Other	37.3		(21.5)		15.8		40.1		(18.3)		21.8
Total other intangible assets, net	$	1,788.9	$	(384.1)	$	1,404.8	$	1,839.7	$	(309.8)	$	1,529.9

During the year ended December 31, 2024, we acquired a gaming license for operating online sports wagering in the state of New York, which was recorded to “Gaming licenses” at its fair value of $25.0 million.

Amortization expense related to our amortizing intangible assets was $39.6 million, $49.9 million, and $58.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of December 31, 2025:


(in millions)
Years ending December 31:
2026	$	58.0
2027	40.1
2028	22.4
2029	4.7
2030	3.7
Thereafter	6.9
Total	$	135.8

Commitments and Contingencies - ESPN Sportsbook and Investment Agreements (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Nov. 05, 2025 USD ($) $ / shares shares	Aug. 08, 2023 USD ($) tranche $ / shares shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Weighted-average expected life (in years)			5 years 2 months 12 days	5 years 2 months 12 days	5 years 1 month 6 days
Remaining fees \| $	$ 38.1
Media support expense \| $	$ 5.0
Warrants Maturing On February 8, 2033
Other Commitments [Line Items]
Warrant to purchase \| shares	3,177,610
Exercise price (in dollars per share) \| $ / shares	$ 26.08
Warrants Maturing On February 8, 2034
Other Commitments [Line Items]
Warrant to purchase \| shares	3,200,930
Exercise price (in dollars per share) \| $ / shares	$ 29.99
Warrants Maturing On February 8, 2035
Other Commitments [Line Items]
Warrant to purchase \| shares	1,578,670
Exercise price (in dollars per share) \| $ / shares	$ 32.60
Sportsbook Agreement
Other Commitments [Line Items]
Initial term		10 years
Annual payments \| $		$ 150.0
Marketing expenses \| $			$ 155.6	$ 179.2	$ 33.3
Investment Agreement
Other Commitments [Line Items]
Marketing expenses \| $			$ 57.1	$ 67.9	$ 12.5
Investment Agreement \| Warrant
Other Commitments [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01
Warrant issued (in shares) \| shares		31,800,000
Number of tranches \| tranche		3
Fair value of awards \| $		$ 550.4
Contingent consideration, potential issues (in shares) \| shares		6,400,000
Investment Agreement \| Warrant \| Minimum
Other Commitments [Line Items]
Weighted-average expected life (in years)		9 years 6 months
Share price (in dollars per share) \| $ / shares		$ 26.08
Investment Agreement \| Warrant \| Maximum
Other Commitments [Line Items]
Weighted-average expected life (in years)		11 years 6 months
Share price (in dollars per share) \| $ / shares		$ 32.60

Related Party Transactions (Details) $ in Millions	1 Months Ended	12 Months Ended
Related Party Transactions (Details) $ in Millions	Dec. 31, 2025 USD ($) lease	Dec. 31, 2025 USD ($) lease	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Future minimum lease commitments	$ 5,509.1	$ 5,509.1
Affiliates of Chairman of Board of Directors
Related Party Transaction [Line Items]
Number of operating lease \| lease	2	2
Rent expense		$ 1.1	$ 1.1	$ 1.1
Number of leases renewals \| lease	1
Future minimum lease commitments	$ 2.3	$ 2.3

- 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: 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 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 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

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 loss.


	For the year ended December 31, 2025
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Total revenues	$	2,769.2	$	1,167.1	$	543.2	$	1,181.4	$	1,302.6	$	18.5	$	(21.0)	$	6,961.0
Less:
Gaming taxes	(1,126.4)		(248.0)		(98.9)		(308.0)		(780.8)
Compensation and benefits	(417.5)		(235.9)		(127.9)		(184.8)		(138.7)
Media and advertising (3)									(310.4)
Other segment items (4)	(430.3)		(281.6)		(118.8)		(214.0)		(340.2)
Segment Adjusted EBITDAR (5)	$	795.0	$	401.6	$	197.6	$	474.6	$	(267.5)					$	1,601.3


Other operating benefits (costs) and other income (expenses):
Other category (6)	(139.5)
Rent expense associated with triple net operating leases (7)	(631.7)
Stock-based compensation	(60.9)
Cash-settled stock-based awards variance	12.9
Loss on disposal of assets	(0.4)

Pre-opening expenses	(17.3)
Depreciation and amortization	(446.9)
Impairment losses (8)	(945.3)

Non-operating items of equity method investments (9)	(4.5)
Interest expense, net	(405.8)
Interest income	9.7
Gain on REIT transactions, net	3.3
Gain on financing arrangement (10)	215.1
Loss on early extinguishment of debt	(11.8)
Other	1.1
Loss before income taxes	(820.7)
Income tax expense	(24.6)
Net loss	$	(845.3)

(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 $588.3 million for the year ended December 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 $155.6 million related to the Sportsbook Agreement and $57.1 million related to the Investment Agreement with ESPN. Also, includes advertising and media expenses across various platforms for theScore BET and its launch 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, and allocated corporate expenses.

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 expense, 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 (9) below) added back for our Kansas Entertainment joint venture.

(6)Primarily represents corporate overhead expenses of $134.8 million for the year ended December 31, 2025, which is inclusive of $22.4 million of legal and advisory costs related to activist activity in connection with our 2025 Annual Meeting.

(7)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease (prior to December 4, 2025); (iv) Greektown Lease (prior to December 4, 2025); and (v) VICI Master Lease (beginning December 4, 2025).

(8)Impairment charges of $120.3 million and $825.0 million relate to our retail segments and Interactive segment, respectively. See Note 8, “Goodwill and Other Intangible Assets.”

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

(10)Relates to the $215.1 million non-cash gain on financing arrangement. See Note 10, “Long-Term Debt.”


	For the year ended December 31, 2024
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Total revenues	$	2,755.7	$	1,169.0	$	525.3	$	1,172.2	$	959.9	$	19.6	$	(23.6)	$	6,578.1
Less:
Gaming taxes	(1,113.2)		(251.9)		(94.2)		(305.1)		(566.3)
Compensation and benefits	(414.5)		(222.6)		(123.5)		(174.6)		(168.3)
Media and advertising (3)									(407.0)
Other segment items (4)	(427.0)		(261.3)		(120.1)		(205.7)		(317.8)
Segment Adjusted EBITDAR (5)	$	801.0	$	433.2	$	187.5	$	486.8	$	(499.5)					$	1,409.0


Other operating benefits (costs) and other income (expenses):
Other category (6)	(116.7)
Rent expense associated with triple net operating leases (7)	(620.1)
Stock-based compensation	(52.9)
Cash-settled stock-based awards variance	18.7
Loss on disposal of assets	(10.0)


Depreciation and amortization	(433.6)
Impairment losses (8)	(89.1)

Non-operating items of equity method investments (9)	(4.4)
Interest expense, net	(470.5)
Interest income	23.6



Loss on early extinguishment of debt	(0.3)
Other (10)	5.0
Loss before income taxes	(341.3)
Income tax benefit	28.0
Net loss	$	(313.3)

(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 $435.6 million for the year ended December 31, 2024.

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

(3)Includes advertising expenses of $179.2 million related to the Sportsbook Agreement and $67.9 million related to the Investment Agreement with ESPN. While the Sportsbook Agreement and Investment Agreement commenced on August 8, 2023, the Company began recognizing advertising expense, specific to the initial annual period, during the fourth quarter of 2023. Also, includes advertising and media expenses (including such expenses associated with theScore) across various platforms, including television, radio, out-of-home, social media, and both paid and organic search, and 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 $104.8 million for the year ended December 31, 2024.

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

(8)Impairment charges of $67.0 million, $15.9 million, and $6.2 million relate to the Northeast, South, and Midwest segments, respectively. See Note 8, “Goodwill and Other Intangible Assets.”

(9)Consists principally of depreciation expense associated with our Kansas Entertainment joint venture.

(10)Primarily relates to transaction costs and finance transformation costs, partially offset by dividend income received and insurance recoveries, net of deductible charges.


	For the year ended December 31, 2023
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Total revenues	$	2,738.4	$	1,216.4	$	528.5	$	1,172.6	$	718.8	$	20.2	$	(32.0)	$	6,362.9
Less:
Gaming taxes	(1,115.5)		(263.1)		(93.6)		(309.4)		(498.6)
Compensation and benefits	(388.4)		(215.3)		(114.7)		(165.4)		(176.7)
Media and advertising (3)									(144.9)
Other segment items (4)	(403.5)		(243.9)		(116.0)		(201.2)		(301.1)
Segment Adjusted EBITDAR (5)	$	831.0	$	494.1	$	204.2	$	496.6	$	(402.5)					$	1,623.4


Other operating benefits (costs) and other income (expenses):
Other category (6)	(110.8)
Rent expense associated with triple net operating leases (7)	(591.1)
Stock-based compensation	(85.9)
Cash-settled stock award variance	13.8
Loss on disposal of assets	(0.1)


Depreciation and amortization	(435.1)
Impairment losses (8)	(130.6)

Non-operating items of equity method investments (9)	(7.4)
Interest expense, net	(464.7)
Interest income	40.3
Loss on disposal of Barstool (10)	(923.2)
Gain on Barstool Acquisition, net (11)	83.4
Gain on REIT transactions, net (12)	500.8

Other (13)	(12.4)
Loss before income taxes	(499.6)
Income tax benefit	8.2
Net loss	$	(491.4)

(1)Revenues and gaming taxes expense within our 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 $390.4 million for the year ended December 31, 2023.

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

(3)Includes advertising expenses of $33.3 million related to the Sportsbook Agreement and $12.5 million related to the Investment Agreement with ESPN. While the Sportsbook Agreement and Investment Agreement commenced on August 8, 2023, the Company began recognizing advertising expense, specific to the initial annual period, during the fourth quarter of 2023. Also, includes advertising and media expenses (including such expenses associated with theScore) across various platforms, including television, radio, out-of-home, social media, and both paid and organic search, and 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:

e.Interactive segment - cost of goods sold, professional services, legal expenses, software subscriptions and maintenance fees, software development costs, utilities, supplies, property and liability insurance, other taxes and fees, lease expense, 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, non-cash gains/losses associated with partial and step acquisitions as measured in accordance with ASC 805, and other. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (9) below) added back for Barstool and our Kansas Entertainment joint venture.

(6)Primarily represents corporate overhead costs of $106.7 million for the year ended December 31, 2023.

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

(8)Impairment charges relate to our Northeast segment. See Note 8, “Goodwill and Other Intangible Assets.”

(9)Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool prior to us acquiring the remaining 64% of Barstool common stock (see Note 5, “Acquisitions and D ispositions”) and our Kansas Entertainment joint venture.

(10)Relates to the loss incurred on the sale of 100% of the outstanding shares of Barstool which was completed on August 8, 2023. See Note 5, “Acquisitions and Dispositions.”

(11)Includes a gain of $66.5 million associated with Barstool related to remeasurement of the equity investment immediately prior to the acquisition date of February 17, 2023 and a gain of $16.9 million related to the acquisition of the remaining 64% of Barstool common stock. See Note 5, “Acquisitions and Dispositions.”

(12)Upon the execution of the February 21, 2023 AR PENN Master Lease and the 2023 Master Lease, both effective January 1, 2023, we recognized a gain of $500.8 million as a result of the reclassification and remeasurement of lease components. See Note 11, “Leases.”

(13)Primarily relates to unrealized holding losses on our equity securities of $6.4 million and non-recurring acquisition and transaction costs of $25.0 million, partially offset by insurance recoveries, net of deductible charges of $13.9 million and dividend income of $10.8 million. See Note 18, “Fair Value Measurements.”

The table below presents capital expenditures by segment:


	For the year ended December 31,
(in millions)	2025		2024		2023
Capital expenditures:
Northeast segment	$	119.8	$	81.9	$	113.7
South segment	72.6		97.5		93.0
West segment	151.3		64.8		30.3
Midwest segment	277.9		222.9		73.6
Interactive segment	4.3		2.5		33.2
Other	21.8		13.1		16.2
Total capital expenditures	$	647.7	$	482.7	$	360.0

The measure of segment assets is reported on our 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 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

Balance sheet as of December 31, 2024
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	80.9	$	—	$	5.2	$	86.2
Total assets	$	1,808.1	$	1,301.7	$	453.2	$	1,503.7	$	2,385.6	$	7,809.4	$	15,261.7

Balance sheet as of December 31, 2023
Investment in and advances to unconsolidated affiliates	$	—	$	—	$	—	$	80.8	$	—	$	4.1	$	84.9
Total assets	$	1,827.4	$	1,244.5	$	388.6	$	1,241.1	$	2,549.9	$	8,812.7	$	16,064.2

(1)The real estate assets subject to the (i) Master Leases; (ii) Margaritaville Lease (for the period January 1, 2023 to December 3, 2025); (iii) Greektown Lease (for the period January 1, 2023 to December 3, 2025); and (iv) VICI Master Lease (beginning December 4, 2025), which are classified as either property and equipment, net, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.

Long-Term Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 447.6	$ 487.1	$ 469.6
Capitalized interest	(41.8)	(16.6)	(4.9)
Interest expense, net	405.8	470.5	464.7
Convertible Notes Payable
Debt Instrument [Line Items]
Coupon interest	5.8	9.1	9.1
Amortization of debt issuance costs	1.1	1.8	1.7
Convertible Notes interest expense	$ 6.9	$ 10.9	$ 10.8

- 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

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2023	Apr. 07, 2023	Jul. 01, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	$ (5.1)	$ 7.3
Unrealized gain on debt securities, tax expense	1.3	1.9
Barstool Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities associated with this indemnity	39.5	39.5	$ 70.0
Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 26.4	$ 31.5
Senior Notes \| 5.625% Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.625%
Senior Notes \| 4.125% Notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	4.125%				4.125%
Debt Securities \| Secured Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate				12.00%
Available-for-sale debt securities				$ 20.0

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Note 11—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 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 after which the initial rent in the AR PENN Master Lease was reset to $284.1 million, consisting of $208.2 million of building base rent, $43.0 million of land base rent, and $32.9 million of percentage rent (as such terms are defined in the AR PENN Master Lease). 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 Consolidated Statements of Operations.

