Penn National Gaming, now rebranded as Penn Entertainment, has released its financial results for the three and six months ended June 30th, 2022.
The report reveals that revenue for Q2 stood at $1.6 billion (€1.56 billion), representing an increase of 5% year-on-year. This resulted in net income of $26.1 million (€25.5 million) and net income margin of 1.6%. This was down significantly from the $198.7 million (€194.3 million) reported in Q2 2021. The report also notes that the revenue figure includes $55.4 million (€54.1 million) related to the gross-up of gaming tax reimbursements from third-party skin partners.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) came to $476.5 million (€465.9 million), up by 1.4%. Meanwhile, adjusted EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent) dropped by 14% to $504.5 million (€493.3 million)
Speaking of the latest results, Penn President and CEO Jay Snowden said:
“Over the past few years, Penn has transformed our business through a highly differentiated strategy focused on organic cross-sell opportunities, which is reinforced by our investments in retail casinos, sports media assets, owned technology, including a state-of-the-art, fully integrated digital sports and online casino betting platform, and an in-house iCasino content studio.
“Our new name maintains ties to our legacy while better reflecting our evolution into North America’s leading provider of integrated entertainment, sports content and casino gaming experiences.”
Penn also reported that its mychoice loyalty program grew by 1.2 million registered users over the last four quarters while Q2 2022 saw the program generate revenues of $1.5 billion (€1.4 million) and adjusted EBITDAR of $548.7 million (€536.5 million) with a margin of 37.2%.
Snowden also added that Penn’s launch of theScore Bet sports betting app in Ontario helped to bolster the company’s online arm resulting in revenues of $154.9 million (€151.4 million). However, despite the success of theScore Bet, the company’s online businesses posted a combined adjusted EBITDA loss of $20.8 million (€20.3 million).
“In July, we successfully deployed our proprietary in-house risk and trading platform in Ontario, which significantly enhances theScore Bet’s online betting capabilities, mobile product offerings and overall integrated media and betting ecosystem.”
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.