THIRD QUARTER 2023
EARNINGS PRESENTATION
November 2, 2023

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 future events, strategies or risks and uncertainties. Specifically, forward-looking statements
include, but are not limited to, statements regarding: future revenue and Adjusted EBITDAR; the Company’s expectations of future results of operations and financial
condition, 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 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 the content for
the ESPN BET and theScore Bet Sportsbook and Casino apps and the expected timing of the rebrand of the Barstool Sportsbook as ESPN BET on our proprietary player
account management system and risk and trading platforms; the Company’s expectations regarding its Sportsbook Agreement with ESPN and the future success of its
products; the Company’s expectations with respect to the integration and synergies related to the Company’s integration of theScore and the continued growth andmonetization of the Company’s media business; the Company’s expectations with respect to the ongoing introduction and the potential benefits of the cashless, cardlessand contactless (3C’s) technology; the Company’s development projects, including the prospective development projects at Hollywood Casinos Aurora, Joliet, Columbus,
and the M Resort Spa Casino; our ability to obtain financing for our development projects on attractive terms; and the timing, cost and expected impact of planned capital
expenditures on the Company’s results of operations; the actions of regulatory, legislative, executive or judicial decisions at the federal, state, provincial or local level withregard 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 the 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;
competition with other entertainment, sports content, and casino gaming experiences; the timing, cost and expected impact of product and technology investments; risks
relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; collective
bargaining activity and strikes; and additional risks and uncertainties described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022,
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.

