EX-99.2 3 ef20036772_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2
INVESTOR EVENT 4 G2E Conference October 7, 2024

FORWARD-LOOKING STATEMENTS 4 This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “goal,” “seeks,” “may,” “will,” “should,” “looking ahead,” “vision,” “outlook,” “guidance,” “upside” or “anticipates” or the negative or other variations of these or similar words, as applicable, or by discussions of future events, strategies or risks and uncertainties. Specifically, forward-looking statements include, but are not limited to, statements regarding: the Company’s expectations of future results of operations and financial condition, including future revenue and Adjusted EBITDAR and EBITDA and other financial guidance; the assumptions provided regarding the guidance, including the scale and timing of the Company’s product and technology investments; the Company’s expectations regarding results and customer growth, retention and spend; the impact of competition, in retail/mobile/online sportsbooks, iCasino, social gaming, and retail operations; the Company’s development and launch of its Interactive segment’s products in new jurisdictions and enhancements to existing Interactive segment products, including products and content for ESPN BET and theScore Bet, and the anticipated benefits thereof; the benefits of the Sportsbook Agreement between the Company and ESPN; the Company’s expectations regarding its Sportsbook Agreement with ESPN and the future success of ESPN BET; the Company’s expectations with respect to the integration and synergies related to the Company’s integration of theScore and the continued growth and monetization of the Company’s media business; the Company’s expectations that its portfolio of assets provides a benefit of geographically-diversified cash flows from operations; the Company’s plan to expand gaming operations through the implementation and execution of a disciplined capital expenditure program at our existing properties, the pursuit of strategic acquisitions and investments, and the development of new gaming properties, including the development projects; improvements, expansions, or relocations of our existing properties; entrance into new jurisdictions; expansion of gaming in existing jurisdictions; strategic investments and acquisitions; cross-sell opportunities between our retail gaming, online sports betting, and iCasino businesses; our ability to obtain financing for our development projects on attractive terms; the timing, cost and expected impact of planned capital expenditures on the Company’s results of operations; and the actions of regulatory, legislative, executive, or judicial decisions at the federal, state, provincial, or local level with regard to our business and the impact of any such actions. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and business. Accordingly, the Company cautions that forward looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include: the effects of economic and market conditions in the markets in which the Company operates or otherwise, including the impact of global supply chain disruptions, price inflation, rising interest rates, slowing economic growth, and geopolitical uncertainty; competition with other entertainment, sports content, and gaming experiences; the timing, cost and expected impact of product and technology investments; risks relating to operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; our ability to achieve the anticipated financial returns from the Sportsbook Agreement with ESPN, including due to fees, costs, taxes or circumstances beyond the Company’s or ESPN’s control; the timing, cost and expected impact of product and technology investments; the ability of the Company or ESPN to retain and hire key personnel; our ability to successfully acquire and integrate new properties and operations; our ability to maintain our gaming licenses and concessions and comply with applicable gaming law, current laws, rules or other industry standards, and additional risks and uncertainties described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the U.S. Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements except as required by law. Considering these risks, uncertainties and assumptions, the forward-looking events discussed in this presentation may not occur. This presentation may contain trademarks, service marks, trade names and copyrights of other companies or entities, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM © or ® symbols, but we will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. The third quarter 2024 estimates and guidance provided in this presentation are estimates based on information available to management as of the date of this presentation, are subject to change and are not a guarantee of future performance. The Company’s financial closing procedures for the third quarter 2024 are not yet complete. It is possible that the final results for the third quarter may vary from these preliminary estimates upon completion of closing procedures and finalization of the unaudited interim consolidated financial statements. As the Company completes its quarter-end financial close process and finalizes its financial statements for the quarter, it is possible that the Company may identify items that require it to make adjustments to the preliminary financial information set forth in this presentation, and that such changes could be material. The Company does not intend to update such financial information prior to the release of its full third quarter 2024 financial results, which is currently scheduled for November 7, 2024.

