Penn Entertainment to Reduce CEO Snowden’s Total Pay to 2023 Levels

Jay Snowden, Penn Entertainment’s chief executive officer, is about get a significant paycheck reduction after the company’s shareholders rejected the company’s 2025 compensation plan.

Penn Lowers Target Value of Its CEO’s Pay

For context, a Monday filing shows that Snowden is set to earn up to $17.4 million in 2026, marking a 31% decrease from the prior year proposal. Per the prior pay plan, the Penn CEO could have earned $25.3 million.

The most significant change is reflected in a 41% LTIP compensation reduction. As a result, LTIP compensation now comprises only 37% of Snowden’s total pay.

Lowered the target grant value of the CEO’s 2026 equity awards by $7.87 million, equivalent to a 41% reduction in LTIP opportunity and 31% reduction in total target direct compensation compared to 2025, effectively resetting his total target pay to 2023 levels.

Penn filing excerpt

The reduced paycheck proposal comes after the majority of the company’s shareholders (60%) disagreed with the 2025 pay plan. Penn Entertainment emphasized that the change was made with Snowden’s support and agreement.

According to the filing, the salaries of other C-suite members remain unchanged.

The current reduction aligns with Penn’s earlier promise to discuss executive pay with the company’s shareholders. Last year, shareholders expressed significant disagreement with Penn’s broader compensation plan, demanding compensation that better reflects the company’s actual performance.

While Penn previously stated that Snowden’s paycheck for the past few years has been less than half of his total potential pay, the current changes seem to suggest that the company has aligned itself with its shareholders’ demands.

Penn’s Q1 Was a Period of Strength

The decision to reduce Snowden’s pay comes shortly after the company published its results for the first three months of 2026. Penn’s Q1 financials outlined encouraging results, despite a net loss of $2.8 million for the period.

The company’s revenue and adjusted EBITDA, on the other hand, increased to $1.78 billion and $265.8 million, respectively. The Interactive segment posted significant adjusted EBITDA improvements, demonstrating Penn’s rapid digital growth.

CEO Snowden said that he was very pleased with the Q1 performance, calling the period a “solid quarter.” He added that Penn Entertainment is looking forward to launching in the Canadian province of Alberta, once the local market goes live.