Penn National Gaming sees revenue jump to $1.6 billion

Finance News

Penn National Gaming has reported revenues of $1.6 billion, an increase of $545.1 million year-over-year and $231.3 million versus 2019.

Net income was $44.8 million and net income margin of 2.8%, as compared to net income of $12.7 million and net income margin of 1.2% in the prior year and net loss of $92.9 million and net loss margin of 6.9% in 2019.Adjusted EBITDAR of $480.5 million, an increase of $115.1 million year-over-year and $81.1 million.

Jay Snowden, President and Chief Executive Officer, commented: “I am pleased to report a strong finish to another transformative year for Penn National. Our fourth quarter revenues of $1.6 billion and Adjusted EBITDAR of $480.5 millionexceeded both 2020 and 2019 levels as our best-in-class operating teams continue to deliver impressive results despite the ongoing pandemic.

In addition, we accomplished several strategic objectives this quarter that have laid the foundation for future growth, including the completion of our acquisition of Score Media and Gaming Inc. (“theScore”), the continued expansion of Penn Interactive operations, the opening of our fourth casino in Pennsylvania and the roll-out of new technology at many of our casinos. Given our confidence and improved visibility regarding both our retail and interactive segments, as well as our strong financial position, we are pleased to announce that our Board of Directors has authorized a $750 million, three-year share repurchase program, and we are re-initiating guidance. For 2022, we are guiding to a net revenue range of $6.07 billion to $6.39 billion and an Adjusted EBITDAR range of $1.85 billion to $1.95 billion,” said Mr. Snowden.