As a result of the annual escalator, effective as of November 1 for the lease years ended October 31, the fixed components of rent and an additional ROU asset and corresponding lease liability were recognized as follows:


(in millions)	2025		2024		2023
Annual escalator	$	4.3	$	4.2	$	4.2
Operating ROU asset and lease liability recognized	$	25.6	$	27.2	$	28.7

The AR PENN Percentage Rent most recently reset on November 1, 2023, and will be effective until the next AR PENN Percentage Rent reset, scheduled to occur on November 1, 2028. As a result of the AR PENN Percentage Rent reset for the lease year ended October 31, 2023, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:


(in millions)	2023
Reduction to the performance-based component of rent	$	4.4
Operating ROU asset and lease liability recognized	$	117.4

The execution of the AR PENN Master Lease, as described above, constituted a modification under ASC 842, which required us to reassess the classifications of the lease components and remeasure the associated lease liabilities. We concluded the lease term should end at the current lease expiration date of October 31, 2033 and the optional three renewal periods of five years each were not included in the lease term. The Company continues to evolve from a leading retail gaming operator to a leading provider of integrated entertainment, sports content, and casino gaming experiences. The execution of our omni-channel strategy continues to diversify our earning streams and precluded us from concluding all renewal options were reasonably assured to be exercised.

As a result of the January 1, 2023 lease modification, we concluded (i) the land components contained within the AR PENN Master Lease, which were previously primarily classified as finance leases, to be classified as operating leases, and (ii) control of the building assets have transferred from the Company to the lessor allowing for sale recognition in accordance with ASC 842 which results in the building components to be classified as operating leases. Prior to the January 1, 2023 lease modification event, control of substantially all of the building components were concluded not to have passed from the Company to the lessor in accordance with ASC 842 which required recognition of a financing obligation in accordance with ASC 470 and continued recognition of the underlying asset in “Property and equipment, net” within our Consolidated Balance Sheets. In conjunction with the sale recognition on the building components, we (i) derecognized $1.6 billion of financing obligations within our Consolidated Balance Sheets, offset to “Gain on REIT transactions, net” within our Statements of Operations; and (ii) derecognized $1.1 billion of “Property and equipment, net” associated with the building assets within our Consolidated Balance Sheets, offset to “Gain on REIT transactions, net” within our Consolidated Statements of Operations. As a result of our measurement of the associated operating lease liabilities, we recognized a reduction of the ROU assets and corresponding lease liabilities of $1.2 billion within our Consolidated Balance Sheets as of January 1, 2023.

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 AR PENN Master Lease and the 2023 Master Lease are coterminous. As such, consistent with the AR PENN Master Lease, we concluded the 2023 Master Lease term ends at the current lease expiration date of October 31, 2033 and does not include any of the remaining three renewal periods of five years each. (See the above lease term discussion associated with the AR PENN Master Lease.)

As a result of our lease classification assessment, we concluded all land and building components contained within the 2023 Master Lease to be operating leases. As a result of our measurement of the operating lease liabilities, we recognized ROU assets and corresponding lease liabilities of $1.8 billion. Additionally, the 2023 Master Lease terminated the individual triple net leases with GLPI for the real estate assets associated with Perryville and Meadows, as such we (i) derecognized $171.9 million in ROU assets within our Consolidated Balance Sheets; (ii) derecognized $165.5 million in lease liabilities within our Consolidated Balance Sheets; and (iii) recognized a $6.5 million loss on the termination which is included in “Gain on REIT transactions, net” within our Consolidated Statements of Operations. Expenses related to lease components classified as operating leases are included in “General and administrative” within our Consolidated Statements of Operations.

The 2023 Master Lease includes a base rent (the “2023 Master Lease Base Rent”) equal to $232.2 million 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 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. Remeasurement of the related operating lease liabilities resulted in a $3.3 million gain, recognized in “Gain on REIT transactions, net” in the Consolidated Statements of Operations. As of the modification date, the Company recognized $166.3 million in ROU assets and $163.0 million in corresponding lease liabilities in the 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 Consolidated Balance Sheets.

With respect to both the August 1, 2025 and November 3, 2025 lease modifications, we concluded the lease term ends at 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 neither requested nor received any funding from GLPI for the Aurora Project. 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”).

As a result of the annual escalator test, effective as of May 1 for the lease years ended April 30, the fixed components of rent and an additional ROU asset and corresponding lease liability were recognized as follows:


(in millions)	2025 (1)		2024		2023
Annual escalator	$	—	$	4.8	$	4.7
Finance ROU asset and lease liability recognized	$	—	$	33.4	$	33.3

(1) We did not incur an annual escalator for the lease year ended April 30, 2025.

The Pinnacle Percentage Rent most recently reset on May 1, 2024 and will be effective until the next Pinnacle Percentage Rent reset, scheduled to occur on May 1, 2026. As a result of the Pinnacle Percentage Rent reset for the lease year ended April 30, 2024, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:


(in millions)	2024
Increase to the performance-based component of rent	$	3.8
Finance ROU asset and lease liability recognized	$	29.6

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 Consolidated Statements of Operations. The Company recognizes interest expense on the lease payments related to the financing obligation under the effective yield method.

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 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 (“Margaritaville Percentage Rent”).

As a result of the annual escalator test, effective as of February 1 for the lease years ended January 31, the fixed components of rent and an additional ROU asset and corresponding lease liability were recognized as follows:


(in millions)	2025		2024		2023
Annual escalator	$	0.4	$	0.4	$	0.4
Operating ROU asset and lease liability recognized	$	2.5	$	2.7	$	2.8

The Margaritaville Percentage Rent reset on February 1, 2025. As a result of the Margaritaville Percentage Rent resets for the lease years ended January 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:


(in millions)	2025		2024	2023
Increase (decrease) to the performance-based component of rent	$	(0.4)	N/A	$	2.3
Operating ROU asset and lease liability recognized	$	9.0	N/A	$	9.8

N/A - There was no Margaritaville Percentage Rent reset scheduled for this period.

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 in “General and administrative” within our 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 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 (“Greektown Percentage Rent”).

We did not incur an annual escalator for the lease years ended May 31, 2025, 2024, and 2023.

The Greektown Percentage Rent reset on June 1, 2025. As a result of the Greektown Percentage Rent resets for the lease years ended May 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:


(in millions)	2025		2024	2023
Increase to the performance-based component of rent	$	1.1	N/A	$	1.5
Operating ROU asset and lease liability recognized	$	9.0	N/A	$	7.0

N/A - There was no Greektown Percentage Rent reset scheduled for this period.

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 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 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.

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


	December 31,
	2025		2024
Weighted-Average Remaining Lease Term
Operating leases	9.2 years		10.2 years
Finance leases	25.3 years		26.3 years
Financing obligations	25.6 years		26.6 years

Weighted-Average Discount Rate
Operating leases	7.1	%	7.7	%
Finance leases	5.2	%	5.2	%
Financing obligations	5.2	%	5.2	%

The components of lease expense were as follows:


	Location on Consolidated Statements of Operations	For the year ended December 31,
(in millions)		2025		2024		2023
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	631.7	$	620.1	$	591.1
Operating lease cost (2)	Primarily General and administrative	16.9		19.3		22.4
Short-term lease cost	Primarily Gaming expense	102.2		91.2		81.2
Variable lease cost (2)	Primarily Gaming expense	3.2		3.4		3.6
Total		$	754.0	$	734.0	$	698.3

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	109.5	$	110.8	$	110.6
Amortization of ROU assets (3)	Depreciation and amortization	91.0		89.8		87.5
Total		$	200.5	$	200.6	$	198.1

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	147.9	$	148.5	$	146.6

(1)Consists of the following: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease (for the period January 1, 2023 to December 3, 2025); (iv) Greektown Lease (for the period January 1, 2023 to December 3, 2025); and (v) VICI Master Lease (beginning December 4, 2025).

(2)Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.

(3)Pertains to the 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 year ended December 31,
(in millions)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	109.5	$	110.8	$	110.6
Operating cash flows from operating leases	$	632.4	$	620.1	$	609.9
Financing cash flows from finance leases	$	53.4	$	50.3	$	47.1

Non-cash lease activities:
Commencement of operating leases	$	480.0	$	29.9	$	3,820.4
Derecognition of operating lease liabilities	$	122.2	$	—	$	307.7
Commencement of finance leases	$	1.0	$	63.0	$	33.3
Derecognition of finance lease liabilities	$	—	$	—	$	2,933.6
Derecognition of finance obligations	$	—	$	—	$	1,567.8

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


	For the year ended December 31,
(in millions)	2025		2024		2023
AR PENN Master Lease	$	288.8	$	284.6	$	284.1
2023 Master Lease	245.9		236.2		232.8

Pinnacle Master Lease	349.6		346.7		339.4


VICI Master Lease (1)	6.7		—		—
Margaritaville Lease (1)	24.6		26.8		26.2
Greektown Lease (1)	49.0		52.9		52.2
Morgantown Lease	3.2		3.2		3.1
Total	$	967.8	$	950.4	$	937.8

(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.

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of December 31, 2025:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2026	$	654.2	$	152.5	$	166.6
2027	657.3		147.2		166.6
2028	656.2		147.1		166.6
2029	636.1		147.0		166.7
2030	639.7		146.9		166.7
Thereafter	2,265.6		2,980.1		3,496.6
Total lease payments	5,509.1		3,720.8		4,329.8
Less: Imputed interest	(1,530.7)		(1,657.7)		(1,986.2)
Present value of future lease payments	3,978.4		2,063.1		2,343.6
Less: Current portion of lease obligations	(386.0)		(45.7)		(45.8)
Long-term portion of lease obligations	$	3,592.4	$	2,017.4	$	2,297.8

Lessor

The Company leases its hotel rooms to patrons and records the corresponding lessor revenue in “Food, beverage, hotel, and other revenues” within our Consolidated Statements of Operations. For the years ended December 31, 2025, 2024, and 2023, the Company recognized $253.3 million, $250.0 million, and $247.3 million of lessor revenues related to the rental of hotel rooms, respectively. Hotel leasing arrangements vary in duration but are short-term in nature. The cost and accumulated depreciation of property and equipment associated with hotel rooms is included in “Property and equipment, net” within our Consolidated Balance Sheets.

Leases

Note 11—Leases

Master Leases

AR PENN Master Lease


(in millions)	2025		2024		2023
Annual escalator	$	4.3	$	4.2	$	4.2
Operating ROU asset and lease liability recognized	$	25.6	$	27.2	$	28.7


(in millions)	2023
Reduction to the performance-based component of rent	$	4.4
Operating ROU asset and lease liability recognized	$	117.4

2023 Master Lease

Pinnacle Master Lease


(in millions)	2025 (1)		2024		2023
Annual escalator	$	—	$	4.8	$	4.7
Finance ROU asset and lease liability recognized	$	—	$	33.4	$	33.3

(1) We did not incur an annual escalator for the lease year ended April 30, 2025.


(in millions)	2024
Increase to the performance-based component of rent	$	3.8
Finance ROU asset and lease liability recognized	$	29.6

Other Triple Net Leases with REIT Landlords

VICI Master Lease

Margaritaville Lease


(in millions)	2025		2024		2023
Annual escalator	$	0.4	$	0.4	$	0.4
Operating ROU asset and lease liability recognized	$	2.5	$	2.7	$	2.8


(in millions)	2025		2024	2023
Increase (decrease) to the performance-based component of rent	$	(0.4)	N/A	$	2.3
Operating ROU asset and lease liability recognized	$	9.0	N/A	$	9.8

N/A - There was no Margaritaville Percentage Rent reset scheduled for this period.

Greektown Lease

We did not incur an annual escalator for the lease years ended May 31, 2025, 2024, and 2023.


(in millions)	2025		2024	2023
Increase to the performance-based component of rent	$	1.1	N/A	$	1.5
Operating ROU asset and lease liability recognized	$	9.0	N/A	$	7.0

N/A - There was no Greektown Percentage Rent reset scheduled for this period.

Morgantown Lease

Non-REIT Operating Leases

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


	December 31,
	2025		2024
Weighted-Average Remaining Lease Term
Operating leases	9.2 years		10.2 years
Finance leases	25.3 years		26.3 years
Financing obligations	25.6 years		26.6 years

Weighted-Average Discount Rate
Operating leases	7.1	%	7.7	%
Finance leases	5.2	%	5.2	%
Financing obligations	5.2	%	5.2	%

The components of lease expense were as follows:


	Location on Consolidated Statements of Operations	For the year ended December 31,
(in millions)		2025		2024		2023
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	631.7	$	620.1	$	591.1
Operating lease cost (2)	Primarily General and administrative	16.9		19.3		22.4
Short-term lease cost	Primarily Gaming expense	102.2		91.2		81.2
Variable lease cost (2)	Primarily Gaming expense	3.2		3.4		3.6
Total		$	754.0	$	734.0	$	698.3

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	109.5	$	110.8	$	110.6
Amortization of ROU assets (3)	Depreciation and amortization	91.0		89.8		87.5
Total		$	200.5	$	200.6	$	198.1

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	147.9	$	148.5	$	146.6

(2)Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.

