One of the country's largest gambling operators, Penn Entertainment, recently came under fire from an activist investor organization, which claimed that the company's executives are living large — including using private jets excessively — while shareholder returns dwindle.
In a public presentation filed ahead of Penn Entertainment's 2025 annual meeting, the management firm HG Vora Capital called out Penn executives over what it described as "excessive" perks, insider stock sales, and compensation packages that reward failure, Next.io reported.
According to the news outlet, HG Vora — one of Penn's shareholders — accused company leadership of mismanaging resources while delivering poor returns. The report highlighted several red flags: CEO Jay Snowden's 70% compensation target increase in 2024, over $200 million in alleged insider stock sales by executives since 2020, and widespread use of two company-owned private jets.
While the jets are presumably used for some business travel, HG Vora said public data revealed that they most often took off from airports near executives' homes, suggesting they were being used for personal commuting. "Executive perks like outsized private jet use signal a culture of entitlement and detachment from shareholders," HG Vora added. "At a time when the company's interactive segment is losing money and returns are down, this behaviour raises serious questions."
While Penn responded that HG Vora's report "mistakenly includes hours when our aircraft were leased by third parties," the heat-trapping pollution generated by private jets is nevertheless concerning. According to the European Federation for Transport and Environment, private jets pollute up to 14 times more per passenger than commercial flights.
That added climate impact contributes to heat-trapping pollution and increasing temperatures as well as associated worsening extreme weather events, rising insurance costs, and strained public infrastructure — all of which can drive up living expenses for everyday people. So it's no wonder that private jet use draws attention as companies face increasing pressure to reduce their carbon footprints.
The firm urged fellow investors to vote for three new independent directors at the regional casino and sports betting giant. "By voting on the GOLD proxy card, shareholders can send a clear message that the status quo is no longer acceptable," HG Vora said, per Next.io.
|
Do you think billionaires spend their money wisely? Click your choice to see results and speak your mind. |
Definitely 👍 
Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Cool Picks
