Business
Penn National Gaming Reports First Quarter Revenues of $1.27 Billion, Net Income of $90.9 Million, Adjusted EBITDAR of $447.0 Million, and Adjusted EBITDA of $336.6 Million
- PENN Generated First Quarter Net Income Margin of 7% and Record First Quarter Adjusted EBITDAR Margin of 35%, Benefiting from Strong Demand at Land-Based
About this update from Penn Entertainment, Inc.
[{"type":"text","content":"\n- PENN Generated First Quarter Net Income Margin of 7% and Record First Quarter Adjusted EBITDAR Margin of 35%, Benefiting from Strong Demand at Land-Based Casinos and More Efficient Cost Structure -\n\n- Focus Remains on Driving Profitable Online Gaming Revenue with Q1 Launches in Michigan and Illinois -\n\n WYOMISSING, Pa.--(BUSINESS WIRE)--\nPenn National Gaming, Inc. (NASDAQ: PENN) (“Penn National” or the “Company”) today reported financial results for the three months ended March 31, 2021.\n\nJay Snowden, President and Chief Executive Officer, commented: “Penn National kicked off the year with record results in Q1 2021 from our land-based business and the launch of our online Barstool Sportsbook in Michigan and Illinois. In addition, we fully integrated our mychoice player loyalty program across all our retail and digital offerings, which bolsters Penn National’s ecosystem and further expands our competitive advantage. Equally exciting was our inclusion in the S&P 500 in March, which underscores the investment community’s confidence in our digital transformation and our position as the nation’s largest regional gaming operator. This milestone is a testament to the hard work, determination and commitment of all our team members at the property and corporate levels as well as our valued partners at Barstool Sports.\n\n“Last month we filed our proxy statement which included an in-depth ESG report on our ongoing efforts to care for our people, our communities and our planet. Highlights include the launch of a new Diversity Scholarship program in March, which reflects our commitment to equity in post-secondary education opportunities for the children of our team members. With an annual commitment of $1 million, we plan to extend up to 65 scholarships this year. In addition, we implemented a supplier diversity initiative with the goal of developing new opportunities for minority-owned businesses. Last month, we hosted companywide ‘Days of Listening’ to gather feedback from team members on all matters of diversity and inclusion. Finally, on May 15, we will launch a new initiative to honor our active-duty military, veterans and first responders. The ‘myheroes’ program is an exclusive, fully integrated extension of Penn National’s industry leading mychoice rewards loyalty program, which will provide our nation’s heroes access to e...