Excellent start to the fourth quarter, for the three and nine months that concluded on September 30, 2024, PENN Entertainment reported $1.4 billion in sales and $471.7 million in adjusted EBITDAR.
It noted a solid start to its fourth quarter, headed by Michigan, Ohio, and St. Louis, even if it described these outcomes as stable.
Jay Snowden, Chief Executive Officer and President, commented: “PENN’s third quarter results were consistent with the preliminary estimates we disclosed last month in connection with our investor event in Las Vegas. Stable consumer demand in our retail business was offset by unfavorable hold in our Northeast segment and volume declines in our South segment associated with severe weather disruptions and accelerated hotel remodeling. The fourth quarter is off to a stronger start, led by several markets including Michigan, Ohio, and St. Louis. In the third quarter, our Interactive segment benefited from better-than-expected hold, driven by a higher parlay mix from our improving product and lower promotional expenses. Additionally, on October 30th, we launched account linking between ESPN BET and ESPN, which is foundational for creating a personalized sports betting experience across the ESPN ecosystem.”
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“Core business trends were stable through October, supported by our enhanced offerings and best-in-class retail sportsbooks,” mentioned Mr. Snowden. “We are mitigating ongoing pressures from known new supply in Nebraska, Louisiana, and Chicagoland by continuing to reimagine our properties to improve the customer experience and drive loyalty. During the quarter, we rebranded seven ESPN BET retail sportsbooks and accelerated our planned hotel room renovations at L’Auberge Casino Lake Charles. We are seeing higher value per customer from guests staying in the renovated rooms to-date, with the remainder expected to be completed through January of 2025. As disclosed last month during our investor event, our four development projects remain on budget and on schedule, with Hollywood Joliet expected to open ahead of schedule during the second half of 2025.“
The interactive portion of PENN brought in $244.6 million.
“Prior to the start of football season, we released several product enhancements and ESPN integrations to our ESPN BET offering. These product improvements helped contribute to a higher parlay mix and sportsbook hold during the third quarter. The September launch of ESPN BET in New York expanded our online sports betting footprint to 19 U.S. states, providing greater scale as we leverage ESPN’s vast media
reach for efficient customer acquisition. Our progress continued through October with encouraging year-over-year performance across our online sports betting and iCasino operations. We remain excited for additional product enhancements coming soon as we deliver on our product roadmap. This includes our standalone iCasino app launch planned for Pennsylvania early in the first quarter of 2025 (pending final regulatory approval), with additional jurisdictions to follow.“
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