PENN Entertainment Q3 Revenue Hits $1.84 Billion as Online Gaming Grows

PENN Entertainment reported $1.84 billion in revenue for the third quarter of 2026, up 7.1% year-over-year, as stronger casino operations and online gaming activity helped the company return to profit.

Good to Know

• PENN Entertainment recorded $32.6 million in net income, reversing an $865.1 million loss a year earlier.
• Online gaming and sports betting revenue increased 17% to $348.4 million.
• Retail casino revenue reached $1.5 billion, while the Midwest recorded the fastest regional growth at 14.6%.

PENN Entertainment Sees Stronger Casino and Online Gaming Results

The Midwest delivered the fastest regional revenue growth for PENN Entertainment during Q3 2026, rising 14.6% to $341.9 million. Meanwhile, the Northeast remained the largest retail market, generating $708.3 million, up 2.6%.

The Northeast casino portfolio, covering properties in Illinois, Pennsylvania and Ohio, also increased Adjusted EBITDAR from $197.9 million to $208.1 million.

Elsewhere, revenue in the West climbed roughly 6.7%, while the South remained nearly flat.

PENN CEO Jay Snowden credited higher customer spending and recent property investments for the retail results.

“Our retail segment delivered better-than-expected revenue and Adjusted EBITDAR results, driven by same-store growth and contributions from our completed development projects,” Snowden said.

Across its land-based casino business, PENN generated $1.5 billion in quarterly revenue. Retail Adjusted EBITDAR reached $501.8 million, with margins of 33.7%.

Alberta and Ontario Support Online Casino Growth

Canadian online gambling operations provided another source of growth. PENN launched online casino and sports betting products in Alberta during the third quarter, adding a second regulated Canadian market alongside Ontario.

Alberta opened its competitive online gambling market in July 2026, following the licensing model already operating in Ontario.

Snowden said:

“We are also pleased with the early performance of our Alberta iCasino and OSB operations, which further expand our Canadian presence. These encouraging trends reinforce our strategic focus on U.S. iCasino and Canada as key drivers of profitable growth.”

Meanwhile, Ontario recorded increases in active users and revenue per user across online casino and sports betting.

In the US, standalone Hollywood iCasino also contributed to growth.

Overall, PENN Interactive generated $348.4 million in quarterly revenue, compared with $297.7 million a year earlier. Its Adjusted EBITDA loss narrowed sharply from $76.6 million to $18.3 million.

However, the reported interactive revenue included a $191.4 million tax gross-up, an accounting adjustment that investors should consider when comparing online gambling performance.

PENN Returns to Profit in Q3 2026

PENN reported $32.6 million in net income for the quarter ending September 30, compared with an $865.1 million net loss in Q3 2025.

Consolidated Adjusted EBITDA increased approximately 46% to $284 million, compared with $194.9 million previously.

Gaming revenue also improved, reaching $1.37 billion against $1.33 billion a year earlier.

Snowden said:

“Our retail segment achieved record third-quarter revenue, reflecting broad-based strength across the portfolio, including our completed development projects.”

The company also reported $2 billion in total liquidity at quarter-end, including approximately $1 billion in cash and cash equivalents.

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