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NON-GAAP FINANCIAL MEASURESThe Non-GAAP Financial Measures used in this presentation include Adjusted EBITDA, Adjusted EBITDAR, Traditional Net Debt, Lease-Adjusted Net Leverage and Retail Free Cash Flow. These non-GAAP financial measures should not be considered a
substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP.
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 disposal of assets; the difference between budget and actual expense for cash-settled stock-based awards; pre-opening expenses; loss on disposalof 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. Adjusted EBITDA is inclusive of
income or loss from unconsolidated affiliates, with our share of non-operating items (such as interest expense, net; income taxes; depreciation and amortization; and stock-based compensation expense) added back for Barstool (prior to our acquisitionof Barstool on February 17, 2023) and our Kansas Entertainment, LLC joint venture. Adjusted EBITDA is inclusive of rent expense associated with our triple net operating leases with our REIT landlords. Although Adjusted EBITDA includes rent expense
associated with our triple net operating leases, we believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our consolidated results of operations. Adjusted EBITDA has economic substance because it is used bymanagement as a performance measure to analyze the performance of our business, and is especially relevant in evaluating large, long-lived casino-hotel projects because it provides a perspective on the current effects of operating decisions separated
from the substantial non-operational depreciation charges and financing costs of such projects. We present Adjusted EBITDA because it is used by some investors and creditors as an indicator of the strength and performance of ongoing business
operations, including our ability to service debt, and to fund capital expenditures, acquisitions and operations. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating
performance and value companies within our industry. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their Adjusted EBITDA calculations certain corporate
expenses that do not relate to the management of specific casino properties. However, Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP. Adjusted EBITDA information is presented as a supplemental
disclosure, as management believes that it is a commonly used measure of performance in the gaming industry and that it is considered by many to be a key indicator of the Company’s operating results.
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). Adjusted EBITDAR is presented
on a consolidated basis outside the financial statements solely as a valuation metric. Management believes that Adjusted EBITDAR is an additional metric traditionally used by analysts in valuing gaming companies subject to triple net leases since iteliminates the effects of variability in leasing methods and capital structures. This metric is included as a supplemental disclosure because (i) we believe Adjusted EBITDAR is traditionally used by gaming operator analysts and investors to determine theequity value of gaming operators and (ii) Adjusted EBITDAR is one of the metrics used by other financial analysts in valuing our business. We believe Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effectsof financing real estate; and (ii) using a multiple of Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate. However, Adjusted
EBITDAR when presented on a consolidated basis is not a financial measure in accordance with GAAP, and should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net income because it
excludes the rent expense associated with our triple net operating leases and is provided for the limited purposes referenced herein.
We calculate Traditional Net Debt as “Total Traditional Debt,” which is the principal amount of debt outstanding (excludes the financing obligation associated with cash proceeds received and non-cash interest on certain claims of which the principal
repayment is contingent) less Cash and cash equivalents. Management believes that Traditional net debt is an important measure to monitor leverage and evaluate the balance sheet. With respect to Traditional net debt, cash and cash equivalents are
subtracted from the GAAP measure because they could be used to reduce the Company’s debt obligations. A limitation associated with using traditional net debt is that it subtracts cash and cash equivalents and therefore may imply that there is lessCompany debt than the most comparable GAAP measure indicates. Management believes that investors may find it useful to monitor leverage and evaluate the balance sheet.
The Company’s Lease-adjusted net leverage ratio’s numerator is calculated as cash rent payments to REIT landlords for the trailing twelve moths capitalized at 8 times plus Total traditional debt (as defined above), less Cash and cash equivalents. The
Company’s Lease-adjusted net leverage ratio’s denominator is Adjusted EBITDAR (as defined above) for the trailing twelve months. Management believes this measure is useful as a supplemental measure and provides an indication of the results
generated by the Company in relation to its level of indebtedness (including leases) with the cash generated from Company operations.
We calculate Retail Free Cash Flow as Net Cash Provided by Operating Activities (a GAAP measure) less maintenance capital expenditures and less the Free Cash Flows specific to the Company’s Interactive segment. Maintenance capital expenditures
exclude projects such as our retail sportsbooks, our cardless, cashless and contactless technology, and hotel renovations. Retail Free Cash Flow is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures
because management believes this liquidity measure is useful in evaluating the ability of the Company's operations to generate cash for uses other than capital expenditures. Retail Free Cash Flow should not be construed as an alternative to Net Cash
Provided by Operating Activities as a measure of liquidity. The Company’s definition of Retail Free Cash Flow is limited in that it does not represent residual cash flows for discretionary expenditures because it does not deduct payments for debt service
or other obligations, does not include the operating cash flows of the Company’s Interactive segment, and does not reflect the total movement of cash as detailed in our consolidated statements of cash flows. In addition, Retail Free Cash Flow may not
be defined in the same manner by all companies and, as a result, may not be comparable to similarly titled non-GAAP measures of other companies. A reconciliation of GAAP net cash provided by operating activities to Retail Free Cash Flow is includedin the financial schedules in this investor deck.
Each of these non-GAAP financial measures is not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure of comparing performance among different companies.

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BALANCE SHEET & LIQUIDITY POSITION
DEBT MATURITIES(1)Cash Balance$1,318Liquidity(2)$2,296

Total Traditional Debt

$2,662

Traditional Net Debt(3,4)$1,344

Lease-Adjusted Net Leverage(5)4.7xTraditional Net Leverage(6,7)