AGENDA Company Strategy Jay Snowden, CEO Retail & Omni-Channel Todd George, EVP of Operations Interactive Aaron LaBerge, CTO Jason Birney, Head of Interactive Operations Financials Felicia Hendrix, CFO Closing Remarks Jay Snowden, CEO 4

SENIOR LEADERSHIP TEAM Jay Snowden Chief Executive Officer Todd George EVP, Operations Felicia Hendrix EVP, Chief Financial Officer Aaron LaBerge EVP, Chief Technology Officer Chris Rogers EVP, Chief Strategy & Legal Officer Wendy Hamilton SVP, Chief Human Resources Officer Eric Schippers SVP, Public Affairs 4

5 STRONG, DIVERSIFIED GAMING BUSINESS Retail 43 Properties (20 States) 4 New Growth Projects Interactive OSB (20 Jurisdictions) iCasino (5 Jurisdictions) $5.7b Retail $6.4b FY23 Revenue NY Launch Sept 27th, 2024 (1) Interactive revenue includes a tax gross-up of $390.4 million. $0.7b Interactive (1)

LEADING BRANDS, ASSETS AND REACH PENN Play Loyalty Members 31M TOTAL 3.9M DIGITAL 6

Provide a home for the everyday sports fan and mass-market bettor Create the leading media & betting ecosystem experience with ESPN Develop a best-in-class product to improve monetization Cross-sell our growing database to iCasino and our retail properties OUR VISION FOR ESPN BET 6

RECENT PROGRESS REINFORCES OUR VISION Higher Parlay Mix Higher Net Revenue Higher Gross Margin Lower Promo Expense Higher Hold Over-Indexing with Mass-Market Higher Parlay Mix & Hold More Predictable Revenue Higher Conversion of Handle to NGR Better Unit Economics Improved ESPN BET Product Offering Benefits of Improved Product 6

9 +403% NGR +161% Users Monthly Unique PERFORMANCE HIGHLIGHTS +211% Parlay Users Monthly Unique +608bps Parlay Mix of Handle +430bps % Hold Rate September 2024 Year-Over-Year Growth +151% GGR 27.5% 21.4% 9.1% 4.8% Note: All results are preliminary September 2024 vs. September 2023 for our U.S. online sports betting operations.

OUR PRODUCT HAS IMPROVED DRAMATICALLY… Refreshed Home Page Parlay Lounge Profit Boosts Enhanced SGP Offering and more… 10

…AND OUR ESPN INTEGRATIONS ARE DEEPENING ESPN BET is becoming omni- present within the ESPN ecosystem, including Fantasy Deeper integrations are on the way with Account Linking in Q4 10

12 STRATEGY HAS BEEN SUCCESSFUL IN ONTARIO… Double-Digit 1H24 OSB Market Share in Ontario Note: Reflects GGR market share of online sports betting in Ontario through June 2024.

13 6.5% 7.6% 7.5% 7.9% 8.4% 9.6% 21% 23% 25% 27% 28% 30% 1H22 Q3 '24 2H22 1H23 % Hold Rate 2H23 1H24 % of Handle …WITH STRONG RESULTS IN YEAR 3 Parlay + SGP Sept ‘24 34% Sept ‘24 11.2% Revenue +30% +54% Gross Profit +227% Contribution Profit Total OSB Y/Y Growth (Sep ’24 LTM) (2) All results are preliminary for Q3 and September 2024. Y/Y growth metrics are for theScore BET total online gaming, inclusive of online sports betting and iCasino. All results are preliminary for September 2024. (1)

14 A PROVEN STRATEGY IN THE UK Powerful brand and media integrations with Sky Sports helped Sky Bet grow over time into one of the largest operators in the UK 2014 2017 6% 12% Sky Bet Market Share of Total UK Online Gaming Market Today >20% Note: Market share estimates based on publicly available information and internal company estimates.

15 BRAND STRENGTH IS ALREADY EVIDENT IN YEAR 1 16% User Share #3 Sportsbook The ESPN BET brand is resonating with bettors, with significant upside as monetization continues to improve Weekly Average Users Note: The Sensor Tower data shown represents the week beginning September 23, 2024 through September 29, 2024, and is across the top available unified sportsbook & daily fantasy competitor apps including our top six market share competitors in OSB and two of the largest Daily Fantasy Sports apps. Sensor Tower defines Weekly Active User as a user that has one or more sessions within a week. Data is subject to change per Sensor Tower policies.

