PENNPENN Entertainment, Inc.

Hotels & Motels

Revenue: $7.0B; 5.8% YoY
Operating margin: -9.7%; 978% YoY
EBITDA: −$227M; 145% YoY
Market cap: $2.5B
Employees: —
Net debt / EBITDA: —; $127M net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRYes
$24M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
70% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
87% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 57th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$888K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.9B	$6.4B	$6.4B	$6.6B	$7.0B	5.8%
Operating income	$1.1B	$974M	−$690M	$73M	−$674M	1029%
Net income	$421M	$222M	−$490M	−$312M	−$843M	171%
Operating cash flow	$896M	$878M	$456M	$359M	$508M	41%
Capex	$244M	$263M	—	—	—
Stock-based comp	$35M	$58M	$86M	$53M	$61M	15%
Buybacks	$0	$601M	$150M	$0	$354M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 14, 2025	HG Vora Capital Management, LLC	SCHEDULE 13D/A	4.8%	Passive
Sep 3, 2024	HG Vora Capital Management, LLC	SC 13D/A	9.5%	Active
Jan 16, 2024	HG Vora Capital Management, LLC	SC 13D/A	9.6%	Passive
Dec 28, 2023	HG Vora Capital Management, LLC	SC 13D	9.6%	Active

Insider trading

Open-market buys, 12 mo: $1M · 4
Open-market sells, 12 mo: $116K · 1
Net: $888K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$24M	$10M	17	86
FY2024	$27M	$13M	23	89
FY2023	$16M	$10M	30	93
FY2022	$14M	−$10M	34	74
FY2021	$66M	$8M	60	99