Business
Penn National Gaming Reports Third Quarter Revenues of $1.5 Billion, Net Income of $86.1 Million, Adjusted EBITDAR of $480.3 Million, and Adjusted EBITDA of $364.3 Million
Barstool Sportsbook Mobile App Continues to Expand Through Disciplined Growth While Driving Sustainable Market Share Ongoing Growth in Core Businesses Driven
About this update from Penn Entertainment, Inc.
[{"type":"text","content":"\nBarstool Sportsbook Mobile App Continues to Expand Through Disciplined Growth While Driving Sustainable Market Share\n\nOngoing Growth in Core Businesses Driven by High-End Guests, Continued Engagement with Younger Demographics and Enhanced by New Technology\n\n WYOMISSING, Pa.--(BUSINESS WIRE)--\nPenn National Gaming, Inc. (NASDAQ: PENN) (“Penn National” or the “Company”) today reported financial results for the three and nine months ended September 30, 2021.\n\n2021 Third Quarter Financial Highlights:\n\n\nRevenues of $1.5 billion, an increase of $382.1 million year over year and $157.3 million versus 2019;\n\n\nNet income of $86.1 million and net income margin of 5.7%, as compared to $141.2 million and 12.5%, respectively, in the prior year and net income of $43.7 million and net margin of 3.2% in 2019;\n\n\nAdjusted EBITDA of $364.3 million, an increase of $20.7 million year over year and $52.7 million versus 2019;\n\n\nAdjusted EBITDAR of $480.3 million, an increase of $27.7 million year over year and $72.4 million versus 2019; and\n\n\nAdjusted EBITDAR margins of 31.8%, as compared to 40.1% in the prior year and 30.1% in 2019.\n\n\nFor further information, we have posted a presentation to our website regarding the third quarter highlights and accomplishments, which can be found here.\n\nJay Snowden, President and Chief Executive Officer, commented: “We achieved many significant milestones in the third quarter. We successfully launched the Barstool Sportsbook mobile app in five states (Colorado, New Jersey, Tennessee, Virginia, and Arizona), which more than doubled our footprint. In addition, we opened Hollywood Casino York to strong initial results, began to roll out our market leading cashless, cardless, and contactless (“3Cs”) technology across the portfolio and continued to derive multiple tangible benefits from our highly differentiated omni-channel strategy. We also continued to generate revenues and EBITDAR significantly above 2019 levels, despite exogenous events that had a one-time impact on our quarter. While July was a record month, the second half of August and September was impacted by Hurricane Ida and regional flare-ups of the Delta variant, which reduced property Adjusted EBITDAR and Adjusted EBITDAR margins by an estimated $30 million and 85 basis points, respectively. As the operating environment has nor...