16 RECENT NY LAUNCH FURTHER EXPANDS OUR REACH New York September 27th Launch (1) Sept. ’23 to Jan ‘24 average visitors per month across ESPN App, ESPN Fantasy, and ESPN.com in the state of New York. 10m+ New York (Avg. Monthly Visitors) (1) Strong To-Date NY Cohort vs. Existing States +296% Avg. Daily Handle Per User +100% Avg. Deposit Size is now live in 19 U.S. States + in Ontario 46% of U.S. Population 39% of Canadian Population

SPORTS BETTING FUELS OMNI-CHANNEL STRATEGY Sports Betting Retail Gaming iCasino 17

RETAIL GROWTH PROJECTS ON THE HORIZON Hollywood Joliet (IL) Relocation Hollywood Aurora (IL) Relocation Hollywood Columbus (OH) Hotel Tower M Resort (NV) Hotel Tower 2H25 Ahead of Schedule 17 1H26 1H26 1H26

2024 LOOKING AHEAD Peak Interactive Losses Key Upgrades to Digital Products Interactive Losses Narrow Toward Breakeven and Balance Sheet De-Levers Transformational Digital Product / ESPN Integrations + Standalone iCasino Product Opening of Hollywood Joliet 2H25 Interactive Inflect to Profitability Remaining Growth Projects Open 1H26 2025 2026 INVEST 17 EXECUTE ACCELERATE

RETAIL & OMNI-CHANNEL 21 Todd George, EVP of Operations

Retail 22

RETAIL GROWTH STRATEGY Focus on a growth mindset through strategic partnerships and differentiated offerings Drive greater loyalty through our PENN Play program and omni-channel offerings Reinvest in our properties to enhance the guest experience and evolve entertainment offerings Maintain leading margin profile through new technology and advanced marketing strategies Create and grow our destination offerings to enhance our omni-channel impact 22

23 WE ARE TAKING MARKET SHARE Hollywood Casino Columbus, OH Hollywood Casino Kansas Speedway, KS Plainridge Park Plainville, MA Ameristar Casino Black Hawk, CO Hollywood Greektown Detroit, MI M Resort Las Vegas, NV YTD Market Share Growth in 16 of 24 Regional Markets Note: Year-to-date market share through August 2024.

BROADENING OUR REACH VIA PARTNERSHIPS F&B CONCEPTS TEAM DEALS 24

INDUSTRY-LEADING RETAIL MARGINS Labor Efficiencies Enhanced Procurement More efficient communication and promo offers Change in Revenue Mix to higher tax markets Increased costs for insurance, utilities, and other +200 bps 2024E Margins ~34% Payroll Cost of Goods Marketing Gaming Tax G&A 2019 Margins ~32% 24

26 A LEADER IN RETAIL SPORTS BETTING 30 Retail Sportsbooks in 13 States Retail Sports Betting GGR Market Share 26% Active States 17% Total U.S. ex-NV Hollywood Greektown (MI) Hollywood Kansas Speedway (KS) L’Auberge Baton Rouge (LA) Margaritaville Bossier City (LA) Hollywood Columbus (OH) Hollywood Perryville (MD) Hollywood Toledo (OH) L’Auberge Lake Charles (LA) Recent Retail Sportsbook Rebrandings Note: Retail Sports Betting GGR Market Share shown above is for the period 1H24 using publicly reported state and internal company data.

CASE STUDY: RETAIL SPORTSBOOKS Ohio (4 Properties) GGR Growth +2.4% GGR Share Growth +70 bps GGR Growth +4.8% GGR Share Growth +106 bps Kansas (Kansas Speedway) 27 Note: All GGR dollars growth and GGR share growth are Y/Y changes from state reported data during January-August 2024 vs. January-August 2023.

CASE STUDY: RETAIL SPORTSBOOKS GGR Growth +4.1% GGR Growth +6.7% GGR Share Growth +49 bps GGR Share Growth +69 bps Colorado (Black Hawk) Massachusetts (Plainridge Park) 27 Note: All GGR dollars growth and GGR share growth are Y/Y changes from state reported data during January-August 2024 vs. January-August 2023.