(3)Pertains to the 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 year ended December 31,
(in millions)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	109.5	$	110.8	$	110.6
Operating cash flows from operating leases	$	632.4	$	620.1	$	609.9
Financing cash flows from finance leases	$	53.4	$	50.3	$	47.1

Non-cash lease activities:
Commencement of operating leases	$	480.0	$	29.9	$	3,820.4
Derecognition of operating lease liabilities	$	122.2	$	—	$	307.7
Commencement of finance leases	$	1.0	$	63.0	$	33.3
Derecognition of finance lease liabilities	$	—	$	—	$	2,933.6
Derecognition of finance obligations	$	—	$	—	$	1,567.8

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


	For the year ended December 31,
(in millions)	2025		2024		2023
AR PENN Master Lease	$	288.8	$	284.6	$	284.1
2023 Master Lease	245.9		236.2		232.8

Pinnacle Master Lease	349.6		346.7		339.4


VICI Master Lease (1)	6.7		—		—
Margaritaville Lease (1)	24.6		26.8		26.2
Greektown Lease (1)	49.0		52.9		52.2
Morgantown Lease	3.2		3.2		3.1
Total	$	967.8	$	950.4	$	937.8

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of December 31, 2025:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2026	$	654.2	$	152.5	$	166.6
2027	657.3		147.2		166.6
2028	656.2		147.1		166.6
2029	636.1		147.0		166.7
2030	639.7		146.9		166.7
Thereafter	2,265.6		2,980.1		3,496.6
Total lease payments	5,509.1		3,720.8		4,329.8
Less: Imputed interest	(1,530.7)		(1,657.7)		(1,986.2)
Present value of future lease payments	3,978.4		2,063.1		2,343.6
Less: Current portion of lease obligations	(386.0)		(45.7)		(45.8)
Long-term portion of lease obligations	$	3,592.4	$	2,017.4	$	2,297.8

Lessor

Leases

Note 11—Leases

Master Leases

AR PENN Master Lease


(in millions)	2025		2024		2023
Annual escalator	$	4.3	$	4.2	$	4.2
Operating ROU asset and lease liability recognized	$	25.6	$	27.2	$	28.7


(in millions)	2023
Reduction to the performance-based component of rent	$	4.4
Operating ROU asset and lease liability recognized	$	117.4

2023 Master Lease

Pinnacle Master Lease


(in millions)	2025 (1)		2024		2023
Annual escalator	$	—	$	4.8	$	4.7
Finance ROU asset and lease liability recognized	$	—	$	33.4	$	33.3

(1) We did not incur an annual escalator for the lease year ended April 30, 2025.


(in millions)	2024
Increase to the performance-based component of rent	$	3.8
Finance ROU asset and lease liability recognized	$	29.6

Other Triple Net Leases with REIT Landlords

VICI Master Lease

Margaritaville Lease


(in millions)	2025		2024		2023
Annual escalator	$	0.4	$	0.4	$	0.4
Operating ROU asset and lease liability recognized	$	2.5	$	2.7	$	2.8


(in millions)	2025		2024	2023
Increase (decrease) to the performance-based component of rent	$	(0.4)	N/A	$	2.3
Operating ROU asset and lease liability recognized	$	9.0	N/A	$	9.8

N/A - There was no Margaritaville Percentage Rent reset scheduled for this period.

Greektown Lease

We did not incur an annual escalator for the lease years ended May 31, 2025, 2024, and 2023.


(in millions)	2025		2024	2023
Increase to the performance-based component of rent	$	1.1	N/A	$	1.5
Operating ROU asset and lease liability recognized	$	9.0	N/A	$	7.0

N/A - There was no Greektown Percentage Rent reset scheduled for this period.

Morgantown Lease

Non-REIT Operating Leases

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


	December 31,
	2025		2024
Weighted-Average Remaining Lease Term
Operating leases	9.2 years		10.2 years
Finance leases	25.3 years		26.3 years
Financing obligations	25.6 years		26.6 years

Weighted-Average Discount Rate
Operating leases	7.1	%	7.7	%
Finance leases	5.2	%	5.2	%
Financing obligations	5.2	%	5.2	%

The components of lease expense were as follows:


	Location on Consolidated Statements of Operations	For the year ended December 31,
(in millions)		2025		2024		2023
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	631.7	$	620.1	$	591.1
Operating lease cost (2)	Primarily General and administrative	16.9		19.3		22.4
Short-term lease cost	Primarily Gaming expense	102.2		91.2		81.2
Variable lease cost (2)	Primarily Gaming expense	3.2		3.4		3.6
Total		$	754.0	$	734.0	$	698.3

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	109.5	$	110.8	$	110.6
Amortization of ROU assets (3)	Depreciation and amortization	91.0		89.8		87.5
Total		$	200.5	$	200.6	$	198.1

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	147.9	$	148.5	$	146.6

(2)Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.

(3)Pertains to the 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 year ended December 31,
(in millions)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	109.5	$	110.8	$	110.6
Operating cash flows from operating leases	$	632.4	$	620.1	$	609.9
Financing cash flows from finance leases	$	53.4	$	50.3	$	47.1

Non-cash lease activities:
Commencement of operating leases	$	480.0	$	29.9	$	3,820.4
Derecognition of operating lease liabilities	$	122.2	$	—	$	307.7
Commencement of finance leases	$	1.0	$	63.0	$	33.3
Derecognition of finance lease liabilities	$	—	$	—	$	2,933.6
Derecognition of finance obligations	$	—	$	—	$	1,567.8

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


	For the year ended December 31,
(in millions)	2025		2024		2023
AR PENN Master Lease	$	288.8	$	284.6	$	284.1
2023 Master Lease	245.9		236.2		232.8

Pinnacle Master Lease	349.6		346.7		339.4


VICI Master Lease (1)	6.7		—		—
Margaritaville Lease (1)	24.6		26.8		26.2
Greektown Lease (1)	49.0		52.9		52.2
Morgantown Lease	3.2		3.2		3.1
Total	$	967.8	$	950.4	$	937.8

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of December 31, 2025:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2026	$	654.2	$	152.5	$	166.6
2027	657.3		147.2		166.6
2028	656.2		147.1		166.6
2029	636.1		147.0		166.7
2030	639.7		146.9		166.7
Thereafter	2,265.6		2,980.1		3,496.6
Total lease payments	5,509.1		3,720.8		4,329.8
Less: Imputed interest	(1,530.7)		(1,657.7)		(1,986.2)
Present value of future lease payments	3,978.4		2,063.1		2,343.6
Less: Current portion of lease obligations	(386.0)		(45.7)		(45.8)
Long-term portion of lease obligations	$	3,592.4	$	2,017.4	$	2,297.8

Lessor

Loss per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings (Loss) per Share

Note 16—Loss per Share


	For the year ended December 31,
(in millions)	2025	2024	2023
Assumed conversion of dilutive stock options	—	0.1	0.6
Assumed conversion of dilutive restricted stock	0.7	0.4	0.3
Assumed conversion of convertible preferred shares	—	—	0.3
Assumed conversion of convertible debt	9.0	14.1	14.1

As we recorded a net loss for the years ended December 31, 2025, 2024, and 2023, there are no reconciling items between the weighted-average common shares outstanding for basic and diluted EPS calculations.

Restricted stock with performance and market based vesting conditions that have not been met as of December 31, 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 under the terms of the Investment Agreement. Pursuant to the Investment Agreement Amendment, the Initial Warrants were deemed vested through and including February 8, 2026, and the remaining unvested warrants were forfeited and cancelled for no consideration. See Note 12, “Commitments and Contingencies.”

Anti-dilutive options and warrants to purchase 33.2 million, 35.1 million, and 14.5 million shares were outstanding during each of the years ended December 31, 2025, 2024, and 2023, but were not included in the computation of diluted EPS because they were anti-dilutive.

Additionally, the assumed conversion of 0.3 million preferred shares were excluded from the computation of diluted EPS for the year ended December 31, 2023 because including them would have been anti-dilutive.

The Company’s calculation of weighted-average common shares outstanding includes the Exchangeable Shares issued in connection with theScore acquisition, as discussed in Note 14, “Stockholders’ Equity.” The following table presents the calculation of basic and diluted loss per share for the Company’s common stock for the years ended December 31, 2025, 2024, and 2023:


	For the year ended December 31,
(in millions, except per share data)	2025		2024		2023
Calculation of basic loss per share:
Net loss applicable to common stock	$	(843.1)	$	(311.5)	$	(490.0)
Weighted-average shares outstanding - PENN Entertainment, Inc.	144.2		151.6		151.5
Weighted-average shares outstanding - Exchangeable Shares	0.4		0.5		0.6
Weighted-average common shares outstanding - basic	144.6		152.1		152.1
Basic loss per share	$	(5.83)	$	(2.05)	$	(3.22)

Calculation of diluted loss per share:
Net loss applicable to common stock	$	(843.1)	$	(311.5)	$	(490.0)



Weighted-average common shares outstanding - diluted	144.6		152.1		152.1
Diluted loss per share	$	(5.83)	$	(2.05)	$	(3.22)

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 18—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.

Available-for-Sale Debt Securities

The Company acquired 12.0% secured convertible notes in a technology provider on April 7, 2023 for $20.0 million, due on the third-year anniversary of the date of issuance, which are recorded in “Other assets” in our Consolidated Balance Sheets. Additionally, the terms of these notes contain optional and mandatory conversion provisions pursuant to which we would receive common stock upon conversion.

As of December 31, 2025 and 2024, the fair value of the convertible notes was $26.4 million and $31.5 million, respectively. As such, during the years ended December 31, 2025 and 2024, we recorded an unrealized loss of $5.1 million and an unrealized gain of $7.3 million, respectively, and corresponding tax benefit of $1.3 million and tax expense of $1.9 million, respectively, to “Other comprehensive income (loss)” within our Consolidated Statements of Comprehensive Loss.

The fair value of the convertible notes was determined using valuation models that utilize Level 3 measurements.

Long-Term Debt

The fair value of our Amended Credit Facilities, 5.625% Notes, 4.125% Notes, and the Convertible Notes is estimated based on quoted prices in active markets. The previously described long-term debt instruments have been classified as Level 2 measurements.

As of December 31, 2024, other long-term obligations included a third-party financing arrangement entered into in February 2021, as discussed in Note 10, “Long-term Debt .” The financing arrangement provided the Company with upfront and non-refundable cash proceeds, while permitting us to participate in future proceeds on certain claims. The financing obligation was classified as a Level 3 measurement and as of December 31, 2024, and was included within the Consolidated Balance Sheets in “Long-term debt, net of current maturities, debt discount, and debt issuance costs.”

Other Liabilities

As of both December 31, 2025 and 2024, Other liabilities includes a $39.5 million tax indemnification, as described in Note 2, “Significant Accounting Policies and Basis of Presentation .” Liabilities associated with the indemnification are recorded in “Other long-term liabilities” within our 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 December 31, 2025 and 2024.

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


	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


	December 31, 2024
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	706.6	$	706.6	$	706.6	$	—	$	—
Equity securities	$	10.6	$	10.6	$	10.6	$	—	$	—
Available-for-sale debt securities	$	31.5	$	31.5	$	—	$	—	$	31.5
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	$	1,437.0	$	1,453.9	$	—	$	1,453.9	$	—
5.625% Notes	$	399.8	$	393.0	$	—	$	393.0	$	—
4.125% Notes	$	395.5	$	356.0	$	—	$	356.0	$	—
Convertible Notes	$	327.9	$	355.7	$	—	$	355.7	$	—
Other long-term obligations	$	210.5	$	209.3	$	—	$	8.1	$	201.2
Other liabilities	$	44.6	$	44.6	$	—	$	2.7	$	41.9

The following table summarizes the changes in fair value of our Level 3 assets and liabilities measured on a recurring basis:


(in millions)	Other Assets and Liabilities
Balance as of January 1, 2023	$	125.2
Additions	90.0
Interest	36.1
Payments	(2.9)
Included in net loss and other comprehensive income	6.1
Balance as of December 31, 2023	254.5

Interest	47.1
Payments	(33.1)
Included in net loss and other comprehensive loss	6.1
Balance as of December 31, 2024	274.6

Interest	13.9
Payments	(2.0)
Included in net loss and other comprehensive income (1)	(220.0)
Balance as of December 31, 2025	$	66.5

(1)Includes a non-cash gain on financing arrangement and an unrealized loss on debt securities. See Note 10, “Long-Term Debt .”

