PENN Entertainment Inc

Latest Results (20.08.2024):

Healthy Retail Business

PENN Entertainment Inc. reported solid performance in its retail properties for the second quarter of 2024, with revenues reaching $1.4 billion. The Adjusted EBITDAR for this segment was $496.6 million, resulting in an Adjusted EBITDAR margin of 34.8%. CEO Jay Snowden highlighted the stability of the retail business, driven by consistent consumer trends and recent capital investments.

Interactive Business Benefits from Operational Improvements

The Interactive segment of PENN Entertainment Inc. saw revenues of $232.6 million in Q2 2024, including a tax gross-up of $82.1 million. Despite an Adjusted EBITDA loss of $102.8 million, the segment achieved record quarterly gaming revenue. This was attributed to enhanced risk and trading processes and strategic reinvestments, with further growth anticipated from the upcoming launch of ESPN BET in New York.

Liquidity and Financial Position

As of June 30, 2024, PENN Entertainment Inc. reported total liquidity of $1.9 billion, which includes $877.6 million in cash and cash equivalents. The company's traditional net debt stood at $1.7 billion at the end of the quarter, reflecting a strong financial position to support ongoing operations and investments.

ESG Initiatives

PENN Entertainment Inc. continued its commitment to ESG (Environmental, Social, and Governance) initiatives in Q2 2024. The company awarded over $1 million in scholarships through the PENN Diversity Scholarship Fund and was recognized as one of the 'Best of the Best 2024 Top Diverse Employers' by Diversity Magazine. Additionally, the company held its annual 'Days of Listening' to gather feedback on diversity and inclusion from team members.

Summary of Second Quarter Results

For the second quarter of 2024, PENN Entertainment Inc. reported total revenues of $1.663 billion, slightly down from $1.674 billion in the same period of 2023. The company experienced a net loss of $27.1 million compared to a net income of $78.1 million in Q2 2023. Adjusted EBITDA was $212.1 million, down from $330.4 million in the previous year, with a diluted loss per share of $0.18.