GROWTH PROJECTS REMAIN ON-TRACK Hollywood Aurora (IL) Hollywood Joliet (IL) Hollywood Columbus (OH) M Resort (NV) Relocation Relocation Hotel Tower Hotel Tower 1H 2026 2H 2025 1H 2026 1H 2026 Ahead of Schedule 29

HOLLYWOOD CASINO JOLIET 29

SUPERIOR LOCATION – HOLLYWOOD JOLIET Hollywood Casino Joliet Hollywood Casino Joliet is moving to Rock Run Collection, a new mixed-use development to include hotels, retail, food & beverage, and entertainment offerings The new site is located at the intersection of I-80 & I-55, with 240,000 daily vehicles (vs. only 10,000 at current location) 29

HOLLYWOOD CASINO AURORA 29

SUPERIOR LOCATION – HOLLYWOOD AURORA Hollywood Casino Aurora Hollywood Aurora is relocating to a prime location in Chicagoland, adjacent to Chicago Premium Outlets New location at I-88 and Farnsworth interchange: 100,000+ daily vehicles (compared to 8,000 at current location), 8 million annual shoppers 29

RECENT RELOCATION COMPS ARE ENCOURAGING July 2024 Y/Y Revenue Growth +88% The Queen Casino (Baton Rouge, Louisiana) – Opened August 24, 2023 Note: Data based on publicly reported info. 34 July 2024 Y/Y Revenue Growth +76% Treasure Chest (Kenner, Louisiana) – Opened June 6, 2024

HOTEL EXPANSIONS Hollywood Casino Columbus (OH) 205 luxury hotel rooms Creates regional destination at one of PENN’s most successful properties Bolsters the property’s competitive positioning in the Columbus market 35 M Resort (NV) 2nd tower with 375 luxury rooms, lifting total to 765 Enhanced offerings to solidify the M’s position as a premier resort and destination Provides much needed capacity to capture strong demand for group business

TECHNOLOGY DRIVEN EFFICIENCIES Friction. Lines. Cash. Plastic Cards. Digital. Experiential. Frictionless. THE PAST 35 PRESENT & FUTURE

37 PENNPLAY & PENN WALLET VALUE Note: The data above is as of August 2024. (1) Pre vs. post analysis of customers in the 90 days before and after wallet enrollment. 1.3m App Registrations 367k Mo. Active Customers 350k Downloads 4.40 Google PENN Play App PENN Wallet App Store Ratings 4.64 Apple 3X Customer Value Increase (1)

BENEFITS OF DIGITAL EXPERIENCES Driving customer engagement Delivering margin enhancing efficiencies Creating a frictionless digital experiences 38

KEY DIGITAL APPLICATIONS – 3C’s & Beyond Enhanced digital communications Real time promotions More efficient hospitality Cutting edge cashless capabilities 38

Omni-Channel 38

41 ONLINE HAS DRIVEN COMPANY DATABASE GROWTH 0.1 0.3 0.9 1.7 2.1 3.9 2019 2020 2021 2022 Q3 2023 Q3 2024 Total Digital Database (M) Since ESPN BET Launch +1.8M Digital Members +85% Growth 2019 Total: 25M Digital: NM Q3 2024 Total: 31M Digital: 3.9M 67% of our total database growth since 2019 has come from digital Note: All Q3 2024 data is preliminary.

53 August 2019 44 August 2024 Average age of our 12-month active database 92k < 30 Miles < 50 Miles < 100 Miles < 10 Miles 450k 746k 1.1m 12-month Active Online Customers Distance from a Retail Property ONLINE REACH EXPANDS OUR RETAIL FUNNEL 43

CROSS CHANNEL VALUE CREATION Play at Retail Play Online 4x Increase in customer value when customers play across multiple channels 43

44 POTENTIAL FOR OMNI-CHANNEL +10% +15% +5% Increase in Database % Conversion to Omni-Channel Incremental Upside from Database Conversion (1) Estimates are based on penetration of addressable database. Potential Annual GGR Lift(1) $50M+ $100M+ $150M+

INTERACTIVE 45 Aaron LaBerge, CTO Jason Birney, Head of Interactive Operations

46

Average Monthly Unique Visitors DIGITAL 113M FANTASY 13M Unique Fantasy Football Users 46

INTERACTIVE STRATEGY MARKET-LEADING SPORTS MEDIA BRANDS PROPRIETARY TECHNOLOGY STACK OMNI-CHANNEL ECOSYSTEM 46

INTERACTIVE STRATEGY MARKET-LEADING SPORTS MEDIA BRANDS 46

INTERACTIVE STRATEGY PROPRIETARY IN-HOUSE TECHNOLOGY STACK Promotional Engine Player Account Management 46 Risk & Trading Platform In-House Game Studio Retail Sportsbook Technology

INTERACTIVE STRATEGY OMNI-CHANNEL ECOSYSTEM 46

DIGITAL SUCCESS IN ONTARIO Online Sports Betting +29 DOUBLE DIGIT Market Share of GGR in 1H24 % Y/Y Growth in NGR (Sept - YTD) Online Casino +32 HIGH-SINGLE DIGIT Market Share of GGR in 1H24 % Y/Y Growth in NGR (Sept - YTD) 60% Cross-Play OSB into iCasino +1,182BPS Y/Y +227% Y/Y Growth in Contribution Profit (Sept - YTD) 52 Note: All performance metrics shown include preliminary estimates for September 2024. 1H24 Market Share estimates are based on iGo publicly available total market results and internal company data.

