PENN Q1 revenue +6.4% but net income swings negative on below-the-line costs

Filed April 29, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Operating income surged 126.9% to $97.1M, but net income swung to -$2.3M (from +$111.8M prior year) as below-the-line costs increased $168.4M — driven by non-operating/other expenses -$207.6M, partially offset by income tax benefit +$39.0M and noncontrolling interest +$200K. The net-income decline did not come from operations.

  MD&A: Financial Results verify on EDGAR →
• high

  Company realigned digital strategy away from ESPN BET branding, now using theScore Bet for U.S. online sports betting as a customer acquisition channel rather than standalone growth driver. Interactive segment Adjusted EBITDA improved $78.2M to -$10.8M (from -$89.0M) on reduced marketing spend and higher iCasino revenues.

  MD&A: Digital Strategy verify on EDGAR →
• high

  Joliet land-based casino (opened Aug 2025) and M Resort tower (opened Dec 2025) now operational, adding $21.8M in annual rent to GLPI. Aurora project ($216.3M requested from GLPI but not yet received) expected to open June 24, 2026; Columbus hotel (self-financed, no GLPI funding) expected June 12, 2026.

  MD&A: Development Projects verify on EDGAR →