PENN Entertainment today reported financial results for the three and nine months ended September 30, 2024.

During the quarter revenue was of $1.4 billion, adjusted EBITDAR of $471.7 million; and adjusted EBITDAR margins were 3.8%. Total liquidity as of September 30, 2024 was $1.8 billion inclusive of $834.0 million in Cash and cash equivalents. Traditional net debt as of the end of the quarter was $1.8 billion.

Revenue was stable through October, supported by our enhanced offerings and best-in-class retail sportsbooks,” said Mr. Snowden. “We are mitigating ongoing pressures from known new supply in Nebraska, Louisiana, and Chicagoland by continuing to reimagine our properties to improve the customer experience and drive loyalty.

During the quarter, we rebranded seven ESPN BET retail sportsbooks and accelerated our planned hotel room renovations at L’Auberge Casino Lake Charles.

We are seeing higher value per customer from guests staying in the renovated rooms to-date, with the remainder expected to be completed through January of 2025. As disclosed last month during our investor event, our four development projects remain on budget and on schedule, with Hollywood Joliet expected to open ahead of schedule during the second half of 2025.