Penn Entertainment posts $1.64bn in Q3 revenue
The President and CEO said results were consistent with preliminary estimates.
Key Points
- Quarterly revenue rose slightly year-over-year
- The operator reported a significantly lower net loss for the quarter
Penn Entertainment has published its financial results for the third quarter of 2024.
During the period, the business reported nearly $1.64bn in revenue, reflecting a slight increase when compared to last year’s third quarter results.
Penn posted a net loss during Q3. However, its quarterly net loss was far less than what the company reported a year ago.
Net loss during Q3 totaled $37.5m, a dramatically lower number than its Q3 2023 net loss of $725.1m.
Adjusted EBITDA fell year-over-year for the quarter by more than $100m and totaled $193.5m.
Company President and CEO Jay Snowden said that the operator’s Q3 results fell in line with what was previously estimated.
He further commented, “Penn’s Q3 results were consistent with the preliminary estimates we disclosed last month in connection with our investor event in Las Vegas.
“In the third quarter, our Interactive segment benefited from better-than-expected hold, driven by a higher parlay mix from our improving product and lower promotional expenses.”
Good to know: Penn recently celebrated creating a linking feature that allows its customers to link their ESPN and ESPN Bet accounts
The new feature will allow players to integrate their media and betting activities, as well as track upcoming, settled and live bets on both the ESPN website and through the app.
Snowden discussed this recent move and shared what the company hopes to accomplish in Q4.
He said in closing, “On October 30th, we launched account linking between ESPN BET and ESPN, which is foundational for creating a personalized sports betting experience across the ESPN ecosystem.
“The fourth quarter is off to a stronger start, led by several markets including Michigan, Ohio and St. Louis.”
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