The following table sets forth the assets measured at fair value on a non-recurring basis as of December 31, 2025 and 2024:


(in millions)	Valuation Date	Valuation Technique	Level 1		Level 2		Level 3		Total Balance		Total Reduction in Fair Value Recorded
Trademark	4/30/2025	Discounted cash flow	$	—	$	—	$	7.0	$	7.0	$	15.0
Goodwill	9/30/2025	Discounted cash flow and market approach	$	—	$	—	$	766.0	$	766.0	$	825.0
Goodwill	10/1/2025	Discounted cash flow and market approach	$	—	$	—	$	35.0	$	35.0	$	7.0
Gaming licenses	10/1/2025	Discounted cash flow	$	—	$	—	$	73.5	$	73.5	$	88.3
Trademarks	10/1/2025	Discounted cash flow	$	—	$	—	$	33.0	$	33.0	$	10.0
Goodwill	10/1/2024	Discounted cash flow and market approach	$	—	$	—	$	197.0	$	197.0	$	12.3
Gaming licenses	10/1/2024	Discounted cash flow	$	—	$	—	$	71.0	$	71.0	$	69.3
Trademarks	10/1/2024	Discounted cash flow	$	—	$	—	$	56.0	$	56.0	$	7.5

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 December 31, 2025:

Valuation Technique

Unobservable Input

Discount Rate

Available-for-sale debt securities

Discounted cash flow

Discount rate

32.5%

As discussed in Note 8, “Goodwill and Other Intangible Assets,” we recorded impairment charges on the indefinite-lived intangible asset classes below, following both interim assessments and our annual impairment assessment during the year ended December 31, 2025, and our annual impairment assessment during the year ended December 31, 2024. The table below presents quantitative information about the significant unobservable inputs used in the fair value measurements as of the valuation dates below:


(in millions)	Fair Value		Valuation Technique	Unobservable Input	Range or Amount
As of April 30, 2025
Trademark	$	7.0	Discounted cash flow	Discount rate	12.5	%
				Pre-tax royalty rate	2.3	%
As of October 1, 2025
Gaming licenses	$	73.5	Discounted cash flow	Discount rate	12.0	%
				Long-term revenue growth rate	2.0	%
Trademarks	$	33.0	Discounted cash flow	Discount rate	12.0%
				Long-term revenue growth rate	2.0%
				Pretax royalty rate	1.5%
As of October 1, 2024
Gaming licenses	$	71.0	Discounted cash flow	Discount rate	12.5	%
				Long-term revenue growth rate	2.0	%
Trademarks	$	56.0	Discounted cash flow	Discount rate	12.5% - 14.5%
				Long-term revenue growth rate	2.0% - 4.0%
				Pretax royalty rate	1.5% - 5.0%

- 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

Significant Accounting Policies and Basis of Presentation - Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Media and advertising	$ 358.1	$ 456.4	$ 173.3

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, accumulated amortization	$ (384.1)	$ (309.8)
Total	135.8
Total other intangible assets, gross carrying amount	1,788.9	1,839.7
Total other intangible assets, net carrying amount	1,404.8	1,529.9
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	111.9	111.6
Amortizing intangible assets, accumulated amortization	(110.0)	(106.6)
Total	1.9	5.0
Technology
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	370.7	303.0
Amortizing intangible assets, accumulated amortization	(252.6)	(184.9)
Total	118.1	118.1
Other
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	37.3	40.1
Amortizing intangible assets, accumulated amortization	(21.5)	(18.3)
Total	15.8	21.8
Gaming licenses
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	976.7	1,064.9
Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	291.7	319.5
Other
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 0.6	$ 0.6

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment losses		Impairment losses
Goodwill impairment loss		$ 832.0	$ 12.3	$ 30.0
Amortizing intangible assets, net carrying amount		135.8
Indefinite-lived intangible assets acquired			25.0
Intangible asset amortization expense		39.6	49.9	58.8
Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets		88.3	69.3	100.6
Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets		$ 25.0	7.5
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment losses
Ameristar Council Bluffs Trademark
Schedule Of Goodwill And Intangible Assets [Line Items]
Amortizing intangible assets, net carrying amount	$ 7.0
Estimated remaining useful life	2 years 6 months
Interactive
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill impairment loss			0.0	0.0
Interactive \| Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets		$ 0.0	0.0	0.0
Interactive \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets		0.0		0.0
Midwest
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill impairment loss		0.0	6.2	0.0
Midwest \| Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets		0.0	0.0	0.0
Midwest \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets		15.0		$ 0.0
South and West Segments \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of trademarks and other intangible assets		10.0
Operating Segments
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill impairment loss		120.3
Operating Segments \| Interactive
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill impairment loss		825.0	0.0
Operating Segments \| Midwest
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill impairment loss		$ 0.0	$ 6.2
Impairment of trademarks and other intangible assets	$ 15.0
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment losses

Long-Term Debt - Debt Maturities (Details) $ in Millions	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 145.0
2027	1,407.0
2028	10.8
2029	1,335.8
2030	0.8
Thereafter	4.7
Net carrying amount	$ 2,904.1

- Definition

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

+ References

+ Details

Segment Information - Segment Information (Details) - USD ($) $ in Millions		12 Months Ended
	Feb. 17, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 08, 2023
Revenues [Abstract]
Revenues		$ 6,961.0	$ 6,578.1	$ 6,362.9
Gaming taxes		(2,600.0)	(2,300.0)	(2,300.0)
Media and advertising		(358.1)	(456.4)	(173.3)
Reportable Segment Adjusted EBITDAR		1,601.3	1,409.0	1,623.4
Other operating benefits (costs) and other income (expenses):
Other category		(139.5)	(116.7)	(110.8)
Rent expense associated with triple net operating lease		(631.7)	(620.1)	(591.1)
Stock-based compensation		(60.9)	(52.9)	(85.9)
Cash-settled stock-based awards variance		12.9	18.7	13.8
Loss on disposal of assets		(0.4)	(10.0)	(0.1)
Pre-opening expenses		(17.3)
Depreciation and amortization		(446.9)	(433.6)	(435.1)
Impairment losses		(945.3)	(89.1)	(130.6)
Non-operating items of equity method investments		(4.5)	(4.4)	(7.4)
Interest expense, net		(405.8)	(470.5)	(464.7)
Interest income		9.7	23.6	40.3
Loss on disposal of Barstool		0.0	0.0	(923.2)
Gain on Barstool Acquisition, net				83.4
Gain on REIT transactions, net		3.3	0.0	500.8
Gain on financing arrangement		215.1	0.0	0.0
Loss on early extinguishment of debt		(11.8)	(0.3)	0.0
Other		1.1	5.0	(12.4)
Loss before income taxes		(820.7)	(341.3)	(499.6)
Income tax benefit		(24.6)	28.0	8.2
Net loss		(845.3)	(313.3)	(491.4)
Corporate overhead costs		134.8	104.8	106.7
Proxy related costs for legal and advisory		22.4
Impairment charges		832.0	12.3	30.0
Gain on financing arrangement		215.1	0.0	0.0
Holding loss on equity securities				6.4
Acquisition and transaction related costs				25.0
Insurance recoveries				13.9
Dividend income				10.8
Capital expenditures:
Capital expenditures		647.7	482.7	360.0
Assets:
Investment in and advances to unconsolidated affiliates		79.4	86.2	84.9
Total assets		14,268.5	15,261.7	16,064.2
Barstool Acquisition
Other operating benefits (costs) and other income (expenses):
Business acquisition, percentage of voting interests acquired	64.00%
Acquire additional					100.00%
Gain on investments	$ 66.5
Gain on disposition of business	$ 16.9
Sportsbook Agreement
Other operating benefits (costs) and other income (expenses):
Marketing expenses		155.6	179.2	33.3
Investment Agreement
Other operating benefits (costs) and other income (expenses):
Marketing expenses		57.1	67.9	12.5
Northeast
Other operating benefits (costs) and other income (expenses):
Impairment charges		0.0	0.0	30.0
South
Other operating benefits (costs) and other income (expenses):
Impairment charges		7.0	6.1	0.0
West
Other operating benefits (costs) and other income (expenses):
Impairment charges		0.0	0.0	0.0
Midwest
Other operating benefits (costs) and other income (expenses):
Impairment charges		0.0	6.2	0.0
Interactive
Other operating benefits (costs) and other income (expenses):
Impairment charges			0.0	0.0
Operating Segments
Revenues [Abstract]
Revenues		6,961.0	6,578.1	6,362.9
Other operating benefits (costs) and other income (expenses):
Impairment charges		120.3
Operating Segments \| Northeast
Revenues [Abstract]
Revenues		2,769.2	2,755.7	2,738.4
Gaming taxes		(1,126.4)	(1,113.2)	(1,115.5)
Compensation and benefits		(417.5)	(414.5)	(388.4)
Other segment items		(430.3)	(427.0)	(403.5)
Reportable Segment Adjusted EBITDAR		795.0	801.0	831.0
Other operating benefits (costs) and other income (expenses):
Impairment losses			(67.0)
Impairment charges		0.0	0.0
Capital expenditures:
Capital expenditures		119.8	81.9	113.7
Assets:
Investment in and advances to unconsolidated affiliates		0.1	0.1	0.0
Total assets		1,815.6	1,808.1	1,827.4
Operating Segments \| South
Revenues [Abstract]
Revenues		1,167.1	1,169.0	1,216.4
Gaming taxes		(248.0)	(251.9)	(263.1)
Compensation and benefits		(235.9)	(222.6)	(215.3)
Other segment items		(281.6)	(261.3)	(243.9)
Reportable Segment Adjusted EBITDAR		401.6	433.2	494.1
Other operating benefits (costs) and other income (expenses):
Impairment losses			(15.9)
Impairment charges		7.0	6.1
Capital expenditures:
Capital expenditures		72.6	97.5	93.0
Assets:
Investment in and advances to unconsolidated affiliates		0.0	0.0	0.0
Total assets		1,295.2	1,301.7	1,244.5
Operating Segments \| West
Revenues [Abstract]
Revenues		543.2	525.3	528.5
Gaming taxes		(98.9)	(94.2)	(93.6)
Compensation and benefits		(127.9)	(123.5)	(114.7)
Other segment items		(118.8)	(120.1)	(116.0)
Reportable Segment Adjusted EBITDAR		197.6	187.5	204.2
Other operating benefits (costs) and other income (expenses):
Impairment charges		0.0	0.0
Capital expenditures:
Capital expenditures		151.3	64.8	30.3
Assets:
Investment in and advances to unconsolidated affiliates		0.0	0.0	0.0
Total assets		427.6	453.2	388.6
Operating Segments \| Midwest
Revenues [Abstract]
Revenues		1,181.4	1,172.2	1,172.6
Gaming taxes		(308.0)	(305.1)	(309.4)
Compensation and benefits		(184.8)	(174.6)	(165.4)
Other segment items		(214.0)	(205.7)	(201.2)
Reportable Segment Adjusted EBITDAR		474.6	486.8	496.6
Other operating benefits (costs) and other income (expenses):
Impairment losses			(6.2)
Impairment charges		0.0	6.2
Capital expenditures:
Capital expenditures		277.9	222.9	73.6
Assets:
Investment in and advances to unconsolidated affiliates		77.8	80.9	80.8
Total assets		1,567.5	1,503.7	1,241.1
Operating Segments \| Interactive
Revenues [Abstract]
Revenues		1,302.6	959.9	718.8
Gaming taxes		(780.8)	(566.3)	(498.6)
Compensation and benefits		(138.7)	(168.3)	(176.7)
Media and advertising		(310.4)	(407.0)	(144.9)
Other segment items		(340.2)	(317.8)	(301.1)
Reportable Segment Adjusted EBITDAR		(267.5)	(499.5)	(402.5)
Other operating benefits (costs) and other income (expenses):
Tax gross up		588.3	435.6	390.4
Impairment charges		825.0	0.0
Capital expenditures:
Capital expenditures		4.3	2.5	33.2
Assets:
Investment in and advances to unconsolidated affiliates		0.0	0.0	0.0
Total assets		1,530.0	2,385.6	2,549.9
Other
Revenues [Abstract]
Revenues		18.5	19.6	20.2
Other operating benefits (costs) and other income (expenses):
Impairment charges		0.0	0.0
Capital expenditures:
Capital expenditures		21.8	13.1	16.2
Assets:
Investment in and advances to unconsolidated affiliates		1.5	5.2	4.1
Total assets		7,632.6	7,809.4	8,812.7
Intersegment Eliminations
Revenues [Abstract]
Revenues		$ (21.0)	$ (23.6)	$ (32.0)

Investments in and Advances to Unconsolidated Affiliates - Schedule of Summary Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary financial information
Current assets	$ 1,166.1	$ 1,154.4
Current liabilities	1,475.5	1,415.1
Revenues	6,961.0	6,578.1	$ 6,362.9
Operating expenses	7,634.6	6,505.6	7,053.1
Operating income	(673.6)	72.5	(690.2)
Net loss	(845.3)	(313.3)	(491.4)
Net income attributable to PENN Entertainment, Inc.	(843.1)	(311.5)	(490.0)
Kansas Entertainment
Summary financial information
Current assets	25.7	24.1
Long-term assets	133.6	139.5
Current liabilities	17.8	16.2
Revenues	188.4	175.9	170.8
Operating expenses	120.0	109.1	105.6
Operating income	68.4	66.8	65.2
Net loss	68.5	66.9	65.2
Net income attributable to PENN Entertainment, Inc.	$ 34.3	$ 33.5	$ 32.6

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

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


(in millions)	2025		2024		2023
Annual escalator	$	4.3	$	4.2	$	4.2
Operating ROU asset and lease liability recognized	$	25.6	$	27.2	$	28.7

As a result of the AR PENN Percentage Rent reset for the lease year ended October 31, 2023, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:


(in millions)	2023
Reduction to the performance-based component of rent	$	4.4
Operating ROU asset and lease liability recognized	$	117.4


(in millions)	2025 (1)		2024		2023
Annual escalator	$	—	$	4.8	$	4.7
Finance ROU asset and lease liability recognized	$	—	$	33.4	$	33.3

(1) We did not incur an annual escalator for the lease year ended April 30, 2025.

As a result of the Pinnacle Percentage Rent reset for the lease year ended April 30, 2024, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:


(in millions)	2024
Increase to the performance-based component of rent	$	3.8
Finance ROU asset and lease liability recognized	$	29.6


(in millions)	2025		2024		2023
Annual escalator	$	0.4	$	0.4	$	0.4
Operating ROU asset and lease liability recognized	$	2.5	$	2.7	$	2.8

As a result of the Margaritaville Percentage Rent resets for the lease years ended January 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:


(in millions)	2025		2024	2023
Increase (decrease) to the performance-based component of rent	$	(0.4)	N/A	$	2.3
Operating ROU asset and lease liability recognized	$	9.0	N/A	$	9.8

N/A - There was no Margaritaville Percentage Rent reset scheduled for this period.

As a result of the Greektown Percentage Rent resets for the lease years ended May 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:


(in millions)	2025		2024	2023
Increase to the performance-based component of rent	$	1.1	N/A	$	1.5
Operating ROU asset and lease liability recognized	$	9.0	N/A	$	7.0

N/A - There was no Greektown Percentage Rent reset scheduled for this period.

