Business
PENN Entertainment Reports Second Quarter Results
WYOMISSING, Pa.--(BUSINESS WIRE)-- PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN) today reported financial results for the three and six
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 three and six months ended June 30, 2024.\n\n\nJay Snowden, Chief Executive Officer and President, said: “Our retail properties delivered solid results this quarter as our best-in-class team of operators continues to execute across our diverse portfolio of market leading assets. In our Interactive segment, top-of-funnel growth, improved risk and trading execution, and refined promotional strategies contributed to better-than-expected revenue and Adjusted EBITDA results.\n\n\nHealthy Retail Business\n\n\nProperty level highlights1:\n\n\n\nRevenues of $1.4 billion;\n\n\n\nAdjusted EBITDAR of $496.6 million; and\n\n\n\nAdjusted EBITDAR margins of 34.8%.\n\n\n\n“Our retail business remained stable as consistent consumer trends, our diverse portfolio, and recent capital investments offset known, new supply in certain markets,” said Mr. Snowden. “We remain focused on database growth and driving engagement through new technology, continued investment in our gaming and non-gaming offerings, and local and national partnerships related to our food and beverage offerings. Cross-sell opportunities from our ESPN BET customers remain a key growth driver for us, as our PENN Play™ database has grown to approximately 31 million members, including 3.8 million in our digital database, which is an increase of more than 80% since the launch of ESPN BET. We are also making solid progress on our four development projects, all of which remain on budget and on schedule.\n\n\nInteractive Business Benefits from Operational Improvements\n\n\nInteractive segment highlights:\n\n\n\nRevenues of $232.6 million (including tax gross up of $82.1 million); and\n\n\n\nAdjusted EBITDA loss of $102.8 million.\n\n\n\n“In our Interactive segment, we delivered record quarterly gaming revenue driven by enhanced risk and trading processes and deliberate reinvestment strategies. We will maintain our disciplined approach to customer engagement when we launch ESPN BET in New York in late August2, where we will benefit from ESPN’s extensive linear and digital reach. We recently began the rollout of our ESPN BET product enhancements and will launch the remaining key upgrades prior to the start of college football and our launch in New ...