Penn Entertainment Sales, Profit Rise, Thanks to High-Earning Gamblers

Dow Jones
Aug 06
 

Penn Entertainment recorded higher profit and sales in the second quarter, as its casinos benefited from more high-earning customers.

The gambling company on Thursday swung to a profit of $32.6 million, or 24 cents a share, from a loss of $18.3 million, or 12 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 44 cents, ahead of the 29 cents anticipated by analysts, according to FactSet.

Revenue rose 5% to $1.86 billion, in line with what analysts had expected.

Within its retail segment, sales were boosted by engagement from mid- and high-worth customers, Chief Executive Jay Snowden said. Nine properties set second-quarter records for revenue, he said.

Penn's interactive business, which encompasses digital gaming, also grew. Standalone Hollywood iCasino business in the U.S. saw sales increase, while its gaming operations in Ontario were boosted by online sports betting, Snowden said.

 
 

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10