PENN Entertainment, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Item 2. Properties
As detailed in Item 1. Business, “Operating Properties,” the majority of our facilities are subject to leases of the underlying real estate assets, which, among other things, includes the land underlying the facility and the buildings used in the operations of the casino and the hotel, if applicable. The following describes the principal real estate associated with our properties by reportable segment (all area metrics are approximate):
| Location | Description of Owned Real Property | Acreage of Land | Description of Leased Real Property | Acreage of Land | |
|---|---|---|---|---|---|
| Northeast segment | |||||
| Ameristar East Chicago | East Chicago, IN | — | — | Land, buildings, boat | 22 |
| Hollywood Casino Bangor | Bangor, ME | — | — | Land, racetrack, buildings | 44 |
| Hollywood Casino at Charles Town Races | Charles Town, WV | — | — | Land, racetrack, buildings | 299 |
| Hollywood Casino Columbus | Columbus, OH | — | — | Land, buildings | 116 |
| Hollywood Casino at Greektown | Detroit, MI | — | — | Land, buildings | 8 |
| Hollywood Casino Lawrenceburg | Lawrenceburg, IN | Land, buildings | 3 | Land, buildings, boat | 105 |
| Hollywood Casino Morgantown | Morgantown, PA | Building | — | Land | 36 |
| Hollywood Casino at PENN National Race Course | Grantville, PA | — | — | Land (1), racetrack, buildings | 574 |
| Hollywood Casino Perryville | Perryville, MD | — | — | Land, buildings | 36 |
| Hollywood Casino at The Meadows | Washington, PA | — | — | Land, racetrack, buildings | 156 |
| Hollywood Casino Toledo | Toledo, OH | — | — | Land, buildings | 42 |
| Hollywood Casino York | York, PA | — | — | Building | — |
| Hollywood Gaming at Dayton Raceway | Dayton, OH | — | — | Land, racetrack, buildings | 120 |
| Hollywood Gaming at Mahoning Valley Race Course | Youngstown, OH | — | — | Land, racetrack, buildings | 193 |
| Plainridge Park Casino | Plainville, MA | — | — | Land, racetrack, buildings | 88 |
| South segment | |||||
| 1st Jackpot Casino | Tunica, MS | — | — | Land (2), buildings, boat | 136 |
| Ameristar Vicksburg | Vicksburg, MS | — | — | Land, buildings, boat | 74 |
| Boomtown Biloxi | Biloxi, MS | — | — | Land (3), buildings, boat | 26 |
| Boomtown Bossier City | Bossier City, LA | — | — | Land, buildings, boat | 22 |
| Boomtown New Orleans | New Orleans, LA | — | — | Land, buildings, boat | 54 |
| Hollywood Casino Gulf Coast | Bay St. Louis, MS | — | — | Land, buildings | 579 |
| Hollywood Casino Tunica | Tunica, MS | — | — | Land, buildings, boat | 70 |
| L’Auberge Baton Rouge | Baton Rouge, LA | Undeveloped land | 311 | Land, buildings, barge | 99 |
| L’Auberge Lake Charles | Lake Charles, LA | Undeveloped land | 54 | Land, buildings, barge | 235 |
| Margaritaville Resort Casino | Bossier City, LA | — | — | Land, buildings, barge | 18 |
| West segment | |||||
| Ameristar Black Hawk | Black Hawk, CO | — | — | Land, buildings | 104 |
| Cactus Petes and Horseshu | Jackpot, NV | — | — | Land, buildings | 80 |
| M Resort Spa Casino | Henderson, NV | — | — | Land, buildings | 84 |
| Zia Park Casino | Hobbs, NM | — | — | Land, racetrack, buildings | 317 |
| Midwest segment | |||||
| Ameristar Council Bluffs | Council Bluffs, IA | — | — | Land, buildings, boat | 59 |
| Argosy Casino Alton | Alton, IL | Boat | — | Land, buildings | 4 |
| Argosy Casino Riverside | Riverside, MO | — | — | Land (4), buildings, barge | 45 |
| Hollywood Casino Aurora | Aurora, IL | — | — | Land, buildings, barge | 2 |
| Hollywood Casino Joliet | Joliet, IL | — | — | Land, buildings | 310 |
| Hollywood Casino at Kansas Speedway | Kansas City, KS | Land, buildings | 101 | — | — |
| Hollywood Casino St. Louis | Maryland Heights, MO | — | — | Land, buildings, barge | 221 |
| River City Casino | St. Louis, MO | — | — | Land (5), buildings, barge | 83 |
| Other | |||||
| Freehold Raceway (6) | Freehold, NJ | Land, racetrack, buildings | — | — | — |
| Cherry Hill, NJ | Undeveloped land | 10 | — | — | |
| Retama Park Racetrack (7) | Selma, TX | Undeveloped land | — | — | — |
| Sam Houston Race Park | Houston, TX | Land, racetrack, buildings | 168 | — | — |
| Sanford-Orlando Kennel Club (8) | Longwood, FL | Land, building | 2 | — | — |
| Valley Race Park | Harlingen, TX | Land, racetrack, buildings | 71 | — | — |
| 720 | 4,461 | ||||
(1)Of which, 393 acres is undeveloped land surrounding Hollywood Casino at PENN National Race Course.
(2)Of which, 53 acres is wetlands.
(3)Of which, 3 acres is subject to the AR PENN Master Lease.
(4)Of which, 38 acres is subject to the AR PENN Master Lease.
(5)Of which, 24 acres is land surrounding River City Casino reserved for community and recreational facilities.
(6)Operations at Freehold Raceway ceased on December 28, 2024.
(7)The land, racetrack, and buildings used in the operations of Retama Park Racetrack are owned by the City of Selma, Texas.
(8)Simulcast racing operations.
We lease office and warehouse space in various locations outside of our operating properties, including 6,575 square feet of office space in Las Vegas, Nevada; 41,016 square feet of executive office and warehouse space in Wyomissing, Pennsylvania; 79,812 square feet of office space in Toronto, Ontario; 32,212 square feet of office space in Cherry Hill, New Jersey; 29,609 square feet of office space in Philadelphia, Pennsylvania; 3,150 square feet of office space in Greenfield, Massachusetts; 4,016 square feet of office space in Gibraltar; and 10,000 square feet of warehouse space in Aurora, Illinois.
Our interests in the owned real property listed above (with the exception of the land, buildings, and racetracks, used in the operations of Hollywood Casino at Kansas Speedway, Retama Park Racetrack, and Hollywood Casino Morgantown, as well as the interests in the leased real property listed above) collateralize our obligations under our Amended Credit Facilities (as defined in the“Liquidity and Capital Resources” section of“Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” below).
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.