Penn National Gaming reports $51.6m in Q1 net income
Operator says revenue, adjusted EBITDAR set records.
Penn National Gaming on Thursday reported financial results for the three months ending March 31.
The company said its revenue for the first quarter was $1.56bn, an increase of 22.7% from $1.27bn for Q1 of 2021.
Net income for the recently completed quarter was $51.6m, while net income margin was 3.3%, compared to net income of $90.9m and net income margin of 7.1% in the prior year quarter.
Adjusted EBITDAR was $494.7m, an increase of 10.7% year-over-year from $447m, while adjusted EBITDA of $434.6m represented an increase of 29.1% year-over-year.
Adjusted EBITDAR margins of 31.6% represented a decline of 344bps year-over-year, officials said.
During the three months ending March 31, the company repurchased 3,802,408 shares of its common stock in open market transactions for $175.1m at an average price of $46.04 per share.
Penn Nation has $574.9m remaining under its $750m stock repurchase authorization.
Jay Snowden, President and Chief Executive Officer, said Penn National Gaming generated “record” first quarter results in the revenue and adjusted EBITDAR categories.
“These results reflect our continued progress in meeting our strategic objectives,” Snowden said in a statement. “We are growing our active mychoice database and are seeing early benefits from our technology investments.”
According to Snowden, the company’s Interactive Segment is “driving momentum” with ongoing sports betting and iCasino growth in the US, and the “successful launch” of mobile sports betting and iCasino in Ontario on April 4 on theScore’s proprietary player account management system (PAM) and bonusing engine.
“Based on the strength of our first quarter performance and our outlook for the remainder of the year, we are increasing our prior 2022 revenue and adjusted EBITDAR guidance range to $6.15bn to $6.55b and $1.875bn to $2.00bn, respectively,” Snowden said.
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