1.4x% of Fixed Rate Debt(8)85%Undrawn Revolving
Credit Facility$1,000

$990
$523

2023

2024

Unsecured notes

2025
Term Loan A

$330

$400

2026

2027
Term Loan B

$400
2028

2029

Convertible notes(1) Amounts shown exclude $172.6 million of other-long-term obligations.
(2) Liquidity is calculated as unrestricted cash plus revolver availability, net of Letters of Credit outstanding.
(3) Traditional net debt is calculated as “Total Traditional Debt” which is the principal amount of debt outstanding (and excludes the financing obligation associated with cash proceeds and non-cash interest on certain claims of which the principal repayment is Contingent) less
“Cash and cash equivalents”.
(4) Management believes that Traditional net debt is an important measure to monitor leverage and evaluate the balance sheet. With respect to Traditional net debt, cash and cash equivalents are subtracted from the GAAP measure because they could be used to reduce theCompany’s debt obligations. A limitation associated with using traditional net debt is that it subtracts cash and cash equivalents and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. Management believes that investors
may find it useful to monitor leverage and evaluate the balance sheet.
(5) Numerator is cash rent payments to REIT landlords capitalized at 8x plus Total traditional debt, less Cash and cash equivalents; denominator is Adjusted EBITDAR for the trailing 12 months ended September 30, 2023.
(6) Numerator is calculated as “Total traditional debt” which is the principal amount of debt outstanding (and excludes the financing obligation associated with cash proceeds and non-cash interest on certain claims of which the principal repayment is Contingent) less “Cash andcash equivalents”; denominator is Adjusted EBITDAR for the trailing 12 months ended September 30, 2023 less cash rent payments to REIT landlords.
(7) Management believes this measure is useful as a supplemental measure and provides an indication of the results generated by the Company in relation to its level of indebtedness (including leases) as well as evaluating the Company’s ability to sustain given debt levels(including leases) with the cash generated from Company operations.
(8) Fixed rate debt is based on total traditional debt plus the cash rent payments to REIT landlords capitalized at 8x.

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4

STRONG RETAIL FREE CASH FLOW
Our geographically diversified portfolio of best-in-class properties generates significant free-cash flow

Retail Free Cash Flow ($M)
LTM
Cash from Operations$659(+) Cash Outflow from Interactive Segment*$239

Cash from Operations(excl. Interactive)$898(-) Maintenance Capex**$181

Retail Free Cash Flow

$717

EBITDAR (excl. Interactive)$1,932in the same LTM period, for reference* Cash Outflow from Interactive Segment includes EBITDA loss of $63 million, $80 million from a change in accounts receivable that is timing related in nature, $25 million of costs related to Barstool Sports during ourownership, and $22 million of transaction costs inclusive of termination fees related to our migration to our proprietary technology platform.
** Maintenance capital expenditures exclude projects such as our retail sportsbooks, our cardless, cashless, and contactless technology and hotel renovations.

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5

ILLUSTRATIVE 3-YEAR CASH GENERATION
Our strong retail free cash flow generation enables us to accumulate cash, invest in our exciting
growth initiatives, return capital to shareholders and de-lever over time

Illustrative 3-Year Cash Generation*($M)$3,5003-Year Cash Generation$1,721 **$3,000($225)$2,500($300)$1b+

Illustrative Midpoint of($200-400m) Range$2,000$1,500$2,514in the scenario of extrapolating a discountedlevel of our LTM Retail Free Cash Flow for 3 years$1,318$1,000$500$0Cash Balance(Q3 ‘23)

3 Years of RetailFree Cash Flow

Retail Growth
Project Capex(PENN Contribution)

Cumulative
Net Interactive
Investment

ImpliedCash Balance(Q3 ‘26)* For illustrative purposes, the analysis excludes any
incremental cash flow from our Retail Growth Projects.
** For illustrative purposes, the annual Retail Free Cash Flowused in the analysis is discounted to be 80% of our LTM RetailFree Cash Flow shown previously on Slide 5, extrapolated for
3 years.

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IMPLIED COMPANY VALUATION
Our stock is trading well below historical trading multiples, and our strong balance sheet and cash
flow generation provide the ability to opportunistically repurchase shares under our existing $750
million share repurchase authorization

Implied PENN Entertainment Valuation ($M)
Share Price as of: 11/01/2023(x) Basic Shares Outstanding
Market Capitalization$19.60151$2,958(/) LTM Retail Free Cash Flow

$717

Implied Free Cash Flow Yield to Equity

24.2%

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– PRODUCT FEATURES
Parlay+Quick Bets

Featured Bets

Shareable Bet Slips

ESPN Play of the Day

Product offers wide
range of same-gameparlays via Parlay+,comparable to industryleading competitors

Seamless navigation to
Quick Bets provides
bettors with an enhanced
Live Betting experience

Featured Bets willconsistently leverage thebrand name benefits of
ESPN and its Talent

ESPN BET shareable
bet slips will allow
bettors to engage withthe sports community onsocial mediav