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


	December 31,
	2025		2024
Weighted-Average Remaining Lease Term
Operating leases	9.2 years		10.2 years
Finance leases	25.3 years		26.3 years
Financing obligations	25.6 years		26.6 years

Weighted-Average Discount Rate
Operating leases	7.1	%	7.7	%
Finance leases	5.2	%	5.2	%
Financing obligations	5.2	%	5.2	%

The components of lease expense were as follows:


	Location on Consolidated Statements of Operations	For the year ended December 31,
(in millions)		2025		2024		2023
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	631.7	$	620.1	$	591.1
Operating lease cost (2)	Primarily General and administrative	16.9		19.3		22.4
Short-term lease cost	Primarily Gaming expense	102.2		91.2		81.2
Variable lease cost (2)	Primarily Gaming expense	3.2		3.4		3.6
Total		$	754.0	$	734.0	$	698.3

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	109.5	$	110.8	$	110.6
Amortization of ROU assets (3)	Depreciation and amortization	91.0		89.8		87.5
Total		$	200.5	$	200.6	$	198.1

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	147.9	$	148.5	$	146.6

(2)Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.

(3)Pertains to the 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 year ended December 31,
(in millions)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	109.5	$	110.8	$	110.6
Operating cash flows from operating leases	$	632.4	$	620.1	$	609.9
Financing cash flows from finance leases	$	53.4	$	50.3	$	47.1

Non-cash lease activities:
Commencement of operating leases	$	480.0	$	29.9	$	3,820.4
Derecognition of operating lease liabilities	$	122.2	$	—	$	307.7
Commencement of finance leases	$	1.0	$	63.0	$	33.3
Derecognition of finance lease liabilities	$	—	$	—	$	2,933.6
Derecognition of finance obligations	$	—	$	—	$	1,567.8

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


	For the year ended December 31,
(in millions)	2025		2024		2023
AR PENN Master Lease	$	288.8	$	284.6	$	284.1
2023 Master Lease	245.9		236.2		232.8

Pinnacle Master Lease	349.6		346.7		339.4


VICI Master Lease (1)	6.7		—		—
Margaritaville Lease (1)	24.6		26.8		26.2
Greektown Lease (1)	49.0		52.9		52.2
Morgantown Lease	3.2		3.2		3.1
Total	$	967.8	$	950.4	$	937.8

Schedule of Future Minimum Lease Commitments, Operating Leases

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of December 31, 2025:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2026	$	654.2	$	152.5	$	166.6
2027	657.3		147.2		166.6
2028	656.2		147.1		166.6
2029	636.1		147.0		166.7
2030	639.7		146.9		166.7
Thereafter	2,265.6		2,980.1		3,496.6
Total lease payments	5,509.1		3,720.8		4,329.8
Less: Imputed interest	(1,530.7)		(1,657.7)		(1,986.2)
Present value of future lease payments	3,978.4		2,063.1		2,343.6
Less: Current portion of lease obligations	(386.0)		(45.7)		(45.8)
Long-term portion of lease obligations	$	3,592.4	$	2,017.4	$	2,297.8

Schedule of Future Minimum Lease Commitments, Finance Leases

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of December 31, 2025:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2026	$	654.2	$	152.5	$	166.6
2027	657.3		147.2		166.6
2028	656.2		147.1		166.6
2029	636.1		147.0		166.7
2030	639.7		146.9		166.7
Thereafter	2,265.6		2,980.1		3,496.6
Total lease payments	5,509.1		3,720.8		4,329.8
Less: Imputed interest	(1,530.7)		(1,657.7)		(1,986.2)
Present value of future lease payments	3,978.4		2,063.1		2,343.6
Less: Current portion of lease obligations	(386.0)		(45.7)		(45.8)
Long-term portion of lease obligations	$	3,592.4	$	2,017.4	$	2,297.8

Schedule of Future Minimum Lease Commitments, Financing Obligations

The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of December 31, 2025:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2026	$	654.2	$	152.5	$	166.6
2027	657.3		147.2		166.6
2028	656.2		147.1		166.6
2029	636.1		147.0		166.7
2030	639.7		146.9		166.7
Thereafter	2,265.6		2,980.1		3,496.6
Total lease payments	5,509.1		3,720.8		4,329.8
Less: Imputed interest	(1,530.7)		(1,657.7)		(1,986.2)
Present value of future lease payments	3,978.4		2,063.1		2,343.6
Less: Current portion of lease obligations	(386.0)		(45.7)		(45.8)
Long-term portion of lease obligations	$	3,592.4	$	2,017.4	$	2,297.8

Goodwill and Other Intangible Assets - Reporting Units With Negative Carrying Values (Details) $ in Millions	Oct. 01, 2025 unit	Oct. 01, 2023 USD ($)
Goodwill [Line Items]
Number of reporting units with negative carrying values \| unit	5
Northeast \| Plainridge Park Casino
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill		$ 6.3
South \| Ameristar Vicksburg
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill		19.5
South \| Boomtown New Orleans
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill		5.2
West \| Cactus Petes and Horseshu
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill		10.2
Midwest \| Ameristar Council Bluffs
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill		$ 36.2

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$ 109.5	$ 110.8	$ 110.6
Operating cash flows from operating leases	632.4	620.1	609.9
Financing cash flows from finance leases	53.4	50.3	47.1
Non-cash lease activities:
Commencement of operating leases	480.0	29.9	3,820.4
Derecognition of operating lease liabilities	122.2	0.0	307.7
Commencement of finance leases	1.0	63.0	33.3
Derecognition of finance lease liabilities	0.0	0.0	2,933.6
Derecognition of finance obligations	$ 0.0	$ 0.0	$ 1,567.8

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Las Vegas, Nevada
Auditor Firm ID	238

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Significant Accounting Policies and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies and Basis of Presentation

Note 2—Significant Accounting Policies and Basis of Presentation

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


	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 Company’s receivables as of December 31, 2025 and 2024 primarily consisted of the following:


	December 31,
(in millions)	2025		2024
Markers and returned checks	$	14.0	$	13.5
Payment processors, credit card, and other advances to customers	80.1		86.1
Receivables from ATM and cash kiosk transactions	33.8		36.4
Hotel and banquet	3.4		3.9
Racing settlements	7.4		7.2
Online gaming and licensing receivables from third-party operators, including taxes	73.1		55.9
Media receivables	15.5		15.7

Other	32.1		41.7
Provision for credit losses	(5.2)		(3.6)
Accounts receivable, net	$	254.2	$	256.8


			Years
Land improvements			15
Buildings and improvements			5 to 31
Vessels			10 to 31
Furniture, fixtures, and equipment			1 to 31

Once an impairment of goodwill or other intangible asset has been recorded, it cannot be reversed. See Note 8, “Goodwill and Other Intangible Assets.”

Complimentaries Associated with Gaming Contracts


	For the year ended December 31,
(in millions)	2025		2024		2023
Food and beverage	$	245.0	$	224.6	$	215.5
Hotel	138.8		139.8		139.0
Other	8.4		9.3		12.4
Total complimentaries associated with gaming contracts	$	392.2	$	373.7	$	366.9

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

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 Consolidated Statements of Operations, were $358.1 million, $456.4 million, and $173.3 million, for the years ended December 31, 2025, 2024, and 2023, respectively. Advertising expense includes media marketing services and brand and other rights previously provided by ESPN, Inc. and ESPN Enterprises Inc. (together, “ESPN”) pursuant to the Sportsbook Agreement (as defined in Note 12, “Commitments and Contingencies”) which was terminated on November 5, 2025, and other media placement costs.

Long-Term Debt - Other Long-Term Obligations (Details) - Other Long-Term Obligations - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2021	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Proceeds from other long-term obligations	$ 72.5
Accreted non-cash interest		$ 142.6
Other long-term obligations				$ 201.2
Effective yield	27.00%
Interest expense, debt			$ 13.9	$ 47.1	$ 36.1

- 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

Income Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount [Abstract]
Federal statutory rate	$ 172.3	$ 71.7	$ 105.0
State and local income taxes, net of federal benefits	0.2	17.7	16.1
Nondeductible expenses		(4.0)	(48.5)
Compensation		(6.8)	(7.2)
Foreign	(54.3)	4.4	1.9
Changes in valuation allowances		(61.1)	(56.4)
Tax credits	9.0	5.9	4.9
Equity investment write-off		0.0	(2.6)
Other adjustments		0.2	(5.0)
Total income tax benefit (expense)	$ (24.6)	$ 28.0	$ 8.2
Effective tax rate	(3.00%)	8.20%	1.70%

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12—Commitments and Contingencies ESPN Sportsbook and Investment Agreements On August 8, 2023, PENN entered into the Sportsbook Agreement (the “Sportsbook Agreement”) with ESPN relating to OSB in the U.S. Pursuant to the Sportsbook Agreement, PENN received the exclusive right to use the ESPN BET trademark for OSB in the U.S. The Sportsbook Agreement had an initial 10-year term, with the right for either party to terminate the agreement after the third year if specific market share performance thresholds were not met. In consideration for the media marketing services and brand and other rights provided by ESPN, PENN agreed to pay $150.0 million per year in cash pursuant to the Sportsbook Agreement. In connection with the Sportsbook Agreement, PENN and ESPN also entered into an Investment Agreement (the “Investment Agreement”) on August 8, 2023. The Investment Agreement provided for the issuance to ESPN of certain warrants to purchase shares of PENN common stock, par value $0.01 per share, and set forth certain other governance rights of ESPN. Pursuant to the Investment Agreement PENN issued to ESPN warrants to purchase approximately 31.8 million shares of PENN common stock, subject to vesting (“Initial Warrants”). The warrants were classified as equity and contained three separate tranches. At the grant date, the $550.4 million fair value of the Initial Warrants was determined using the Black-Scholes option-pricing model with contractual terms ranging from 9.5 to 11.5 years, and strike prices ranging from $26.08 to $32.60. Additionally, if after February 29, 2024 and during the term of the Sportsbook Agreement had PENN achieved specified performance conditions based on an average market share based on gross gaming revenue in the states in which the Sportsbook operated (as defined within the Investment Agreement), PENN would have issued to ESPN warrants to purchase up to an additional 6.4 million shares of PENN common stock (“Bonus Warrants”). On November 5, 2025, PENN and ESPN entered into the Termination Agreement to terminate the Sportsbook Agreement, effective December 1, 2025 (the “Termination Date”). Pursuant to the Termination Agreement, PENN’s exclusive right to use the ESPN BET trademark for OSB in the U.S. ended on the Termination Date. The Termination Agreement provided that PENN pay ESPN a total of $38.1 million in the fourth quarter of 2025 in respect of all remaining fees owed through the Termination Date. In addition, PENN paid ESPN a total of $5.0 million following the Termination Date for traditional media to support theScore Bet and/or Hollywood iCasino offerings. Per the Termination Agreement, these payments settled all outstanding payment obligations from PENN to ESPN under the Sportsbook Agreement. On November 5, 2025, in connection with the Termination Agreement, PENN and ESPN entered into Amendment No. 1 to the Investment Agreement (the “Investment Agreement Amendment”) to amend certain terms of the Investment Agreement. Pursuant to the Investment Agreement Amendment, effective November 5, 2025, the Initial Warrants were deemed vested through and including February 8, 2026, the unvested portion of each of the Initial Warrants held by ESPN were forfeited and cancelled for no consideration, and PENN did not issue any Bonus Warrants. As of November 5, 2025, ESPN held (i) a warrant to purchase 3,177,610 shares of PENN common stock with an expiration date of February 8, 2033 and an exercise price of $26.08; (ii) a warrant to purchase 3,200,930 shares of PENN common stock with an expiration date of February 8, 2034 and an exercise price of $29.99; and (iii) a warrant to purchase 1,578,670 shares of PENN common stock with an expiration date of February 8, 2035 and an exercise price of $32.60. During the years ended December 31, 2025, 2024, and 2023, the Company recognized expenses of $155.6 million, $179.2 million and $33.3 million, respectively, related to the Sportsbook Agreement, and $57.1 million, $67.9 million, and $12.5 million, respectively, related to the Investment Agreement. Expenses related to the Sportsbook Agreement and the Investment Agreement are recorded within “Gaming” expenses on the Consolidated Statements of Operations and recognized in accordance with our policies. See Note 2, “Significant Accounting Policies and Basis of Presentation” for further information. Litigation 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. Location Share Agreements Prairie State Gaming (“PSG”) enters into location share agreements with bar and retail establishments in Illinois. These agreements are contracts which allow PSG to place VGTs in the bar or retail establishment in exchange for a percentage of the variable revenue generated by the VGTs. PSG holds the gaming license with the state of Illinois and the location share percentage is determined by the state of Illinois. The Company records the location share payments to “Gaming” expense within the Consolidated Statements of Operations. For the years ended December 31, 2025, 2024, and 2023, the total location share payments made by PSG were $43.6 million, $45.0 million, and $45.3 million, respectively. Purchase Obligations The Company has obligations to purchase various goods and services totaling $473.4 million as of December 31, 2025, including $268.5 million which will be incurred in 2026. Purchase obligations totaled $1.0 billion as of December 31, 2024. The decrease over the prior year is primarily due to the termination of the Sportsbook Agreement with ESPN, as well as the opening of the Joliet Project and the M Resort project during the year ended December 31, 2025. See Note 11, “Leases” for further information. Capital Expenditure Commitments Pursuant to each of our Triple Net Leases, with the exception of our Morgantown Lease (which is a land lease we entered into on October 1, 2020 with GLPI as discussed in Note 11, “Leases”), we are obligated to spend a minimum of 1% of annual net revenues, in the aggregate under each lease, on the maintenance of such facilities. Additionally, during the year ended December 31, 2025, we had project capital expenditures of $408.4 million, the majority of which are in connection with the PENN Development Projects as a result of our Master Development Agreement with GLPI (also discussed in Note 11, “Leases”), for which we received $280.0 million in funding from GLPI during the year ended December 31, 2025. We expect to incur additional capital expenditures in 2026 and 2027, and will receive up to $225.0 million in funding from GLPI for the Aurora Project. Employee Benefit Plans The Company maintains a qualified retirement plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees (the “PENN 401(k) Plan”). The PENN 401(k) Plan enables participating employees to defer a portion of their salary in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution, where applicable, of 50% of employees’ elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions to the PENN 401(k) Plan for the years ended December 31, 2025, 2024, and 2023 were $14.9 million, $14.7 million, and $13.4 million, respectively. We maintain a non-qualified deferred compensation plan (the “EDC Plan”) that covers most management and other highly-compensated employees. The EDC Plan was effective beginning March 1, 2001. The EDC Plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus and earn tax-deferred earnings on these deferrals. The EDC Plan also provides for matching Company contributions that vest over a five-year period. The Company has established a trust, and transfers to the trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company’s matching contributions for the EDC Plan for the years ended December 31, 2025, 2024, and 2023 were $4.9 million, $4.7 million, and $4.3 million, respectively. Our deferred compensation liability, which is included in “Accrued expenses and other current liabilities” within the Consolidated Balance Sheets, was $119.3 million and $107.2 million as of December 31, 2025 and 2024, respectively. Labor Agreements We are required to have agreements with the horsemen at the majority of our racetracks to conduct our live racing and/or simulcasting activities. In addition, in order to operate gaming machines and table games in West Virginia, the Company must maintain agreements with each of the Charles Town horsemen, pari-mutuel clerks and breeders.

