Key points:
- Revenue increased 4.1% to $1.67bn
- Net income increased 197% to $111.5m
- Adjusted EBITDA also grew 70.9% to $173.3m
Penn Entertainment has published its Q1 report, for the period ending 31 March, 2025.
Revenue increased by 4.1% year-on-year for a total of $1.67bn, with $1.2bn of this coming from its gaming division.
Net income jumped from -$114.9m in 2024 to $111.5m this quarter, signifying a 197% increase.
Adjusted EBITDA also grew 70.9% to $173.3m, while the basic earnings per share jumped from -$0.76 to $0.73.
The interactive division at Penn Entertainment reported $290.1m in revenue, although an adjusted EBITBA of -$89m.
In its Q1 report, Penn also discussed the relocation of its Ameristar Council Bluffs property, which will take approximately 24 months and has an estimated budget of $200m.
It’s other projects, mainly relocating Hollywood Jolier and Hollywood Aurora are also listed as ‘on track, as well as Hollywood Columbus Hotel Tower and M Resort Hotel Tower.
Monthly active users in the interactive segment are steadily increasing when compared to Q4 24, marking a 3.3% growth to 560,000, although this is an 18.1% decrease year-on-year.
As for iCasino, monthly active users grew 20% year-on-year.
Jay Snowden, Penn President and CEO, said: “Penn’s properties demonstrated strong resilience in the quarter following severe weather challenges earlier in the year, as gaming volumes rebounded in March and remained consistent through April and early May.
“In our Interactive segment we generated record gaming revenue and significant year-over-year improvements in both revenue and Adjusted EBITDA despite industry-wide unfavorable sports betting hold.
“Our corporate overhead costs were higher by approximately $8m in the quarter due to legal and advisory expenses. Through May 7, 2025 we have repurchased $35m of shares and remain committed to our previously stated goal to repurchase at least $350m of shares this year.”
Good to know: Between 17 December 2024 and 4 April 2025, Penn Entertainment has launched iCasino products in Pensylvania, Michigan, New Jersey and Ontario
On the topic of ESPN Bet, Snowdon had the following to say: “ESPN BET and theScore BET continue to provide a strong top of funnel for our online casino platforms, which achieved record gaming revenue in the quarter and are contributing meaningfully to our results.
“Additionally, since the year began, we have rolled out several ESPN BET product enhancements and new features leveraging account linking, including adding ESPN favourites to the app homepage and creating a new rewards program.
“Throughout the year we plan to continue executing our strategy to provide a differentiated, personalised digital offering while also working to deliver on our performance goals.”
