PENN Entertainment returned to profit in the third quarter, earning $32.6 million as its casinos delivered record retail revenue and its online business moved closer to breaking even.

Revenue rose 7.1% to $1.84 billion for the three months to 30 September, the company reported on Thursday. A year earlier PENN lost $865.1 million after $825 million of impairment charges in its Interactive division. Adjusted earnings per share of $0.32 beat the $0.17 analysts had expected.

The retail estate did the heavy lifting. Retail revenue set a third-quarter record of $1.5 billion, up 5%, while segment earnings rose 7.7% to $501.8 million and margins widened to 33.7%. Ten properties across all four regions set third-quarter revenue records, helped by higher spending per visit and contributions from recently completed developments. The Midwest was the strongest region, with revenue up 14.6% to $341.9 million.

The Interactive division, rebuilt around theScore Bet after Disney ended the ESPN Bet deal, also improved. Its adjusted loss narrowed to $18.3 million from $76.6 million a year earlier, despite a $20 million launch cost in Alberta, as a more targeted promotional strategy and cost cuts took effect.

PENN raised its full-year guidance, lifting retail revenue to $5.89 billion and retail earnings to $1.973 billion. It expects its Interactive business to turn a small profit of $18.7 million in the fourth quarter. Total liquidity stood at $2.0 billion at the end of September, including $1.0 billion of cash.

[Source: businesswire.com](https://www.businesswire.com/news/home/20261105835252/en/PENN-Entertainment-Inc.-Reports-Third-Quarter-Results) | [Source: fool.com](https://www.fool.com/earnings/call-transcripts/2026/11/05/penn-entertainment-penn-q3-2026-earnings-call-transcript/)