Penn Entertainment reports $1.6bn in revenue for Q4

Penn Entertainment’s fourth-quarter revenue increased 0.8 per cent year-on-year. 

US.- Penn Entertainment has published its fourth-quarter financial results. It reported revenue of $1.6bn, an increase of 0.8 per cent compared to the same period in 2021. Net income was $20.8m, down on the $44.8m reported in Q4 2021.

Adjusted EBITDAR decreased 2.5 per cent year-on-year to $468.3m, although adjusted EBITDA (not including rent) was up 18.8 per cent from Q4 2022 at $438.3m. Penn’s adjusted EBITDAR margin of 29.5 per cent marked a 110bps decline year-on-year, however, the company noted that its omnichannel engagement had helped it achieve stable results for the final quarter of 2022. 

Penn Entertainment CEO and president Jay Snowden said: “2022 was a solid year for Penn despite ongoing macroeconomic headwinds. I’m proud of Penn’s numerous financial and operational achievements in the past year as well as our continued progress on the ESG front. 

“We remained focused on executing our leading omnichannel strategy, which drove database growth and further engagement with our expanding 21–44-year-old cohort.  

“Fourth quarter revenues of $1.6bn and adjusted EBITDAR of $468.3m were impacted by severe weather in certain parts of the country in December. Importantly, we also achieved profitability in our Interactive segment notwithstanding an unfavorable sports betting outcome in the World Series.”

In Q4, the company repurchased $91m of common stock at an average price of $31.69. It has forecast a full-year revenue range of $6.15bn to $6.58bn for 2023.

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