PENN Stock Slips Overnight After Year's High: CEO Says Employment Matters More Than Gas Prices For Casino Visits

• CEO Jay Snowden said most customers live nearby, so gas prices rarely affect casino visits. 
• Snowden said higher tax refunds, up about 11% to 12%, are supporting stronger customer spending. 
• The company reported Q1 revenue of $1.78 billion and adjusted earnings per share of $0.11.

Penn Entertainment Inc. (PENN) shares were slipping nearly 2% in overnight trading late Thursday after finishing the regular session at a year’s high as the casino operator projected steady consumer demand and operational momentum despite some macroeconomic pressures.

During the company’s fiscal first-quarter earnings call on Thursday, CEO Jay Snowden acknowledged mixed economic signals but emphasized that employment trends remain the strongest predictor of customer activity in regional gaming markets.

Consumer Behavior Remains Stable: PENN Chief

Snowden noted that while rising gas prices may create minor pressure, they are unlikely to materially alter customer visitation patterns. 

“And employment actually continues to be a really good story in the U.S. So gas prices may be a little bit of noise and headwind.”

-Jay Snowden, CEO, Penn Entertainment

Most patrons live within a short driving distance of Penn’s properties, meaning fuel price fluctuations have limited influence on their decision to visit casinos regularly. “So you're probably not making a decision on the price of gas as to whether you're visiting a casino once every week or 2 weeks or once a month because it's not going to cost you much to get there,” added Snowden. 

Energy costs have climbed globally since the U.S.-Iran conflict escalated in late February, disrupting oil flows and rattling markets. Asked whether Americans should expect higher fuel costs, Donald Trump on Thursday said prices would likely rise “for a little while.”

PENN’s Tax Refund Boost And Strong Q2 Start

Snowden stated that the company is also benefiting from higher tax refunds compared to 2025, which he said have risen by roughly 11% to 12%. That increase has contributed to healthy spending trends. 

“I would say that April feels very much through the first 3 weeks, like a continuation of Q1, which is good. So we're not seeing any cracks in the armor,” said Snowden.

He said Penn’s properties in markets such as Bossier City are now past the impact of new competition introduced in 2025. As those comparisons normalize, the company is beginning to see improved year-over-year performance. 

He added that similarly, competitive pressures in Council Bluffs, Iowa, tied to developments across the Nebraska border, are expected to fade as the year progresses.

Total revenue climbed 6% YoY to $1.78 billion with an adjusted earnings per share (EPS) of $0.11. While revenue exceeded the analysts’ consensus estimates of $1.74 billion, EPS missed the $0.14 estimate, according to Fiscal AI data. 

What Are PENN Retail Traders Saying? 

On Stocktwits, retail sentiment on PENN stock swung to ‘bullish’ from ‘bearish’ over the past 24 hours, while message volume surged 125%. 

A user said, “The new tower, which bumped up the M’s capacity to 765 rooms, opened Dec. 1 and resulted in record net revenue for the property in both the quarter and in the month of March.” 

Another user quipped that the stock “will be back over $40 by year end.”

PENN stock has gained 17% year-to-date. 

Also See: META To Cut 8,000 Workers To Offset Heavy AI Spending: Report

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