Penn Entertainment posted revenue of $1.4 billion in the second quarter, comparable to the $1.3 million revenue in the same time period of 2024.
Jay Snowden, Penn Entertainment CEO, said the revenue figures were “solid” in a release Thursday morning.
“Customer demand in our core business was stable as properties not impacted by new supply grew revenue by nearly 4% year-over-year,” Snowden said. “Property-level performance was highlighted by theoretical revenue growth across all rated age and worth segments, as well as positive trends in unrated play, visitation, and spend per visit.”
Snowden added that “omnichannel engagement continues to benefit our results, with online to-retail player count and theoretical revenue growing year-over-year by 8% and 28%, respectively.”
Adjusted EBITDA was $236.1 million, compared to $212.1 million for the same period in 2024.
Net loss for the quarter was $18.3 million, compared to a loss of $27.1 million in second quarter 2024.
Penn repurchased 5,835,467 shares of its common stock in open market transactions for $90.3 million in the second quarter, at an average price of $15.47 per share.
Penn Entertainment closed at $17.02 Wednesday, a loss of $0.37, or 2.13%. Segment Adjusted EBITDAR (Adjusted EBITDA plus rent expense associated with triple net operating leases) totaled $392.1 million for the quarter, compared to $367 million in second quarter 2024.
“The slightly better than expected land-based business coupled with the wider than expected loss in digital are generally offsetting and neutral for the shares, in our view,” Jefferies analyst David Katz wrote in a release Thursday. “The forthcoming catalyst pattern of new land-based projects coming online and expected progress in digital are reasonable to expect, but not yet enough to move the shares meaningfully higher.”
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source cdcgaming.com ’
