# EDGAR Filing Document

**Accession Number:** 0000921738
**File Stem:** 0001140361-25-029647
**Filing Date:** 2025-8
**Character Count:** 4513
**Document Hash:** 89dc117bf29e335761f66072a603ffb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-029647.hdr.sgml**: 20250929

**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

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![](image00001.jpg)

August 7, 2025

#### VIA EDGAR CORRESPONDENCE

United States Securities and Exchange Commission

Division of Corporation Finance

Office of Real Estate & Construction

100 F Street, N.E.

Washington, D.C. 20549

Attn: Eric McPhee

Jennifer Monick

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| | |
|:---|:---|
| **Re:** | **PENN Entertainment, Inc.** |

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#### Form 10-K for Fiscal Year Ended December 31, 2024

#### Filed February 27, 2025

#### File No. 000-24206

Ladies and Gentlemen:

This letter responds to the comment from the staff (the "Staff") of the U.S. Securities and Exchange Commission (the "SEC") set forth in its letter dated July 29, 2025 (the "Comment Letter") in connection with the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "2024 Form 10-K") of PENN Entertainment, Inc. Except where indicated otherwise, the terms "PENN," the "Company," "we," "our," or "us" shall mean PENN Entertainment, Inc., and its consolidated subsidiaries.

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'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.

**P** 610.373.2400

825 Berkshire Blvd.

Wyomissing, PA 19610

pennentertainment.com

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**

<br> *<u>Form 10-K for Fiscal Year Ended December 31, 2024</u>*

*<u>Item 7. Management's Discussion and Analysis of Financial Condition and Results of</u> <u>Operations</u>*

*<u>Results of Operations, page 38</u>*

#### Comment 1.
***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.***

**Company's Response:** In response to the Staff'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.

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 "Segment Adjusted EBITDAR." Furthermore, for clarity in future filings beginning for the quarter ended September 30, 2025, "Adjusted EBITDA" will be labeled "Consolidated Adjusted EBITDA."

If you have any questions or comments regarding this response to the Comment Letter, please contact me or Raquel Fox at 202-371-7050.

Sincerely,

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| |
|:---|
| /s/ Felicia R. Hendrix |
| Felicia R. Hendrix, Executive Vice President and Chief Financial Officer |
| cc: |
| Raquel Fox, Skadden, Arps, Slate, Meagher & Flom LLP |

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**P** 610.373.2400

825 Berkshire Blvd.

Wyomissing, PA 19610

pennentertainment.com

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