Penn Entertainment generates $1.6bn in revenue for Q4 2022
US operator Penn Entertainment has made $1.6bn in revenue for Q4 2022, a 0.8% increase year-on-year.
The company also generated a net income of $20.8m for the quarter, although this was down on the $44.8m of income it made in the prior-year period.
An adjusted EBITDAR amount of $468.3m also represented a 3% decrease year-on-year, although adjusted EBITDA (not including rent) was up 19% from Q4 2022 at $438.3m.
Although Penn’s adjusted EBITDAR margin of 29.5% marked a 110bps decline year-on-year, the company notes that its omnichannel engagement has helped it achieve stable results for the final quarter of 2022.
This is alongside a “strong” conclusion to its retail operations and interactive segment.
During Q4, the company was able to repurchase $91m of common stock at an average price of $31.69.
And it has given a full-year revenue range of $6.15bn to $6.58bn for 2023, an uptick on its full-year revenue for 2022.
Penn Entertainment CEO and President Jay Snowden said: “2022 was a solid year for Penn despite ongoing macroeconomic headwinds. I’m proud of Penn’s numerous financial and operational achievements in the past year as well as our continued progress on the ESG front.
“We remained focused on executing our leading omnichannel strategy, which drove database growth and further engagement with our expanding 21–44-year-old cohort.
“Fourth quarter revenues of $1.6bn and adjusted EBITDAR of $468.3m were impacted by severe weather in certain parts of the country in December. Importantly, we also achieved profitability in our Interactive segment notwithstanding an unfavorable sports betting outcome in the World Series.”
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