Penn Entertainment Thursday morning reported financial results for third quarter, including record revenue.
Revenue reached $1.5 billion, Adjusted EBITDAR was $501.8 million, and Segment Adjusted EBITDAR margins were 33.7%.
“Penn’s third quarter results were highlighted by strong year-over-year growth in retail segment Adjusted EBITDAR, continued progress toward interactive profitability, and further balance sheet deleveraging,” Penn Entertainment CEO Jay Snowden said in a statement. “Our retail segment achieved record third quarter revenue, reflecting broad-based strength across the portfolio, including our completed development projects.
“Sustained revenue growth in U.S. standalone Hollywood iCasino and Canada, together with operational discipline, reinforces our confidence in achieving our full-year Adjusted EBITDA target in our interactive segment. Importantly, the healthy operating trends we experienced across our retail and interactive segments continued through October.”
Revenue was $348.4 million, including tax gross-up of $191.4 million. Adjusted EBITDA loss was $18.3 million.
Snowden also indicated the company was pleased with the performance of its Alberta iCasino and OSB operations.
“These encouraging trends reinforce our strategic focus on U.S. iCasino and Canada as key drivers of profitable growth,” said Snowden.
Liquidity and financial position total liquidity as of September 30 was $2 billion, including $1 billion of cash and cash equivalents. Traditional net debt as of September 30 was $1.8 billion.
Revenue and Segment Adjusted EBIDTAR were strongest in Penn’s northeast segment at $708.3 million and $208.1 million respectively. Penn’s interactive business yielded $348.4 million in revenue, and a loss of $18.3 million in Segment Adjusted EBITDAR.
