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Penn Entertainment has announced its Q3 results for the year, reporting revenue of $1.6bn – a 7.5% annual increase. The operator also gained a net income of $123.2m, which was a 43% increase from the $86.1m it made in the same prior-year period.
Its new income margin for this quarter was 7.6% in comparison with 5.7% for Q3 of 2021. Penn's adjusted EBITDAR of $471.9m was down 2% year-on-year, but its adjusted EBITDA of $440.4m represented a significant 21% rise year-on-year.
The company attributed its positive revenue and adjusted EBITDA results to a number of factors. These included its Kansas launch powered by omnichannel execution, a successful media strategy in Ontario and the repurchasing of $168m in common stock.
Penn Entertainment CEO and President Jay Snowden commented: “We are pleased to report another solid quarter despite operating in an uncertain economic environment. Penn generated revenues of $1.6bn and adjusted EBITDAR of $471.9m.
“Our strong retail results were highlighted by ongoing database growth and stable margin performance, which continued through October. Meanwhile, our successful sports betting launch in Kansas, from both a retail and online perspective, underscores the advantage of our leading omnichannel strategy."
Snowden expanded on Ontario performance and some other base indicators: "In Ontario, we are enjoying early success during our first football season while benefitting from theScore Bet’s seamless transition to our own fully-integrated, proprietary tech stack.
“Based on our third-quarter results and our continued consistent performance, we are reiterating our 2022 revenue and adjusted EBITDAR guidance range of $6.15bn to $6.55bn and $1.9bn to $2bn, respectively.”
