The Donerail Group Highlights Opportunity for Significant Value Creation at PENN Entertainment

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.

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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.

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