Penn Entertainment has released its first-quarter financial results for 2023. The company reported quarterly revenue of $1.67bn, reflecting a 7% year-over-year increase.
Penn reported that its net income and net income margin figures were 10 times higher than results posted during the previous year’s period. Net income and net income margin in Q1 reached $514.4m and 30.7% respectively.
During Q1, the company posted an adjusted EBITDA of $332.2m and an adjusted EBITDAR margin of 28.6%.
Company President and CEO Jay Snowden further highlighted the quarter’s results by saying: “We are pleased to report that Penn delivered another solid quarter in what remains an uncertain macroeconomic environment.
“Penn generated first quarter revenues of $1.67bn and adjusted EBITDAR of $478.2m as strong performance in the Northeast mostly offset softer year-over-year results in the South. In addition, our proprietary sports betting and iCasino technology platform, which is live in Ontario, continues to drive compelling results and market share.”
He went on to discuss Penn’s recent acquisition of Barstool. The transaction began in February 2020 when Penn purchased a 36% stake in the company.
At the completion of the sale, Penn purchased the remaining interest in the company for nearly $388m.
Snowden concluded by saying: “As previously announced, on February 17th we completed our acquisition of the remainder of Barstool Sports. Accordingly, we are raising our prior 2023 revenue guidance range to $6.37bn ‒ $6.81bn to reflect the Barstool acquisition, which is neutral to adjusted EBITDAR.
“As such, our prior 2023 adjusted EBITDAR guidance range of $1.875bn ‒ $2bn remains unchanged.”
