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Retail segment performance reached record quarterly revenues, driven by the successful ramp-up of four major development projects and strong demand in mid- and high-worth customer segments.

Interactive segment losses narrowed significantly as management pivoted toward high-value customer acquisition and improved marketing efficiency in U.S. iCasino and Canadian operations.

The 'omnichannel' strategy is yielding higher engagement, with 70% of sportsbook users wagering on the World Cup and nearly half of those being first-time soccer bettors, creating a reactivation funnel for the NFL season.

Management attributed retail margin expansion to property-level cost management across labor, marketing, and G&A, despite the initial costs associated with opening new facilities.

The Alberta launch is viewed as a strategic extension of the successful Ontario model, utilizing theScore Bet brand loyalty and a partnership with the Toronto Blue Jays to capture market share.

Corporate overhead optimization and improved cash flow are enabling the company to deleverage the balance sheet faster than internal projections.

Full-year 2026 retail guidance was raised to reflect Q2 outperformance and an improved outlook for the second half, assuming normalized seasonality and continued momentum from new hotel towers.

Interactive segment adjusted EBITDA is expected to turn positive in Q4 2026, following a peak investment period in Q3 related to the Alberta market entry.

The company anticipates a highly competitive 'arms race' for customer acquisition during the upcoming football season and has factored aggressive marketing from competitors into its guidance.

Future capital allocation will prioritize internal growth projects with proven ROI, such as water-to-land conversions and hotel expansions, over speculative M&A.

Management expects to reach lease-adjusted net leverage below 5x by the end of 2026, supported by a $31 million increase in the retail EBITDA midpoint flowing directly to cash flow.

The relocation of Hollywood Council Bluffs is scheduled for 2028, with a budget of $180 million to $200 million to convert a riverboat license into a modern land-based facility.

Interactive revenue guidance was slightly lowered to $1.57 billion to reflect lower volumes from the strategic reduction in marketing spend on unprofitable customer segments.

The company eliminated 4.5 million potentially dilutive shares by repaying the remaining principal of its 2.75% convertible notes due 2026.

Regional results in Pennsylvania and Missouri may see future tailwinds from the ongoing regulatory and legal crackdowns on illegal 'skill-based' gaming machines.

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Management quantified the impact of unfavorable sports outcomes at approximately $3 million for the quarter.

Without these outcomes, the Interactive segment loss would have been closer to $6.5 million instead of the reported $9.5 million.

Jay Snowden stated the bar for M&A is high, as any acquisition must compete with the 'mid- to high-teen' free cash flow yield of buying back their own stock.

A Las Vegas Strip asset would only be considered if it required minimal deferred maintenance and offered clear strategic value for the omnichannel database.

The new Aurora facility has approximately doubled admissions and gaming volumes compared to the old location.

Rated guests staying at the new Hollywood Casino Aurora generated 21% higher average daily worth, while those staying at the new Hollywood Columbus hotel tower showed a 10% increase compared to previous levels.

Management noted that while some competitors are increasing reinvestment, PENN is focused on 'standalone' iCasino growth where customer acquisition costs are more attractive.

The company is holding its market share in aggressive environments like Michigan by focusing on high-value, loyal users rather than irrational promo spending.