{"id":278,"date":"2024-06-28T02:56:09","date_gmt":"2024-06-27T23:56:09","guid":{"rendered":"https:\/\/slotscapital.icu\/2024\/06\/28\/penn-entertainment-reports-strong-second-quarter-earnings\/"},"modified":"2024-06-28T02:56:09","modified_gmt":"2024-06-27T23:56:09","slug":"penn-entertainment-reports-strong-second-quarter-earnings","status":"publish","type":"post","link":"https:\/\/slotscapital.icu\/2024\/06\/28\/penn-entertainment-reports-strong-second-quarter-earnings\/","title":{"rendered":"Penn Entertainment Reports Strong Second-Quarter Earnings"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/KtmXWlW8KYI\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Penn Entertainment&#8217;s second-quarter earnings saw a 2.9% rise, reaching $1.67 billion.  The company anticipates even more growth in the coming months.  This positive outlook is driven by the sale of the Barstool brand and the upcoming launch of ESPN Bet later this year.<\/p>\n<p>Penn&#8217;s collaboration with ESPN is part of a $1.5 billion agreement announced recently.  As part of this agreement, Penn&#8217;s Barstool Sportsbook will be rebranded as ESPN Bet in November.  Penn will transfer ownership of the Barstool brand to its founder, Dave Portnoy.<\/p>\n<p>Penn&#8217;s chief executive, Jay Snowden, expressed confidence that the deal will significantly enhance the company&#8217;s online presence.  He stated, &#8220;We will leverage our expertise, enhanced products, market access, and industry-leading Penn Play database in conjunction with ESPN and TheScore, the leading sports brands in the U.S. and Canada. This will result in an exceptional user experience, enabling us to expand our online reach and cultivate a larger customer base.&#8221;<\/p>\n<p>Snowden earlier today expressed his belief that the deal will mirror the success of Penn&#8217;s acquisition of Canadian operator TheScore. <\/p>\n<p>Weve witnessed firsthand how TheScore has combined media and wagering,&#8221; Snowden remarked. &#8220;It&#8217;s a successful approach, and it will be effective in the US as well.&#8221;<\/p>\n<p>The outlook is promising for Penn&#8217;s interactive division. Penn Interactive&#8217;s income was $257.5 million, a 66.2% increase year-on-year. This was driven by the reintroduction of its sports wagering platform on its own technological infrastructure, initially in Ontario in collaboration with TheScore, and subsequently in the US after the conclusion of the July quarter with Barstool.<\/p>\n<p>&#8220;We are enthusiastic about the successful reintroduction of our sports wagering application, which incorporates substantial product enhancements that have resulted in a significantly improved user experience, including simplified navigation, faster loading times, expanded betting markets, enhanced promotions, and deeper media integration,&#8221; Snowden explained.<\/p>\n<p>&#8220;The transition reflects a significant accomplishment for our company, and it was completed smoothly with minimal disruption to customers.&#8221;<\/p>\n<p>However, that wasn&#8217;t the only positive development for the division. As part of the partnership with ESPN announced yesterday, Penn increased the long-term adjusted EBITDA potential for the division. The interactive division&#8217;s projected adjusted EBITDA is now between $500 million and $1 billion.<\/p>\n<p>Penn&#8217;s Q2 performance across the US<br \/>\nExamining its top-performing segments, Penn&#8217;s Northeast segment generated the highest revenue at $688 million. This reflects the performance of 16 casinos. <\/p>\n<p>This segment saw a slight uptick, climbing by 0.4%.<\/p>\n<p>The Southern area, encompassing ten gambling establishments, generated $308.3 million in earnings, reflecting a decrease of 8.9%. The Midwest region secured the third position with $293.3 million in revenue.<\/p>\n<p>The remaining earnings comprised $130 million from Western Pennsylvania and $6.2 million from Pennsylvania&#8217;s racing activities. Regional adjustments of $8.5 million brought the overall revenue to $1.67 billion.<\/p>\n<p>From an operational perspective, gaming earnings amounted to $1.29 billion, exhibiting a 2.4% decline. Food, beverage, and lodging earnings contributed the remaining $382 million.<\/p>\n<p>Second Quarter Financial Results<br \/>\nRevenue growth was almost entirely counterbalanced by an escalation in operating expenses. Operating expenses surged by 10.9% to $1.46 billion, resulting in an operating profit of $205.5 million for the quarter. Operating profit experienced a 32.0% reduction.<\/p>\n<p>Other income encompassed $115.6 million in interest expenditure, $9.9 million in interest earnings, and $7.2 million in non-consolidated subsidiary income. After accounting for $5.8 million in other expenditures, total other expenses reached $92.7 million.<\/p>\n<p>This led to a pre-tax profit of $112.8 million, marking an increase of 36.9%. Taxes amounted to $34.7 million, bringing the total net profit for the quarter to $78.1 million, representing an increase of $52 million.<\/p>\n<p>Adjusted EBITDA for the quarter totaled $330.4 million, reflecting a decrease of 30.6%.<\/p>\n<p>Pennsylvania First Half Performance<br \/>\nFor the six-month period concluding on June 30, revenue reached $3.34 billion, signifying a year-over-year increase of 4.9%. Total gaming revenue amounted to $2.61 billion, exhibiting a slight increase of less than $1 million year-over-year. Food, beverage, lodging, and other revenue totaled $730 million. <\/p>\n<p>## Penn National Gaming Posts Solid Mid-Year Earnings<\/p>\n<p>Penn National Gaming unveiled robust mid-year outcomes, with income climbing by 13.3% to $2.93 billion.  Operational costs also went up, hitting $4.046 billion. In spite of this, the firm&#8217;s operating gain for the initial six months of the year was $7 million.<\/p>\n<p>Although interest outlays dropped by $228.6 million, this was counterbalanced by other revenue streams. These streams included an $83.4 million profit from the Barstool purchase and a $500.8 million profit from real estate investment trust (REIT) dealings.<\/p>\n<p>This led to a pre-tax gain of $795.1 million, a rise of $613.5 million year-on-year. After subtracting $202.6 million in taxes, the company&#8217;s net gain for the first half reached $592.5 million, a $514.8 million increase from the prior year.<\/p>\n<p>Adjusted EBITDA for the first half fell by 27.2% to $662.6 million.<\/p>\n<p>Sign up for the iGaming newsletter for more updates. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Penn Entertainment&#8217;s second-quarter earnings saw a 2.9% rise, reaching $1.67 billion. The company anticipates even more growth in the coming months. This positive outlook is driven by the sale of the Barstool brand and the upcoming launch of ESPN Bet later this year. Penn&#8217;s collaboration with ESPN is part of a $1.5 billion agreement announced [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Penn Entertainment Soars with ESPN Bet Launch<\/title>\n<meta name=\"description\" content=\"Penn Entertainment sees strong Q2 earnings and anticipates further growth with the upcoming launch of ESPN Bet, powered by their $1.5 billion partnership with ESPN.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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