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Penn National Gaming reports $1.5bn in Q3 2021 revenue

Penn National Gaming has reported revenue of $1.5bn for the third quarter of 2021, a 37% increase from the prior-year period.

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Net income amounted to $86.1m, with a net income margin of 5.7%, compared to $141.2m and 12.5% respectively in the prior-year period. Adjusted EBITDA was $364.3m, an increase of $20.7m from the same period in 2020.

The group’s Northeast segment represented $672.4m of the total revenue, with the South segment amounting to $318.2m. The West segment posted revenue of $145.7m, with the Midwest segment amounting to $285.7m.

Gaming accounted for $1.26bn of total revenue, with food, beverage and hotel representing the other $255m.

“We achieved many significant milestones in the third quarter,” said Penn National Gaming President and CEO Jay Snowden. “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.”


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