PENN Q2 revenue up 2.9%, net income $78.1M; ESPN Bet rebrand in Fall 2023

PENN Entertainment, Inc.

2023-Q2 EPS reported $3.54 revenue$3,348,100,000

Revenue $1.67B (+2.9% YoY); net income $78.1M (up from $26.1M); diluted EPS $0.48 vs $0.15.
Adj. EBITDAR $476.8M (-5.5% YoY); adj. EBITDA $330.4M (-30.7%); margins down 250 bps.
Repurchased $99.8M of stock at avg $26.31; liquidity $2.2B; lease-adj. net leverage 4.7x.
Barstool Sportsbook to rebrand as ESPN Bet in Fall 2023 under new ESPN agreement.
Successfully migrated proprietary sports betting and iCasino tech platform in the U.S.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PENN Entertainment, Inc. reported three months ended June 30, 2023 results: revenue $1,674.8, net income $78.1, EPS $0.48.

Period: three months ended June 30, 2023
Revenue: $1,674.8
Net income: $78.1
EPS: $0.48
Result: reported results

Exact text from the filing

For the three months ended June 30, (in millions, except per share data, unaudited) 2023 2022 Revenues $ 1,674.8 $ 1,626.9 Net income $ 78.1 $ 26.1 Adjusted EBITDA (1) $ 330.4 $ 476.5 Rent expense associated with triple net operating leases (2) 146.4 28.0 Adjusted EBITDAR (1) $ 476.8 $ 504.5 Payments to our REIT Landlords under Triple Net Leases (3) $ 234.2 $ 231.8 Diluted earnings per common share $ 0.48 $ 0.15

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Source: SEC EDGAR

accession 0000921738-23-000023

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