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PENN Entertainment Sets December 1 as Grand Opening Date for Second Hotel Tower at M Resort Las Vegas

PENN鈥檚 Latest Development Includes a Partnership with Emeril Lagasse to Open New Restaurant at its Market-Leading Resort

WYOMISSING, Pa. & HENDERSON, Nev.--(BUSINESS WIRE)-- PENN Entertainment, Inc. (Nasdaq: PENN) (鈥淧ENN鈥� or the 鈥淐ompany鈥�) announced today that it expects to open the second hotel tower at M Resort Spa Casino Las Vegas (鈥淢 Resort鈥�) to the public on Monday, December 1, pending customary regulatory approvals. The approximately $206 million project is slated to open months ahead of the original construction timeline. In addition, the Company is partnering with The Emeril Group to bring Meril, one of New Orleans鈥� most beloved neighborhood restaurants, to the property.

鈥淲e鈥檙e thrilled to be unveiling our newest development in Henderson on the heels of our recent grand opening of the new Hollywood Casino Joliet in Illinois,鈥� said Jay Snowden, CEO and President of PENN Entertainment. 鈥淭his new tower and restaurant from The Emeril Group expands our market-leading amenities at M Resort and provides much needed additional room capacity for group business and the overall strong demand of the Henderson locals market.鈥�

The new hotel tower nearly doubles the capacity of the Company鈥檚 property south of the Las Vegas Strip, bringing its total to 765 rooms and suites. Meeting space will also increase, as the new, 15,000 square foot Montese Ballroom is expected to open on October 1, 2025. PENN estimates the overall expansion will add 120 new jobs to M Resort鈥檚 workforce.

The Emeril Group, founded by Chef Emeril Lagasse, is excited to introduce Meril to the visitors and community of Henderson. This marks the second location of the concept named after Lagasse鈥檚 daughter, Meril. The Contemporary American restaurant has earned a loyal following for its warm, welcoming atmosphere and diverse menu inspired by Lagasse鈥檚 decades of culinary expertise and global travels. Meril delivers an approachable yet elevated dining experience that reflects the chef鈥檚 signature style.

鈥淲e can鈥檛 wait to begin welcoming more visitors to our market-leading resort,鈥� added Todd George, Executive Vice President, Operations for PENN. 鈥淐oupled with our extensive, expanded array of amenities and our highly successful partnership with the Las Vegas Raiders, M Resort is becoming the premier destination for visitors and convention attendees from across the country.鈥�

The new M Resort hotel tower will be the second completed development of PENN鈥檚 that include new land-based casinos in Joliet (opened on August 11^th) and Aurora, Illinois, and a new hotel in Columbus, Ohio. For the M Resort development, PENN anticipates accessing $150 million in funding in the fourth quarter from Gaming and Leisure Properties, Inc. at a 7.79% capitalization rate.

About M Resort

M Resort Spa Casino, the Official Team Headquarters Hotel of the Las Vegas Raiders, is located on more than 90 acres on the southeast corner of St. Rose Parkway and Las Vegas Boulevard. Situated higher in elevation than other resort-casinos on the Las Vegas Strip, M Resort provides optimal views of the world-famous Las Vegas Strip skyline from its guest rooms, suites, conference center and restaurants. The resort offers over 92,000 square feet of gaming, eleven restaurants and bars, the Forbes Four-Star Spa Mio, a modern fitness center and a 100,000 square foot pool and events piazza. M Resort is operated by PENN Entertainment.

About PENN Entertainment

PENN Entertainment, Inc., together with its subsidiaries (鈥淧ENN,鈥� or the 鈥淐ompany鈥�), is North America鈥檚 leading provider of integrated entertainment, sports content, and casino gaming experiences. PENN operates in 28 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting and iCasino offerings under well-recognized brands including Hollywood Casino^庐, L鈥橝uberge^庐, ESPN BET鈩�, and theScore BET Sportsbook and Casino^庐. PENN鈥檚 ability to leverage its partnership with ESPN, the 鈥渨orldwide leader in sports,鈥� and its ownership of theScore鈩�, the top digital sports media brand in Canada, is central to the Company鈥檚 highly differentiated strategy to expand its footprint and efficiently grow its customer ecosystem. PENN鈥檚 focus on organic cross-sell opportunities is reinforced by its market-leading retail casinos, sports media assets, and technology, including a proprietary state-of-the-art, fully integrated digital sports and iCasino betting platform, and an in-house iCasino content studio (PENN Game Studios). The Company鈥檚 portfolio is further bolstered by its industry-leading PENN Play鈩� customer loyalty program, offering its approximately 32 million members a unique set of rewards and experiences.

Forward Looking Statement

This press release contains 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as 鈥渆xpects,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥減rojects,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥済oal,鈥� 鈥渟eeks,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渓ook forward to,鈥� or 鈥渁nticipates鈥� or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of timing, future results, or performance. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. Actual results may differ materially from those contemplated in these statements due to a variety of risks, uncertainties and other factors, including those factors described in PENN Entertainment鈥檚 filings with the Securities and Exchange Commission (the 鈥淪EC鈥�), including PENN Entertainment's current reports on Form 8-K, quarterly reports on Form 10-Q and its annual report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as of the date they are made and, except for PENN Entertainment鈥檚 ongoing obligations under the U.S. federal securities laws, PENN Entertainment undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

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Media Contact:

Jeff Morris

VP, Public Affairs

PENN Entertainment, Inc.

[email protected]

610/373-2400

Mike Nieves

SVP, Finance & Treasurer

PENN Entertainment, Inc.

[email protected]

610/373-2400

Source: PENN Entertainment, Inc.