Penn National Gaming announces rebranding as it releases Q2 results
The company has rebranded as Penn Entertainment.
US.- Penn National Gaming has announced that it has rebranded as Penn Entertainment. The name change was announced as the company released its second-quarter results. It reported revenue of $1.6bn, up 5 per cent year-on-year. Q2 adjusted earnings were $504.5m, down from the $586.6m in the same period in 2021.
This resulted in net income of $26.1m and net income margin of 1.6 per cent, down significantly from the $198.7m reported in Q2 2021. Revenue includes $55.4m related to the gross-up of gaming tax reimbursements from third-party skin partners.
Adjusted EBITDA came to $476.5m, up by 1.4 per cent. Adjusted EBITDAR dropped by 14 per cent to $504.5m.
Jay Snowden, chief executive officer and president, said: “Today is an exciting day for us as we become PENN Entertainment, Inc. Over the past few years, PENN has transformed our business through a highly differentiated strategy focused on organic cross-sell opportunities, which is reinforced by our investments in market-leading retail casinos, sports media assets, owned technology, including a state-of-the-art, fully integrated digital sports and online casino betting platform, and an in-house icasino content studio.
“Our new name maintains ties to our legacy while better reflecting our evolution into North America’s leading provider of integrated entertainment, sports content and casino gaming experiences.”
“We are pleased with our second quarter results. PENN generated revenues of $1.6 billion and Adjusted EBITDAR of $504.5 million. Despite economic headwinds, we delivered consistent performance across our retail portfolio in the quarter and into July.
Snowden added that the firm had successfully transitioned theScore Bet in Ontario to its own “fully-integrated, proprietary tech stack – reflecting a key achievement in our strategic roadmap.”
Penn National Gaming and US Integrity sign partnership in North America
In April, Penn National Gaming and US Integrity signed a comprehensive partnership for the US and Canadian regulated markets. USI supplies Penn National with its integrity monitoring services via its proprietary dashboard. The firm also provides Penn National with analysis across data to identify irregular contest-level, officiating and wagering patterns.
Chris Soriano, chief compliance officer of Penn National, said: “We are excited to be working with U.S. Integrity as we continue to expand our industry-leading brands Barstool Sportsbook and theScore Bet across the regulated U.S. and Canadian markets.”
