PENN: Aurora Trip

Research evidence excerpt

PENN: Aurora Trip

Equity Research

U.S. Gaming, Leisure & Lodging

25 June 2026

PENN

Aurora Trip

Favorable takeaways from PENN’s new Aurora property tour

We attended PENN’s event in Chicago, IL, where we toured its newly opened Aurora casino and PENN OVERWEIGHT

management hosted a Q&A, where we came away with: 1) incrementally confident in Aurora's U.S. Gaming, Leisure & POSITIVE Lodging

ramp (relative to Joliet), as it benefits from its location and learnings from the Joliet's Price Target USD 24.00

opening, with PENN feeling good about delivering above 15% returns on its growth projects Price (23-Jun-26) USD 20.50

2) Retail strength/upside that was seen in 1Q continued into 2Q thus far, 3) there are still Potential Upside/Downside +17.1%

other growth opportunities in PENN's portfolio that could see these level of returns, and 4) Source: Bloomberg, Barclays Research

PENN reiterated its call for breakeven in Digital (ex-Alberta) as it's laser-focused on

delivering on that target.

Aurora ramp should likely pace ahead of Joliet, as it benefits from a hotel tower and the Brandt Montour, CFA

+1 212 526 9947learnings from the Joliet opening. The land-based facility is opening with a 226-room hotel

brandt.montour@barclays.com

tower (Joliet did not open with a tower) and sits across from the Chicago Premium Outlets,

BCI, US

which receives 8.5m retail visits per year and fly-in luxury retail shoppers from around the

country, not to mention 100k daily vehicles crossing between the mall and the casino vs ~5k at Kristi Martiko, CFA

+1 212 526 7672its current location (new Joliet location sees ~230k in daily vehicular traffic vs ~10k at its

kristi.martiko@barclays.com

previous location). While only a limited view on the performance of the new Aurora property BCI, US