Penn Entertainment Q2 2023 report: Net income rises 199%
Gaming revenue dipped 3%, but food and beverage revenue rose by 27% year-on-year.
Penn Entertainment has published its Q2 financial results for 2023. The company reported that net income was up by 199% year-on-year; meanwhile, revenue only increased slightly by 3%, rising to $1.67bn.
Adjusted EBITDAR for Q2 2023 was $476.8m, which marks a decrease of 5.5% year-over-year. However, adjusted EBITDA for Q2 2023 was $330.4m, which marked a decrease of 30.7% compared to Q2 2022.
Operating income also fell 32%, down to $205.5m. Total operating expenses rose 11% to $1.5bn and operating income dropped 32% to $205.5m.
Despite the decreases, Penn saw a huge 199% increase in net income compared to last year’s results, rising to $78.1m from $26.1m.
However, gaming revenue dipped 3% to $1.29bn, although revenue from food and beverage increased 27% to $382m for Q2 2023.
The graph shows how there was a large increase YoY of interactive revenue meanwhile the other segments look relatively static.
The graph shows Penn’s Interactive segment has risen by 66% year-on-year to $258m; however, the other segments didn’t do quite as well. Midwest decreased by 1%, revenue in the South dropped by 9%, West dipped by 16%; meanwhile the Northeast and ‘Other’ segments did not improve at all year-on-year.
Following the company’s launch announcement of ESPN Bet, the Interactive segment looks as though it will continue to rise.
Jay Snowden, CEO and President at Penn Entertainment, commented, “In connection with our agreement with ESPN, our online Barstool Sportsbook will be rebranded ESPN Bet in Fall 2023.
“The powerful combination of our operational expertise, improved product, unparalleled market access and Penn PlayTM database with the top sports brands in both the US and Canada with ESPN and theScore, will aim to create a best-in-class user experience and allow us to significantly expand our digital footprint and more efficiently grow our customer database.”
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