PENN Entertainment revenue surges to $1.63bn
Soaring revenues from online revenue propelled Penn National Gaming to a handsome third-quarter profit, but in-person wagering on slot machines and table games at its Grantville property continued to slide.
Publicly traded Penn Entertainment (PENN) reported third-quarter revenues of $1.63 billion and an overall profit of $123.5 million Thursday that exceeded the expectations of Wall Street analysts.
“The Northeast has been weaker and it’s been more Pennsylvania,” said Todd George, executive vice-president of operations for Penn Entertainment. “There’s been a little more noise in Pennsylvania and the impact has been from new competition. We’ve been fortunate with our newer properties (in York and Morgantown), but at our existing properties (in Grantville and The Meadows in Washington) did lose some share.”
Penn Entertainment Chief Executive Officer Jay Snowden said he expected the company will remain profitable in 2023 as it continues appeals to a younger 21-to-44-year-old, mostly male demographic that plays Internet casino games and wagers on sports. Snowden added that profits will be reinvested into the company’s existing properties.
Chief Financial Officer Felicia Hendrix that Penn Entertainment expects “economic headwinds” in coming months due to inflation and rising interest rates, but added the company still expects to offer a “high quality” product.