On Dec 6, 2022, Penn Entertainment Board Authorized A New $750M Share Repurchase Program; New Authorization Expires On December 31, 2025

On December 6, 2022, the Board of Directors of PENN Entertainment, Inc. (the “Company”) authorized a new $750 million share repurchase program. The new authorization expires on December 31, 2025 and is in addition to the Company’s existing $750 million share repurchase program authorized on February 1, 2022 (“February 2022 Authorization”). The Company plans to utilize the remaining capacity under this repurchase plan prior to effecting any repurchases under the new $750 million repurchase program.
Repurchases by the Company are subject to available liquidity, general market and economic conditions, alternate uses for the capital and other factors. Share repurchases may be made from time to time through a 10b5-1 trading plan, open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements. There is no minimum number of shares that the Company is required to repurchase and the repurchase programs may be suspended or discontinued at any time without prior notice.
Rule 10b5-1 allows a company to purchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. Under a 10b5-1 plan, the Company’s third party broker, subject to the rules and regulations of the Securities and Exchange Commission, will have authority to repurchase the Company’s common stock in the open market or through privately negotiated transactions in accordance with the terms of such 10b5-1 plan.