Penn National Gaming, now rebranded as Penn Entertainment, has released its financial results for the three and six months ended June 30th, 2022.
Penn National Q2 Revenues Up by 5% as Company Rebrands to Penn Entertainment Penn National Q2 Revenues Up by 5% as Company Rebrands to Penn EntertainmentSpeaking of the latest results, Penn President and CEO Jay Snowden said:
“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.”
Penn also reported that its mychoice loyalty program grew by 1.2 million registered users over the last four quarters while Q2 2022 saw the program generate revenues of $1.5 billion (€1.4 million) and adjusted EBITDAR of $548.7 million (€536.5 million) with a margin of 37.2%.
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