ALBERTA OPPORTUNITY Launch Timing TBD 12 % OF THE CANADIAN POPULATION 51% of Canadian Population (Ontario + Alberta) Post-Launch 53

53

Product Updates 53

LAUNCH VERSION OLD 53

HOME SCREEN Dark Mode Improved Navigation Expanded Promo Carousel Elevated Offer Discovery Trending Bets Layout Optimizations NEW 53

Dedicated Experience Featured Market Popularity Transparency Shows trending bets 100+ more markets available for Same Game Parlay, including player milestone markets PARLAY LOUNGE NEW 53

“Keep picks in betslip” checkbox that allows users to choose to keep selections after placing a bet Making it easier to place bets with a large number of selections BETSLIP NEW 53

Result selections that meet specified criteria before the natural milestone of an event or market Issue winnings to a patron's wallet as soon as possible Supported scenarios include: Early payout Goodwill gestures Isolated voiding for past posting and venue changes SETTLED NEW 53

Top tier promotional tool that empowers customers to amplify their odds on a bet Unlocking potential for higher payout PROFIT BOOSTS NEW 53

REFERRAL PROGRAM NEW Patrons can share their unique referral codes to earn rewards on top of regular promotional offerings Drives acquisition and user growth natively, through lower cost channel Reward amounts are configurable 53

ESPN Gamecast direct links on My Bets and Event Pages Watch Options to see what games are available on ESPN networks, with direct links to streams GAMECAST & WATCH NEW - ECOSYSTEM INTEGRATIONS 53

ESPN & FANTASY Add to Betslip - add market directly to betslip from ESPN or theScore app driving user acquisition and placed bets through tightly integrated experience ESPN Fantasy Native Activations - Targeted offers based on Fantasy team members and odds link out from ESPN Fantasy apps NEW - ECOSYSTEM INTEGRATIONS 53

MEDIA & PRODUCT PAIRINGS NEW - ECOSYSTEM INTEGRATIONS 53

Coming Up Next 53

SGP OFFERING ENHANCEMENTS NFL Week 1 2024 - 2025 3x More SGP Markets Continued improvement through NFL Season Smart filtering in Parlay Lounge Player prop discovery Logos and branding imagery COMING UP 53

LAUNCHING BEFORE NBA 53

ESPN - ESPN BET ACCOUNT LINKING Betslip and place bets are synced across apps for a seamless contextual user experience LAUNCHING BEFORE NBA 53

• Betslip and place bets are synced across apps for a seamless contextual user experience LAUNCHING BEFORE NBA 53

ECOSYSTEM ADVANTAGE INTEGRATIONS FANTASY DIGITAL TALENT 53

iCasino 73

ONLINE CASINO STRATEGY 2 Cross-sell active online sports betting users into iCasino 3 Offer engaging content & user experience BRANDS STRATEGY 1 Drive top-of-funnel via media assets and retail database 73

74 Q3 PERFORMANCE HIGHLIGHTS +233% +53% +63% +27% +16% +15% MAUs GGR NGR Y/Y Growth In Year 1 of ESPN BET Launch In Year 3 of theScore BET Launch Note: All Q3 2024 data is preliminary.

75 INTRODUCTION TO PENN GAME STUDIOS Penn Game Studios is our in-house game design & development studio that creates a variety of original games for both our Hollywood Casino and theScore BET apps in North America (1) Based on preliminary September 2024 results. 26% of Total U.S. iCasino Handle(1) 4 of 5 Top iCasino Games

76 Initial Standalone iCasino App Launch planned for Pennsylvania, with additional jurisdictions to follow COMING SOON Q1 2025 BRAND EXPANSION Note: Estimated launch is subject to regulatory approvals.

