Penn Entertainment revenue rises in fourth quarter

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Entertainment and gaming group Penn Entertainment’s fourth-quarter revenue rose to US$1.7 billion from US$1.4 billion and full year to US$6.6 billion from US$6.4 billion year over year.

The company also reported that net loss had decreased during the fourth quarter from US$358.8 million to US$133.8 million, while adjusted EBITDA and adjusted EBITDAR rose from US$36.9 million to US$165.2 million and US$112.5 million and US$239.4 million respectively.

For Penn Entertainment’s online gaming segment Penn Interactive, fourth-quarter revenue increased from US$31.5 million to US$275 million year-over-year, while its full-year revenue rose from US$718.8 million to US$959.9 million.

Penn Interactive’s fourth-quarter adjusted EBITDAR was down, dropping from US$333.8 million to US$109.8 million compared to the previous year. Its full-year adjusted EBITDAR increased year-over-year from US$402.5 million to US$499.5 million.

“Penn’s fourth quarter property-level operating results reflect solid performance, as properties not impacted by new supply generated nearly 3% year-over-year revenue growth,” Jay Snowden, CEO and President, said in a statement. “Despite well-known, customer-friendly sports betting outcomes during the quarter, our Interactive segment delivered significant year-over-year improvements in revenue and adjusted EBITDA driven by our disciplined promotional strategies and accelerated growth in our online casino business.”