PENN Entertainment (formerly known as Penn National Gaming) has released its financial report for the second quarter of 2022. The company posted a 5.2% increase in overall revenue year-over-year, with the total climbing to $1.6bn.
Net income for the quarter fell to $26.1m, with a net income margin of 1.6% when compared to last year’s net income of $198.7m and net income margin of 12.9%.
Adjusted EBITDA rose by 1.4% year-over-year, reaching $476.5m. The adjusted EBITDA margin during Q2 was 31%.
PENN Entertainment President and CEO Jay Snowden said: “We are pleased with our second quarter results. PENN generated revenues of $1.6bn and adjusted EBITDAR of $504.5m. Despite economic headwinds, we delivered consistent performance across our retail portfolio in the quarter and into July.
“In addition, last month, we successfully transitioned theScore Bet in Ontario to our own fully-integrated, proprietary tech stack – reflecting a key achievement in our strategic roadmap.”
In addition to the financial report, the company announced its official name change from Penn National Gaming to PENN Entertainment.
Snowden reflected on the rebrand and his excitement about the company’s future.
He commented: “Today is an exciting day for us as we become PENN Entertainment, Inc. Over the past few years, PENN has transformed our business through a highly differentiated strategy focused on organic cross-sell opportunities, which is reinforced by our investments in market-leading retail casinos, sports media assets, owned technology, including a state-of-the-art, fully integrated digital sports and online casino betting platform, and an in-house iCasino content studio.
“Our new name maintains ties to our legacy while better reflecting our evolution into North America’s leading provider of integrated entertainment, sports content and casino gaming experiences.”