PENN Entertainment reveals Q4 2022 performance

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PENN Entertainment has reported Q4 2022 revenue of US$1.6bn, a 0.8 per cent rise year-on-year.


Net income stood at $20.8m for the quarter, down from $44.8m in 2021’s fourth quarter.

Net income margin also dropped from 2.8 per cent to 1.3 per cent.

Adjusted EBIDTA is $438.3m, an increase of 18.8 per cent on the previous year.

Jay Snowden, chief executive officer and president at PENN Entertainment, said the severe weather in certain parts of the US in December played a role in the revenue of $1.6bn and adjusted EBITDAR of $468.3m.

He added: “The quarter ended on a high note with strong performance between Christmas and New Year across the portfolio, which has continued through January.

“In 2023, we have numerous near-term growth opportunities, including the transition of the Barstool Sportsbook to our own proprietary technology platform in the U.S. this summer.”

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Snowden said PENN’s 2023 revenue range is estimated at between $6.15bn and $6.58bn, with the adjusted EBITDAR at $1.875bn to $2bn.

“This outlook reflects our momentum in both our retail and interactive segments and the potential for further economic headwinds, as well as increased supply in a few of our markets,” he said.

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