Penn Entertainment
Corporate brand
UnclaimedPenn Entertainment is an American operator of casinos, racetracks, sports-betting services, and sports-media businesses.
Last updated August 31, 2026
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Overview
Penn Entertainment, Inc., formerly known as Penn National Gaming, is an American entertainment and gaming company whose businesses span casinos, racetracks, sports wagering, online gaming, and sports media. Its roots are in Pennsylvania thoroughbred racing: predecessor organizations were formed in 1968 after the state authorized parimutuel horse-racing wagering. The Pennsylvania National Turf Club developed Penn National Race Course, while Pitt Park Raceway later became Mountainview Thoroughbred Racing Association and operated racing at the course. Peter D. Carlino acquired Penn National Race Course in 1982, and the business was reorganized as Penn National Gaming in preparation for a public offering. The company went public on Nasdaq in 1994. During the 1990s and 2000s, Penn shifted from a regional racing business toward a diversified casino operator. It acquired Pocono Downs and Charles Town Races, then entered commercial casinos through purchases including Casino Magic Bay St. Louis, Cactus Petes, Boomtown Biloxi, Carnival Resorts & Casinos, and Bullwhackers Casino. The 2003 acquisition of Hollywood Casino Corp. added properties in Illinois, Mississippi, and Louisiana and encouraged the company to use the Hollywood Casino identity across much of its portfolio. Its 2005 acquisition of Argosy Gaming substantially expanded its national footprint. Later transactions added Zia Park, M Resort, Tropicana Las Vegas, and other gaming properties. A major structural change occurred in 2013, when Penn separated much of its real-estate ownership into Gaming and Leisure Properties, Inc. Penn retained operating responsibilities for most of the properties through lease arrangements. This real-estate investment trust structure became a defining feature of the company’s business model and subsequently supported additional acquisitions. Penn acquired Pinnacle Entertainment in 2018, subject to divestitures required for regulatory approval, and in 2019 acquired the operating businesses of Margaritaville Resort Casino and Greektown Casino-Hotel while real-estate ownership was handled by Vici Properties. Penn also expanded into digital wagering and sports content. It acquired a minority stake in Barstool Sports in 2020 and launched Barstool Sportsbook later that year. In 2021 it agreed to acquire Canadian digital-media company Score Media and Gaming, bringing theScore brand and theScore Bet into its portfolio. The company changed its corporate name to Penn Entertainment in 2022 to signal a broader identity beyond casinos and racing. It bought the remaining interest in Barstool Sports in 2023, but later transferred Barstool back to founder Dave Portnoy for a nominal payment while entering a major branding and licensing agreement with ESPN for ESPN Bet. Penn’s portfolio includes Hollywood Casino, Ameristar, Boomtown, L’Auberge, M Resort, theScore, and other regional casino, racetrack, and wagering brands. Its land-based operations are concentrated in the United States, while theScore’s digital-media and betting activities also give it a Canadian presence. The company’s operating environment is highly regulated, with licensing, responsible-gaming, advertising, online-wagering, and state-by-state market-access requirements shaping its strategy.
History
Penn Entertainment’s origins lie in Pennsylvania’s expansion of legalized parimutuel thoroughbred racing. In 1968, the Pennsylvania National Turf Club and Pitt Park Raceway, Inc. were established by investor groups seeking racing licenses. The Turf Club received a license and developed Penn National Race Course, which included a motor-speedway component and began hosting racing in the early 1970s. Pitt Park initially raced at The Meadows, but after financial difficulties its business was sold to investors including Peter D. Carlino, renamed Mountainview Thoroughbred Racing Association, and moved its racing operation to Penn National Race Course. Carlino purchased Penn National Race Course in 1982 from the financially troubled Turf Club. The related companies were reorganized in 1994 ahead of an initial public offering: PNRC Corp. became Penn National Gaming, with Mountainview and the Turf Club as subsidiaries. The company’s May 1994 Nasdaq offering raised capital for debt reduction and construction of off-track betting facilities. Peter M. Carlino, who had managed Mountainview, became the company’s first chief executive officer. Penn’s first expansion beyond its original racing base included Pocono Downs in 1996, Charles Town Races in 1997, and interests in Freehold Raceway and Garden State Park in 1999. Slot-machine authorization at Charles Town helped demonstrate the potential of combining racing assets with casino-style gaming. In 2000 Penn bought Casino Magic Bay St. Louis, Cactus Petes, and Boomtown Biloxi. It expanded again through Carnival Resorts & Casinos in 2001 and Bullwhackers Casino in 2002. The 2003 purchase of Hollywood Casino Corp. was strategically important because it added casinos in Aurora, Tunica, and Shreveport and supported a broader Hollywood Casino branding program. The 2005 acquisition of Argosy Gaming added several casinos and a racetrack, making Penn one of the largest publicly