Penn Entertainment Q1 Revenue Hits $1.4B As Casino Visits Rise

Penn Entertainment opened 2026 with higher retail casino demand and stronger iCasino revenue. The company reported Q1 revenue of $1.4 billion, while segment adjusted EBITDAR reached $471.4 million.

Good to Know

• Penn said Q1 delivered its strongest retail growth in three years.
• The interactive segment posted $358.3 million in revenue and a $10.8 million adjusted EBITDA loss.
• theScore Bet is preparing to launch mobile sports betting and iCasino in Alberta.

Retail Casinos And iCasino Carry Penn In Q1

Penn Entertainment saw more visitors at its regional casinos, and those customers spent more per trip. Chief Executive Jay Snowden said higher visitation and stronger spend helped rated customer segments deliver the largest quarterly increase in three years.

Snowden said:

“Increased visitation and higher spend per visit companywide supported year-over-year theoretical revenue growth across all rated worth segments, representing our largest quarterly increase in three years.”

Retail segment adjusted EBITDAR also grew year on year, with stable demand continuing into April. Penn has invested in several properties, including M Resort in Nevada, Ameristar Black Hawk in Colorado, Hollywood Columbus in Ohio, and Hollywood Casino Aurora in Illinois.

Regional casinos remain a key base for Penn because many guests live close to the properties. Snowden said most regional customers come from within a 30-minute drive, which helps reduce pressure from costs such as fuel prices.

Penn also pointed to better results from digital operations. The interactive segment generated $358.3 million in revenue, although it recorded a $10.8 million adjusted EBITDA loss. Management linked part of that loss to costs tied to the upcoming theScore Bet launch in Alberta.

Digital strategy now leans harder into iCasino. Penn said iCasino revenue rose about 15% year on year, while standalone iCasino delivered record quarterly revenue in Q1 and record monthly revenue in March.

Chief Technology Officer Aaron LaBerge said Penn has seen strong casino growth online, even as online sports betting remains softer. He said the company has reduced marketing spend in sports betting-only states and shifted more attention to hybrid states with both iCasino and sports betting.

Penn expects Alberta to become another growth market for theScore Bet. The company already received approval from the Alberta Gaming, Liquor, and Cannabis to operate mobile sports betting and iCasino there. Snowden said Penn studied its Ontario launch and expects Alberta market share to look similar to the share it has built in Ontario.

Snowden also framed 2026 as a year focused on execution, free cash flow, lower corporate overhead, and disciplined capital spending.

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