Fair Value Measurements - Changes in Fair Value of Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Assets and Liabilities
Beginning Balance	$ 274.6	$ 254.5	$ 125.2
Additions			90.0
Interest	13.9	47.1	36.1
Payments	(2.0)	(33.1)	(2.9)
Included in loss and other comprehensive income (loss)	(220.0)	6.1	6.1
Ending Balance	$ 66.5	$ 274.6	$ 254.5

Income Taxes - Schedule of Income Taxes Paid, Net of Cash Received (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
United States
Federal	$ 4.3
Foreign:
Income taxes paid, net	4.7	$ (3.8)	$ 73.9
Iowa
United States
State and Local	(0.5)
Michigan
United States
State and Local	(0.3)
Missouri
United States
State and Local	0.4
Pennsylvania
United States
State and Local	1.3
Other
United States
State and Local	(0.2)
Canada
Foreign:
Foreign	$ (0.3)

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Number of Stock Options
Options outstanding (in shares) \| shares	4,611,862
Granted (in shares) \| shares	810,502
Exercised (in shares) \| shares	(30,701)
Expired (in shares) \| shares	(196,410)
Forfeited (in shares) \| shares	(8,704)
Options outstanding (in shares) \| shares	5,186,549
Options outstanding, weighted average remaining contractual term	6 years 3 months 18 days
Options outstanding, aggregate intrinsic value \| $	$ 0.1
Weighted-Average Exercise Price
Options outstanding (in dollars per share) \| $ / shares	$ 28.07
Granted (in dollars per share) \| $ / shares	19.18
Exercised (in dollars per share) \| $ / shares	11.99
Expired (in dollars per share) \| $ / shares	30.05
Forfeited (in dollars per share) \| $ / shares	22.42
Options outstanding (in dollars per share) \| $ / shares	$ 26.71
Options Exercisable
Options exercisable (in shares) \| shares	3,049,612
Options exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 28.72
Options exercisable, weighted average remaining contractual term	5 years
Options exercisable, aggregate intrinsic value \| $	$ 0.1
Options Expected to vest
Options expected to vest (in shares) \| shares	2,136,937
Options expected to vest , weighted average exercise price (in dollars per share) \| $ / shares	$ 23.84
Options expected to vest , weighted average remaining contractual term	8 years 2 months 12 days
Options outstanding, aggregate intrinsic value \| $	$ 0.0

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt, Net of Current Maturities

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


	December 31,
(in millions)	2025		2024
Amended Credit Facilities:
Amended Revolving Credit Facility due 2027	$	570.0	$	—
Amended Term Loan A Facility due 2027	453.8		481.3
Amended Term Loan B Facility due 2029	965.0		975.0
5.625% Notes due 2027	400.0		400.0
4.125% Notes due 2029	400.0		400.0
2.75% Convertible Notes due 2026	106.7		330.5
Other long-term obligations	8.6		210.5
	2,904.1		2,797.3
Less: Current maturities of long-term debt	(38.2)		(38.2)
Less: Debt discounts and debt issuance costs	(17.0)		(26.6)
	$	2,848.9	$	2,732.5

Schedule of Future Minimum Repayments of Long-Term Debt

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2025:


(in millions)
Years ending December 31:
2026	$	145.0
2027	1,407.0
2028	10.8
2029	1,335.8
2030	0.8
Thereafter	4.7
Total minimum payments	$	2,904.1

Schedule Convertible Notes

The Convertible Notes consisted of the following components:


	December 31,
(in millions)	2025		2024
Liability:
Principal	$	106.7	$	330.5
Unamortized debt issuance costs	(0.2)		(2.6)
Net carrying amount	$	106.5	$	327.9

Schedule of Interest Expense, Net

Interest expense, net

The table below presents interest expense, net:


	For the year ended December 31,
(in millions)	2025		2024		2023
Interest expense	$	447.6	$	487.1	$	469.6
Capitalized interest	(41.8)		(16.6)		(4.9)
Interest expense, net	$	405.8	$	470.5	$	464.7

The table below presents interest expense related to the Convertible Notes:


	For the year ended December 31,
(in millions)	2025		2024		2023
Coupon interest	$	5.8	$	9.1	$	9.1
Amortization of debt issuance costs	1.1		1.8		1.7
Convertible Notes interest expense	$	6.9	$	10.9	$	10.8

- 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

Significant Accounting Policies and Basis of Presentation - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Dividend yield	0.00%	0.00%	0.00%

Revenue Disaggregation (Tables)

12 Months Ended

Dec. 31, 2025

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 year ended December 31, 2025
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	2,473.6	$	877.2	$	383.5	$	1,051.6	$	564.1	$	—	$	—	$	5,350.0
Food and beverage	153.1		148.0		75.7		65.5		—		3.6		—		445.9
Hotel	53.0		100.0		65.2		35.1		—		—		—		253.3
Other	89.5		41.9		18.8		29.2		738.5		14.9		(21.0)		911.8
Total revenues	$	2,769.2	$	1,167.1	$	543.2	$	1,181.4	$	1,302.6	$	18.5	$	(21.0)	$	6,961.0


	For the year ended December 31, 2024
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	2,465.0	$	904.1	$	366.6	$	1,043.6	$	390.2	$	—	$	—	$	5,169.5
Food and beverage	147.8		132.7		73.9		62.3		—		3.5		—		420.2
Hotel	54.3		91.6		66.2		37.9		—		—		—		250.0
Other	88.6		40.6		18.6		28.4		569.7		16.1		(23.6)		738.4
Total revenues	$	2,755.7	$	1,169.0	$	525.3	$	1,172.2	$	959.9	$	19.6	$	(23.6)	$	6,578.1


	For the year ended December 31, 2023
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	2,451.4	$	950.3	$	376.5	$	1,046.5	$	81.1	$	—	$	—	$	4,905.8
Food and beverage	144.0		132.1		71.8		59.9		—		3.1		—		410.9
Hotel	55.3		93.7		61.0		37.3		—		—		—		247.3
Other	87.7		40.3		19.2		28.9		637.7		17.1		(32.0)		798.9
Total revenues	$	2,738.4	$	1,216.4	$	528.5	$	1,172.6	$	718.8	$	20.2	$	(32.0)	$	6,362.9

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

Loss per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Calculation of basic loss per share:
Net loss applicable to common stock	$ (843.1)	$ (311.5)	$ (490.0)
Weighted-average common shares outstanding - basic (in shares)	144.6	152.1	152.1
Basic loss per share (in dollars per share)	$ (5.83)	$ (2.05)	$ (3.22)
Calculation of diluted loss per share:
Net loss applicable to common stock	$ (843.1)	$ (311.5)	$ (490.0)
Weighted-average common shares outstanding - diluted (in shares)	144.6	152.1	152.1
Diluted loss per share (in dollars per share)	$ (5.83)	$ (2.05)	$ (3.22)
Common Stock, Non-Exchangeable
Calculation of basic loss per share:
Weighted-average common shares outstanding - basic (in shares)	144.2	151.6	151.5
Common Stock, Exchangeable
Calculation of basic loss per share:
Weighted-average common shares outstanding - basic (in shares)	0.4	0.5	0.6

Investments in and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

Note 6—Investments in and Advances to Unconsolidated Affiliates

Investment in Barstool

In February 2020, we closed on our investment in Barstool pursuant to a stock purchase agreement with Barstool and certain stockholders of Barstool, in which we purchased 36% (inclusive of 1% on a delayed basis) of the common stock, par value $0.0001 per share, of Barstool for a purchase price of $161.2 million. The purchase price consisted of $135.0 million in cash and $23.1 million in shares of a new class of non-voting convertible preferred stock of the Company, in which we issued 883 shares of Series D Preferred Stock, par value $0.01 (the “Series D Preferred Stock”), to certain individual stockholders affiliated with Barstool. With respect to the remaining Barstool shares, we had immediately exercisable call rights and the existing Barstool stockholders had put rights, exercisable beginning three years after closing. Pursuant to the Barstool SPA, on August 11, 2023, all remaining outstanding shares of Series D Preferred Stock were converted to common stock. See Note 14, “Stockholders’ Equity” for further information.

Prior to the acquisition of the remaining Barstool shares (which occurred on February 17, 2023 as discussed in Note 5, “Acquisitions and Dispositions”), the Company determined that it did not qualify as the primary beneficiary of Barstool either at the commencement date of its investment or for subsequent periods prior to the acquisition, primarily as a result of the Company not having the power to direct the activities of the VIE that most significantly affect Barstool’s performance. Therefore, the Company did not consolidate the financial position nor the results of operations of Barstool and we recorded our proportionate share of Barstool’s net income or loss one quarter in arrears during the period January 1, 2023 through February 16, 2023.

Kansas Joint Venture

As of December 31, 2025 and 2024, our investment in Kansas Entertainment was $77.8 million and $80.9 million, respectively. During the years ended December 31, 2025, 2024, and 2023, the Company received distributions from Kansas Entertainment totaling $37.4 million, $33.4 million, and $33.3 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 December 31, 2025 and 2024, nor the results of operations for the years ended December 31, 2025, 2024, and 2023.


	December 31,
(in millions)	2025		2024


Current assets	$	25.7	$	24.1
Long-term assets	$	133.6	$	139.5
Current liabilities	$	17.8	$	16.2


	For the year ended December 31,
(in millions)	2025		2024		2023
Revenues	$	188.4	$	175.9	$	170.8
Operating expenses	120.0		109.1		105.6
Operating income	68.4		66.8		65.2
Net income	$	68.5	$	66.9	$	65.2

Net income attributable to PENN Entertainment, Inc.	$	34.3	$	33.5	$	32.6

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 3,717.3	$ 3,705.0
Property and equipment - Not Subject to Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,621.0	3,377.6
Less: Accumulated depreciation	(2,027.8)	(1,900.3)
Property and equipment, net	1,593.2	1,477.3
Land and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	120.0	125.5
Building, vessels, and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	325.7	323.4
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,995.5	1,852.9
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	752.7	584.4
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	427.1	491.4
Property and equipment - Subject to Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,018.2	3,018.4
Less: Accumulated depreciation	(894.1)	(790.7)
Property and equipment, net	2,124.1	2,227.7
Land and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,427.0	1,427.1
Building, vessels, and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,591.2	$ 1,591.3

Organization (Details) member in Millions	Dec. 31, 2025 jurisdiction member
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states with live sports betting in which the entity operates \| jurisdiction	28
Number of members \| member	33

Long-Term Debt - Senior Unsecured Notes, Unsecured Convertible Notes, and Covenants (Details)	1 Months Ended	12 Months Ended
	May 31, 2020 USD ($) $ / shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 13, 2025 USD ($)	Jul. 01, 2021 USD ($)	Jan. 19, 2017 USD ($)
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 11,800,000	$ 300,000	$ 0
Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Threshold percentage of stock price	100.00%
5.625% Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate		5.625%					5.625%
Debt principal amount							$ 400,000,000.0
4.125% Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest rate		4.125%				4.125%
Debt principal amount						$ 400,000,000.0
2.75% Convertible Notes due 2026 \| Senior Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, convertible, conversion ratio	0.0427350
2.75% Convertible Notes due 2026 \| Senior Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, convertible, conversion ratio	0.0555555
2.75% Convertible Notes due 2026 \| Convertible Notes
Debt Instrument [Line Items]
Interest rate	2.75%	2.75%
Debt principal amount	$ 330,500,000
Proceeds from issuance of long-term debt, net of discounts	$ 322,200,000
Debt conversion, converted instrument, aggregate principal amount					$ 223,800,000
Loss on early extinguishment of debt		$ 11,800,000
Conversion price (in dollars per share) \| $ / shares	$ 23.40
Number of shares issued upon conversion (in shares) \| shares		5,928,661
Debt conversion, converted instrument, amount		$ 0	$ 0
Effective yield		3.30%

