PENN · CIK 921738
What PENN Entertainment, Inc. told the SEC could break it.
PENN's risks split between where it operates and what it depends on to operate. Its retail revenue is concentrated in a handful of states — Ohio, Louisiana, Missouri and Pennsylvania together drove roughly 43% of 2025 revenue — tying results to those regional economies, and as a gaming and racing operator it must hold licenses and pay gaming taxes in every jurisdiction to keep running. Layered on top is third-party dependence on both sides of the business: key suppliers for gaming equipment and semiconductor chips, and the cloud infrastructure that delivers its online sports betting and iCasino products, where it says it has had and expects more service interruptions and outages.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Supplier concentration
- gaming equipment & semiconductor chipsmedium
PENN relies on third-party key suppliers for gaming equipment, semiconductor chips and other supplies; supply chain delays or disruptions could prevent it from obtaining these on acceptable terms.
“Additionally, we rely on third-party suppliers to provide gaming equipment, semiconductor chips and other supplies for our business. Supply chain delays or disruptions could impact our ability to obtain these supplies from our key suppliers on acceptable terms or at all.”
SEC filing →As of 2026 - third-party cloud infrastructuremedium
PENN hosts its OSB and iCasino offerings on third-party cloud infrastructure providers and has experienced, and expects to continue experiencing, service interruptions, delays and outages.
“We rely on third party cloud infrastructure services to deliver our offerings to users, and we have experienced, and expect in the future to experience, service interruptions, delays, and outages.”
SEC filing →As of 2026
Geographic concentration
- Ohio, Louisiana, Missouri, Pennsylvaniamedium
PENN derived 13.4%, 11.8%, 9.2% and 8.4% of 2025 revenue from retail properties in Ohio, Louisiana, Missouri and Pennsylvania respectively, making results dependent on those regional economies and competitive landscapes.
“For the year ended December 31, 2025, we generated 13.4%, 11.8%, 9.2%, and 8.4% of our revenues from our retail properties within the states of Ohio, Louisiana, Missouri, and Pennsylvania respectively.”
SEC filing →As of 2026
Regulatory & policy
- gaming licenses & taxesmedium
PENN's gaming and racing operations are highly regulated; it must maintain licenses and pay gaming taxes in every jurisdiction to continue operating, and online gaming and each property are subject to extensive regulation.
“The gaming and racing industries are highly regulated, and we must maintain our licenses and pay gaming taxes to continue our operations.”
SEC filing →As of 2026
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