In a double quandary that may have delighted two of the country's...
In a mixed bag of financial results, Penn National Gaming Inc., one of North America’s biggest gambling Omni-channels, has posted revenue of US$1.6 billion (£1.18bn/€1.4bn) in Q4 — more than the foretold US$1.52 billion (£1.12bn/€1.33bn), but only representing a net income of 26 cents per-share for the last quarter, some 20 cents short of expert Wall Street predictions.
Revenue for the year, ending December 31, 2021, was reported as US$5.91 billion (£4.37bn/€5.18bn), compared to US$3.57 billion (£2.64bn/€3.12bn) in 2020; while adjusted earnings before interest, taxes, depreciation, amortisation, and restructuring or rent (EBITDAR) totalled US$480.5 million (£355.4m/€420.7m), a year-on-year rise of 31.5 per cent.
“I am pleased to report a strong finish to another transformative year for Penn National,” said Jay Snowden, President and CEO of the casino, racetrack and iGaming operator, which was founded in 1972 and is based in Wyomissing, Pennsylvania.
“Our fourth-quarter revenues of US$1.6bn and adjusted EBITDAR of US$480.5m exceeded both 2020 and 2019 levels as our operating teams continue to deliver impressive results, despite the ongoing pandemic,” noted the Penn National chief.
After buying a 36 per cent stake in Barstool Sports in February 2020 and acquiring theScore in October last year, making Penn National one of North America’s leading digital, entertainment, sports content, gaming and technology actionistas, the company is now looking to further integrate the sportsbook and media app to drive growth.
“We remain encouraged by the ongoing visitation from younger demographics and are focused on reimagining our properties and offerings to enhance the entertainment appeal to this steadily growing segment of consumers,” said Snowden.
As of Dec 31, 2021, the company, which operates 44 casino and racetrack facilities in North America, had cash, and equivalents, of US$1.86 billion (£1.38bn/€1.63bn) and total bank debts of US$1.56 billion (£1.15bn/€1.36bn).
Penn National predicts net revenue of around US$6.25 billion (£4.63bn/€5.48bn) for this year, 2022, with an adjusted EBITDAR in the region of US$1.9 billion (£1.4bn/€1.66bn).
Added Snowden: “As we continue to execute our Omni-channel and media strategy, and realise the benefits of several noteworthy accomplishments, I am immensely excited about our growth trajectory.”