PENN Entertainment is prioritizing debt reduction, existing development projects, and potential shareholder returns over acquisitions, Chief Executive Officer Jay Snowden said alongside its third-quarter results. The November 5 update combined improved retail performance with a narrower Interactive loss, while management outlined a selective approach to future deals.
The company reported total quarterly revenue of $1,840.0 million, compared with $1,717.3 million a year earlier. Its retail operations generated revenue of $1.5 billion and segment-adjusted EBITDAR of $501.8 million. PENN described the retail revenue figure as a third-quarter record.
Interactive revenue reached $348.4 million, including a tax gross-up of $191.4 million. The segment recorded an adjusted EBITDA loss of $18.3 million, compared with a loss of $76.6 million in the corresponding period of 2025. The gross-up is part of the reported revenue presentation and should not be confused with additional customer spending.
Management sets a high threshold for deals
On the earnings call, Snowden placed deleveraging ahead of acquisitions and said the company could examine further share repurchases in 2027. He described potential transactions as needing a strong free-cash-flow return, limited risk and a clear strategic benefit, such as entering a market or acquiring a substantial customer database.
Development commitments also remain part of the capital-allocation agenda. Management identified its recently completed growth projects alongside planned work at Hollywood Casino Hotel Council Bluffs and Boomtown New Orleans. The comments did not announce an acquisition process or commit the company to purchasing a particular property.
Snowden also expressed an interest in a potential future return to Las Vegas, subject to an appropriate opportunity and valuation. PENN exited its previous operating presence there when Bally’s acquired the Tropicana’s operating rights in 2022. The latest remarks describe management’s criteria and interests rather than an agreed Las Vegas transaction.
