Penn National Gaming, Inc. (NASDAQ:PENN), a provider of integrated entertainment, sports content and casino gaming experiences., reported higher revenues in the first quarter. Retail operations benefitted from strong volumes and significant database growth
Strong Performance Across All Segments
Penn National reported revenue of $1.56 billion for the first quarter of 2022, an increase of 23% over the prior-year period. The consensus estimate was for revenue of $1.52 billion.
Gaming revenue increased 19.33%, while food, beverage, hotel and other revenue increased 41.5% year-over-year.
Penn’s Northeast segment led the way with $658.5 million in revenue, followed by the south segment with $341.4 million. The Midwest and West segments earned $282.9 million and $140.9 million, respectively, while Interactive revenue was $141.5 million. Other income was $7.3 million.
The group reported a net profit of $51.6 million for the first quarter of 2022 and a net profit margin of 3.3%, compared to $90.9 million and 7.1% respectively in the prior-year period. EPS came in at $0.29, $0.12 less than analysts’ estimate of $0.41. Adjusted EBITDA rose 29% year-over-year to $434.6 million.
Jay Snowden, President and Chief Executive Officer, commented: “Penn National Gaming generated record first quarter results with revenues of $1.56 billion and Adjusted EBITDAR of $494.7 million. These results reflect our continued progress in meeting our strategic objectives. We are growing our active mychoice® database and are seeing early benefits from our technology investments. We are also driving momentum at our Interactive Segment with ongoing sports betting and iCasino growth in the U.S., and the successful launch of mobile sports betting and iCasino in Ontario on April 4th on theScore’s proprietary player account management system (“PAM”) and bonusing engine.”
