Penn National (which has reported a slightly different set of results to Penn Entertainment) has reported its financial results for Q4 2022 along with results for the entire year. It shows a 45% revenue increase for the last month of the year – to $1.6bn – which is a $545.1m increase from the same prior year period.
Penn’s net income was $44.8m with a net income margin of 2.8%, a large improvement on the $12.7m with a 1.2% margin it posted in the same period last year. The casino giant has rebounded since 2019 when it showed a net loss of $92.9m with a net loss margin of 6.9%.
Its adjusted EBITDAR was $480.4m, which was a gigantic increase of $115.1m year-over-year. Meanwhile, the company’s EBITDAR margin was 30.6%, a 5% drop from Q4 2021.
Penn Entertainment President and CEO Jay Snowden commented: “I am pleased to report a strong finish to another transformative year for Penn National. Our Q4 revenues of $1.6 billion 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.
“In addition, we accomplished several strategic objectives this quarter that have laid the foundation for future growth, including the completion of our acquisition of Score Media and Gaming Inc.”
The acquisition of Score Media for $2bn in August was quite the coup for Penn, with the sports media company owning the most used app in Canada.
Snowden continued: “With the launch of online sports betting in Louisiana on January 28, Penn National now operates sports betting in 12 states and iCasino in four and looks forward to gaining additional scale in 2022 with anticipated launches in Ontario, Ohio and Maryland.
“As we expand, we will continue to focus on sustainable growth, organic customer acquisition and targeted marketing and promotional spend.”
