PENN Entertainment, Inc. - PENN STOCK NEWS

PENN Entertainment reported Q3 2024 financial results with revenues of $1.64 billion and a net loss of $37.5 million. The company's retail business showed stable consumer demand, though affected by unfavorable hold in Northeast and weather disruptions in South segment. Interactive segment posted revenues of $244.6 million with an Adjusted EBITDA loss of $90.9 million, benefiting from better-than-expected hold and lower promotional expenses. Total liquidity stood at $1.8 billion with $834.0 million in cash. The company launched account linking between ESPN BET and ESPN on October 30th, expanding its online sports betting footprint to 19 U.S. states.

PENN Entertainment and ESPN have launched account linking between ESPN BET and ESPN platforms, enhancing the integrated media and betting experience. Users can now track upcoming, live, and settled bets directly through the ESPN app and ESPN.com. The feature will enable personalized betting options and promotions based on users' favorite sports, teams, players, and fantasy rosters. Account linking can be accessed via prompts in the ESPN BET app or through settings in both apps and ESPN.com.

PENN Entertainment (Nasdaq: PENN) has announced its plans to release 2024 third quarter financial results on Thursday, November 7, 2024. The results will be made public at 7:00 a.m. ET, followed by a conference call and simultaneous webcast at 9:00 a.m. ET. Both the call and webcast will be open to the general public.

Interested parties can access the live call through the conference call number 646-307-1865 or via the company's website at www.pennentertainment.com. A replay of the call will be available for thirty days on the company's website. The Q&A session during the call will be reserved for analysts and investors.

PENN Entertainment (Nasdaq: PENN) reported Q2 2024 results. Retail properties showed solid performance with revenues of $1.4 billion and Adjusted EBITDAR of $496.6 million, achieving a 34.8% margin. The Interactive segment saw revenues of $232.6 million but posted an Adjusted EBITDA loss of $102.8 million. Overall revenues stood at $1.663 billion, slightly down from $1.674 billion YoY. The company reported a net loss of $27.1 million and a diluted loss per share of $0.18. Total liquidity was $1.9 billion with $877.6 million in cash. Traditional net debt was $1.7 billion.

CEO Jay Snowden highlighted the company's stable retail business and growth in the digital segment, notably a significant increase in their PENN Play™ database to 31 million members. Despite challenges, PENN remains focused on customer engagement, technology investment, and upcoming ESPN BET launch in New York. The company's development projects are on budget and on schedule.

PENN Entertainment (Nasdaq: PENN) will announce its 2024 Q2 financial results on August 8, 2024, at 7:00 a.m. ET.

The company will host a conference call and webcast at 9:00 a.m. ET the same day. The call is open to the public, and the dial-in number is 203-518-9765.

Participants should call five minutes early to ensure connectivity. The webcast is accessible via www.pennentertainment.com, with a replay available for 30 days.

PENN Entertainment has expanded its partnership with Ticketmaster to enhance its loyalty program, PENN Play™. From now on, over 30 million PENN Play members can redeem rewards for tickets to concerts, sporting events, and shows through Ticketmaster. The new integration allows members to use PENN Cash for purchasing event tickets, providing a convenient payment option. In addition, PENN Entertainment will host on-site activations at five amphitheaters across the U.S. This expansion aims to deepen customer engagement and cater to the increasing demand for live event perks among loyalty program members.

The Donerail Group, a shareholder of PENN Entertainment, has issued an open letter to the company's Board of Directors.

The letter criticizes PENN's interactive strategy and capital allocation, which they claim have destroyed shareholder value.

They highlight the sale of Barstool Sports for $1 as a failed deal and question the Board's decision to award CEO Jay Snowden nearly $100 million in compensation despite financial underperformance and stock price declines.

Donerail believes PENN could be sold for up to double its current trading price.

PENN Entertainment, Inc. reported resilient property level performance and record online sports betting revenue for Q1 2024. The company hired Aaron LaBerge as CTO to drive technology strategy. Revenues totaled $1.6 billion, with a net loss of $114.9 million. The Northeast segment led in revenues, while the Interactive segment saw a loss. Total liquidity stood at $1.9 billion, with $903.6 million in cash.

PENN Entertainment, Inc. published its 2023 Corporate Social Responsibility report, highlighting efforts in environmental sustainability, community support, and diversity initiatives. The report showcases donations exceeding $8 million to local charities, $17 million in economic development grants, $750,000 to Veteran organizations, and a new military scholarship at Penn State Berks. Additionally, the company implemented a Diverse Vendor Incubator Program, launched 'PENN Women' employee resource group, and focused on sustainability with GHG emissions inventory review and reduction goals.