Believes the Company’s Misguided Interactive Strategy and Poor Capital Allocation Have Destroyed Shareholder Value, Resulting in PENN Trading at a Steep Discount to Its Intrinsic Value

Highlights Management’s Track Record of Failed Deals, Including the Headline-Generating Barstool Sports Sale for $1

Questions the Board’s Decision to Reward CEO Jay Snowden with Excessive Compensation of Nearly $100M Despite Significant Financial Underperformance and Stock Price Declines

Contends PENN Could Fetch Up to Double Its Current Trading Price in the Event of a Sale

The Donerail Group LP (together with its affiliates, “Donerail” or “we”), a shareholder of PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN), today sent an open letter to the Company’s Board of Directors.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240531207464/en/

About Donerail

The Donerail Group LP is a Los Angeles-based investment adviser that employs a value-oriented investment lens focusing on special situations and event-driven investments.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240531207464/en/