Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows:


(in millions)	Northeast		South		West		Midwest		Interactive		Other		Total
Balance as of December 31, 2024
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,544.3	$	87.7	$	4,125.6
Accumulated goodwill impairment losses	(828.8)		(67.1)		(16.6)		(562.3)		—		(87.7)		(1,562.5)
Goodwill, net	$	94.7	$	169.5	$	200.2	$	554.4	$	1,544.3	$	—	$	2,563.1


Effect of foreign currency exchange rates	—		—		—		—		46.7		—		46.7
Impairment loss during year	—		—		—		—		(825.0)		—		(825.0)

Balance as of September 30, 2025
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,591.0	$	87.7	$	4,172.3
Accumulated goodwill impairment losses	(828.8)		(67.1)		(16.6)		(562.3)		(825.0)		(87.7)		(2,387.5)
Goodwill, net	$	94.7	$	169.5	$	200.2	$	554.4	$	766.0	$	—	$	1,784.8

2025 Interim Assessment for Impairment - Goodwill

PENN announced the mutual decision for an early termination (the “Termination Agreement”) of its Sportsbook Agreement with ESPN (as defined in Note 9, “Commitments and Contingencies”). Pursuant to the Termination Agreement, PENN’s exclusive right to use the ESPN BET trademark for online sports betting in the U.S. will end on December 1, 2025. As a result, the Company is realigning its digital focus to leverage the strength of its U.S. iCasino and Canadian operations, while continuing to use online sports betting to drive both the acquisition of customers with significant lifetime value and unique cross-sell opportunities across PENN’s retail and digital assets. The Company plans to rebrand its online sports betting offering in the U.S. to theScore Bet, subject to receipt of regulatory approvals. The realignment of its digital focus led the Company to revise its future cash flow projections for the Interactive reporting unit and to perform a quantitative impairment test during the third quarter of 2025, which resulted in a non-cash impairment charge of $825.0 million. The impairment charge is presented in “Impairment losses” within the unaudited Consolidated Statements of Operations. The estimated fair value of the Interactive goodwill was determined through a combination of a discounted cash flow model and a market-based approach, which utilized Level 3 inputs.

There were no impairment charges recorded to goodwill during the three and nine months ended September 30, 2024.

The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets:


	September 30, 2025						December 31, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,064.9	$	—	$	1,064.9	$	1,064.9	$	—	$	1,064.9
Trademarks	300.4		—		300.4		319.5		—		319.5
Other	0.6		—		0.6		0.6		—		0.6
Amortizing intangible assets
Customer relationships	111.8		(109.4)		2.4		111.6		(106.6)		5.0
Technology	356.4		(235.3)		121.1		303.0		(184.9)		118.1
Other	37.3		(20.4)		16.9		40.1		(18.3)		21.8
Total other intangible assets, net	$	1,871.4	$	(365.1)	$	1,506.3	$	1,839.7	$	(309.8)	$	1,529.9

2025 Interim Assessment for Impairment - Other Intangible Assets

On April 24, 2025, PENN announced a development project to relocate its Ameristar Council Bluffs (“ACB”) riverboat casino operations to a new, state-of-the-art land-based facility to be rebranded as Hollywood Casino Council Bluffs. As a result of this strategic rebranding decision, the Company reassessed the indefinite-lived classification of the ACB trademark and concluded the trademark is no longer considered to have an indefinite useful life. The Company performed a quantitative impairment test, then assigned the remaining carrying amount a finite useful life of approximately 2.5 years.

The interim assessment for impairment resulted in a non-cash impairment charge of $15.0 million, recorded within the Midwest segment, reflecting the decline in the trademark’s fair value. The primary driver of the impairment was a reduction in the projected revenues attributable to the ACB trademark compared to its prior valuation. The impairment charge is presented in “Impairment losses” within the unaudited Consolidated Statements of Operations. The fair value of the ACB trademark was estimated using a relief-from-royalty discounted cash flow model incorporating Level 3 inputs.

Following the impairment, the remaining carrying amount of $7.0 million will be amortized over its estimated remaining useful life.

There were no impairment charges recorded to other intangible assets, net during the three months ended September 30, 2025 and the three and nine months ended September 30, 2024.