By Kelly Cloonan

Penn Entertainment swung to a profit and logged higher revenue in the first quarter.

The Wyomissing, Pa., casino company on Thursday posted a profit of $111.8 million, or 68 cents a share, compared with a loss of $114.7 million, or 76 cents a share, a year earlier.

Adjusted losses per share were 25 cents, below estimates of a loss of 19 cents a share according to analysts polled by FactSet.

Revenue rose to $1.67 billion compared with $1.61 billion a year ago. Analysts expected $1.7 billion.

Chief Executive Jay Snowden said the company faced severe weather challenges in January and February, denting adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs by at least $10 million.

Gaming volumes rebounded in March, though, and remained consistent through April and early May, he said.

Core business trends were otherwise stable, particularly in markets not threatened by new supply, he said. The company's customer loyalty program and investments in hospitality and entertainment offerings led to strong engagement with VIP and mid-worth customers, he said.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

May 08, 2025 08:22 ET (12:22 GMT)

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