PENN Raises 2026 Retail Forecast as Quarterly Revenue Hits $1.49 Billion

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PENN Entertainment raised its full-year 2026 retail adjusted EBITDAR guidance to $1.973 billion, a $10 million increase, following record third-quarter revenue, according to TradingKey.

Retail revenue reached $1.49 billion in the quarter ended Sept. 30, up 5.0% year over year.

Retail growth lifts PENN’s earnings outlook

Third-quarter retail adjusted EBITDAR increased 7.7% to $501.8 million. The segment’s margin expanded 84 basis points to 33.7%.

PENN said 10 properties across all four regions set third-quarter revenue records. The Midwest delivered the strongest regional revenue growth, rising 14.6% to $341.9 million.

The West region’s revenue increased 6.7% to $147.5 million, but adjusted EBITDAR declined 0.4% to $50.9 million. Results included about $2 million of unfavorable table-game hold at M Resort.

For the first nine months of 2026, retail revenue rose 3.9% to $4.42 billion, while adjusted EBITDAR grew 5.5% to $1.49 billion.

Interactive losses narrow as online casino revenue grows

PENN’s interactive adjusted EBITDA loss narrowed to $18.3 million from $76.6 million a year earlier, despite a 0.8% decline in adjusted revenue to $157.0 million.

Online casino revenue increased 6.4% to $76.3 million. Online sportsbook revenue fell 12.7% to $50.3 million.

PENN reduces project spending guidance

PENN reported $2.0 billion in total liquidity as of Sept. 30, comprising $1.0 billion in balance-sheet cash and $1.0 billion in revolving-credit availability.

The company reduced project capital expenditure guidance to $170 million from $180 million. It is targeting year-end lease-adjusted net leverage of approximately 5.3 times and traditional net leverage of about 2.1 times.

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Source: As reported by tradingkey.com.