Penn National reports $1.5bn in revenue for Q3

Penn National Gaming (PNG) has reported revenue of $1.51bn for its third quarter 2021.

US.- Penn National Gaming has reported revenue of $1.5bn for Q3, a year-over-year increase of $382.1m and a $157.3m increase from the same period in pre-pandemic 2019. Revenue was up 33.8 per cent compared to the third quarter of 2020.

Net income for the quarter was $86.1m and the net income margin was 5.7 per cent, down by 39 per cent year-on-year. Last year’s third quarter saw net income of $141.2m and net income margin of 12.5 per cent. Net income for the third quarter of 2019 was $43.7m, with a net margin of 3.2 per cent.

Most of the revenue came from PNG’s Northeastern properties, which recorded $672.4m in Q3, up 23.3 per cent. Its Southern properties recorded the second highest revenue at $318.2m, which was a rise of 24.4 per cent year-on-year. The Midwestern properties brought in $285.7m, up 25.5 per cent. Properties in the West generated $145.7m. Revenue from other segments including digital came in at $96.5m.

By type of operations, gaming generated $1.25bn, up by 26.4 per cent. Food, beverage, hotel and other revenue made up the remaining $255.6m. Operating expenses came to $1.27bn, an increase of 36.3 per cent compared to the same period in 2020. Tht left operating income at $239.1m, a 29.8 per cent rise year-on-year.

Penn National Gaming President and CEO Jay Snowden, said: “We achieved many significant milestones in the third quarter: We successfully launched the Barstool Sportsbook mobile app in five states (Colorado, New Jersey, Tennessee, Virginia, and Arizona), which more than doubled our footprint. 

“In addition, we opened Hollywood Casino York to strong initial results, began to roll out our market leading cashless, cardless, and contactless (“3Cs”) technology across the portfolio and continued to derive multiple tangible benefits from our highly differentiated omni-channel strategy. 

“We also continued to generate revenues and EBITDAR significantly above 2019 levels, despite exogenous events that had a one-time impact on our quarter.”

See also: Penn National completes $2bn acquisition of Score Media & Gaming