PENN Entertainment Inc (PENN) Reports Q3 2023 Earnings: Revenues of $1.62 Billion
PENN Entertainment Inc (NASDAQ:PENN) reported Q3 2023 revenues of $1.62 billion, with a net loss of $725.1 million.
The company's Interactive segment reported revenues of $196.3 million, despite an adjusted EBITDA loss of $50.2 million.
PENN's total liquidity as of September 30, 2023, was $2.3 billion, inclusive of $1.3 billion in cash and cash equivalents.
The company plans to launch ESPN BET across 17 states on November 14, subject to final approvals.
On November 2, 2023, PENN Entertainment Inc (NASDAQ:PENN) released its financial results for the third quarter of 2023. The company reported stable retail performance and exciting digital initiatives, despite facing challenges in the quarter.
Financial Highlights
PENN reported Q3 revenues of $1.62 billion, with a net loss of $725.1 million. The company's Adjusted EBITDAR stood at $445.1 million, with margins of 27.5%. The Interactive segment, which includes online sports betting and iCasino operations, reported revenues of $196.3 million, despite an adjusted EBITDA loss of $50.2 million.
Jay Snowden, Chief Executive Officer and President, said: Our property level performance was stable in the third quarter reflecting solid results from our rated traditional core customer. We continued to see relative strength in several locations, including our casinos in Ohio, Kansas, Massachusetts, and Missouri, which highlights the benefits of our geographically diversified portfolio of premier regional gaming assets and the addition of retail sports betting offerings at many of our properties."
Upcoming Initiatives
PENN announced its plan to launch ESPN BET on November 14 across the 17 states in which it operates online sports betting, subject to final approvals. This strategic alliance is expected to further expand PENN's digital ecosystem and drive re-engagement with the millions of customers in its digital and retail databases, leading to compelling cross-sell opportunities.
Liquidity and Debt
The company's total liquidity as of September 30, 2023, was $2.3 billion, inclusive of $1.3 billion in cash and cash equivalents. Traditional net debt as of the end of the quarter was $1.3 billion and the lease-adjusted net leverage ratio was 4.7x.
ESG Achievements
PENN was named one of 'Americas Best Employers for Diversity 2023' and 'Americas Best Large Employers for 2023' by Forbes Magazine. The company was also added to Newsweek's list of 'Greatest Workplaces for 2023' and named one of the 'Worlds Best Companies' by Time Magazine.
For more detailed financial information, please refer to PENN Entertainment Inc (NASDAQ:PENN)'s official earnings release.
Explore the complete 8-K earnings release (here) from PENN Entertainment Inc for further details.
This article first appeared on GuruFocus.
