PENN Entertainment Chief Executive Officer Jay Snowden is not happy with Maine’s structure for the state’s forthcoming online casino market.
In an unexpected move in January, Maine Gov. Janet Mills made the decision not to veto a piece of legislation that brings regulated online casino gaming to the Pine Tree State.
The bill, Legislative Document 1164, provides the Wabanaki Tribes with the exclusive right to provide regulated online casino gaming in Maine through a partner of their choice. The tribes have already established relationships with potential partners, as all of them work with either Caesars or DraftKings for sports betting.
PENN opposed the model during its discussion, and Snowden spoke out firmly against it during the company’s Q4 earnings call on Thursday.
“Taking a step back, what happened in Maine is mind-blowing,” said PENN’s CEO. “We’ve been operating as a casino entity there for two decades. We’ve invested hundreds of millions of dollars. We’re as involved in the community as you’re gonna find any business leader, and the governor in Maine decides to hand a monopoly to a third party that’s never invested a dollar in the industry.”
PENN solidified its footprint in Maine’s gaming market in 2005 with the opening of Hollywood Casino Hotel & Raceway in Bangor. The facility provides Mainers with access to a bevy of casino and racing options, but the company may not have the opportunity to take advantage of iGaming in the state given the tribes’ rights to the vertical.
Churchill Downs sues to stop Maine’s online casino model
PENN is not the only key stakeholder in gaming voicing concerns about Maine’s expected framework for online casino gaming.
Churchill Downs and its Oxford Casino Hotel also opposed Maine’s ideal. Last month, the company filed a lawsuit against the Maine Gambling Control Unit, arguing that LD 1164 “blessed a race-based monopoly” that violates equal protection laws. It also argues that the piece of legislation goes against constitutional restrictions on economic protectionism and said that the measure “deals a cut-wrenching blow” to gaming businesses that have invested in Maine.
The suit seeks the U.S. District Court for the District of Maine to block the enforcement of LD 1164 and declare it illegal. The National Association Against iGaming (NAAiG), of which Churchill Downs is a founding member, estimates that legal online casinos in Maine could lead to hundreds of job cuts and millions of lost economic value.
Unlike Churchill Downs, online casino gaming is a critically important area of PENN’s business.
“We’re gonna do our best to figure out a way to compete in that market,” continued Snowden. “The way that this was done was not popular publicly, and that’s very evident, and I’m not sure how the governor concluded that was the best course, but it is what it is. We’ll figure out a way to compete if it does end up standing legally.”
PENN’s latest earnings results
Snowden was speaking after PENN reported $1.8 billion in revenue in Q4 2024, compared to $1.6bn for the same period last year. Its Interactive segment, which includes online casino and mobile sports betting, posted $398.7m in revenue during the quarter, up from $275m in revenue in Q4 2024.
“Retention and new user growth will remain our top interactive priorities and the foundation for our long-term growth in that segment,” added Snowden. “The positive trends in our interactive segment give us confidence to recommit to achieving break-even adjusted EBITDA in 2026.” He noted that the forecast does not factor in any new online gaming jurisdictions launching in 2026, including the Canadian province of Alberta, where PENN will seek a license for theScore Bet.
PENN’s Interactive segment has been impacted by the dissolution of its 10-year, $2bn deal with ESPN to deliver ESPN Bet to markets in the U.S. The deal dissolved after only two years despite PENN paying roughly $1.5 billion in cash to launch the ESPN Bet brand. ESPN Bet posted a roughly 3% U.S. market share in 2025.
PENN also reported adjusted EBITDA growth, with the gaming and hospitality giant closing Q4 2025 with an adjusted EBITDA of $225.8 million, up from $165.2 million in Q4 2024. The company also trimmed its net loss from $133.8m in Q4 2024 to $73.4m last quarter.
Full-year revenue for PENN in 2025 reached $6.9bn, up from $6.5bn in 2024. Its adjusted EBITDA in 2025 closed at $830m, compared to $672.2m for the year prior. Despite improvements in Q4, PENN’s net losses widened in 2025 from $313m to $843m.
