Welcome to our dedicated page for PENN Entertainment news (Ticker: PENN), a resource for investors and traders seeking the latest updates and insights on PENN Entertainment stock.
PENN Entertainment, Inc. (symbol: PENN) is a prominent player in the gaming and racing industry, owning, operating, or holding ownership interests in numerous facilities and video gaming terminal operations. With a strong focus on slot machine entertainment, PENN Entertainment has significantly broadened its horizons by stepping into the social online gaming sector through its division, Penn Interactive Ventures, LLC, and its acquisition of Rocket Speed, Inc.
Dating back to its roots in 1972 with the opening of its first racetrack in Pennsylvania, PENN Entertainment has grown substantially. As of 2023, the company operates 43 properties across 20 states and 12 brands, including well-known names like Hollywood Casino and Ameristar. The company's portfolio is diverse and robust, comprising approximately 35,000 gaming machines, 800 table games, and 4,600 hotel rooms across various jurisdictions such as California, Florida, Illinois, Indiana, and others.
PENN Entertainment's land-based casinos account for 89% of its total sales in 2023, while the interactive segment, which includes sports, iGaming, and media revenue, contributes the remaining 11%. The retail portfolio boasts mid-30s EBITDAR margins, positioning the company favorably to obtain licenses for digital wagering markets.
Moreover, PENN Entertainment's media assets, including theScore and a newly formed partnership with ESPN starting in November 2023, enhance its footprint in the sports betting and iGaming technology landscape. These ventures provide PENN with unique access to a broad clientele and advanced technological solutions, helping solidify its leading position in the digital gaming market.
To stay updated on the latest performance, events, and developments at PENN Entertainment, investors and stakeholders can explore frequent updates and news releases published by the company.
PENN Entertainment, Inc. (NASDAQ: PENN) will announce its 2022 fourth quarter financial results on February 2, 2023, at 7:00 a.m. ET. A conference call and webcast will follow at 9:00 a.m. ET, open to the public. Interested participants can join the call by dialing 212/231-2922, with instructions to connect early. The call will also be available on PENN's website with a replay accessible for 30 days. PENN operates 43 properties across 20 states and online gaming in various jurisdictions, focusing on organic growth and customer loyalty through its mychoice program.
PENN Entertainment (NASDAQ: PENN) has expanded its STEM Scholarship Program by partnering with three new Historically Black Colleges and Universities (HBCUs): Jackson State University, Prairie View A&M University, and Southern University and A&M College. This initiative will allocate over $4 million over five years to support scholarships and create internship opportunities. The program now includes six HBCUs in total and aims to enhance diversity in STEM fields, addressing the representation gap in these careers.
PENN Entertainment reported Q3 2022 results, achieving $1.6 billion in revenue, a 7.5% year-over-year increase. Net income rose to $123.2 million with a net income margin of 7.6%, up from 5.7% in the prior year. Adjusted EBITDA reached $440.4 million, a 20.9% increase, while Adjusted EBITDAR decreased by 1.7% to $471.9 million, with a margin of 29.0%. The company continues to pursue growth through new land-based facilities and a strong omnichannel strategy, reaffirming its full-year guidance for revenue between $6.15 billion and $6.55 billion.
PENN Entertainment plans to relocate riverboat casinos in Aurora and Joliet, Illinois, to land-based facilities as part of an estimated $850 million project. The company will build a new hotel at Hollywood Columbus, Ohio, and a second hotel tower at M Resort, Nevada. An agreement with Gaming and Leisure Properties will facilitate up to $575 million in funding for these projects. The Aurora project alone has a budget of $360 million, aiming to create hundreds of jobs and enhance local entertainment offerings, subject to municipal approvals.
PENN Entertainment, Inc. (Nasdaq: PENN) will release its 2022 third quarter financial results on November 3, 2022, at 7:00 a.m. ET. A conference call will follow at 9:00 a.m. ET, open to the public. Investors can access the live call at www.pennentertainment.com. PENN operates 44 properties in 20 states and offers online sports betting in 14 jurisdictions. The company is known for its brands like Hollywood Casino® and Barstool Sportsbook®, and boasts a customer loyalty program with over 26 million members.
PENN Entertainment reported a 5.2% year-over-year revenue increase to $1.6 billion for Q2 2022, with adjusted EBITDAR at $504.5 million, down 14.0% from the prior year. Net income fell to $26.1 million, marking a sharp decline from $198.7 million in Q2 2021. Despite economic challenges, the company remains positive, maintaining full-year revenue guidance of $6.15 billion to $6.55 billion. PENN repurchased $167 million in stock, reinforcing commitment to shareholder value. The mychoice database saw significant growth, adding 1.2 million registrations, indicating strong customer engagement.
Penn National Gaming has successfully launched its proprietary risk and trading platform via its subsidiary, theScore Bet, enhancing its mobile product offerings in Ontario. This in-house technology enables increased in-game wagering options and event props while facilitating greater personalization and media integration. The company plans to migrate the Barstool Sportsbook to this platform in Q3 2023. CEO Jay Snowden highlighted that this milestone will improve customer engagement, reduce reliance on third-party platforms, and bolster their overall betting ecosystem.
Penn National Gaming, Inc. (Nasdaq: PENN) will report its 2022 second quarter financial results on August 4, 2022, at 7:00 a.m. ET. A conference call will follow at 9:00 a.m. ET, open to the public. Investors can join by calling 415/226-5361 and should connect five minutes early. The call will be accessible via www.pngaming.com. A replay will be available for 30 days. Penn operates 44 properties across 20 states and offers online sports betting in 13 jurisdictions, backed by a strong customer loyalty program.
Penn National Gaming reported Q1 2022 revenues of $1.56 billion, up 22.7% year-over-year. Net income fell to $51.6 million, with a net income margin of 3.3%
Adjusted EBITDAR was $494.7 million, reflecting a 10.7% increase but a margin decline of 344 bps. The company raised its 2022 revenue guidance to $6.15-$6.55 billion. Share repurchases totaled $175.1 million. Total liquidity stands at $2.48 billion, with net debt increasing to $923.5 million.
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