TLDR
- PENN Entertainment posted Q1 2026 revenue of $1.779 billion, beating the $1.745 billion consensus forecast, with adjusted EPS of $0.11 versus the $0.06 expected.
- The interactive segment generated $358.3 million in revenue, powered by roughly 15% year-over-year iCasino growth and record results in March.
- PENN is preparing to launch theScore Bet in Alberta, Canada, when the province opens its regulated online gambling market on July 13, 2026.
- The company’s Hollywood Casino Joliet in Illinois hit record slot and table volumes in Q1 after opening in August 2025.
- PENN has reduced net debt to $2.2 billion and holds total liquidity of $1.7 billion, including $708 million in cash.
PENN Entertainment reported first-quarter 2026 earnings that topped Wall Street expectations on both revenue and adjusted earnings per share. The results were released on April 23, 2026.
Total revenue came in at $1.779 billion for the quarter. That beat the consensus estimate of $1.745 billion and represented a 6.4% increase from $1.67 billion in Q1 2025.
The company reported a GAAP net loss of $2.8 million. However, adjusted EPS came in at $0.11, beating the $0.06 forecast by 83%.
Retail segment adjusted EBITDAR was $471.4 million, ahead of the $459 million street consensus. That translated to a 33.2% margin.
iCasino Growth Drives Interactive Segment Forward
The interactive segment brought in $358.3 million in revenue. That was driven by approximately 15% year-over-year growth in iCasino, with March delivering record monthly results.
The segment still reported an adjusted EBITDA loss of $10.8 million, slightly wider than the projected $8.3 million loss. But the figure represents a major improvement from the $89 million loss posted in the same quarter last year.
CEO Jay Snowden said the quarter marked the first full period under PENN’s realigned digital strategy. He pointed to standalone iCasino achieving record quarterly and monthly revenue as evidence the approach is working.
The company has said it expects to reach break-even in its interactive business in 2026.
Alberta Launch and Land-Based Strength
PENN is preparing to launch theScore Bet in Alberta, Canada, on July 13, 2026. That is when the province will officially transition from a government monopoly to an open, regulated online gambling market.
Alberta’s new laws are a response to offshore sites, which currently handle an estimated 70% of the province’s iGaming market.
Snowden told analysts the company’s customer acquisition costs in Alberta will be lower than competitors because theScore’s media app already engages hundreds of thousands of Albertans daily. He said the company would not repeat the heavy promotional spending seen in markets like New York and Ohio.
PENN does expect the Alberta launch to cost around $20 million in adjusted earnings.
The land-based casino business continued to perform well. The retail segment generated $1.4 billion in revenue for the quarter.
Hollywood Casino Joliet in Illinois, which opened in August 2025, posted record slot and table game volumes. The facility sits at the intersection of I-80 and Route 59 and has been meeting previously unmet demand in the area.
PENN also highlighted strength from the M Resort’s new hotel tower and Ameristar Black Hawk in its West segment.
In Louisiana, properties like L’Auberge Lake Charles and Margaritaville Bossier City held strong EBITDAR margins through a focus on customer service and cost control.
On the balance sheet side, PENN issued $600 million in unsecured notes due 2031 at 6.75%. It used the proceeds to repay revolver borrowings.
The company amended its credit agreement to refinance and extend its revolving credit facility and Term Loan A. Total liquidity stands at $1.7 billion, including $708 million in cash. Net debt has been reduced to $2.2 billion.
PENN stock rose 15% to $16.95 at the open following the earnings release. A bipartisan bill introduced in Congress in late March 2026, the Prediction Markets Are Gambling Act, aims to ban sports-related contracts on platforms like Kalshi.
