Penn National Q2 2023 Earnings Report
Key Takeaways
PENN Entertainment reported a 2.9% increase in revenue to $1.67 billion, and net income increased to $78.1 million. The company experienced stable property level performance and successfully re-launched its sportsbook app. Online Barstool Sportsbook will be rebranded ESPN Bet in Fall 2023.
Revenues of $1.67 billion, an increase of 2.9% year-over-year.
Net income of $78.1 million, as compared to net income of $26.1 million in the prior year.
Adjusted EBITDAR of $476.8 million, a decrease of 5.5% year-over-year.
Stable Retail Business Trends and Successful Migration of Our Proprietary Sports Betting and iCasino Technology Platform in the U.S.
Penn National
Penn National
Forward Guidance
PENN Entertainment entered into a transformative, exclusive long-term strategic alliance with ESPN, Inc. and ESPN Enterprises, Inc. relating to online sports betting within the United States. In the fall of 2023, the existing Barstool Sportsbook will be rebranded across all online platforms in the United States as ESPN Bet, and our online product will include a Hollywood-branded integrated iCasino where permitted.