Fair Value Measurements - Carrying Amounts and Estimated Fair Values by Input Level (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Jul. 01, 2021	May 31, 2020	Jan. 19, 2017
Senior Notes \| 5.625% Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	5.625%				5.625%
Senior Notes \| 4.125% Notes due 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	4.125%		4.125%
Convertible Notes
Financial liabilities:
Long-term debt	$ 26.4	$ 31.5
Convertible Notes \| Convertible Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	2.75%			2.75%
Carrying Amount \| Fair Value, Recurring
Financial assets:
Cash and cash equivalents	$ 686.6	706.6
Equity securities		10.6
Available-for-sale debt securities	26.4	31.5
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	7.9
Financial liabilities:
Other liabilities	42.8	44.6
Carrying Amount \| Amended Credit Facilities \| Fair Value, Recurring
Financial liabilities:
Long-term debt	1,975.8	1,437.0
Carrying Amount \| Senior Notes \| 5.625% Notes due 2027 \| Fair Value, Recurring
Financial liabilities:
Long-term debt	399.8	399.8
Carrying Amount \| Senior Notes \| 4.125% Notes due 2029 \| Fair Value, Recurring
Financial liabilities:
Long-term debt	396.4	395.5
Carrying Amount \| Convertible Notes \| Convertible Notes \| Fair Value, Recurring
Financial liabilities:
Long-term debt	106.5	327.9
Carrying Amount \| Other long-term obligations \| Fair Value, Recurring
Financial liabilities:
Long-term debt	8.6	210.5
Fair Value \| Fair Value, Recurring
Financial assets:
Cash and cash equivalents	686.6	706.6
Equity securities		10.6
Available-for-sale debt securities	26.4	31.5
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	7.9
Financial liabilities:
Other liabilities	42.8	44.6
Fair Value \| Amended Credit Facilities \| Fair Value, Recurring
Financial liabilities:
Long-term debt	1,993.0	1,453.9
Fair Value \| Senior Notes \| 5.625% Notes due 2027 \| Fair Value, Recurring
Financial liabilities:
Long-term debt	399.0	393.0
Fair Value \| Senior Notes \| 4.125% Notes due 2029 \| Fair Value, Recurring
Financial liabilities:
Long-term debt	368.0	356.0
Fair Value \| Convertible Notes \| Convertible Notes \| Fair Value, Recurring
Financial liabilities:
Long-term debt	105.6	355.7
Fair Value \| Other long-term obligations \| Fair Value, Recurring
Financial liabilities:
Long-term debt	7.3	209.3
Fair Value \| Level 1 \| Fair Value, Recurring
Financial assets:
Cash and cash equivalents	686.6	706.6
Equity securities		10.6
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
Fair Value \| Level 1 \| Amended Credit Facilities \| Fair Value, Recurring
Financial liabilities:
Long-term debt	0.0	0.0
Fair Value \| Level 1 \| Senior Notes \| 5.625% Notes due 2027 \| Fair Value, Recurring
Financial liabilities:
Long-term debt	0.0	0.0
Fair Value \| Level 1 \| Senior Notes \| 4.125% Notes due 2029 \| Fair Value, Recurring
Financial liabilities:
Long-term debt	0.0	0.0
Fair Value \| Level 1 \| Convertible Notes \| Convertible Notes \| Fair Value, Recurring
Financial liabilities:
Long-term debt	0.0	0.0
Fair Value \| Level 1 \| Other long-term obligations \| Fair Value, Recurring
Financial liabilities:
Long-term debt	0.0	0.0
Fair Value \| Level 2 \| Fair Value, Recurring
Financial assets:
Cash and cash equivalents	0.0	0.0
Equity securities		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
Fair Value \| Level 2 \| Amended Credit Facilities \| Fair Value, Recurring
Financial liabilities:
Long-term debt	1,993.0	1,453.9
Fair Value \| Level 2 \| Senior Notes \| 5.625% Notes due 2027 \| Fair Value, Recurring
Financial liabilities:
Long-term debt	399.0	393.0
Fair Value \| Level 2 \| Senior Notes \| 4.125% Notes due 2029 \| Fair Value, Recurring
Financial liabilities:
Long-term debt	368.0	356.0
Fair Value \| Level 2 \| Convertible Notes \| Convertible Notes \| Fair Value, Recurring
Financial liabilities:
Long-term debt	105.6	355.7
Fair Value \| Level 2 \| Other long-term obligations \| Fair Value, Recurring
Financial liabilities:
Long-term debt	7.3	8.1
Fair Value \| Level 3 \| Fair Value, Recurring
Financial assets:
Cash and cash equivalents	0.0	0.0
Equity securities		0.0
Available-for-sale debt securities	26.4	31.5
Held-to-maturity securities	0.0	0.0
Promissory notes	0.0	0.0
Financial liabilities:
Other liabilities	40.1	41.9
Fair Value \| Level 3 \| Amended Credit Facilities \| Fair Value, Recurring
Financial liabilities:
Long-term debt	0.0	0.0
Fair Value \| Level 3 \| Senior Notes \| 5.625% Notes due 2027 \| Fair Value, Recurring
Financial liabilities:
Long-term debt	0.0	0.0
Fair Value \| Level 3 \| Senior Notes \| 4.125% Notes due 2029 \| Fair Value, Recurring
Financial liabilities:
Long-term debt	0.0	0.0
Fair Value \| Level 3 \| Convertible Notes \| Convertible Notes \| Fair Value, Recurring
Financial liabilities:
Long-term debt	0.0	0.0
Fair Value \| Level 3 \| Other long-term obligations \| Fair Value, Recurring
Financial liabilities:
Long-term debt	$ 0.0	$ 201.2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Treasury stock, shares (in shares)	45,257,733	25,166,902
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)	177,841,991	177,396,073
Common stock, shares outstanding (in shares)	132,584,258	152,229,171
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 outstanding (in shares)	379,821	466,534

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Stock-based compensation expense	$ 8.6	$ 6.7
Accrued expenses	121.8	156.5
Financing and operating leasing obligations	2,150.9	2,185.6
Unrecognized tax benefits	8.5	9.5
Investments in and advances to unconsolidated affiliates	12.2	15.5
Discount on convertible notes	0.0	0.2
Net operating losses and tax credit carryforwards	217.8	171.8
Capital loss carryforwards	129.0	127.2
Interest limitation carryforwards	13.3	26.7
Gross deferred tax assets	2,662.1	2,699.7
Less: Valuation allowance	(290.7)	(268.0)
Net deferred tax assets	2,371.4	2,431.7
Deferred tax liabilities:
Property and equipment, not subject to the Master Leases	(143.2)	(73.6)
Property and equipment, subject to the Master Leases	(564.4)	(593.4)
Intangible assets	(257.1)	(298.4)
Lease right-of-use assets	(1,494.5)	(1,527.3)
Net deferred tax liabilities	(2,459.2)	(2,492.7)
Long-term deferred tax liabilities, net	$ (87.8)	$ (61.0)

Leases - Other Triple Net Leases with REIT Landlords (Details) $ in Millions						12 Months Ended
	Dec. 04, 2025 USD ($) renewalOption	Dec. 22, 2021	Oct. 01, 2020 USD ($) renewalOption	May 23, 2019 renewalOption	Jan. 01, 2019 renewalOption	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Cost [Line Items]
Operating lease right-of-use assets						$ 3,966.1	$ 3,976.8
Operating lease liability recognized						$ 3,978.4
Margaritaville Lease
Lessee, Lease, Cost [Line Items]
Lessee, operating lease, number of options to extend \| renewalOption					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 \| renewalOption				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]
Annual base rent	$ 80.7
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
VICI Master Lease \| June 1, 2026
Lessee, Lease, Cost [Line Items]
Annual base rent	$ 81.5
Margaritaville Lease
Lessee, Lease, Cost [Line Items]
Percentage rent escalation interval					2 years
Percentage rent baseline period					2 years
Greektown Lease
Lessee, Lease, Cost [Line Items]
Operating lease right-of-use assets						$ 9.0		$ 7.0
Operating lease liability recognized						$ 9.0		$ 7.0
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%

Property and Equipment, Net - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 316.3	$ 293.9	$ 288.7
Property and equipment - Subject to Master Leases
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 103.4	$ 99.3	$ 112.4

Leases - Schedule of Fixed and Performance-Based Components of Rent and Additional Operating Right-Of-Use Asset and Lease Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Lessee, Lease, Cost [Line Items]
Operating lease right-of-use assets	$ 3,966.1	$ 3,976.8
Operating lease liability recognized	3,978.4
Pinnacle Master Lease
Lessee, Lease, Cost [Line Items]
Finance ROU asset and lease liability recognized	0.0	33.4
Annual escalator	0.0	4.8	$ 4.7
PENN Master Lease
Lessee, Lease, Cost [Line Items]
Annual escalator	4.3	4.2	4.2
Operating ROU asset and lease liability recognized	25.6	27.2	28.7
Reduction to the performance-based component of rent			4.4
Operating ROU asset and lease liability recognized			117.4
Operating lease liability recognized				$ 1,200.0
Pinnacle Master Lease
Lessee, Lease, Cost [Line Items]
Increase to the performance-based component of rent		3.8
Operating lease right-of-use assets		29.6
Operating lease liability recognized		29.6
Pinnacle Master Lease \| Pinnacle Master Lease
Lessee, Lease, Cost [Line Items]
Finance ROU asset and lease liability recognized			33.3
Margaritaville Lease, Annual Escalator
Lessee, Lease, Cost [Line Items]
Operating ROU asset and lease liability recognized	2.5	2.7	2.8
Annual escalator	0.4	$ 0.4	0.4
Margaritaville Lease, Percentage Rent Reset
Lessee, Lease, Cost [Line Items]
Operating ROU asset and lease liability recognized	9.0		9.8
Annual escalator	(0.4)		2.3
Greektown Lease
Lessee, Lease, Cost [Line Items]
Increase to the performance-based component of rent	1.1		1.5
Operating lease right-of-use assets	9.0		7.0
Operating lease liability recognized	$ 9.0		$ 7.0

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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:


	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


	December 31, 2024
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	706.6	$	706.6	$	706.6	$	—	$	—
Equity securities	$	10.6	$	10.6	$	10.6	$	—	$	—
Available-for-sale debt securities	$	31.5	$	31.5	$	—	$	—	$	31.5
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	$	1,437.0	$	1,453.9	$	—	$	1,453.9	$	—
5.625% Notes	$	399.8	$	393.0	$	—	$	393.0	$	—
4.125% Notes	$	395.5	$	356.0	$	—	$	356.0	$	—
Convertible Notes	$	327.9	$	355.7	$	—	$	355.7	$	—
Other long-term obligations	$	210.5	$	209.3	$	—	$	8.1	$	201.2
Other liabilities	$	44.6	$	44.6	$	—	$	2.7	$	41.9

Summary of the Changes in Fair Value of Level 3 Assets and Liabilities

The following table summarizes the changes in fair value of our Level 3 assets and liabilities measured on a recurring basis:


(in millions)	Other Assets and Liabilities
Balance as of January 1, 2023	$	125.2
Additions	90.0
Interest	36.1
Payments	(2.9)
Included in net loss and other comprehensive income	6.1
Balance as of December 31, 2023	254.5

Interest	47.1
Payments	(33.1)
Included in net loss and other comprehensive loss	6.1
Balance as of December 31, 2024	274.6

Interest	13.9
Payments	(2.0)
Included in net loss and other comprehensive income (1)	(220.0)
Balance as of December 31, 2025	$	66.5

(1)Includes a non-cash gain on financing arrangement and an unrealized loss on debt securities. See Note 10, “Long-Term Debt .”

Schedule of the Assets Measured at Fair Value on a Non-Recurring Basis

The following table sets forth the assets measured at fair value on a non-recurring basis as of December 31, 2025 and 2024:


(in millions)	Valuation Date	Valuation Technique	Level 1		Level 2		Level 3		Total Balance		Total Reduction in Fair Value Recorded
Trademark	4/30/2025	Discounted cash flow	$	—	$	—	$	7.0	$	7.0	$	15.0
Goodwill	9/30/2025	Discounted cash flow and market approach	$	—	$	—	$	766.0	$	766.0	$	825.0
Goodwill	10/1/2025	Discounted cash flow and market approach	$	—	$	—	$	35.0	$	35.0	$	7.0
Gaming licenses	10/1/2025	Discounted cash flow	$	—	$	—	$	73.5	$	73.5	$	88.3
Trademarks	10/1/2025	Discounted cash flow	$	—	$	—	$	33.0	$	33.0	$	10.0
Goodwill	10/1/2024	Discounted cash flow and market approach	$	—	$	—	$	197.0	$	197.0	$	12.3
Gaming licenses	10/1/2024	Discounted cash flow	$	—	$	—	$	71.0	$	71.0	$	69.3
Trademarks	10/1/2024	Discounted cash flow	$	—	$	—	$	56.0	$	56.0	$	7.5

Summary of Significant Unobservable Inputs used in Fair Value Calculations

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 December 31, 2025:

Valuation Technique

Unobservable Input

Discount Rate

Available-for-sale debt securities

Discounted cash flow

Discount rate

32.5%


(in millions)	Fair Value		Valuation Technique	Unobservable Input	Range or Amount
As of April 30, 2025
Trademark	$	7.0	Discounted cash flow	Discount rate	12.5	%
				Pre-tax royalty rate	2.3	%
As of October 1, 2025
Gaming licenses	$	73.5	Discounted cash flow	Discount rate	12.0	%
				Long-term revenue growth rate	2.0	%
Trademarks	$	33.0	Discounted cash flow	Discount rate	12.0%
				Long-term revenue growth rate	2.0%
				Pretax royalty rate	1.5%
As of October 1, 2024
Gaming licenses	$	71.0	Discounted cash flow	Discount rate	12.5	%
				Long-term revenue growth rate	2.0	%
Trademarks	$	56.0	Discounted cash flow	Discount rate	12.5% - 14.5%
				Long-term revenue growth rate	2.0% - 4.0%
				Pretax royalty rate	1.5% - 5.0%

Loss per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and warrants and restricted stock (in shares)	0.0	0.1	0.6
Restricted stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and warrants and restricted stock (in shares)	0.7	0.4	0.3
Convertible preferred stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of convertible preferred shares (in shares)	0.0	0.0	0.3
Convertible debt securities
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of convertible debt (in shares)	9.0	14.1	14.1

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Information on Stock Options Issued

The following table presents activity related to our stock options for the year ended December 31, 2025:


	Number of Stock Options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of January 1, 2025	4,611,862	$28.07
Granted	810,502	$19.18
Exercised	(30,701)	$11.99
Expired	(196,410)	$30.05
Forfeited	(8,704)	$22.42
Outstanding as of December 31, 2025	5,186,549	$26.71	6.3	$0.1
Exercisable as of December 31, 2025	3,049,612	$28.72	5.0	$0.1
Expected to vest as of December 31, 2025	2,136,937	$23.84	8.2	$0.0

The following table presents information related to the fair value and intrinsic value of our stock options:


	For the year ended December 31,
	2025	2024	2023
Weighted-average grant-date fair value of options	$12.72	$15.28	$18.60
Aggregate intrinsic value of stock options exercised (in millions)	$0.2	$1.2	$4.1
Fair value of stock options vested (in millions)	$13.2	$11.6	$15.9

Schedule of Weighted-Average Assumptions used in Black-Scholes Option Pricing Model

The following table provides the weighted-average assumptions used in the Black-Scholes option-pricing model:


	For the year ended December 31,
	2025		2024		2023
Risk-free interest rate	4.38	%	4.07	%	3.88	%
Expected volatility	77.30	%	75.96	%	74.85	%
Dividend yield (1)	—		—		—
Weighted-average expected life (in years)	5.2		5.2		5.1

(1)The expected dividend yield is zero, as the Company has not historically paid dividends.

