On the Record · PENN Entertainment

PENN Entertainment acquisitions, on the record

The businesses PENN Entertainment bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.

Deals its annual reports describe

Business	Deal	When	Value
Score Media and Gaming, Inc. (theScore) Word for word“On October 19, 2021, we completed the acquisition of Score Media and Gaming, Inc. (“theScore”) for a purchase price of approximately $2.1 billion.” 10-K for 2023	acquisition	On October 19, 2021	approximately $2.1 billion
Barstool Sports, Inc. (Barstool) Word for word“On February 17, 2023, we acquired the remaining 64% of the outstanding shares of Barstool Sports, Inc. (“Barstool”) common stock not already owned by us for a consideration of approximately $405.5 million, which is inclusive of cash and common stock issuance, repayment of Barstool indebtedness of $23.8 million, transaction expenses, and other purchase price adjustments in accordance with GAAP (the “Barstool Acquisition”).” 10-K for 2023	acquisition	On February 17, 2023	approximately $405.5 million
Barstool Sports, Inc. (Barstool) Word for word“Loss on disposal of Barstool relates to the loss on the sale of 100% of the outstanding shares of Barstool to David Portnoy in exchange for nominal cash consideration (one dollar) as described in Note 6, “Acquisitions and Dispositions” in the notes to our Consolidated Financial Statements.” 10-K for 2023	divestiture	—	one dollar
Tropicana Las Vegas Hotel and Casino, Inc. (Tropicana) Word for word“The prior year included Tropicana revenues through the sale on September 26, 2022, compared to none in the current year.” 10-K for 2023	divestiture	September 26, 2022	—
remaining 50% interest in Valley Race Park properties and a racetrack license in Manor, Texas Word for word“We acquired the remaining 50% of these properties, as well as a license for a racetrack in Manor, Texas, just outside of Austin, on August 1, 2021.” 10-K for 2023	acquisition	August 1, 2021	—
Barstool Sports, Inc. Word for word“On February 17, 2023, we completed the acquisition of all of the outstanding shares of common stock of Barstool not already owned by us for cash consideration of approximately $315.3 million and the issuance of 2,442,809 shares of our common stock to certain former stockholders of Barstool.” 10-K for 2024	acquisition	February 17, 2023	approximately $315.3 million
Barstool Sports, Inc. Word for word“Loss on disposal of Barstool relates to the loss on the sale of 100% of the outstanding shares of Barstool to David Portnoy in exchange for nominal cash consideration as described in Note 5, “Acquisitions and Dispositions” in the notes to our Consolidated Financial Statements.” 10-K for 2024	divestiture	—	nominal cash consideration
remaining 50% of Valley Race Park and related properties, and a license for a racetrack in Manor, Texas Word for word“We acquired the remaining 50% of these properties, as well as a license for a racetrack in Manor, Texas, just outside of Austin, on August 1, 2021.” 10-K for 2025	acquisition	August 1, 2021	—
Pinnacle Entertainment, Inc. Word for word“Pinnacle Master Lease In connection with the acquisition of Pinnacle Entertainment, Inc. (“Pinnacle”), on October 15, 2018, the Company assumed a triple net master lease with GLPI (the “Pinnacle Master Lease”), originally effective April 28, 2016, pursuant to which the Company leases real estate assets associated with 12 of the gaming facilities used in its operations.” 10-K for 2025	acquisition	October 15, 2018	—

As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year ended	Cash paid for acquisitions (net of cash acquired)	Cash received from selling businesses	Goodwill from acquisitions
2016-12-31	$84.2 million	$0	$77.7 million
2017-12-31	$127.7 million	$0	$36.6 million
2018-12-31	$1.95 billion	$661.7 million	$220.3 million
2019-12-31	$1.36 billion	$0	$111.6 million
2020-12-31	$3 million	$0	$8.5 million
2021-12-31	$877.6 million	—	$1.71 billion
2022-12-31	$0	—	—
2023-12-31	$314.6 million	—	$231.9 million
2024-12-31	$0	—	—
2025-12-31	$0	—	—

Deal filings since 2016

2026-05-28 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2026-04-16 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2026-03-16 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2026-02-23 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2025-11-06 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2024-12-04 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2023-08-08 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2022-10-11 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-08-05 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2021-07-01 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-09-29 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-05-14 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-04-20 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-03-30 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2020-01-29 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2019-05-23 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2019-01-03 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2018-11-14 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2018-10-15 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2018-10-15 Form 8-K, Item 2.01: Completion of Acquisition or Disposition of Assets
2018-06-19 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2018-02-28 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-12-20 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2017-01-20 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2016-10-20 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
2016-08-03 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement

Read from PENN Entertainment’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-26. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.