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Penn National Gaming, Inc.

PENN

Consumer Discretionary

2

exclusion reasons

2 themes

Animal Welfare (1) Harmful Products (1)
PENN Consumer Discretionary Current as of March 2026

Penn National Gaming, Inc. is screened out under 2 exclusion reasons spanning 2 issue categories.

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.

Animal Exploitation
Since Mar 13, 2026

Penn National Gaming operates horse racing facilities and derives significant revenue from pari-mutuel wagering on live animal races. This business model is built on the commercial exploitation of animals for entertainment and gambling revenue. The company's operations include multiple racetracks where animals are bred, trained, and raced for profit.

While Penn National Gaming has taken steps to prohibit animal circuses at its properties following a 2020 appeal from PETA, its core business remains dependent on horse racing. The company has not announced any plans to phase out its live racing operations.

Gambling Operations
Since Oct 14, 2021

Penn Entertainment (formerly Penn National Gaming) operates 43 casinos and gaming facilities across North America; also operates ESPN Bet (online sports betting) via Disney partnership — gambling operations are the core business

Research Sources 2 organizations
Cruelty Free Investors
External

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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.