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Penn National Gaming reports 23% increase in Q1 2022 revenue

Penn National Gaming, Inc. has reported revenue of $1.56bn for the first quarter of 2022, a 23% increase from the prior-year period.

penn national gaming q1 2022 gi web image

Penn’s Northeast segment led the way for revenue with $658.5m, followed by the South segment with $341.4m. The Midwest and West segments amounted to $282.9m and $140.9m respectively, with Interactive amounting to $141.5m. Other revenue represented $7.3m of the $1.56bn total.

The group reported net income of $51.6m for Q1 2022, and a net income margin of 3.3%, compared to $90.9m and 7.1% respectively in the prior-year period. And adjusted EBITDA climbed 29% year-on-year to $434.6m.

“These results reflect our continued progress in meeting our strategic objectives,” said Penn National Gaming President and CEO Jay Snowden. “We remain encouraged by the ongoing visitation from younger demographics and are focused on continuing to reimagine our properties and offerings to enhance the entertainment appeal to this steadily growing segment of consumers.”

Penn highlighted many recent developments in the update, including the “disciplined growth” of its Interactive Segment, which posted revenue of $141.5m. This included the launch of the Barstool Sportsbook mobile app in Louisiana and theScore Bet mobile app in Ontario on 28 January and 4 April respectively.

Speaking of the segment, Snowden noted: “The Interactive Segment generated meaningful growth year over year and our profitability objectives are unchanged. Our launches in Louisiana and Ontario have demonstrated the value of both our omni-channel strategy and our investment in new technology. 

“In Louisiana, we benefited from both our best-in-class regional casinos and grass-roots marketing by Barstool Sports personalities. In Ontario, we successfully launched theScore Bet mobile app on April 4th to impressive demand.”


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