Core Insights - Penn Entertainment has ended its exclusive U.S. online sports betting partnership with ESPN earlier than expected, effective December 1, 2025, after mutual agreement due to missed market share goals [2][3] Company Overview - Penn Entertainment operates a portfolio of land-based casino and racetrack properties across multiple states, alongside significant digital gaming and sports-betting platforms, with a market capitalization of approximately $2 billion [3] Partnership Details - The partnership with ESPN, initiated in August 2023, was a 10-year deal costing Penn $150 million annually plus stock warrants for the rights to the ESPN BET brand [2] - ESPN contributed nearly 3 million users to Penn's platform, but both parties agreed to amicably wind down the partnership [2][3] Stock Performance - Over the past 52 weeks, PENN stock has declined by 29%, currently trading down 34% from its 52-week high of $23.08 [4] - Year-to-date, the stock is down approximately 23%, with a recent 6.5% decline in just the past five days due to strategic moves like the early termination of the ESPN deal [4] - PENN stock is trading at a discount to industry peers at 0.32 times forward sales [5]

FIRST QUARTER 2025 EARNINGS PRESENTATION May 8, 2025 FORWARD-LOOKING STATEMENTS 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," or "anticipates" or the negative or other variations of these or similar words, or by discussions of fut ...