Penn Entertainment narrows Q4 losses as bets reshape strategy after costly partnerships

Penn Entertainment closed out 2025 with a noticeably smaller loss, buoyed by stronger showings at its brick-and-mortar casinos and a long-awaited breakthrough in its online division.

For the quarter ending December 31, revenue climbed to $1.81 billion, up from $1.67 billion a year earlier. The company still posted a net loss, but it shrank to $73.4 million compared with $133.8 million in the same quarter last year. Adjusted EBITDA across the business rose to roughly $225.8 million from $165.2 million...