Penn Entertainment reports $1.66bn in revenue for Q2

Penn Entertainment’s second-quarter revenue decreased 0.7 per cent year-on-year.

US.- Penn Entertainment has announced financial results for the quarter ended June 30. The company reported revenue of $1.66bn, down 0.7 per cent compared to the same period last year. 

Gaming revenue increased 3 per cent to $1.33bn, while revenue from hotel, food, beverage, and others fell 13.4 per cent. The interactive segment, which includes all online and retail sports betting (ESPN Bet), online casino and social gaming operations, dropped 9.7 per cent. The Northeast segment remained the main revenue source, generating $696.3m. The South segment saw a decline in revenue, while West and Midwest saw an increase. 

Adjusted EBITDAR reached $367m, representing a fall of 23 per cent. The company reported a net loss of $27.1m, compared with positive $78.1m in the second quarter of 2023.

See also: Boyd Gaming expresses interest in acquiring Penn Entertainment

Jay Snowden, Penn Entertainment CEO and president, said: “Our retail properties delivered solid results this quarter as our best-in-class team of operators continues to execute across our diverse portfolio of market leading assets. In our Interactive segment, top-of-funnel growth, improved risk and trading execution, and refined promotional strategies contributed to better-than-expected revenue and adjusted EBITDA results. 

“We remain focused on database growth and driving engagement through new technology, continued investment in our gaming and non-gaming offerings, and local and national partnerships related to our food and beverage offerings 

“Cross-sell opportunities from our ESPN Bet customers remain a key growth driver for us, as our Penn Play database has grown to approximately 31 million members, including 3.8 million in our digital database, which is an increase of more than 80 per cent since the launch of ESPN Bet,” he added. 

Snowden concluded: “In our Interactive segment, we delivered record quarterly gaming revenue driven by enhanced risk and trading processes and deliberate reinvestment strategies. We will maintain our disciplined approach to customer engagement when we launch ESPN Bet in New York in late August, where we will benefit from ESPN’s extensive linear and digital reach”.