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Penn Entertainment has disclosed its financial and operational outcomes for the initial quarter of this year, showcasing a robust revenue figure of nearly $1.6 billion, consistent with its performance from the previous year.
Despite encountering a net loss of $114.9 million, with a diluted loss per share amounting to $0.76, Penn Entertainment’s revenue performance remained resilient, mirroring stable trends throughout the quarter. Notably, the net loss witnessed a significant decline compared to the preceding quarter, albeit reflecting a substantial year-over-year decrease.
Penn Entertainment’s adjusted EBITDA surged to $101.4 million during the first quarter, demonstrating a remarkable improvement compared to the previous quarter’s performance and surpassing last year’s figures by a considerable margin. This notable enhancement underscores the company’s enhanced operational efficiency and strategic maneuvers in navigating market challenges.
Commenting on the Q1 results, CEO Jay Snowden highlighted the company’s resilience amidst adverse weather conditions and emphasized the progress of the newly established ESPN Bet brand. He remarked, “Our property level performance showed resilience this quarter, with stable trends continuing into April following portfolio-wide severe weather through mid-February.”
Snowden further elaborated on ESPN Bet’s positive impact on driving demand, attributing it to the brand’s widespread recognition and affinity among consumers. He stated, “ESPN Bet continues to drive strong top of funnel demand due to the reach and affinity for the ESPN brand, which led to record online sports betting handle and iCasino gross gaming revenue in the quarter.”
However, he acknowledged challenges faced by the Interactive segment, primarily stemming from unfavorable hold from major sporting events. Looking ahead, Snowden revealed plans for collaboration with ESPN to introduce product enhancements and unique media integrations, particularly in anticipation of the 2024 football season.
Snowden expressed optimism regarding Penn Entertainment’s trajectory, emphasizing the company’s commitment to enhancing its online product offering and creating a distinct experience for sports enthusiasts and bettors alike. He affirmed, “Our improved online product offering will help engage, reactivate, and retain our expanding database, while also advancing our strategy to create a highly differentiated experience for sports fans and sports bettors.”