Penn Entertainment reports $1.67bn in revenue for Q1
Penn Entertainment’s first-quarter revenue increased by 4.1 per cent year-on-year.
US.- Penn Entertainment has announced financial results for the quarter ended March 31. The company reported revenue of $1.67bn, up 4.1 per cent compared to the same period last year. Net income increased 197 per cent to $111.5m in Q1. Adjusted EBITDA grew 70.9 per cent to $173.3m. Adjusted EBITDAR rose from $154.8m to $155.9m.
Gaming revenue fell 5.1 per cent to $1.2bn, while revenue from hotel, food, beverage and others remained level at $374.2m. The interactive division reported $290.1m in revenue and adjusted EBITBA of -$89m. Monthly active users in the interactive segment rose by 3.3 per cent from Q4 but were down 18.1 per cent year-on-year at 560,000. iCasino monthly active users grew 20 per cent year-on-year.
CEO and president Jay Snowden said: “Penn’s properties demonstrated strong resilience in the quarter following severe weather challenges earlier in the year, as gaming volumes rebounded in March and remained consistent through April and early May.
“In our Interactive segment we generated record gaming revenue and significant year-over-year improvements in both revenue and Adjusted EBITDA despite industry-wide unfavorable sports betting hold.”
He added: “ESPN BET and theScore BET continue to provide a strong top of funnel for our online casino platforms, which achieved record gaming revenue in the quarter and are contributing meaningfully to our results.
“Additionally, since the year began, we have rolled out several ESPN BET product enhancements and new features leveraging account linking, including adding ESPN favourites to the app homepage and creating a new rewards program.”
