WYOMISSING, Pa.--(BUSINESS WIRE)--Aug. 4, 2022-- PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN) today reported financial results for the three and six months ended June 30, 2022.
Jay Snowden, Chief Executive Officer and President, announced: “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.”
Mr. Snowden further commented: “We are pleased with our second quarter results. PENN generated revenues of $1.6 billion and Adjusted EBITDAR of $504.5 million. 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. Our strong operating performance and balance sheet enabled us to opportunistically repurchase $167.0 million of stock in the quarter under our $750.0 million share repurchase authorization. Based on our second quarter performance and our outlook for the remainder of the year, we are reiterating our 2022 revenue and Adjusted EBITDAR guidance range of $6.15 billion to $6.55 billion and $1.875 billion to $2.00 billion, respectively
.2022 Second Quarter Highlights:
- Database Growth Highlights the Value of Omni-Channel Strategy
- Successful Migration to Our Proprietary Tech Stack in Ontario
- Reiterating 2022 Full Year Revenue and Adjusted EBITDAR Guidance
- Repurchased $167.0 million of Common Stock at an Average Price of $30.16 Under Share Repurchase Authorization
- Revenues of $1.6 billion, an increase of 5.2% year-over-year;
- Net income of $26.1 million and net income margin of 1.6%, as compared to net income of $198.7 million and net income margin of 12.9% in the prior year;
- Adjusted EBITDAR of $504.5 million, a decrease of 14.0% year-over-year;
- Adjusted EBITDA of $476.5 million, an increase of 1.4% year-over-year; and
- Adjusted EBITDAR margins of 31.0%, a decline of 694bps year-over-year.
For further information, the Company has posted a presentation to its website regarding the second quarter highlights and accomplishments, which can be found here.