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Dec 31, 2023
Penn National Q4 2023 Earnings Report
PENN Entertainment reported solid property level performance and invested in its high growth digital business.
Key Takeaways
PENN Entertainment's Q4 2023 saw solid property level performance, driven by strong customer demand and operational excellence with 10 properties achieving their highest ever fourth quarter revenue. The launch of ESPN BET led to significant customer acquisition and expansion in key performance indicators, though it also drove higher than expected promotional expense.
Revenues reached $1.37 billion at the property level.
Adjusted EBITDAR was $476.4 million at the property level.
Adjusted EBITDAR margins were 34.7% at the property level.
Expanded PENN Play™ database by 1.2 million members, with 90% growth from ESPN BET customers.
Revenue by Segment
Forward Guidance
PENN Entertainment is focused on continued growth and market share gains through product enhancements and deeper integrations into the ESPN media ecosystem and expansion into North Carolina and New York, pending regulatory approvals.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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