Penn National has reported ‘ongoing growth’ in its core businesses driven by high-end guests, engagement with younger demographics and new technology.
“The results from our core businesses continue to impress,” explained Jay Snowden, President and Chief Executive Officer. “Excluding the impact of Hurricane Ida and the Delta variant in the quarter, we saw a continuation of the trends from prior quarters including growth in our VIP segments and our younger demographics.
“Our VIP segment grew by 33 per cent compared to Q3 2019, fuelled by increases in both the number of guests playing at higher levels and the frequency of their visitation.
“Additionally, we are experiencing continued engagement with our younger customers, who are generating new growth, and more than offset any declines in Q3 of our older core gaming customers due to the Delta variant.
In the three months ended September 30, revenues were $1.5bn, an increase of $382.1m year over year and $157.3m on 2019.
Net income was $86.1m with a margin of 5.7 per cent, as compared to $141.2m and 12.5 per cent respectively in the prior year and net income of $43.7m and net margin of 3.2 per cent two years ago.
Adjusted EBITDA was $364.3m, an increase of $20.7m year over year and $52.7m versus 2019.
During the quarter, Penn launched the Barstool Sportsbook mobile app in five states (Colorado, New Jersey, Tennessee, Virginia, and Arizona), opened Hollywood Casino York and began to roll out our cashless, cardless, and contactless (“3Cs”) technology across the company’s portfolio.
Earlier this week, Penn launched its mobile sports betting app in Iowa.