9

– INTEGRATIONS• ESPN BET presence across ESPN linear and digital platforms• ESPN BET featured as exclusive odds provider• ESPN BET branded, standalone 6-pack odds (Spread, Total,
Moneyline) and other integrations into ESPN.com Web & Mobile Web
will be introduced over the upcoming weeks

Pre-Launch Teaser featuring
Scott Van Pelt went live on Nov. 1st
Watch here at ESPNBET.com(+) Coming Soon:• 6-pack odds integration into ESPN Mobile App• Personalized bet modules & content
WEB & MOBILE WEB ODDSINTEGRATION AT LAUNCH• Deeper integrations with ESPN’s leading fantasy product• Customized notifications & bet tracking directly throughESPN Mobile App• And more…

v

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– POWERFUL BRAND, WIDEST REACH
Exclusive Access to Industry's Widest Reach, Including
the #1 Fantasy Sports App in the U.S.

Opportunity to Enhance Conversion of Existing
Database with #1 Brand in Sports

200m

2m 27m+Multiplatform
Users
•
•
•
•

Total Digital
Registrations*

Total Loyalty
Members#1 Sports App#1 Social Following in Sports
Top DTC Sports Platform (28k Live Events, 25m+ Subs)
Top Linear Sports Network (#1 Cable Network P18-49)
Fantasy / Sportsbook Unique Users

SEP
2023

12.0m 7.1m

3.3m

2.9m

2.6m

1.6m 1.2m

1.0m

Launch of ESPN BET will allow us to re-engage
with our existing database with a powerful brandsupported by our new best-in-class technology

940k

Source: comScore Mobile Metrix, Sep 2023, P13+*

Total registrations from all digital platforms, including the Barstool Sportsbook, Hollywood
Casino, theScore Bet, and PENN Play apps.

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ONTARIO: A CASE STUDY FOR SUCCESS (CONT.)
Our integrated media strategy with theScore and theScore Bet in Ontario is providing a
blueprint for success that we intend to replicate in the U.S. with ESPN BET
MediaSports Betting

iCasinoMedia Ecosystem
Conversion

Cross-Selling
Strategy

73%

>50%

of Total Handle from
Ecosystem Users

Conversion of OSB
Users to iCasino**v

Represents percentage of sports betting users who also played iCasino in Q3 2023

12

ONTARIO: A CASE STUDY FOR SUCCESS (CONT.)
Strong year-over-year performance in Ontario after launching on our proprietary technology
stack demonstrates impressive retention from our improved, vertically-integrated product
Y/Y Increase in Monthly
Active Users

Y/Y Q3 GGR

+105%

+21%
Sports Betting

+54%
2022
Sports Betting

2023
iCasino+74%

Launched
in Q3

We are converting
OSB Users toiCasino+44%
better thana year ago

iCasinov

13

RETAIL GROWTH PROJECTS
We expect to break ground on all four exciting retail growth projects later this year, which we
expect to deliver attractive returns upon opening in Q4 '25 / Q1 '26
Hollywood Aurora and
Hollywood Joliet:• Opportunity to relocate to far
superior locations with significantly
higher traffic counts, as wellas proximity to third-party
attractions• Modern facilities will featureenhanced amenities• The City of Aurora is funding$50m for the project

Hollywood Columbus and
The M Resort:• Expanding hotel offerings at twohigh performing properties• Ability to capitalize on strong roomdemand to drive additional growthv

14

RECENT ESG HIGHLIGHTS•

Forbes has once again named us as one of “America’s Best Employers for Diversity2023” and “America’s Best Large Employers 2023.”•

Newsweek added us to their list of “Greatest Workplaces for 2023” and Time
Magazine named us one of the “World’s Best Companies.”•

On October 4th, we were once again honored by the Women’s Forum as a 2023
Champion of Board Diversity.

•

On the environmental front, we updated our Scope 1 and 2 greenhouse gas
emissions inventory for 2022 and are finalizing our 2022 Scope 3 inventory. The
results of this will be included in our Corporate Social Responsibility Report in April.

