PENN Entertainment reports quarterly revenue below estimates

Finance News

PENN Entertainment missed analysts’ expectations in Q1 CY2024, with revenue down 4% year on year to $1.61 billion. It made a GAAP loss of $0.76 per share, down from its profit of $3.05 per share in the same quarter last year.

Jay Snowden, Chief Executive Officer and President, said: “Our property level performance showed resilience this quarter, with stable trends continuing into April following portfolio-wide severe weather through mid-February.

Meanwhile, ESPN BET continues to drive strong top of funnel demand due to the reach and affinity for the ESPN brand, which led to record online sports betting handle and iCasino gross gaming revenue in the quarter. However, Interactive segment results were negatively impacted primarily by unfavorable hold from major sporting events.

We look forward to unveiling additional product enhancements and unique media integrations with ESPN ahead of the 2024 football season. Our improved online product offering will help engage, reactivate, and retain our expanding database, while also advancing our strategy to create a highly differentiated experience for sports fans and sports bettors.