Digital drives second half revenue for Penn Entertainment
Penn Entertainment’s revenue was up 5.2% during the quarter to $1.6B on what the casino operator called consistent performance across the retail portfolio in the quarter despite economic headwinds.
The media businesses stood out with strong growth relative to Q1, with theScore’s media revenue growing 11% Y/Y and monthly sessions increasing 20%.
Adjusted EBITDAR fell 14.0% to $504.5M and adjusted EBITDA was up 1.4% to $476.5M. EPS of $0.15 missed the consensus estimate by $0.35.
Notably, Penn National Gaming reaffirmed guidance for full-year revenue of $6.15B to $6.55B vs. $6.36B consensus. Adjusted EBITDAR of $1.875B to $2.00B is anticipated.
The company also announced a name change to Penn Entertainment. “Our new name maintains ties to our legacy while better reflecting our evolution into North America’s leading provider of integrated entertainment, sports content and casino gaming experiences,” stated CEO Jay Snowden.