Penn National Q1 revenue up 14%; but just short of 2019 figures
Penn National Gaming generated $1.27bn in revenue for Q1, a 14% year-on-year growth for the US operator.
Net income was also up to $90m, as opposed to a $608m loss for the corresponding period in 2020, with casinos coming to a total shutdown in March 2020 due to the Covid-19 pandemic.
Adjusted EBITDA was just over double year-on-year, though, reaching $336.6m during a quarter CEO Jay Snowden naturally lauded for its success.
The CEO said: “Penn National kicked off the year with record results in Q1 2021 from our land-based business and the launch of our online Barstool Sportsbook in Michigan and Illinois.
“In addition, we fully integrated our mychoice player loyalty program across all our retail and digital offerings, which bolsters Penn National’s ecosystem and further expands our competitive advantage.
Focusing on Penn National’s Barstool Sports partnership, he added: “Equally exciting was our inclusion in the S&P 500 in March, which underscores the investment community’s confidence in our digital transformation and our position as the nation’s largest regional gaming operator.
“This milestone is a testament to the hard work, determination and commitment of all our team members at the property and corporate levels as well as our valued partners at Barstool Sports.”
Naturally, however, Snowden pointed out there is still work to do to reach Penn National’s 2019 revenues.
Q1 2021 was slightly down on Q1 2019 for the operator, although remaining Covid-19 restrictions will naturally have impacted its land-based businesses in this respect.
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