Penn Entertainment’s Q1 2024 revenue reaches $1.6bn
Net loss and adjusted EBITDA totals improved quarter-on-quarter, but fell dramatically year-over-year.
Penn Entertainment has published its financial and business results for this year’s first quarter. The operator posted nearly $1.6bn in total revenue during the quarter, remaining close to its revenue results from one year ago.
During Q1, the company posted net loss totaling $114.9m, with a $0.76 diluted loss per share. Its net loss was nearly a third of what Penn posted during Q4 2023, and yet represented a huge fall year-over-year.
The company’s adjusted EBITDA reached $101.4m in the first quarter, nearly a third of the total posted last year and more than double its Q4 2023 total.
CEO Jay Snowden offered a few brief comments on Penn’s first quarter results as well as an update on the progress of Penn’s newly created ESPN Bet brand by saying, “Our property level performance showed resilience this quarter, with stable trends continuing into April following portfolio-wide severe weather through mid-February.
“Meanwhile, ESPN Bet continues to drive strong top of funnel demand due to the reach and affinity for the ESPN brand, which led to record online sports betting handle and iCasino gross gaming revenue in the quarter. However, Interactive segment results were negatively impacted primarily by unfavorable hold from major sporting events.”
He went on to note that the company plans release updates in collaboration with ESPN later this year.
He said in closing, “We look forward to unveiling additional product enhancements and unique media integrations with ESPN ahead of the 2024 football season.
“Our improved online product offering will help engage, reactivate, and retain our expanding database, while also advancing our strategy to create a highly differentiated experience for sports fans and sports bettors”
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