•

In addition to alignment with the Casino & Gaming industry standard of the SASB
reporting framework, we are working toward alignment with TCFD. We also recently
submitted our inaugural CDP climate-change disclosure.

•During the quarter, we also launched our new “PENN Women” initiative which isintended to increase inclusivity and provide allies & mentorship at all levels of ourworkforce.
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APPENDICESNORTH AMERICA’S LEADING PROVIDER OF INTEGRATED ENTERTAINMENT,
SPORTS CONTENT AND CASINO GAMING EXPERIENCES(Strategic Alliance)

Strong Balance Sheet and Free
Cash Flow

Cutting-Edge Tech andExperiences,High
Dynamic
Brand Licensing
Growth Digital Business and MerchandiseMedia Integration

Our diversified portfolio of leading
regional casinos is generating
significant and consistent free cash
flow to fund future growth and/or
return capital to shareholders

Our Interactive segment is growing
rapidly, with a differentiated strategy
that leverages our proprietary
technology and leading North
American sports brands’ IP

Our ownership of theScore media
business and our strategic alliancewith ESPN expand our ecosystem,
driving our cross-selling growthcapabilities
17v

HISTORICAL REGIONAL RESILIENCYRegional markets performed far better than the Las Vegas Strip following the 2007-08
downturn, and the current operating environment is more favorable
Gross Gaming Revenue Growth (as %)*
5.0%

2.6%

0.0%

• Rational promotional and marketing
reinvestment environment +11%
• 2007-08 experience provides roadmap
for adjusting to any reduction involumes-5.0%-10.0%(13.8%)-15.0%-20.0%-25.0%
2007

2008

2009

Las Vegas Strip*

Favorable Operating Environment

2010

2011

2012

• Post-COVID learnings have helped us
optimize our business model• Growth in younger demographic canoffset declines in older demos

Regional Markets

Indexed to 2007. Source: Company data, state and national gaming regulators, GS Research, DICJ and UNLVv

18

RETAIL GROWTH PROJECTS – DETAILS
Project
Hollywood
AuroraType

Relocation

Project
Budget$360m

GLPI Committed
Funding

Timeline

Key Features$225m (GLPI)$50m (City of Aurora)

Est. Opening:
Q1 2026

900 Slots; 60 Table Games
225 Hotel Rooms
Events Center
Adjacent to Chicago Premium Outlets

Up to $130m

Est. Opening:
Q4 2025

800 Slots; 45 Table Games
Events Center
Part of RockRun Collection Development
203 Hotel Rooms
New F&B
Meeting and Event Space380 Hotel Rooms
Expanded F&B

Hollywood
JolietRelocation

Hollywood
Columbus

Hotel
Expansion$100m

Up to $70m

Est. Opening:
Q4 2025

The M Resort

Tower
Expansion$205m

Up to $150m

Est. Opening:
Q1 2026$850m

Up to $575m (GLPI)$50m (City of Aurora)

Total

$185m

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19

GAAP TO NON-GAAP RECONCILIATION – LEVERAGE RATIOS
September 30, 2023

(in millions, unaudited )Traditional Net Debt
Amended Revolving Credit Facility due 2027
Amended Term Loan A Facility due 2027
Amended Term Loan B Facility due 2029
5.625% Notes due 2027
4.125% Notes due 2029
2.75% Convertible Notes due 2026
Other long-term obligations
Total traditional debt

$

$

515.6
987.5
400.0
400.0
330.5
28.4
2,662.0

Less: Cash and cash equivalents$(1,317.9)$

1,344.1$

1,868.4(934.3)$934.1

Net Debt
Adjusted EBITDAR for the trailing twelve months ended September 30, 2023
Less: Cash rent payments to REIT landlords for the trailing twelve months ended September 30, 2023

Adjusted EBITDAR for the trailing twelve months ended September 30, 2023 less cash rent payments to REIT landlords
Traditional Net Leverage Ratio
Total traditional debt
Less: Cash and cash equivalents

1.4x
$

$

2,662.0(1,317.9)
7,474.4
8,818.5$

1,868.4

Plus: Cash rent payments to REIT landlords for the trailing twelve months ended September 30, 2023 (1)Adjusted EBITDAR for the trailing twelve months ended September 30, 2023
Lease-Adjusted Net Leverage Ratio

4.7x(1) Amount equals 8 times the total cash rent payments to REIT landlords for the trailing twelve months ended September 30, 2023.