FINANCIALS Felicia Hendrix, CFO 77

78 3Q PRELIMINARY RESULTS Retail Expect third quarter 2024 Retail Operations Adjusted EBITDAR to be in the range of $465 million to $475 million Unfavorable hold rates within our Northeast segment and volume declines in our South segment associated with severe weather disruptions and hotel remodeling negatively impacted Adjusted EBITDAR by ~$10M Consumer remains stable Raising previous third quarter 2024 Interactive Adjusted EBITDA range to $(100) million to $(90) million, up from our previous guidance of $(135) million to $(115) million Better than expected hold driven by a higher parlay mix from our improving product and lower promotional expenses accounted for the upside Interactive Note: Retail Operations Adjusted EBITDAR and Interactive Adjusted EBITDA are the Company's reportable segment GAAP measures. Management utilizes Retail Operations Adjusted EBITDAR as the primary profit measure for its Northeast, South, West, and Midwest segments. Management utilizes Interactive Adjusted EBITDA as the primary profit measure for its Interactive segment. We define Adjusted EBITDA as earnings before interest expense, net; interest income; income taxes; depreciation and amortization; stock-based compensation; debt extinguishment charges; impairment losses; insurance recoveries, net of deductible charges; changes in the estimated fair value of our contingent purchase price obligations; gain or loss on disposa l of assets; the difference between budget and actual expense for cash-settled stock-based awards; pre-opening expenses; loss on disposal of a business; non-cash gains/losses associated with REIT transactions; non-cash gains/losses associated with partial and step acquisitions as measured in accordance with ASC 805 “Business Combinations;” and other. We define Adjusted EBITDAR as Adjusted EBITDA (as defined above) plus rent expense associated with triple net operating leases (which is a normal, recurring cash operating expense necessary to operate our business).

OMNI-CHANNEL EXECUTION DRIVES GROWTH Geographically Diversified Industry-Leading Tax-Adjusted Margins Growth Opportunities Within Portfolio High Growth TAM Identified Path to Podium Position Efficient Cost Structure Medium-Term Inflection to Profit Omni-Channel Execution Expected to Lead to Above Average Long-Term Company-Wide Growth Retail Interactive 79

Retail 79

81 LTM 2Q 2024 Northeast South Midwest West Properties(1) 16 10 9 4 Adj. EBITDAR Mix 41% 24% 25% 10% Adj. EBITDAR Margin 30% 40% 42% 38% Tax Adjusted EBITDAR Margin(2) 70% 62% 68%(4) 56% Blended Tax Rate(3) 40% 22% 26%(4) 18% Current Projects Columbus hotel Margaritaville & Lake Charles hotel room renovations Aurora & Joliet relocations M Resort hotel expansion DIVERSIFIED, GROWTH ORIENTED FOOTPRINT Note: All percentages above are approximates. Properties exclude our 3 racing properties in TX, 1 racing property in NJ, 2 OTW facilities in NJ, and 1 OTW facility in FL. EBITDAR adjusted to add back all gaming and admissions taxes. Blended tax rate reflects all gaming and admissions taxes as a percentage of revenue by segment. (4) Midwest tax adjusted EBITDAR margin and blended tax rate exclude all gaming taxes and admissions taxes for our 50% investment in Kansas Entertainment, LLC, which owns Hollywood Casino at Kansas Speedway.

82 THE BENEFITS OF SCALE Centralized Procurement Proactive Utility Management Shared Services Regionalized / Local Decision Making & Sharing of Best Practices Technology: Labor Efficiency & Customer Experience The benefits of scale and margin-enhancing operating protocols drive our industry leading tax-adjusted EBITDAR margins

83 INVESTING IN OUR BUSINESS TO DRIVE FCF ($ in millions) Sources Uses GLPI Commitment at 7.75% cap rate $225 Relocation of Hollywood Aurora ~$360 GLPI Commitment at variable cap rate (1) $350 Relocation of Hollywood Joliet ~$185 Funding from the City of Aurora $50 Hotel at Hollywood Columbus ~$100 Minimum expected funding from PENN ~$225 2nd Tower at the M Resort ~$205 TOTAL ~$850 TOTAL ~$850 $104m Total Spend to-date(2) GLPI Commitment is at variable cap rate and may be drawn at our discretion. Total spend to-date through June 30th, 2024.

