Penn Entertainment has published its third quarter results for 2023. During the quarter, the company reported an overall revenue of $1.62bn.
Adjusted EBITDA fell by nearly $140m year-over-year during Q3 to a total of $298.5m. The company also posted a net loss of $725.1m for the quarter, versus a $123.2m loss during Q3 of 2022.
However, company President and CEO Jay Snowden noted that property level performance yielded “solid” results.
He elaborated further on Penn’s quarterly results by saying, “Our property level performance was stable in the third quarter reflecting solid results from our rated traditional core customer. We continued to see relative strength in several locations, including our casinos in Ohio, Kansas, Massachusetts and Missouri, which highlights the benefits of our geographically diversified portfolio of premier regional gaming assets and the addition of retail sports betting offerings at many of our properties.
“Third quarter Interactive segment results reflect curtailed marketing in the US as we prepared to transition our online sportsbook to the ESPN BET brand.”
He went on to comment on the recent release of the ESPN Bet logo and the upcoming US launch. The new US sportsbook will offer sports fans access to “a custom content identity to live across the entire ESPN ecosystem, inclusive but not limited to in-app, digital, social and programming.”
Snowden commented, “Finally, we are excited to announce that we plan to simultaneously launch ESPN BET on November 14 across the 17 states in which we operate online sports betting, subject to final approvals.
“This strategic alliance is expected to further expand our digital ecosystem and drive re-engagement with the millions of customers in our digital and retail databases, leading to compelling cross-sell opportunities.”
