Penn National Gaming has reported its fourth quarter and 2021 end-of-year financial results. According to the financial reports, revenues and adjusted EBITDAR surpassed levels in 2020 and 2019.
The company generated a revenue of $1.6bn, an increase of $545.1m year-over-year and $231.3m versus 2019.
Net income was $44.8m with a net income margin of 2.8%, as compared to net income of $12.7m and net income margin of 1.2% in the previous year, versus a net loss of $92.9m and net loss margin of 6.9% in 2019.
The adjusted EBITDAR was $480.5m, an increase of $115.1m year-over-year and $81.1m in 2019. Following the upward trend, adjusted EBITDA was $369m, an increase of $113.1m year-over-year and $65.m versus 2019.
The company also reported that adjusted EBITDAR margins were 30.6%, in comparison to 35.6% in the prior year and 29.8% in 2019.
“I am pleased to report a strong finish to another transformative year for Penn National,” said President and CEO, Jay Snowden. “Our fourth quarter revenues of $1.6bn and adjusted EBITDAR of $480.5m exceeded both 2020 and 2019 levels as our best-in-class operating teams continue to deliver impressive results despite the ongoing pandemic.”
Snowden also said he is optimistic about what is to come for this year.
“As I think about the future of Penn National, I am immensely excited about our growth trajectory as we continue to execute on our omni-channel and media strategy and realize the benefits of several noteworthy accomplishments,” he said. “For 2022, we are guiding to a net revenue range of $6.07bn to $6.39bn and an adjusted EBITDAR range of $1.85bn to $1.95bn.”
