Business
Penn National Gaming Reports Fourth Quarter Revenues of $1.6 Billion, Net Income of $44.8 Million, Adjusted EBITDAR of $480.5 Million, and Adjusted EBITDA of $369.0 Million
Retail Operations Deliver Strong Results Through Sustainable Margin Improvement, Technology Upgrades and Growing Database Interactive Segment Exceeded
About this update from Penn Entertainment, Inc.
[{"type":"text","content":"\nRetail Operations Deliver Strong Results Through Sustainable Margin Improvement, Technology Upgrades and Growing Database\n\nInteractive Segment Exceeded Expectations\n\nBoard of Directors Authorizes $750 Million Share Repurchase Program\n\nCompany Initiates 2022 Full Year Guidance\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 and year ended December 31, 2021.\n\n2021 Fourth Quarter Financial Highlights:\n\n\nRevenues of $1.6 billion, an increase of $545.1 million year-over-year and $231.3 million versus 2019;\n\n\nNet income of $44.8 million and net income margin of 2.8%, as compared to net income of $12.7 million and net income margin of 1.2% in the prior year and net loss of $92.9 million and net loss margin of 6.9% in 2019;\n\n\nAdjusted EBITDAR of $480.5 million, an increase of $115.1 million year-over-year and $81.1 million versus 2019;\n\n\nAdjusted EBITDA of $369.0 million, an increase of $113.1 million year-over-year and $65.0 million versus 2019; and\n\n\nAdjusted EBITDAR margins of 30.6%, as compared to 35.6% in the prior year and 29.8% in 2019.\n\n\nFor further information, the Company has posted a presentation to its website regarding the fourth quarter highlights and accomplishments, which can be found here.\n\nJay Snowden, President and Chief Executive Officer, commented: “I am pleased to report a strong finish to another transformative year for Penn National. Our fourth quarter revenues of $1.6 billion and Adjusted EBITDAR of $480.5 million exceeded both 2020 and 2019 levels as our best-in-class operating teams continue to deliver impressive results despite the ongoing pandemic. In addition, we accomplished several strategic objectives this quarter that have laid the foundation for future growth, including the completion of our acquisition of Score Media and Gaming Inc. (“theScore”), the continued expansion of Penn Interactive operations, the opening of our fourth casino in Pennsylvania and the roll-out of new technology at many of our casinos. Given our confidence and improved visibility regarding both our retail and interactive segments, as well as our strong financial position, we are pleased to announce that our Board of Directors has authorized a $750 million, three-year share repurc...