Former FanDuel executive joins Penn’s interactive division
PENN Entertainment announced the appointment of former FanDuel executive, Billy Turchin as Chief Product Officer in Interactive division.With his experience of four years...
ESPN Bet narrows PENN Entertainment’s Q3 losses
PENN Entertainment shared its third quarter results’ forecasts, with stronger-than-expected performance driven by ESPN Bet.
American entertainment corporation Penn Entertainment, Inc., formerly known as Penn National Gaming, operates casinos, sports programming, and integrated entertainment. It operates 43 properties in 20 states under the Hollywood Casino, Ameristar, and Boomtown brands.
Penn’s Q3 results, ending on September 30, will come mainly from Penn Interactive, which features the ESPN Bet platform. According to PENN Entertainment, its digital segment is thriving, leading to positive expectations for 2025.
For Q3 2024, PENN expects its Retail Operations adjusted EBITDA to fall between $465 million and $475 million. For Penn Interactive, adjusted EBITDA will be somewhere between $90 million and $100 million. This is momentum for the company, as earlier it had forecasted a loss of $115 million to $135 million.
This positive shift is attributed to better hold rates and lower promotional costs, indicating growth of ESPN Bet, especially after receiving regulatory approval to operate in New York, a key market. Moreover, ESPN Bet reported a reach of $3 million within only 3 days.
Despite the encouraging financial results, PENN Interactive is facing some challenges, including upcoming layoffs confirmed by CEO Jay Snowden. However, despite the challenges, Penn Entertainment is committed to enhancing its digital segment. With promising growth indicators and strategic investments, PENN is positioning itself for a successful 2025.
Penn Entertainment will share its full Q3 results on November 7, 2024.
PENN launches Hollywood Casino app in New Jersey
An American entertainment corporation operating casinos, sports programming, and integrated entertainment, Penn Entertainment, has officially announced the launch of its...
