PENN Entertainment, Inc. (Nasdaq: PENN) has released its financial results for the fourth quarter and full-year 2024, reporting year-over-year revenue growth and continued expansion in its interactive segment. Despite market challenges, the company maintained stable property-level performance and announced plans to repurchase at least $350 million in shares during 2025.
For Q4 2024, PENN reported total revenue of $1.67 billion, up from $1.4 billion in the same period in 2023. Adjusted EBITDA for the quarter stood at $165.2 million, a significant turnaround from a loss of $39.6 million in the prior-year quarter. The company posted a net loss of $133.8 million, an improvement from a $358.8 million loss in Q4 2023.
Full-year revenue reached $6.58 billion, a 3.4% increase from $6.36 billion in 2023. Adjusted EBITDA for the year totaled $672.2 million, while Adjusted EBITDAR came in at $1.29 billion. PENN ended the year with total liquidity of $1.7 billion, including $706.6 million in cash and equivalents.
The company’s property-level operations, spanning its Northeast, South, West, and Midwest divisions, generated revenue of $1.4 billion in Q4, with Adjusted EBITDAR of $461.2 million and a margin of 33.1%.
The interactive segment, which includes online casino and sports betting, reported Q4 revenue of $275 million, driven by growing demand in online gaming. However, the segment posted an Adjusted EBITDA loss of $109.8 million. PENN attributed its interactive growth to the success of its standalone Hollywood Casino app, launched in Pennsylvania and Michigan, as well as disciplined promotional strategies.
PENN has provided full-year 2025 guidance, forecasting revenue between $1.01 billion and $1.08 billion. Adjusted EBITDA is expected to range between $115 million and $135 million, representing an anticipated 35% increase at the midpoint compared to 2024.
As the company continues to optimize its digital and retail operations, it remains focused on strategic investments, cost efficiencies, and expanding its presence in key regulated igaming markets.
“Property-level operating results reflect the ongoing success of our initiatives designed to enhance the customer experience and improve operational efficiency,” said Mr. Snowden. “Led by our best-in-class property leadership teams, we are continuing to reimagine our casinos through new technology, hotel renovations, F&B offerings, ESPN BET-branded retail sportsbooks, and exciting pop-up experiences. Our performance has been further supported by our omni-channel strategy of cross-selling our growing digital database into retail engagement. The number of online customers cross-sold into retail this quarter has grown by more than 64% year-over-year. These efforts all contributed to impressive results in key markets, including Ohio, Massachusetts, Kansas, and Missouri, which helped balance the impacts from new supply affecting several of our properties. Our four retail growth projects remain on budget and on track, with the new Hollywood Casino in Joliet expected to open in the fourth quarter of 2025, subject to regulatory approvals.”
“In the Interactive segment, our parlay mix improved sequentially each month since October, and we experienced greater than 30% parlay mix as a percentage of handle in December and January. Greater same game parlay (“SGP”) adoption contributed to the parlay mix improvement, with SGP mix as a percentage of handle increasing each month since football season began. In addition, our online casino business delivered record quarterly gaming revenue, with over 60% growth year-over-year and continued momentum into 2025. We remain focused on delivering further enhancements to our digital offerings this year, including live streaming in the ESPN BET app, Men’s NCAA Tournament Challenge integrations with ESPN, and additional launches of our standalone iCasino app offerings,” concluded Mr. Snowden.