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20

GAAP TO NON-GAAP RECONCILIATION($ in millions, unaudited)
Net income (loss)
Income tax (benefit) expense
Interest expense, net
Interest income
Income from unconsolidated affiliates
Gain on Barstool Acquisition, net (1)Gain on REIT transactions, net (2)Loss on early extinguishment of debt
Other (income) expenses
Operating income (loss)

For the three months ended
September 30,
2023
2022

For the nine months ended
September 30,
2023
2022

For the three months
ended December 31,
2022

For the last twelve months
ended September 30,
2023

$

$

$

$

Loss on disposal of Barstool (3)Stock-based compensation
Cash-settled stock-based awards variance (4)Loss (gain) on disposal of assets
Contingent purchase pricePre-opening expenses
Depreciation and amortization
Impairment losses
Insurance recoveries, net of deductible charges
Income from unconsolidated affiliates(5)
Non-operating items of equity method investments
Other expenses
Adjusted EBITDA
Rent expense associated with triple net operating leases
Adjusted EBITDAR$
Net income (loss) margin
Adjusted EBITDAR margin(725.1)(161.7)117.5(10.2)(7.2)
0.3(786.4)
923.2
35.2
(2.9)
1.3
105.8
(0.3)
7.2
1.0
14.4
298.5
146.6
445.1
(44.8)%
27.5%

$

$

123.2
(182.0)
198.5
(5.2)
(6.6)
8.8
136.7
13.6
(3.8)
(0.2)
0.1
0.5
148.7
104.6
(1.9)
6.6
2.6
32.9
440.4
31.5
471.9
7.6%
29.0%

$

(132.6)40.9
346.1(30.5)(17.0)(83.4)(500.8)(4.5)(381.8)923.2
71.4(12.0)
1.8
323.9(13.9)
17.0
6.4
25.1
961.1
439.0
1,400.1(2.7)%
28.2%

$

$

200.9
(78.1)
554.7(7.0)(17.1)
10.4
67.3
731.1
45.1
(16.2)
7.0
(0.9)
4.1
417.2
104.6
(10.7)
17.1
4.7
48.4
1,351.5
119.6
1,471.1
4.2%
30.5%

$

20.8
31.7
203.5
(11.3)
(6.6)
4.8
242.9
13.0
0.7
0.9
0.3
150.3
13.6
6.6
3.2
6.8
438.3
30.0
468.3
1.3 %
29.5%

$

(111.8)72.6
549.6(41.8)(23.6)(83.4)(500.8)0.3(138.9)923.2
84.4(11.3)
0.9
2.1
474.2
13.6
(13.9)
23.6
9.6
31.9
1,399.4
469.0
1,868.4(1.7)%
28.5%(1) Includes a gain of $66.5 million associated with Barstool related to remeasurement of the equity investment immediately prior to the acquisition date of February 17, 2023 and a gainof $16.9 million related to the acquisition of the remaining 64% of Barstool common stock.
(2) Upon the execution of the February 21, 2023 AR PENN Master Lease and the 2023 Master Lease, both effective January 1, 2023, we recognized a gain of $500.8 million as a resultof the reclassification and remeasurement of lease components.
(3) Relates to the loss incurred on the sale of 100% of the outstanding shares of Barstool which was completed on August 8, 2023.
(4) Our cash-settled stock-based awards are adjusted to fair value each reporting period based primarily on the price of the Company’s common stock. As such, significant fluctuations in
the price of the Company’s common stock during any reporting period could cause significant variances to budget on cash-settled stock-based awards.

v(5) Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool prior to us acquiring theremaining 64% of Barstool common stock and our Kansas Entertainment, LLC joint venture.

21