Penn Entertainment reports 63.7% decrease for Q2 operating income year-over-year
The company also reported a net loss of $27.1m, a decrease from the $78.1m net income reported during the prior year period.
Penn Entertainment (Penn) has released the financial results for the company’s performance during the second quarter of 2024. Revenues from the quarter were reported to be a total of $1.66bn, a slight 0.7% decrease year-over-year from what the company generated during the second quarter of 2023.
“Our retail business remained stable as consistent consumer trends, our diverse portfolio and recent capital investments offset known, new supply in certain markets,” Penn President and CEO Jay Snowden said.
“We remain focused on database growth and driving engagement through new technology, continued investment in our gaming and non-gaming offerings and local and national partnerships related to our food and beverage offerings.”
Snowden also said on a conference call that the company will embed ESPN Bet wagering functionality in the traditional media apps of both ESPN and theScore across North America.
The company also experienced a net loss of $27.1m during Q2 2024, a decrease from the net income of $78.1m it had reported for the prior year period. Adjusted EBITDA also decreased, with the company reporting a 35.8% fall year-over-year for a total of $212.1m throughout the second quarter of 2024.
Penn aggregates its sectors into five segments, Northeast, South, West, Midwest and Interactive. The Northeast segment reported a 1.2% increase in revenue year-over-year, generating $696.3m in revenue for Q2 2024.
The South and Interactive segments were the two which saw decreases in revenue from the prior year period, with the South reporting a fall of just under 3.3% for a revenue total of $298.2m, while Interactive decreased 9.7% for a Q2 revenue total of $232.6m.
The West segment reported $135.3m in revenue for the second quarter of 2024, a 4.1% increase year-over-year. The Midwest generated $298.1m for Q2 2024, a slight increase on the $293.3m figure the company reported for the prior year period.
Operating income also saw a sharp decrease for the company, falling 63.7% year-over-year for a Q2 2024 total of $74.5m.
Gaming revenue increased by just over 3% from the prior year period for a total of $1.33bn during Q2 2024, but food, beverage and hotel revenue decreased by over $50m from the Q2 2023 figure, resulting in $330.7m for Q2 2024.
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