Welcome to our dedicated page for Penn Ent news (Ticker: PENN), a resource for investors and traders seeking the latest updates and insights on Penn Ent stock.
PENN Entertainment, Inc. reports developments across a North American gaming and entertainment business that includes casinos, racetracks, online sports betting and iCasino offerings. Company news commonly covers quarterly results, retail property projects under the Hollywood Casino brand, digital wagering strategy, sports media and technology assets, and the PENN Play customer loyalty program.
Recurring updates also address capital actions, material agreements, board composition and shareholder governance matters. PENN’s news flow reflects the regulatory environment for gaming operators, the company’s omnichannel model linking retail casinos with digital products, and periodic changes to its operating structure and executive oversight.
PENN Entertainment reported its 2022 fourth quarter results with revenues of $1.6 billion, up 0.8% year-over-year. However, net income decreased to $20.8 million from $44.8 million, yielding a net income margin of 1.3%. Adjusted EBITDAR was $468.3 million, down 2.5% year-over-year, though Adjusted EBITDA improved by 18.8% to $438.3 million. The company initiated guidance for 2023 with projected revenues between $6.15 billion and $6.58 billion. PENN also repurchased $91 million of stock and has $2.6 billion in total liquidity, alongside total traditional net debt of $1.1 billion.
PENN Entertainment, Inc. (NASDAQ: PENN) will announce its 2022 fourth quarter financial results on February 2, 2023, at 7:00 a.m. ET. A conference call and webcast will follow at 9:00 a.m. ET, open to the public. Interested participants can join the call by dialing 212/231-2922, with instructions to connect early. The call will also be available on PENN's website with a replay accessible for 30 days. PENN operates 43 properties across 20 states and online gaming in various jurisdictions, focusing on organic growth and customer loyalty through its mychoice program.
PENN Entertainment (NASDAQ: PENN) has expanded its STEM Scholarship Program by partnering with three new Historically Black Colleges and Universities (HBCUs): Jackson State University, Prairie View A&M University, and Southern University and A&M College. This initiative will allocate over $4 million over five years to support scholarships and create internship opportunities. The program now includes six HBCUs in total and aims to enhance diversity in STEM fields, addressing the representation gap in these careers.
PENN Entertainment reported Q3 2022 results, achieving $1.6 billion in revenue, a 7.5% year-over-year increase. Net income rose to $123.2 million with a net income margin of 7.6%, up from 5.7% in the prior year. Adjusted EBITDA reached $440.4 million, a 20.9% increase, while Adjusted EBITDAR decreased by 1.7% to $471.9 million, with a margin of 29.0%. The company continues to pursue growth through new land-based facilities and a strong omnichannel strategy, reaffirming its full-year guidance for revenue between $6.15 billion and $6.55 billion.
PENN Entertainment plans to relocate riverboat casinos in Aurora and Joliet, Illinois, to land-based facilities as part of an estimated $850 million project. The company will build a new hotel at Hollywood Columbus, Ohio, and a second hotel tower at M Resort, Nevada. An agreement with Gaming and Leisure Properties will facilitate up to $575 million in funding for these projects. The Aurora project alone has a budget of $360 million, aiming to create hundreds of jobs and enhance local entertainment offerings, subject to municipal approvals.
PENN Entertainment, Inc. (Nasdaq: PENN) will release its 2022 third quarter financial results on November 3, 2022, at 7:00 a.m. ET. A conference call will follow at 9:00 a.m. ET, open to the public. Investors can access the live call at www.pennentertainment.com. PENN operates 44 properties in 20 states and offers online sports betting in 14 jurisdictions. The company is known for its brands like Hollywood Casino® and Barstool Sportsbook®, and boasts a customer loyalty program with over 26 million members.
PENN Entertainment reported a 5.2% year-over-year revenue increase to $1.6 billion for Q2 2022, with adjusted EBITDAR at $504.5 million, down 14.0% from the prior year. Net income fell to $26.1 million, marking a sharp decline from $198.7 million in Q2 2021. Despite economic challenges, the company remains positive, maintaining full-year revenue guidance of $6.15 billion to $6.55 billion. PENN repurchased $167 million in stock, reinforcing commitment to shareholder value. The mychoice database saw significant growth, adding 1.2 million registrations, indicating strong customer engagement.
Penn National Gaming has successfully launched its proprietary risk and trading platform via its subsidiary, theScore Bet, enhancing its mobile product offerings in Ontario. This in-house technology enables increased in-game wagering options and event props while facilitating greater personalization and media integration. The company plans to migrate the Barstool Sportsbook to this platform in Q3 2023. CEO Jay Snowden highlighted that this milestone will improve customer engagement, reduce reliance on third-party platforms, and bolster their overall betting ecosystem.
Penn National Gaming, Inc. (Nasdaq: PENN) will report its 2022 second quarter financial results on August 4, 2022, at 7:00 a.m. ET. A conference call will follow at 9:00 a.m. ET, open to the public. Investors can join by calling 415/226-5361 and should connect five minutes early. The call will be accessible via www.pngaming.com. A replay will be available for 30 days. Penn operates 44 properties across 20 states and offers online sports betting in 13 jurisdictions, backed by a strong customer loyalty program.
Summary not available.