Penn Entertainment Thursday morning reported revenue of $1.4 billion for the first quarter of 2025. Net income for the quarter was $111.5 million, a slight decrease from the $114.9 million posted in the first quarter of 2024. Adjusted EBITA was $457 million.
In a statement, Penn Entertainment CEO Jay Snowden said the operator exhibited “strong resilience in the quarter following severe weather challenges earlier in the year, as gaming volumes rebounded in March and remained consistent through April and early May.”
Adjusted EBITDAR for the quarter was $392.2 million compared to $256.2 during the same period in 2024.
Snowden said that “portfolio-wide weather events negatively affected Adjusted EBITDAR by at least $10 million. Core business trends were otherwise stable, particularly in markets not impacted by the continued growth of new supply.”
Revenue from online gaming was $290.1 million, including tax gross up of $128.2 million, with an Adjusted EBITDA loss of $89 million for the quarter.
“In our interactive segment we generated record gaming revenue and significant year-over-year improvements in both revenue and Adjusted EBITDA despite industry-wide unfavorable sports betting hold,” Snowden said.
Penn repurchased 1,413,882 shares of its common stock in open market transactions for $25 million at an average price of $17.67 per share. Subsequent to the end of the first quarter, the company repurchased 640,352 shares of its common stock at an average price of $15 per share for an aggregate amount of $9.6 million.
“Through May 7, 2025, we have repurchased $35 million of shares and remain committed to our previously stated goal to repurchase at least $350 million of shares this year,” Snowden said.
