PENN Entertainment, Inc. (PENN) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings, and welcome to Penn Entertainment First Quarter 2025 Earnings Call. I would now like to turn the conference over to Joe Gifoni, Investor Relations. Please go ahead. Thanks, Emma. Good morning, everyone, and thank you for joining Penn Entertainment's 2025 First Quarter Conference Call. We'll get to management's presentation and comments momentarily, as well as your question and answer. During the Q&A session, we ask that everyone please limit themselves to one question and one follow-up. I'll quickly review the safe harbor, and then we'll get right into the call. Please note that today's discussion contains forward-looking statements. Forward-looking statements involve risks, assumptions, and uncertainties that could cause actual results to differ materially. For more information, please see our press release for details on specific risk factors. It's now my pleasure to turn the call over to the company's CEO, Jay Snowden. Jay, please go ahead. Thanks, Joe. Good morning, everyone. I'm joined here in Wyoming by our CFO, Felicia Hendricks, our head of operations, Todd George, and our CTO and head of interactives, Aaron LaBerge, as well as other members of our senior executive team. As you see in our earnings release and accompanying investor presentation, Penn's properties demonstrated strong resilience in the first quarter following severe weather challenges. While January weather was slightly better year over year, it was still much worse than anticipated, and the weather-impacted days in February across the portfolio were up over three times versus last year, which ultimately impacted our adjusted retail EBITDA by at least $10 million in the quarter. Also worth noting, we had a $5 million one-time accounting benefit in the South region in Q1 last year that...