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Penn Entertainment Q3 2023 results: Net loss of $725.1m

Net revenue and net income are down for Penn Entertainment compared to this time last year, with the company reporting a net loss of $725.1m.

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Penn Entertainment saw a minor dip in its overall net revenue in its Q3 2023 report, down 0.3% from $1.63bn to $1.62bn from this time last year. However, the company saw several other more substantial drops in other metrics, with Penn's metrics generally going down across the board. 

Net income became a net loss in Q3 2023, with Penn going from an income of $123.2m in Q3 2022 to a loss of $725.1m in 2023. Moreover, adjusted EBITDA has declined 32% from $440.4m this time last year to $298.5m in this year.  

Of Penn's five segments, Northeast and Interactive were up. The Northeast segment’s increase was minimal, up $1.6m from Q3 2023, however the increase from the Interactive segment was more notable, up from $158.7m to $196.3m in the past year. This translated to a rise of 23.7%.  

South, West and Midwest segments were all down from this time last year.  

The South segment was down 6.5% while the Midwest was down 1.7%, however most notable was the decline seen in the West segment, which was down 13.7%. This reflects a decline from $156.5m in Q3 2022 to $135.1m in Q3 2023, or a difference of $21.4m.

Earnings per share also went into a loss this quarter, with diluted earnings (loss) per common share going from an earning of $0.72 in Q3 2022 to a loss of $4.80 in Q3 2023. As of writing, Penn stock prices sit at $19.59, having increased in the days leading up to the results announcements but now in a slow decline.  

Despite the overall decline and several metrics going from making a profit to a loss this quarter, CEO and President of Penn Entertainment, Jay Snowden said: “We continued to see relative strength in several locations, including our casinos in Ohio, Kansas, Massachusetts and Missouri, which highlights the benefits of our geographically diversified portfolio of premier regional gaming assets and the addition of retail sports betting offerings at many of our properties.“ 

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