PENN Entertainment Inc. (NASDAQ:PENN) reported third-quarter financial results before the market opened on Thursday. Here's what you need to know.
What To Know: PENN reported an adjusted loss of 25 cents per share, missing estimates for a loss of 24 cents per share, according to Benzinga Pro. Revenue for the quarter came in at $1.64 billion, slightly below expectations of $1.66 billion, but up 1.24% from $1.62 billion in the same period last year.
As of Sept. 30, PENN had total liquidity of $1.8 billion, including $834 million in cash. The company said it has been investing in both physical and digital upgrades, especially through its ESPN BET platform, which expanded to 19 U.S. states this quarter after launching in New York in September.
PENN also said its accelerating hotel room renovations at L'Auberge Casino Lake Charles, with the upgrades expected to wrap up by January 2025. According to CEO Jay Snowden, these moves are part of PENN's broader strategy to improve customer retention and revenue per customer.
"Stable consumer demand in our retail business was offset by unfavorable hold in our Northeast segment and volume declines in our South segment associated with severe weather disruptions and accelerated hotel remodeling. The fourth quarter is off to a stronger start, led by several markets including Michigan, Ohio, and St. Louis," Snowden said.
Outlook: PENN remains focused on expanding its Interactive offerings, with plans to launch an iCasino app in Pennsylvania in early 2025, pending regulatory approval. The company said its development projects are on schedule, with Hollywood Joliet expected to open ahead of plan in the latter half of 2025.
PENN Price Action: Penn Entertainment shares were up 4.04% at $20.02 at the time of writing, according to Benzinga Pro.
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