Penn Entertainment reports first quarter financial results
Penn Entertainment has recently published its financial analysis for the first quarter of 2023.
The report started with the company’s key figures, with the first being its net revenue, which increased by 7% from the prior year’s 1.56 billion dollars to 1.67 billion dollars. The company’s net income increased even more, going from the 51 million dollars recorded in Q1 2022 to 514 million dollars, which is an increase of nearly 10 times.
However, despite the massive increases in net income, Penn’s adjusted EBITDAR figures stayed nearly the same, decreasing by just over 3% to 478 million dollars. Its EBITDA statistics, on the other hand, saw larger declines of 23.5% to 332 million dollars.
Breaking down the figures by vertical, the corporation’s retail operations maintained their lead, making up for the majority of the firm’s revenue at 1.44 billion dollars, while the rest of the just over 230 million dollars was from Penn’s interactive division.
Further breaking down the numbers by region, the company’s northeast segment generated a bit over 700 million dollars, making it the most profitable one. This includes numerous retail gambling establishments in northeastern US states, such as New York and New Jersey. Following it was the southern, midwestern, and western regions.
Lastly, the report highlighted a few of the firm’s noteworthy achievements that took place throughout the quarter, such as its acquisition of Barstool Sports and expansion to numerous jurisdictions across the United States. Additionally, the company also successfully executed its February 2022 stock buyback program, as part of which Penn Entertainment repurchased about 50 million dollars worth of its shares.