traded gaming companies in the United States at that time. Proposed transactions involving Harrah’s Entertainment in 2006 and a 2007 take-private bid did not proceed. Penn later added Zia Park and, in 2011, M Resort, its first Nevada property. In 2013, Penn completed the spin-off of Gaming and Leisure Properties, a real-estate investment trust that owned the land and buildings associated with much of Penn’s portfolio. Penn continued operating most of the sites under leases. The structure reduced the separation between property ownership and gaming operations and became central to subsequent expansion. Penn later acquired or operated additional properties through arrangements involving GLPI and Vici Properties, including Tropicana Las Vegas, Margaritaville Resort Casino, Greektown Casino-Hotel, and properties added through the 2018 Pinnacle Entertainment acquisition. Penn’s digital strategy developed alongside the liberalization of online sports wagering in the United States. It formed market-access relationships with several wagering companies, acquired Rocket Games, invested in Barstool Sports in 2020, and launched Barstool Sportsbook. The company also pursued sports content and Canadian digital gaming through its acquisition of Score Media and Gaming in 2021. TheScore provided a sports-media platform and theScore Bet wagering brand, including operations in Ontario. The company adopted the Penn Entertainment name in 2022. In 2023 it acquired the remaining interest in Barstool Sports, then arranged for Barstool to return to Dave Portnoy while announcing a major ESPN licensing partnership and the ESPN Bet sportsbook identity. Penn’s history therefore reflects a continuing transformation from a Pennsylvania racing operator into a multi-state casino and entertainment company with land-based, digital, media, and sports-wagering activities.
- 2023
ESPN Bet partnership announced
[1]Penn announced an ESPN licensing arrangement for its sportsbook and returned Barstool Sports to its founder.
- 2022
Corporate name changed to Penn Entertainment
[1]The new name emphasized the company’s broader entertainment and sports-content activities.
- 2021
Score Media and Gaming acquisition agreed
[1]Penn agreed to acquire the Canadian sports-media and digital-wagering company.
- 2020
Barstool Sportsbook introduced
[1]Penn and Barstool launched a mobile sports-betting service in New Jersey before expanding into other states.
- 2018
Pinnacle Entertainment acquired
[1]The transaction added twelve properties after selected assets were divested for regulatory approval.
- 2013
Gaming and Leisure Properties spun off
[1]Penn separated much of its property real estate into a REIT while retaining operating roles under lease agreements.
- 2005
Argosy Gaming acquired
[1]The acquisition substantially increased Penn’s number of casinos and operating scale.
- 2003
Hollywood Casino Corp. acquired
[1]The transaction expanded Penn’s casino portfolio and reinforced the Hollywood Casino brand.
- 1994
Penn National Gaming becomes a public company
[1]The company was reorganized under the Penn National Gaming name and completed a Nasdaq initial public offering.
- 1982
Peter D. Carlino acquires Penn National Race Course
[1]Carlino purchased the financially struggling race course and consolidated control of the related operating businesses.
Products and positioning
A diversified North American gaming and entertainment operator combining regional casinos and racetracks with digital sports betting, online gaming, and sports-media properties.
Casino and resort brand
Hollywood Casino
Hollywood Casino is Penn’s principal land-based casino brand, used across a network of regional casinos and racinos in the United States. Properties generally combine slot machines, table games, sports or entertainment amenities, dining, and in some locations hotel accommodation or horse-racing facilities. The brand expanded substantially after Penn acquired Hollywood Casino Corp. and subsequently applied the identity to additional properties.
Casino and resort brand
Ameristar Casinos
Ameristar is a regional casino and resort brand in Penn’s portfolio. Its properties operate in markets including Iowa, Indiana, Mississippi, and Colorado and typically combine casino gaming with hotels, restaurants, entertainment, and other resort services. The brand serves customers in destination and regional-drive markets rather than functioning as a single national resort identity.
Casino brand
Boomtown Casinos
Boomtown is a casino brand operated by Penn at properties in Louisiana and Mississippi. Its venues focus on regional casino entertainment, including electronic gaming, table games, food and beverage, live entertainment, and in some locations hotel or resort services.
Sports media
theScore
theScore is a Canadian digital sports-media business acquired by Penn through Score Media and Gaming. It provides sports news, scores, statistics, editorial content, and related digital engagement. The brand gives Penn a sports-content platform that supports its broader wagering and entertainment strategy.
Online sports betting and casino gaming · 2019
theScore Bet
theScore Bet is Penn’s digital wagering brand associated with theScore. It offers sports betting in permitted jurisdictions and has also been used for online gaming services. The product is subject to local licensing, market-access arrangements, responsible-gaming requirements, and jurisdiction-specific availability.
