Penn Entertainment Sales, Profit Rise, Thanks to High-Earning Gamblers

Dow Jones
08/06
 

Penn Entertainment recorded higher profit and sales in the second quarter, as its casinos benefited from more high-earning customers.

The gambling company on Thursday swung to a profit of $32.6 million, or 24 cents a share, from a loss of $18.3 million, or 12 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 44 cents, ahead of the 29 cents anticipated by analysts, according to FactSet.

Revenue rose 5% to $1.86 billion, in line with what analysts had expected.

Within its retail segment, sales were boosted by engagement from mid- and high-worth customers, Chief Executive Jay Snowden said. Nine properties set second-quarter records for revenue, he said.

Penn's interactive business, which encompasses digital gaming, also grew. Standalone Hollywood iCasino business in the U.S. saw sales increase, while its gaming operations in Ontario were boosted by online sports betting, Snowden said.

 
 

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