Penn Entertainment reports 7.5% increase in revenue for Q3

Penn Entertainment posted revenue of $1.6bn for the three months ended September 30.

US.- Penn Entertainment has published its third-quarter financial results. It reported revenue of $1.6bn, an increase of 7.5 per cent compared to the same period in 2021. Net income was $123.2m, up from $86.1m in the comparable quarter last year.

Adjusted EBITDA grew 20.9 per cent to $440.4m. Additionally, the company revealed that its online division turned a profit in October.

Jay Snowden, chief executive officer and president, announced: “We are pleased to report another solid quarter despite operating in an uncertain economic environment. PENN generated revenues of $1.6bn and Adjusted EBITDAR of $471.9m. Our strong retail results were highlighted by ongoing database growth and stable margin performance, which continued through October.

“Meanwhile, our successful sports betting launch in Kansas, from both a retail and online perspective, underscores the advantage of our leading omnichannel strategy. In Ontario, we are enjoying early success during our first football season while benefiting from theScore Bet’s seamless transition to our own fully-integrated, proprietary tech stack. Based on our third quarter results and our continued consistent performance, we are reiterating our 2022 revenue and Adjusted EBITDAR guidance range of $6.15bn to $6.55bn and $1.875bn to $2.00bn, respectively.

For the first nine months of the year, revenue stands at $4.81bn, 11.1 per cent higher than the same period last year. Operating expenses stand at $4.08bn, a rise of 16.7 per cent. After other expenses, taxes and interest, the net income for the first nine months is $200.9m, down by 45.5 per cent from the comparable period in 2021.

See also: Penn Entertainment to relocate casinos and build new hotel projects