Penn National rebrands as Penn Entertainment, Q2 revenue up 5%

Penn National Gaming, now Penn Entertainment, has published its financial results for Q2 2022.

penn entertainment q2 2022 gambling insider web image

Revenue stood at $1.6bn, representing an increase of 5% year-on-year.

This is a reasonable showing when compared at face value to competitors: Caesars recently reported an 11% annual rise, while Boyd Gaming was only able to report a 0.1% increase. MGM Resorts International was the star of the quarter, reporting 44% revenue growth.

For Penn, net income saw a decline, amounting to $26.1m, with a net income margin of 1.6%, compared to the previous year’s net income of $198.7m, with a net income margin of 12.9%.

Adjusted EBITDA stood at $476.5m, an increase of 1.4%. Adjusted EBITDAR saw a decrease of 14%, amounting to $504.5m.

Penn President and CEO Jay Snowden said: “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 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.”

The operator’s mychoice loyalty programme database showed growth, with revenue of $1.5bn and adjusted EBITDAR of $548.7m, with margins of 37.2%.

Penn reported 1.2 million new mychoice registrations over the last four quarters.

The company’s interactive segment has been bolstered by the launch of theScore Bet mobile sports betting app in Ontario.

Interactive segment revenues amounted to $154.9m, with an Adjusted EBITDA loss of $20.8m.

Snowden added: “In July, we successfully deployed our proprietary in-house risk and trading platform in Ontario, which significantly enhances theScore Bet’s online betting capabilities, mobile product offerings and overall integrated media and betting ecosystem.”

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
 
Premium Connections
Consultancy
Executive Profiles
Star Sports Group
Hard Rock Hotel & Casino Tejon
Follow Us

Facing Facts: Analysing figures from emerging gambling markets

Where is the gambling market on the rise, and are there any...

Taking Stock: A guide to lottery/iLottery operator and supplier prices

Gambling Insider tracks lottery/iLottery operator and suppli...

New Horizons Cover Feature: United Arab Emirates

With its first land-based casino set to open in 2027 and a n...

New Horizons Cover Feature: Brazil

Brazil performed quite the feat by getting its heavily delay...

The best of Malta at the Global Gaming Awards

Powered by Gambling Insider, the Global Gaming Awards are th...

Preview: SiGMA Malta 2024

A place in the winter sun: SiGMA returns to the home of iGa...

Company profile: Soft2Bet

Bill 55: Advantages and challenges for Maltese operators in...

Company profile: DS Virtual Gaming

DS Virtual Gaming is a leader in the gaming industry, utilis...