Business
PENN Entertainment, Inc. Reports First Quarter Results
WYOMISSING, Pa.--(BUSINESS WIRE)-- PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN) today reported financial results for the quarter ended
About this update from Penn Entertainment, Inc.
[{"type":"text","content":" WYOMISSING, Pa.--(BUSINESS WIRE)--\nPENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN) today reported financial results for the quarter ended March 31, 2025.\n\nJay Snowden, Chief Executive Officer and President, 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 $8 million in the quarter due to legal and advisory expenses. Through May 7, 2025 we have repurchased $35 million of shares and remain committed to our previously stated goal to repurchase at least $350 million of shares this year.\n\nResilient Core Business Trends\n\nProperty level highlights1:\n\n\nRevenues of $1.4 billion;\n\n\nAdjusted EBITDAR of $457.0 million; and\n\n\nAdjusted EBITDAR margins of 33.1%.\n\n\n“Portfolio-wide weather events in January and February negatively impacted Adjusted EBITDAR by at least $10 million,” said Mr. Snowden. “Core business trends were otherwise stable, particularly in markets not impacted by the continued growth of new supply. Our industry leading customer loyalty program, PENN Play™, combined with our investments in hospitality and entertainment offerings, contributed to strong engagement with our VIP and mid-worth customer segments. We are also seeing the benefits of our differentiated omni-channel strategy, as those pre-existing customers in Pennsylvania and Michigan who have engaged with our standalone Hollywood iCasino app have increased their spend meaningfully across both retail and online channels.\n\n____________________\n1 Property level consists of retail operating segments which are composed of our Northeast, South, West, and Midwest reportable segments.\n\nRecord Online Gaming Revenue and Momentum Building\n\nInteractive segment highlights:\n\n\nRevenues of $290.1 million (including tax gross up of $128.2 million); and\n\n\nAdjusted EBITDA loss of $89.0 million.\n\n\n“Our Interactive segment generated significant top and bottom-line year-over-year growth, highlighting the improved flow th...