(AsiaGameHub) –   Jay Snowden, Penn Entertainment’s chief executive officer, is set to receive a substantial pay cut after the company’s shareholders rejected its 2025 compensation plan.

Penn Reduces Target Value of Its CEO’s Compensation

To provide additional context, a Monday regulatory filing indicates Snowden will be eligible for up to $17.4 million in 2026, a 31% reduction from the previous year’s proposed compensation package. Under the prior pay plan, the Penn Entertainment CEO could have earned $25.3 million.

The most notable adjustment is a 41% cut to long-term incentive plan (LTIP) compensation. As a result, LTIP pay now makes up just 37% of Snowden’s overall total compensation.

Reduced the target grant value of the CEO’s 2026 equity awards by $7.87 million, which equals a 41% cut to LTIP eligibility and a 31% reduction in total targeted direct compensation relative to 2025, effectively resetting his overall target pay back to 2023 levels.

Penn filing excerpt

This revised compensation proposal comes after a majority of the company’s shareholders (60%) voted against the 2025 pay plan. Penn Entertainment noted that the adjustment was made with Snowden’s full support and consent.

Per the filing, the pay packages for other members of the C-suite will remain unchanged.

This pay cut aligns with Penn’s prior commitment to engage with its shareholders regarding executive compensation. Last year, shareholders voiced strong opposition to Penn’s broader compensation framework, calling for pay packages that more accurately reflect the company’s actual performance.

Though Penn previously noted that Snowden’s actual pay over the last several years has been less than half of his total potential compensation, the latest adjustments appear to show the company is now meeting its shareholders’ requests.

Penn’s First Quarter Saw Strong Results

The move to cut Snowden’s pay comes just after the company released its financial results for the first three months of 2026. Penn’s first quarter financials showed encouraging outcomes, even with a net loss of $2.8 million over the period.

In contrast, the company’s revenue and adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) rose to $1.78 billion and $265.8 million respectively. The Interactive segment saw notable gains in adjusted EBITDA, which highlights Penn’s fast-paced digital growth.

CEO Snowden stated that he was highly satisfied with the first quarter’s performance, describing the period as a “solid quarter.” He also noted that Penn Entertainment is excited to launch operations in the Canadian province of Alberta once the local market goes live.