Penn Entertainment Q1 revenue reaches $1.4bn
The CEO said first-quarter results reflected resiliency despite some weather challenges.
Key Points
- Gaming volumes rebounded after some severe weather at the beginning of the year
- The company’s adjusted EBITDAR margin reached more than 33% in Q1
Penn Entertainment has released its financial and business results for the first quarter of 2025. The company posted $1.4bn in Q1 revenue.
Adjusted EBITDA reached $457m in the first quarter. The company reported an adjusted EBITDAR margin of 33.1% in the first quarter as well.
Jay Snowden, Chief Executive Officer and President, said the company overcame some challenges in Q1 and came away resilient.
He further commented, “Penn’s properties demonstrated strong resilience in the quarter following severe weather challenges earlier in the year, as gaming volumes rebounded in March and remained consistent through April and early May.
“In our Interactive segment we generated record gaming revenue and significant year-over-year improvements in both revenue and adjusted EBITDA despite industry-wide unfavorable sports betting hold.”
Snowden gave some updates on the company’s loyalty program and how its performance affected first-quarter results.
He said, “Our industry leading customer loyalty program, Penn Play, combined with our investments in hospitality and entertainment offerings, contributed to strong engagement with our VIP and mid-worth customer segments.
“We are also seeing the benefits of our differentiated omni-channel strategy, as those pre-existing customers in Pennsylvania and Michigan who have engaged with our standalone Hollywood iCasino app have increased their spend meaningfully across both retail and online channels.”
He also explained why some expenses rose in the quarter.
Snowden concluded by saying, “Our corporate overhead costs were higher by approximately $8m in the quarter due to legal and advisory expenses.
“Through May 7, 2025 we have repurchased $35m of shares and remain committed to our previously stated goal to repurchase at least $350m of shares this year.”
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