PENN Entertainment reports strong online revenue in Q3

Finance News

PENN Entertainment on Thursday reported a loss of $724.8 million in its third quarter.

PENN reported Q3 revenues of $1.62 billion, with a net loss of $725.1 million. The company’s Adjusted EBITDAR stood at $445.1 million, with margins of 27.5%.

The Interactive segment, which includes online sports betting and iGaming operations, reported revenues of $196.3 million, despite an adjusted EBITDA loss of $50.2 million.

Jay Snowden, Chief Executive Officer and President, said: “Our property level performance was stable in the third quarter reflecting solid results from our rated traditional core customer.

We continued to see relative strength in several locations, including our casinos in Ohio, Kansas, Massachusetts, and Missouri, which highlights the benefits of our geographically diversified portfolio of premier regional gaming assets and the addition of retail sports betting offerings at many of our properties.”