Business
Penn National Gaming Reports First Quarter Revenues of $1.56 Billion, Net Income of $51.6 Million, Adjusted EBITDAR of $494.7 Million, and Adjusted EBITDA of $434.6 Million
Retail Operations Benefitting from Strong Volumes and Meaningful Database Growth Interactive Segment Continues to Deliver Disciplined Growth, Highlighted by
About this update from Gaming And Leisure Properties, Inc.
[{"type":"text","content":"\nRetail Operations Benefitting from Strong Volumes and Meaningful Database Growth\n\nInteractive Segment Continues to Deliver Disciplined Growth, Highlighted by the Successful Launch of the Barstool Sportsbook in Louisiana and theScore Bet in Ontario\n\nRaising 2022 Full Year Revenue and Adjusted EBITDAR Guidance\n\nRepurchased $175.1 Million of Common Stock Under Share Repurchase Authorization\n\n WYOMISSING, Pa.--(BUSINESS WIRE)--\nPenn National Gaming, Inc. (Nasdaq: PENN) (“Penn” or the “Company”) today reported financial results for the three months ended March 31, 2022.\n\n2022 First Quarter Financial Highlights:\n\n\nRevenues of $1.56 billion, an increase of 22.7% year-over-year;\n\n\nNet income of $51.6 and net income margin of 3.3%, as compared to net income of $90.9 million and net income margin of 7.1% in the prior year;\n\n\nAdjusted EBITDAR of $494.7 million, an increase of 10.7% year-over-year;\n\n\nAdjusted EBITDA of $434.6 million, an increase of 29.1% year-over-year; and\n\n\nAdjusted EBITDAR margins of 31.6%, a decline of 344bps year-over-year.\n\n\nFor further information, the Company has posted a presentation to its website regarding the first quarter highlights and accomplishments, which can be found here.\n\nJay Snowden, President and Chief Executive Officer, commented: “Penn National Gaming generated record first quarter results with revenues of $1.56 billion and Adjusted EBITDAR of $494.7 million. These results reflect our continued progress in meeting our strategic objectives. We are growing our active mychoice® database and are seeing early benefits from our technology investments. We are also driving momentum at our Interactive Segment with ongoing sports betting and iCasino growth in the U.S., and the successful launch of mobile sports betting and iCasino in Ontario on April 4th on theScore’s proprietary player account management system (“PAM”) and bonusing engine. Based on the strength of our first quarter performance and our outlook for the remainder of the year, we are increasing our prior 2022 revenue and Adjusted EBITDAR guidance range to $6.15 billion to $6.55 billion and $1.875 billion to $2.00 billion, respectively.\n\nStrong Property Level Performance Across all Segments Supported by Active Database Growth\n\nProperty level highlights1:\n\n\nRevenues of $1.42 billion;\n\n\nAdjusted EBITDAR of...