PENN's Post-Midterm Play: Why Texas Could Be Next

Dr. Annelies De Vos · 2026-11-06

PENN Entertainment isn't sitting back waiting for the dust to settle after the November 3 midterm elections. CEO Jay Snowden came out early and said the quiet part loud: the results could open doors for gaming expansion in several states. And for a company like PENN, that's not just a nice-to-have. It's the kind of shift that can reshape a balance sheet. The most interesting piece of this puzzle? Texas. ### Why Texas Suddenly Matters Again Texas has long been the great untapped prize for the gaming industry. Big population, deep pockets, and a political culture that's historically kept casino gambling at arm's length. But leadership changes have a way of reshuffling priorities, and that's exactly what's drawing renewed attention now. Here's the thing that makes PENN's position different from most competitors. If Texas policy shifts, PENN isn't starting from zero. The company already runs Sam Houston Race Park and Retama Park, which means it has boots on the ground, relationships built, and infrastructure in place. That's a real advantage. Think of it like owning the land before anyone else realizes there's oil under it. ### Building on What's Already There Snowden's framing was pretty clear: any legislative shift would build on PENN's existing operating footprint rather than require a cold entry into the state. That's a meaningful distinction. - Existing racetrack licenses and operations - Established local relationships and community ties - Physical infrastructure already in place - A brand presence that predates any new legislation For investors and industry watchers, that translates to lower risk and faster time-to-market if the rules change. ### The Bigger Picture Beyond Texas Texas gets the headlines, but it's not the whole story. Snowden pointed to several states where the midterm outcomes could improve the climate for gaming expansion. That's a broader signal worth paying attention to. > "The results could improve prospects for gaming expansion in several states." — Jay Snowden, CEO of PENN Entertainment When a major operator starts talking publicly about expansion opportunities right after an election, it usually means the lobbying conversations are already happening behind closed doors. ### What to Watch For If you're following this space, keep an eye on three things: - Whether Texas legislators actually bring gambling bills to the floor in the next session - How PENN positions its existing racetrack assets in public statements - Whether other operators start making similar moves in the same states The midterms may be over, but for PENN Entertainment, the real race is just getting started. And Texas could be the finish line that changes everything.