Online sports betting · 2023
ESPN Bet
ESPN Bet was the sportsbook identity created through Penn’s licensing arrangement with ESPN. It replaced the Barstool Sportsbook branding in the United States and connected Penn’s wagering product with ESPN’s sports-media promotion. The arrangement was later reported in the reference material as ending early, with customers to be transitioned to theScore Bet.
Marketing campaigns
- 2023ESPN Bet rebrand
United States
Penn rebranded Barstool Sportsbook as ESPN Bet under a long-term licensing and promotional arrangement with ESPN.
Outcome. The ESPN identity became Penn’s principal U.S. sportsbook brand, while Barstool was returned to Dave Portnoy.
- 2022theScore Bet Ontario launch
Ontario, Canada
Penn launched sports betting in Ontario under theScore Bet brand after acquiring Score Media and Gaming.
Outcome. The launch extended Penn’s digital wagering operations into Canada and was followed by a Toronto Blue Jays sponsorship.
- 2020Barstool Sportsbook launch
United States
Penn used its investment in Barstool Sports to launch a branded mobile sportsbook, beginning in New Jersey and expanding to additional U.S. states.
Outcome. The service became part of Penn’s digital wagering strategy before the Barstool identity was replaced by ESPN Bet.
Brand decisions
2023
Replace Barstool Sportsbook with ESPN BetStrategyBackground
Penn sought a sports-betting identity linked to a major established sports-media brand.
Action taken
Penn announced a ten-year licensing arrangement with ESPN and rebranded Barstool Sportsbook as ESPN Bet, while transferring Barstool Sports back to Dave Portnoy for a nominal payment.
Aftermath
The sportsbook operated under the ESPN Bet identity; the reference material reports that the ESPN arrangement was later terminated early and customers were to transition to theScore Bet.
2022
Change corporate name to Penn EntertainmentStrategyBackground
The former Penn National Gaming name emphasized the company’s historical casino and racing identity, while its business had expanded into sports content and digital entertainment.
Action taken
The company adopted Penn Entertainment as its corporate name.
Aftermath
The rebrand positioned casinos, sports media, online gaming, and sports betting under a broader entertainment identity.
2021
Acquire Score Media and GamingM&ABackground
Penn aimed to combine sports content, digital audience engagement, and wagering capabilities in North America.
Action taken
Penn agreed to acquire the Canadian digital-media company and its theScore and theScore Bet businesses.
Aftermath
The acquisition provided Penn with a Canadian sports-media platform and a digital wagering brand.
2020
Invest in Barstool SportsM&ABackground
Penn sought a recognizable sports-media partner to support entry into mobile sports betting.
Action taken
Penn acquired an initial minority stake in Barstool Sports and developed a branded sportsbook with the company.
Aftermath
Penn later acquired the remaining interest, launched Barstool Sportsbook, and subsequently returned Barstool to its founder during the ESPN Bet transition.
2018
Acquire Pinnacle EntertainmentM&ABackground
Penn pursued greater scale in regional casinos and entertainment properties.
Action taken
Penn acquired Pinnacle Entertainment in a cash-and-stock transaction, with four properties sold to Boyd Gaming to obtain regulatory approval.
Aftermath
Penn added twelve properties and expanded its leased operating portfolio.
2013
Separate real-estate ownership into Gaming and Leisure PropertiesStrategyBackground
Penn sought to reduce capital and tax pressures and address gaming-license ownership constraints by separating property ownership from casino operations.
Action taken
The company spun off Gaming and Leisure Properties, which owned much of the real estate, while Penn continued operating most properties under leases.
Aftermath
The REIT structure became a continuing component of Penn’s acquisition and operating model.
Recent events
Penn National completes acquisition of Score Media and Gaming[2]
Penn National Gaming completed its acquisition of Score Media and Gaming on October 19, 2021, for approximately US$2.0 billion in cash and stock.
Reported
Penn Interactive and NASCAR announce Arizona agreement[3]
Penn National Gaming announced a multi-year agreement between its subsidiary Penn Interactive and NASCAR in Arizona. The agreement makes the Kambi-powered Barstool sportsbook the exclusive sportsbook for Phoenix Raceway and provides access to Arizona's sports betting market.
- Unconfirmed
Penn National Gaming prices public stock offering[4]
Penn National Gaming announced that it had priced an underwritten public offering of 14 million common shares at $61 per share. The offering was expected to close on September 29, 2020, subject to customary conditions.
Reported
Penn National Gaming sold Tropicana resort real estate assets[5]
Penn National Gaming sold the Tropicana resort's real estate assets on the Las Vegas Strip to Gaming & Leisure Properties for $337.5 million in rent credits; Penn National will continue to operate the resort.
Sources5 sources
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