Schedule of Information on Restricted Stock Awards

The following table presents activity related to our restricted stock for the year ended December 31, 2025:


	With Performance Conditions		Without Performance Conditions
	Number of Shares	Weighted- Average Grant Date Fair Value	Number of Shares	Weighted- Average Grant Date Fair Value
Nonvested as of January 1, 2025	2,995,735	$31.21	2,509,623	$26.11
Granted	1,569,647	$14.76	2,762,449	$18.72
Vested	(237,746)	$39.14	(907,738)	$27.03
Forfeited	(1,081,198)	$47.89	(893,265)	$23.90
Nonvested as of December 31, 2025	3,246,438	$17.12	3,471,069	$20.56

Significant Accounting Policies and Basis of Presentation - Gaming and Racing Taxes (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Gaming taxes	$ 2.6	$ 2.3	$ 2.3

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
(in millions)	2025		2024
Accrued salaries and wages	$	152.8	$	141.3
Accrued gaming, pari-mutuel, property, and other taxes	120.8		120.2
Accrued interest	20.9		20.3
Other accrued expenses and other current liabilities:
Deferred compensation (1)	119.3		107.2
Progressive jackpot liability	79.1		63.3
Advanced deposits	75.3		90.0
Unpaid wagers	52.4		56.5
Self-insurance liabilities	33.1		31.8
PENN Play loyalty point obligation	29.8		29.7
Other	222.1		247.0
Accrued expenses and other current liabilities	$	905.6	$	907.3

Leases - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 654.2
2027	657.3
2028	656.2
2029	636.1
2030	639.7
Thereafter	2,265.6
Total lease payments	5,509.1
Less: Imputed interest	(1,530.7)
Present value of future lease payments	3,978.4
Less: Current portion of lease obligations	(386.0)	$ (322.1)
Long-term portion of operating lease liabilities	3,592.4	3,654.3
Finance Leases
2026	152.5
2027	147.2
2028	147.1
2029	147.0
2030	146.9
Thereafter	2,980.1
Total lease payments	3,720.8
Less: Imputed interest	(1,657.7)
Present value of future lease payments	2,063.1
Less: Current portion of lease obligations	(45.7)	(53.2)
Long-term portion of finance lease liabilities	2,017.4	2,062.3
Financing Obligations
2026	166.6
2027	166.6
2028	166.6
2029	166.7
2030	166.7
Thereafter	3,496.6
Total lease payments	4,329.8
Less: Imputed interest	(1,986.2)
Present value of future lease payments	2,343.6
Less: Current portion of lease obligations	(45.8)	(43.5)
Long-term portion of financing obligations	$ 2,297.8	$ 2,343.1

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Long-Term Debt - Covenants (Details) - Senior Notes	Dec. 31, 2025	Jul. 01, 2021
4.125% Notes due 2029
Debt Instrument [Line Items]
Interest rate	4.125%	4.125%
5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate	5.625%

- 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

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 ($) renewalOption	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Cost [Line Items]
Number of options to extend lease \| renewalOption			3
Operating lease right-of-use assets				$ 3,966.1	$ 3,976.8
Operating lease liability recognized				3,978.4
Gain on REIT transactions, net				3.3	0.0	$ 500.8
Proceeds from sale-and-leaseback transactions in conjunction with development projects				$ 280.0	$ 0.0	$ 0.0
2023 Master Lease
Lessee, Lease, Cost [Line Items]
Number of options to extend lease \| extensionOption	3
Lease renewal term	5 years		5 years
Operating lease right-of-use assets	$ 94.0		$ 1,800.0
Operating lease liability recognized	94.0		1,800.0
Operating lease, additional right-of-use asset derecognized			171.9
Operating lease, additional lease liabilities derecognized			165.5
Gain on REIT transactions, net			(6.5)
Base rent			$ 232.2
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
2023 Master Lease \| New Joliet Facility Lease
Lessee, Lease, Cost [Line Items]
Operating lease right-of-use assets		$ 166.3
Operating lease liability recognized		163.0
Gain on REIT transactions, net		3.3
Lessee operating lease annual minimum payment increase		10.1
2023 Master Lease \| Aurora Project
Lessee, Lease, Cost [Line Items]
Project funding commitment			$ 225.0
2023 Master Lease \| Other Development Projects
Lessee, Lease, Cost [Line Items]
Project funding commitment			$ 350.0
2023 Master Lease \| Joliet Project
Lessee, Lease, Cost [Line Items]
Proceeds from sale-and-leaseback transactions in conjunction with development projects		$ 130.0
2023 Master Lease \| M Resort Project
Lessee, Lease, Cost [Line Items]
Project funding commitment, received amount	$ 150.0

Goodwill and Other Intangible Assets - Goodwill and Accumulated Goodwill Impairment Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 4,125.6	$ 4,245.3
Accumulated goodwill impairment losses, beginning balance	(1,562.5)	(1,550.2)
Goodwill, net, beginning balance	2,563.1	2,695.1
Effect of foreign currency exchange rates	55.5	(119.7)
Impairment losses during year	(832.0)	(12.3)	$ (30.0)
Goodwill, gross, ending balance	4,181.1	4,125.6	4,245.3
Accumulated goodwill impairment losses, ending balance	(2,394.5)	(1,562.5)	(1,550.2)
Goodwill, net, ending balance	1,786.6	2,563.1	2,695.1
Northeast
Goodwill [Roll Forward]
Impairment losses during year	0.0	0.0	(30.0)
South
Goodwill [Roll Forward]
Impairment losses during year	(7.0)	(6.1)	0.0
West
Goodwill [Roll Forward]
Impairment losses during year	0.0	0.0	0.0
Midwest
Goodwill [Roll Forward]
Impairment losses during year	0.0	(6.2)	0.0
Interactive
Goodwill [Roll Forward]
Impairment losses during year		0.0	0.0
Operating Segments
Goodwill [Roll Forward]
Impairment losses during year	(120.3)
Operating Segments \| Northeast
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	923.5	923.5
Accumulated goodwill impairment losses, beginning balance	(828.8)	(828.8)
Goodwill, net, beginning balance	94.7	94.7
Effect of foreign currency exchange rates	0.0	0.0
Impairment losses during year	0.0	0.0
Goodwill, gross, ending balance	923.5	923.5	923.5
Accumulated goodwill impairment losses, ending balance	(828.8)	(828.8)	(828.8)
Goodwill, net, ending balance	94.7	94.7	94.7
Operating Segments \| South
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	236.6	236.6
Accumulated goodwill impairment losses, beginning balance	(67.1)	(61.0)
Goodwill, net, beginning balance	169.5	175.6
Effect of foreign currency exchange rates	0.0	0.0
Impairment losses during year	(7.0)	(6.1)
Goodwill, gross, ending balance	236.6	236.6	236.6
Accumulated goodwill impairment losses, ending balance	(74.1)	(67.1)	(61.0)
Goodwill, net, ending balance	162.5	169.5	175.6
Operating Segments \| West
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	216.8	216.8
Accumulated goodwill impairment losses, beginning balance	(16.6)	(16.6)
Goodwill, net, beginning balance	200.2	200.2
Effect of foreign currency exchange rates	0.0	0.0
Impairment losses during year	0.0	0.0
Goodwill, gross, ending balance	216.8	216.8	216.8
Accumulated goodwill impairment losses, ending balance	(16.6)	(16.6)	(16.6)
Goodwill, net, ending balance	200.2	200.2	200.2
Operating Segments \| Midwest
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,116.7	1,116.7
Accumulated goodwill impairment losses, beginning balance	(562.3)	(556.1)
Goodwill, net, beginning balance	554.4	560.6
Effect of foreign currency exchange rates	0.0	0.0
Impairment losses during year	0.0	(6.2)
Goodwill, gross, ending balance	1,116.7	1,116.7	1,116.7
Accumulated goodwill impairment losses, ending balance	(562.3)	(562.3)	(556.1)
Goodwill, net, ending balance	554.4	554.4	560.6
Operating Segments \| Interactive
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,544.3	1,664.0
Accumulated goodwill impairment losses, beginning balance	0.0	0.0
Goodwill, net, beginning balance	1,544.3	1,664.0
Effect of foreign currency exchange rates	55.5	(119.7)
Impairment losses during year	(825.0)	0.0
Goodwill, gross, ending balance	1,599.8	1,544.3	1,664.0
Accumulated goodwill impairment losses, ending balance	(825.0)	0.0	0.0
Goodwill, net, ending balance	774.8	1,544.3	1,664.0
Other
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	87.7	87.7
Accumulated goodwill impairment losses, beginning balance	(87.7)	(87.7)
Goodwill, net, beginning balance	0.0	0.0
Effect of foreign currency exchange rates	0.0	0.0
Impairment losses during year	0.0	0.0
Goodwill, gross, ending balance	87.7	87.7	87.7
Accumulated goodwill impairment losses, ending balance	(87.7)	(87.7)	(87.7)
Goodwill, net, ending balance	$ 0.0	$ 0.0	$ 0.0

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Note 17—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. Additionally, the Interactive segment included the operating results of Barstool subsequent to the Barstool Acquisition on February 17, 2023 and prior to the Barstool divestiture on August 8, 2023 (as discussed in Note 5, “Acquisitions and Dispositions”) as well as our 36% proportionate share of Barstool’s net loss during the period January 1, 2023 through February 16, 2023.

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, the Company’s joint venture interest in Freehold Raceway (which ceased operations on December 28, 2024), 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 loss.


	For the year ended December 31, 2025
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Total revenues	$	2,769.2	$	1,167.1	$	543.2	$	1,181.4	$	1,302.6	$	18.5	$	(21.0)	$	6,961.0
Less:
Gaming taxes	(1,126.4)		(248.0)		(98.9)		(308.0)		(780.8)
Compensation and benefits	(417.5)		(235.9)		(127.9)		(184.8)		(138.7)
Media and advertising (3)									(310.4)
Other segment items (4)	(430.3)		(281.6)		(118.8)		(214.0)		(340.2)
Segment Adjusted EBITDAR (5)	$	795.0	$	401.6	$	197.6	$	474.6	$	(267.5)					$	1,601.3


Other operating benefits (costs) and other income (expenses):
Other category (6)	(139.5)
Rent expense associated with triple net operating leases (7)	(631.7)
Stock-based compensation	(60.9)
Cash-settled stock-based awards variance	12.9
Loss on disposal of assets	(0.4)

Pre-opening expenses	(17.3)
Depreciation and amortization	(446.9)
Impairment losses (8)	(945.3)

Non-operating items of equity method investments (9)	(4.5)
Interest expense, net	(405.8)
Interest income	9.7
Gain on REIT transactions, net	3.3
Gain on financing arrangement (10)	215.1
Loss on early extinguishment of debt	(11.8)
Other	1.1
Loss before income taxes	(820.7)
Income tax expense	(24.6)
Net loss	$	(845.3)

(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:

(8)Impairment charges of $120.3 million and $825.0 million relate to our retail segments and Interactive segment, respectively. See Note 8, “Goodwill and Other Intangible Assets.”

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

(10)Relates to the $215.1 million non-cash gain on financing arrangement. See Note 10, “Long-Term Debt.”


	For the year ended December 31, 2024
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Total revenues	$	2,755.7	$	1,169.0	$	525.3	$	1,172.2	$	959.9	$	19.6	$	(23.6)	$	6,578.1
Less:
Gaming taxes	(1,113.2)		(251.9)		(94.2)		(305.1)		(566.3)
Compensation and benefits	(414.5)		(222.6)		(123.5)		(174.6)		(168.3)
Media and advertising (3)									(407.0)
Other segment items (4)	(427.0)		(261.3)		(120.1)		(205.7)		(317.8)
Segment Adjusted EBITDAR (5)	$	801.0	$	433.2	$	187.5	$	486.8	$	(499.5)					$	1,409.0


Other operating benefits (costs) and other income (expenses):
Other category (6)	(116.7)
Rent expense associated with triple net operating leases (7)	(620.1)
Stock-based compensation	(52.9)
Cash-settled stock-based awards variance	18.7
Loss on disposal of assets	(10.0)


Depreciation and amortization	(433.6)
Impairment losses (8)	(89.1)

Non-operating items of equity method investments (9)	(4.4)
Interest expense, net	(470.5)
Interest income	23.6



Loss on early extinguishment of debt	(0.3)
Other (10)	5.0
Loss before income taxes	(341.3)
Income tax benefit	28.0
Net loss	$	(313.3)