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Penn National Gaming
Penn National Gaming (Wyomissing, PA) operates 43 casinos across 20 states plus the Barstool Sportsbook digital platform under CEO Jay Snowden.
Penn National Gaming
Penn National Gaming was founded in 1968 in Wyomissing, Pennsylvania, as a horse-racing track operator. Jay Snowden, who became CEO in 2019, has steered the company through a wave of consolidation and digital transformation. The firm's wealth originates from its long history as a publicly traded gaming company, not a private family fortune. The company owns and operates a diversified portfolio of casinos, racetracks, and off-track wagering facilities under brands such as Hollywood Casino, Ameristar, and Argosy. In 2020, Penn National acquired the Barstool Sports brand for $163 million, integrating a media platform with its sportsbook app to create a unique digital funnel. Asset classes deployed include regional casinos, online sports betting, iGaming, and racing operations. The firm's geographic footprint spans 20 states, with properties from Pennsylvania to Nevada. Penn National Gaming went public in 1994 and has since executed multiple acquisitions, including the $2.8 billion purchase of Pinnacle Entertainment in 2018. The company employed over 21,000 people as of 2023 and maintains its corporate headquarters in Wyomissing. In January 2023, Penn National acquired the digital assets of theScore for $2 billion, adding a built-in Canadian media and sportsbook operation (per the firm, January 2023). Penn National's structural differentiator is its ownership of Barstool Sports, a media property that generates organic marketing for its sportsbook — a model that traditional casino operators cannot replicate without a comparable cultural asset. The firm's governance structure remains that of a public corporation answerable to shareholders, setting it apart from private family-controlled gaming groups.
General information
Firm type
Other
Year founded
1968
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Wyomissing
Corporate office
Wyomissing, PA, United States
Principals
Jay Snowden
President and Chief Executive Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Penn National Gaming?
Investment decisions at Penn National Gaming are led by CEO Jay Snowden, who has held the role since 2019. The company operates as a public corporation, so major capital allocation — acquisitions, real estate, digital investments — is approved by the board of directors. Snowden previously served as COO and was instrumental in the Barstool Sports partnership.
How does Penn National Gaming source proprietary deal flow?
Penn National Gaming sources deal flow through its extensive physical casino network and media partnerships. The Barstool Sports relationship provides a unique pipeline for digital marketing and distribution. The firm also reviews pending legislation in states that may legalize sports betting to identify early-entry opportunities. Most acquisitions are identified through industry relationships and competitive bidding processes.
Is Penn National Gaming structured as a family office or a public company?
Penn National Gaming is a publicly traded company on the Nasdaq under the ticker PENN. It is not a family office, although its founding ownership includes the family of the late Peter Carlino, who served as chairman until his passing in 2024. The Carlino family retains significant influence through board representation, but the entity is a standard public corporation.
Does Penn National Gaming participate in fund commitments or only direct deals?
Penn National Gaming invests primarily in direct property acquisitions, digital platform purchases, and development projects. It does not operate as a fund manager or commit to external investment funds. Capital is deployed from operating cash flow and debt financing, with an emphasis on organic growth and select M&A.
What investment stages does Penn National Gaming typically target?
Penn National Gaming focuses on mature, cash-flow-generating regional casinos and digital gaming platforms with proven revenue models. It acquires operational casinos and racetracks, often in regulated markets, and develops new properties from the ground up. The company's digital strategy targets existing sportsbook and iGaming assets, as with the Barstool and theScore deals, rather than early-stage bets.
Which sectors does Penn National Gaming explicitly avoid?
Penn National Gaming does not invest in non-gaming real estate, technology startups outside of gaming, or international markets without clear legal frameworks. The company avoids horse racing operations that lack casino adjuncts. It also steers clear of jurisdictions with hostile gaming regulations, such as Utah and Hawaii.
Where does the underlying wealth come from?
Penn National Gaming's wealth originates from its operations as a casino and racetrack operator founded in 1968. The firm's first property was a horse racing track in Pennsylvania. Over decades, it expanded through cash flows from gaming operations and public equity markets. The Carlino family, who founded the company, accumulated wealth through dividends and share ownership, but the firm is not a single-family office.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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