secwatch.observer — SEC 8-K summary
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Issuer:     PENN Entertainment, Inc. (PENN)
CIK:        0000921738
Form:       8-K
Filed at:   2024-02-15T23:59:59+00:00
Accession:  0000921738-24-000005
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/921738/000092173824000005/0000921738-24-000005-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/921738/000092173824000005/penn-20240215.htm
  HTML page:      https://secwatch.observer/filing/0000921738-24-000005

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