Penn National Gaming announced its second-quarter financial report ending June 30, 2025, with a revenue increase of 6.1% to $1.77 billion, primarily due to the solid performance of its land-based operations, which generated $1.4 billion in revenue. The company operates 42 retail casinos and 32 retail sports betting locations across 19 states in the U.S., with retail business revenue growing by 1% year-over-year.
CEO and President Jay Snowden stated that core business customer demand remained stable, unaffected by new supply, with property revenue growing nearly 4%. The hotel business performed exceptionally well, with theoretical revenue increasing across all age and value groups. Interaction between online and retail players continued to strengthen, with the number of online-to-retail customers and their theoretical revenue increasing by 8% and 28% respectively year-over-year.
The net loss decreased by 32.5% to $18.3 million, while adjusted EBITDA grew by 11.3% to $236.1 million.
In terms of interactive business, despite a 35.9% increase in revenue to $316.1 million, adjusted EBITDA still showed a loss of $62 million, an improvement of 39.7% over the previous year. Monthly Active Users (MAU) decreased by 13% quarter-over-quarter but increased by 4.7% year-over-year. Since the launch of ESPN Bet in the fourth quarter of 2023, MAU data has fluctuated, with a decline again in the summer.
The iCasino division shone brightly, with a 49% increase in Monthly Active Users and cross-selling in online sports betting reaching an all-time high. Snowden stated that record gaming revenue and strict operational discipline drove growth this quarter, while the company made strategic labor adjustments to support the construction of modern technological infrastructure.
Additionally, the University of Pennsylvania recently appointed Ronnie Jones as the independent non-executive director of the Compliance Committee and continued to enhance the ESPN Bet service by launching Player Insights and FanCenter features to improve user experience.
Looking ahead, the Hollywood Joliet Casino is set to relocate from a riverboat to land and reopen on August 11, featuring about 1,000 slot machines, 43 live gaming tables, and an ESPN Bet sports betting outlet. Other development projects like the M Resort, Hollywood Columbus Hotel, and relocation projects are progressing as planned.
Overall, Penn National Gaming is steadily moving towards a digital transformation future, supported by the robust performance of its land-based operations and gradual improvements in its interactive business.
