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Mar 31, 2023
Penn National Q1 2023 Earnings Report
PENN Entertainment reported a solid quarter with revenue growth and strategic investments.
Key Takeaways
PENN Entertainment reported a revenue increase of 7.0% year-over-year to $1.67 billion. Net income significantly increased to $514.4 million, with Adjusted EBITDAR at $478.2 million. The company saw growth in retail operations, driven by older demographics and strong VIP play, and launched online sports betting in Ohio and Massachusetts.
Revenues reached $1.67 billion, a 7.0% increase year-over-year.
Net income was $514.4 million, a significant rise from the previous year.
Adjusted EBITDAR stood at $478.2 million, a slight decrease of 3.3% year-over-year.
The company completed the acquisition of Barstool Sports and is raising revenue guidance for 2023.
Penn National
Penn National
Penn National Revenue by Segment
Revenue by Segment
Other Revenue
CapyFin.com Forward Guidance
PENN Entertainment is raising its prior 2023 revenue guidance range to $6.37 billion ‒ $6.81 billion to reflect the Barstool acquisition, which is neutral to Adjusted EBITDAR. As such, our prior 2023 Adjusted EBITDAR guidance range of $1.875 billion ‒ $2.0 billion remains unchanged.