secwatch.observer — SEC 8-K summary
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Issuer:     PENN Entertainment, Inc. (PENN)
CIK:        0000921738
Form:       8-K
Filed at:   2023-08-09T23:59:59+00:00
Accession:  0000921738-23-000023
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/921738/000092173823000023/0000921738-23-000023-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/921738/000092173823000023/penn-20230809.htm
  HTML page:      https://secwatch.observer/filing/0000921738-23-000023

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer