PENN up seven per cent with record revenues in land-based

Operator is pleased with the early performance of its Alberta iCasino and OSB operations

PENN Entertainment increased its revenues by seven per cent in the third quarter to hit $1.5bn in its retail segment and $348.4m in its interactive division.

Jay Snowden, Chief Executive Officer and President, said: “PENN’s third-quarter results were highlighted by strong year-over-year growth in Retail Segment Adjusted EBITDAR, continued progress toward Interactive profitability, and further balance sheet deleveraging. Our Retail segment achieved record third-quarter revenue, reflecting broad-based strength across the portfolio, including our completed development projects. Sustained revenue growth in US standalone Hollywood iCasino and Canada, together with operational discipline, reinforces our confidence in achieving our full-year Adjusted EBITDA target in our Interactive segment. Importantly, the healthy operating trends we experienced across both our Retail and Interactive segments continued through October.”

“Our Retail segment delivered better than expected revenue and Adjusted EBITDAR results, driven by same-store growth and contributions from our completed development projects,” said Mr. Snowden. “Property-level performance was supported by increases in rated revenue and spend per visit across all age segments, meaningful contributions from mid- and high-worth customers, and continued growth in unrated revenue. For the third consecutive quarter, Segment Adjusted EBITDAR margins improved year-over-year. We believe the returns we are generating from investments in our portfolio highlight the opportunity across our remaining development pipeline and position us well for future growth.”

“Adjusted EBITDA in our Interactive segment improved meaningfully year-over-year, reflecting continued execution against our plan to achieve profitability. US iCasino revenue growth was driven by the strength of standalone Hollywood iCasino, supported by efficient user acquisition and reinvestment. In Ontario, increased users and revenue per user contributed to revenue growth across both iCasino and online sports betting (OSB) as we continue to reinvest in one of our most attractive jurisdictions. We are also pleased with the early performance of our Alberta iCasino and OSB operations, which further expand our Canadian presence. These encouraging trends reinforce our strategic focus on U.S. iCasino and Canada as key drivers of profitable growth,” concluded Mr. Snowden.