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

By Gambling Insider

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

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.”


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