The operator also made net income of $123.2m with a margin of 7.6%, compared to net income of $86.1m and a margin of 5.7% in the prior year period.
However, adjusted EBITDAR of $471.9m was down 2% year-on-year, but adjusted EBITDA of $440.4m was up a significant 21% year-on-year.
Penn attributes this revenue growth to continued database growth led by younger customers, and its launch in Kansas.
The company also credits momentum in Ontario for this growth, in which it uses its own in-house technology and integrated media.
Penn Entertainment also used Q3 to repurchase $168m of common stock at an average price of $31.40.
Jay Snowden, CEO and President of Penn Entertainment, said: “We are pleased to report another solid quarter despite operating in an uncertain economic environment. Penn generated revenues of $1.6bn and adjusted EBITDAR of $471.9m.
“Our strong retail results were highlighted by ongoing database growth and stable margin performance, which continued through October. Meanwhile, our successful sports betting launch in Kansas, from both a retail and online perspective, underscores the advantage of our leading omnichannel strategy."
Snowden also discussed operating results in Ontario during Penn's first sports season in the jurisdiction.
He added: “In Ontario, we are enjoying early success during our first football season while benefitting from threescore Bet’s seamless transition to our own fully integrated, proprietary tech stack.
“Based on our third quarter results and our continued consistent performance, we are reiterating our 2022 revenue and Adjusted EBITDAR guidance range of $6.15bn to $6.55bn and $1.875bn to $2.00bn, respectively.”
