Donerail Group called on Penn Entertainment to sell its casino portfolio or put the company up for sale, according to an open letter signed by Managing Partner Will Wyatt. The letter estimated the casino assets could fetch up to $6.9 billion and criticised Penn’s online sports betting strategy and investment performance.
The proposal raises potential strategic and asset-sale changes for Penn’s investors and gaming operations.
Quarter ended 30 September 2026
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Alberta has opened its online casino market to private operators, with multiple brands cleared to launch, according to a consumer guide. The guide names DraftKings, FanDuel, Caesars, Penn Entertainment, BetMGM, bet365, Rush Street Interactive and Bally’s among companies entering the market. It says operators are launching casino and sportsbook services alongside the provincial PlayAlberta site.
PENN Entertainment will not enter sports prediction markets while their legal status remains uncertain, chief executive Jay Snowden told investors and analysts. Snowden said the company would not risk its gaming licences and would stay close to regulators as litigation continues in federal and state courts across the US.
Major League Baseball said authorised sportsbook operators agreed to cap bets on individual pitches at $200 and exclude those wagers from parlays in the United States. MLB said the operators represent more than 98% of the US betting market and that the limits address integrity risks; the agreement followed indictments alleging two Cleveland Guardians pitchers rigged pitches.
Penn Entertainment management told analyst Barry Jonas that it expected ESPN Bet to gain market share gradually during the 2024-25 NFL season. Penn said a New York launch was pending regulatory approval and hoped it would arrive in time for the season. The company also expected to debut its Hollywood-branded igaming platform in early 2025.
PENN Entertainment launched ESPN BET in the United States in November, while Fanatics introduced retail and online sportsbook operations and announced a deal to acquire PointsBet’s US assets. Fanatics Sportsbook was live in nine states, with further expansion dependent on completion of the acquisition; a survey cited in the report found about 65% of respondents expected Fanatics to take the most handle from four major operators.