Penn Entertainment’s igaming segment reports 35.9% year-over-year increase in second-quarter earnings
Penn Entertainment has reported its second-quarter results, with its igaming segment, Interactive, recording revenue of US$316.1 million, up 35.9% year over year compared to last year’s figure of US$232.6 million.
Penn’s Interactive sector also saw increased revenue for the first half of the financial year, rising from US$440.3 million to US$606.2 million year-over-year. The segment also saw an adjusted EBITDAR loss of US$62 million in the second quarter.
“Our Interactive segment generated record gaming revenue in both online sports betting and online casino, driven by ongoing product enhancements and the advantages of our unique omnichannel ecosystem,” said Jay Snowden, CEO and President of Penn Entertainment.
In addition to its growing igaming segment, the company’s total revenue reached US$1.8 billion in the second quarter, a 6.1% year-over-year increase from US$1.7 billion. Adjusted EBITDA saw an 11.3% increase year-over-year, from US$212.1 million to US$236.1 million, while adjusted EBITDAR rose from US$367 million to US$392.1 million.
The company reported a loss of US$18.3 million in the second quarter, down 32.5% from the US$27.1 million loss it saw in the same quarter the year prior.
Penn Entertainment’s betting app, ESPN Bet, has launched a new design this week, integrating fantasy sports with sports betting.
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