Interactive 84

85 COMPONENTS OF OUR INTERACTIVE BUSINESS OSB & iCasino (Gaming Segment) Retail Sports (Non-Gaming Segment) Media, Social, Races (Non-Gaming Segment) Skins Market Access (Non-Gaming Segment) (within ESPN BET & Standalone iCasino coming) L’Auberge Casino at Baton Rouge (LA) Hollywood Casino at Greektown (MI) Plainridge Park Casino (MA) 25% of Revenues Today 75% of Revenues Today Note: Percentage of revenues today excludes skin tax gross-up revenues and is based on our 2024 net revenue forecast as of Q3 2024.

86 DELIVERING UPON OUR VISION Our increased parlay mix has directly benefited hold Total OSB: Parlay Mix (% of Handle) Total OSB: Hold Rate % 6.7% 9.0% Q2-Q3 '23 Pre-ESPN BET Q2-Q3 '24 ESPN BET 22% 27% Q2-Q3 '23 Pre-ESPN BET Q2-Q3 '24 ESPN BET Note: Includes all of North America online sports betting operations.

87 ONLINE GAMING VARIABLE COST COMPONENTS Our online gaming variable costs are a function of both volumes and revenues Data Fees (% of handle and/or revenues) League Fees (% of handle and/or revenues) Gaming Taxes (% of revenues) Third Party (% of revenues) Market Access (% of revenues) Payment Processing (# of and % of transactions) KYC / Geolocation (# of logins) Federal Excise Taxes (% of handle) Driven by Volumes Driven by Revenues Driven by Mix

88 29% 28% 27% 26% 25% 22% 20% 18% 17% 45% 25% 50% 53% 56% 58% 6% 8% 10% 12% 14% Total Interactive: Illustrative Variable Costs as a % of Net Revenue Gaming Taxes All Other Variable Costs Total Variable Costs Gross Margin HOLD HAS AN OUTSIZED IMPACT ON GROSS MARGIN U.S. OSB Hold Rate Note: Above is an illustrative example for 2026 based on 8% U.S. OSB handle market share and 6.4% U.S. iCasino GGR market share and excludes skin tax gross-up revenues.

89 Marketing: $150M / year Warrants: $55M / year (non-cash) We gain leverage on our fixed costs as we increase our scale Paid Media: U.S. Gaming Non-ESPN Programming: U.S. Gaming theScore BET Marketing Team Partnerships: U.S. & Canada Includes all headcount and technology related costs Paid Media Non-ESPN Programming ESPN Programming ESPN Digital ESPN Marketing & Warrants (Fixed) Off-Channel Marketing (Discretionary) Payroll, Technology & Other (Fixed) tSB Marketing Team Partnerships LEVERAGING OUR FIXED COSTS

90 SIZING THE OPPORTUNITY - 2026 OUTLOOK 6% Note: The above includes live PENN OSB and iCasino jurisdictions only (19 U.S. states + Ontario for OSB, 4 U.S. states + Ontario for iCasino) based on Eilers & Krejcik and internal 2026 TAM projections. 7% 8% 9% 10% 4.8% 5.6% 6.4% 7.2% 8.0% ($ in millions) Improvements in structural hold have lowered our break-even levels and bolstered our ability to create significant long-term shareholder value ($42) $29 $100 $170 $242 $60 $148 $236 $323 $412 $163 $268 $372 $476 $580 ($100) $0 $100 $200 $300 $400 $500 $600 Illustrative PENN Interactive Adjusted EBITDA 9% U.S. OSB Hold 10.5% U.S. OSB Hold 12% U.S. OSB Hold U.S. OSB Handle Share U.S. iCasino GGR Share

WELL-POSITIONED FOR THE FUTURE 2Q24 4Q24 2025 2025 2025 / 2026 ~$2b of Liquidity Expected to Rapidly Delever (by ~1.5x) Resume Normal Course Capital Allocation Untapped $750M buyback authorization Continued delevering Investing in growth Access to Liquidity Through GLPI 2026 Return to FCF Generation Earliest Maturity (’26 Converts) 91

CLOSING REMARKS 91 Jay Snowden, CEO

PEOPLE & COMMUNITIES 2024 Awards and Accolades Time Magazine’s World’s Best Companies Newsweek’s Greatest Workplaces for Diversity Best of the Best 2024 Top Diverse Employers Top 100 Internship Program Champion of Board Diversity $8m Company-Wide Annual Charitable Contributions 91 9,000 Company-Wide Annual Volunteer Hours

Q & A 91

91