Penn National reports 15% rise in full-year online revenue to $1.2bn
Penn National Gaming on Thursday reported first-quarter net income of $91 million, after reporting a loss in the same period a year earlier.
For the first quarter ended March 31, 2021, Penn National generated revenues of $1,274.9 million and Adjusted EBITDAR of $447.0 million. Revenues declined 6% compared to Q1 2019 pro forma results while Adjusted EBITDAR was up 7% and Adjusted EBITDAR margins increased 434 basis points based on the pro forma comparison.
The strong results were driven by contributions from the online Barstool Sportsbook. “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,” CEO Jay Snowden said.
The company’s shares hit an all-time high in March after launching its online sports betting app Barstool Sportsbook in Illinois.
The company still hasn’t reached its pre-pandemic activity levels, however, with first-quarter revenue in 2021 down 6% from the $1.36 billion the company reported in 2019.