Penn National reports Q3 results as Barstool Sportsbook continues expansion
Revenue for the company has grown by over $150m when compared to Q3 of 2019.
Penn National Gaming, one of the US’s largest gaming operators, has released its financial results for the period ending September 30, 2021.
Some of the quarter’s highlights include revenues of $1.5bn, an increase of $382.1 from last year and $157.3m from 2019, which is perhaps a more apt comparison.
Net income for the operator came in at $86.1m, a margin of 5.7%, compared to $43.7m in 2019. This comes in below the $0.89 per share that had been touted by analysts prior the announcement of these results.
Jay Snowden, president and chief executive officer at Penn National, said: “We achieved many significant milestones in the third quarter. We successfully launched the Barstool Sportsbook mobile app in five states. In addition, we opened Hollywood Casino York to strong initial results, began to roll out our market-leading cashless, cardless, and contactless (“3Cs”) technology across the portfolio and continued to derive multiple tangible benefits from our highly differentiated omni-channel strategy.”
Meanwhile, adjusted EBITDA for Penn National in Q3 was $364.3m, a year-on-year increase of $27.7m. Simultaneously, adjusted EBITDAR sees margins of 31.8% as compared to 40.1% on the prior year.
“In addition to the five new launches of our Barstool mobile sportsbook betting app, all of which occurred before the start of the football season, earlier this week, we launched our mobile sports betting app in Iowa, which expands our footprint to 10 states,” continued Snowden.
“Overall, we are benefiting from our increased scale and are driving higher handle and revenue market share across the board while remaining disciplined with our marketing and promotional spend. These results underscore our commitment to our business model, which remains focused on near term profitability rather than aggressive marketing aimed at generating short-term increases in handle.”
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