Penn Entertainment shareholders have voted to significantly reduce the maximum compensation available to chief executive Jay Snowden, reflecting growing investor frustration with the company’s recent performance while backing efforts to better align executive pay with shareholder expectations.
At the company’s latest shareholder meeting, 77.5% of investors supported a revised executive pay package that lowers Snowden’s maximum annual compensation to $17.4 million, down from the previous ceiling of $25.3 million. The outcome marks a sharp shift from last year, when fewer than one-third of shareholders endorsed the company’s executive compensation plan.
Penn acknowledged investor concerns but also pointed out that Snowden has not collected the full compensation available to him in recent years. Between 2021 and 2025, he received approximately $12.5 million, or about 42% of the amount he was eligible to earn during that period.
The company has actively engaged with shareholders ahead of the vote. Director Maria Kaplowitz held discussions with 17 institutional investors representing roughly 48% of Penn’s outstanding shares, with executive compensation among the primary topics.
The vote comes as Penn continues reshaping its business strategy following a series of setbacks in sports betting. The operator exited its ESPN Bet partnership last year and previously sold the Barstool Sports brand back to founder David Portnoy for $1 after acquiring it for a substantially larger sum.
Despite those challenges, Penn’s online casino business has become a brighter spot for the company. During its first-quarter earnings report, the operator revealed that revenue from its iGaming operations surged by 362% year-on-year across the jurisdictions where it offers online casino products, reinforcing its growing focus on the digital casino segment.