Penn Entertainment sees 3% revenue growth, $313M loss
Key Takeaways
Penn Entertainment has released its financial results for the fourth quarter and the full year 2024. While the company reported a 3% revenue growth compared to the previous year, it still faced a net loss. The company’s strategy focused particularly on digital expansion and the online casino business.
Revenue Growth Despite Net Loss
In the fourth quarter of 2024, Penn Entertainment generated revenue of $1.66 billion, leading to a total annual revenue of $6.57 billion. Despite this positive development, the company reported a net loss of $133 million in the fourth quarter and a total of $313 million for the entire year. The adjusted EBITDA margin (earnings before interest, taxes, depreciation, and amortization) was 33.1%, with an adjusted EBITDA of $461.2 million.
CEO Sees Solid Business Performance
CEO Jay Snowden assessed the company’s performance as stable. Locations that were not impacted by new competitors achieved revenue growth of nearly 3% year-over-year. He also highlighted progress in the interactive business. Despite unfavorable results in the sports betting segment, the company achieved significant improvements in revenue and EBITDA through disciplined promotional strategies and a growing online casino business.
Focus on Digital Expansion
Penn Entertainment continues to expand its digital offerings. A key step was the launch of the standalone Hollywood Casino app in Pennsylvania and Michigan. Future initiatives include live streaming on the ESPN BET app and integrations with ESPN’s NCAA Tournament Challenge. Additionally, the company plans to expand its iCasino platforms.
Stock Buyback as a Strategic Measure
Snowden announced that Penn Entertainment plans to allocate at least $350 million for stock buybacks in 2025. This move signals confidence in the company’s strategy and aims to enhance shareholder value.
Our Assessment
Despite the net loss, Penn Entertainment demonstrates a clear strategic direction. Growth in the digital sector, particularly in the online casino segment, indicates a long-term perspective. Investments in digital platforms and the planned stock buyback highlight management’s confidence in future developments. However, it remains to be seen how the financial situation evolves in the coming quarters.
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