PENN Entertainment reports Q4 net loss of $358.8M; Interactive segment loss $333.8M on ESPN BET launch costs

PENN Entertainment, Inc.

2023-FY EPS reported -$3.22 revenue$6,362,900,000

Net loss $358.8M ($2.37 diluted EPS) vs income $20.8M ($0.13) YoY; revenue $1.395B, down 12% YoY.
Retail segment revenue $1.37B, Adjusted EBITDAR $476.4M, margin 34.7%; 10 properties achieved record Q4 revenue.
Interactive (ESPN BET) revenue $31.5M, Adjusted EBITDA loss $333.8M; over 1M FTDs post-Nov 14 launch; promotional expense higher than expected.
ESPN BET to launch in NC (March 2024) and NY (before football season), expanding addressable sports betting population to 46%.
Total liquidity $2.1B, cash $1.1B; traditional net debt $1.6B.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PENN Entertainment, Inc. reported for the three months and year ended December 31, 2023 results: revenue $1,395.4, net income $(358.8), EPS $(2.37).

Period: for the three months and year ended December 31, 2023
Revenue: $1,395.4
Net income: $(358.8)
EPS: $(2.37)
Result: reported results

Exact text from the filing

may not be reasonably predicted. 2 Summary of Fourth Quarter Results For the three months ended December 31, (in millions, except per share data, unaudited) 2023 2022 Revenues $ 1,395.4 $ 1,585.6 Net income (loss) $ (358.8) $ 20.8 Adjusted EBITDA (1) $ (39.6) $ 438.3 Rent expense associated with triple net operating leases (2) 152.1 30.0 Adjusted EBITDAR (1) $

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Source: SEC EDGAR

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