The report reveals that revenue for Q2 stood at $1.6 billion (€1.56 billion), representing an increase of 5% year-on-year. This resulted in net income of $26.1 million (€25.5 million) and net income margin of 1.6%. This was down significantly from the $198.7 million (€194.3 million) reported in Q2 2021. The report also notes that the revenue figure includes $55.4 million (€54.1 million) related to the gross-up of gaming tax reimbursements from third-party skin partners.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) came to $476.5 million (€465.9 million), up by 1.4%. Meanwhile, adjusted EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent) dropped by 14% to $504.5 million (€493.3 million)
Penn National Q2 Revenues Up by 5% as Company Rebrands to Penn EntertainmentPenn National Q2 Revenues Up by 5% as Company Rebrands to Penn Entertainment“Over the past few years, Penn has transformed our business through a highly differentiated strategy focused on organic cross-sell opportunities, which is reinforced by our investments in retail casinos, sports media assets, owned technology, including a state-of-the-art, fully integrated digital sports and online casino betting platform, and an in-house iCasino content studio.
“Our new name maintains ties to our legacy while better reflecting our evolution into North America’s leading provider of integrated entertainment, sports content and casino gaming experiences.”
Snowden also added that Penn’s launch of theScore Bet sports betting app in Ontario helped to bolster the company’s online arm resulting in revenues of $154.9 million (€151.4 million). However, despite the success of theScore Bet, the company’s online businesses posted a combined adjusted EBITDA loss of $20.8 million (€20.3 million).
Penn National Q2 Revenues Up by 5% as Company Rebrands to Penn Entertainment
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.