<SEC-DOCUMENT>0001140361-25-029647.txt : 20250929
<SEC-HEADER>0001140361-25-029647.hdr.sgml : 20250929
<ACCEPTANCE-DATETIME>20250807170536
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-25-029647
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250807

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENN Entertainment, Inc.
		CENTRAL INDEX KEY:			0000921738
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				232234473
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		825 BERKSHIRE BLVD STE 200
		STREET 2:		WYOMISSING PROFESSIONAL CENTER
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610
		BUSINESS PHONE:		6103732400

	MAIL ADDRESS:	
		STREET 1:		825 BERKSHIRE BLVD
		STREET 2:		SUITE 200
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PENN NATIONAL GAMING INC
		DATE OF NAME CHANGE:	19940415
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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      <div style="color: #000000;">August 7, 2025</div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">VIA EDGAR CORRESPONDENCE</div>
      <div><br>
      </div>
      <div style="color: #000000;">United States Securities and Exchange Commission</div>
      <div style="color: #000000;">Division of Corporation Finance</div>
      <div style="color: #000000;">Office of Real Estate &amp; Construction</div>
      <div style="color: #000000;">100 F Street, N.E.</div>
      <div style="color: #000000;">Washington, D.C. 20549</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z92a4f6d4399d4b05a3ca9c7ba5875cac">

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            <td style="width: 43.75pt; vertical-align: top; color: #000000;">Attn:</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Eric McPhee</div>
            </td>
          </tr>

      </table>
      <div style="text-indent: 42.4pt; margin-left: 1.25pt; color: #000000;">Jennifer Monick</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd3af46d19704637a75e3f651b434681">

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            <td style="width: 43.75pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Re:</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">PENN Entertainment, Inc.</div>
            </td>
          </tr>

      </table>
      <div style="text-indent: 42.4pt; margin-left: 1.25pt; color: #000000; font-weight: bold;">Form 10-K for Fiscal Year Ended December 31, 2024</div>
      <div style="text-indent: 42.4pt; margin-left: 1.25pt; color: #000000; font-weight: bold;">Filed February 27, 2025</div>
      <div style="text-indent: 42.4pt; margin-left: 1.25pt; color: #000000; font-weight: bold;">File No. 000-24206</div>
      <div><br>
      </div>
      <div style="color: #000000;">Ladies and Gentlemen:</div>
      <div><br>
      </div>
      <div style="color: #000000;">This letter responds to the comment from the staff (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) set forth in its letter dated July 29, 2025 (the &#8220;Comment Letter&#8221;) in connection with the Annual
        Report on Form 10-K for the fiscal year ended December 31, 2024 (the &#8220;2024 Form 10-K&#8221;) of PENN Entertainment, Inc. Except where indicated otherwise, the terms &#8220;PENN,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; or &#8220;us&#8221; shall mean PENN Entertainment, Inc., and its
        consolidated subsidiaries.</div>
      <div><br>
      </div>
      <div style="color: #000000;">For the convenience of the Staff, the Company has restated in this letter the comments in the Comment Letter in bold italics, followed by the Company&#8217;s response. Capitalized terms used but not defined herein have the
        meanings given to them in the relevant SEC filing. All references to page numbers and captions (other than those in the comments) correspond to the page numbers in the 2024 Form 10-K.</div>
      <div><br>
      </div>
      <div>
        <div style="color: #000000; font-size: 8pt;"><font style="font-size: 10pt; font-weight: bold;">P </font><font style="font-size: 10pt;">610.373.2400</font></div>
        <div style="color: rgb(0, 0, 0);">825 Berkshire Blvd.</div>
        <div style="color: rgb(0, 0, 0);">Wyomissing, PA 19610</div>
        <div style="color: rgb(0, 0, 0);">pennentertainment.com</div>
        <div style="color: rgb(0, 0, 0);"> <br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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        <div><img src="image00001.jpg"></div>
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      <div style="color: #000000; font-style: italic;"><u> <br>
        </u></div>
      <div style="color: #000000; font-style: italic;"><u>Form 10-K for Fiscal Year Ended December 31, 2024</u></div>
      <div><br>
      </div>
      <div style="font-style: italic;"><font style="color: #000000;"><u>Item 7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of </u></font><u>Operations</u><u></u></div>
      <div style="font-style: italic;"><u> Results of Operations, page 38</u></div>
      <div><br>
      </div>
      <div style="color: #000000; font-weight: bold;">Comment 1.</div>
      <div style="color: #000000; font-style: italic; font-weight: bold;">We note your disclosure that Adjusted EBITDAR is presented on a consolidated basis outside the financial statements solely as a valuation metric and that it should not be viewed as a
        measure of overall operating performance. We further note your inclusion of Adjusted EBITDAR margin on a consolidated basis. Please tell us what consideration you gave to your inclusion of this margin resulting in Adjusted EBITDAR also being viewed
        as a measure of your overall operating performance. This comment also applies to your earnings release.</div>
      <div><br>
      </div>
      <div style="color: #000000;"><font style="font-weight: bold;">Company&#8217;s Response: </font>In response to the Staff&#8217;s comment, the Company respectfully advises the Staff that the Company will not disclose Adjusted EBITDAR margin on a consolidated
        basis beginning with our earnings release and Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.</div>
      <div><br>
      </div>
      <div style="color: #000000;">The Company also advises the Staff that, in future filings beginning for the quarter ended September 30, 2025, we will no longer disclose Adjusted EBITDAR on a consolidated basis and will only present Adjusted EBITDAR as
        our segment measure of segment profit or loss, which will be labeled &#8220;Segment Adjusted EBITDAR.&#8221;&#160; Furthermore, for clarity in future filings beginning for the quarter ended September 30, 2025, &#8220;Adjusted EBITDA&#8221; will be labeled &#8220;Consolidated
        Adjusted EBITDA.&#8221;</div>
      <div><br>
      </div>
      <div style="color: #000000;">If you have any questions or comments regarding this response to the Comment Letter, please contact me or Raquel Fox at 202-371-7050.</div>
      <div><br>
      </div>
      <div style="color: #000000;">Sincerely,</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z7ad34c8e60f14408aee97e337ba130b7">

          <tr>
            <td style="width: 30%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">/s/ Felicia R. Hendrix</div>
            </td>
            <td colspan="1" style="width: 70%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td colspan="1" style="width: 70%; vertical-align: top; padding-bottom: 2px;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">&#160;</td>
            <td colspan="1" style="width: 70%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Felicia R. Hendrix, Executive Vice President and Chief Financial Officer</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>cc:</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Raquel Fox, Skadden, Arps, Slate, Meagher&#8201;&amp; Flom LLP</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <br>
      <div style="color: #000000; font-size: 8pt;"><font style="font-size: 10pt; font-weight: bold;">P </font><font style="font-size: 10pt;">610.373.2400</font></div>
      <div style="color: rgb(0, 0, 0);">825 Berkshire Blvd.</div>
      <div style="color: rgb(0, 0, 0);">Wyomissing, PA 19610</div>
      <div style="color: rgb(0, 0, 0);">pennentertainment.com</div>
      <div>
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