Thoughts Post Hollywood Aurora and Joliet Visit & Management Meeting

Research evidence excerpt

Thoughts Post Hollywood Aurora and Joliet Visit & Management Meeting

25 June 2026

Gaming & Lodging

Penn Entertainment

n Dick's House of Sports opening fall 2027

n Shopping center opening fall 2027

Hollywood Columbus Hotel and M Resort New Hotel Towers Recap & Additional

Color

The hotel tower at Hollywood Columbus opened June 12, 2026, providing onsite

lodging accommodations, for what we believe is one of the stronger-performing

properties in the portfolio, as well PENN added an additional hotel tower at M Resort

in December, 2025, another solid performer, in an area of the LV locals market

where both population and revenue growth continues to be strong.

With respect to these two projects, we view both the NV and OH hotel tower

projects as front footed and growth oriented, as both properties have experienced

strong demand and are well positioned within their geographies.

The new hotel at Hollywood Columbus, which is one of PENN's best-performing

properties, should help the property become a regional destination. The project

cost was ~$100 mm and includes a ~202 room hotel, new bar and restaurant, a new

high limit room scheduled to open in the 3Q26, and also has potential for additional

development. While only opened recently, management noted the performance

thus far is going as expected.

The second hotel tower at the M Resort, should help attract some of the growth in

the strong LV Locals market, and group business. The project cost was ~$205 mm

and include a ~380 room tower, approximately double the current capacity, ~15k

sq ft ballroom, and also potential for additional development. Management noted

the new hotel tower continues to capture previously unmet demand and is building

on accelerating momentum currently, with occupancy at about 90%.