PENN Entertainment, Inc.

Greetings, and welcome to Penn Entertainment First Quarter 2025 Earnings Call. I would now like to turn the conference over to Joe Gifoni, Investor Relations. Please go ahead.

Thanks, Emma. Good morning, everyone, and thank you for joining Penn Entertainment's 2025 First Quarter Conference Call. We'll get to management's presentation and comments momentarily, as well as your question and answer. During the Q&A session, we ask that everyone please limit themselves to one question and one follow-up. I'll quickly review the safe harbor, and then we'll get right into the call. Please note that today's discussion contains forward-looking statements. Forward-looking statements involve risks, assumptions, and uncertainties that could cause actual results to differ materially. For more information, please see our press release for details on specific risk factors. It's now my pleasure to turn the call over to the company's CEO, Jay Snowden. Jay, please go ahead.

Thanks, Joe. Good morning, everyone. I'm joined here in Wyoming by our CFO, Felicia Hendricks, our head of operations, Todd George, and our CTO and head of interactives, Aaron LaBerge, as well as other members of our senior executive team. As you see in our earnings release and accompanying investor presentation, Penn's properties demonstrated strong resilience in the first quarter following severe weather challenges. While January weather was slightly better year over year, it was still much worse than anticipated, and the weather-impacted days in February across the portfolio were up over three times versus last year, which ultimately impacted our adjusted retail EBITDA by at least $10 million in the quarter. Also worth noting, we had a $5 million one-time accounting benefit in the South region in Q1 last year that impacts year-over-year results. Importantly, we saw gaming volumes rebound nicely in March as the weather improved, and that trend continued through April and into May. Worth also noting, this past weekend was the second-best weekend of the year for revenue, and number three in terms of overall visitation across the portfolio. You'll hear more about our second quarter trends from Todd in a moment. The capital investments we have been making at our properties over the last several years, including our new ESPN Bet Retail Sportsbooks, combined with continued cross-sell from our industry-leading customer loyalty program, have been contributing to our performance and the strong engagement this quarter with our VIP and Midworth customer segments. As highlighted on slide seven, during the quarter we announced plans for a new land-based Hollywood Casino in Council Bluffs, Iowa, to replace our existing three-level aging riverboat. The new state-of-the-art facility will nicely complement the existing 160-room hotel, and we believe it will significantly improve the customer experience and enhance the property's competitive position in the greater Omaha, Nebraska market. Construction is expected to take approximately 18 to 24 months, following the design and permitting approval process. Meanwhile, our four previously announced exciting development projects remain both on budget and on schedule. Before turning to our interactive results, I'd like to ask Todd to share a few comments on the second quarter trends as well as the competitive landscape.