With revenues of $1.4bn, up 3.4 per cent from last year, Penn Entertainment said it was ‘seeing green shoots’ but has ‘to do more work to do to unlock the full potential’ and value of its partnership with ESPN.
Jay Snowden, Chief Executive Officer and President, said: “PENN’s fourth quarter property-level operating results reflect solid performance, as properties not impacted by new supply generated nearly three per cent year-over-year revenue growth. Despite well-known, customer friendly sports betting outcomes during the quarter, our Interactive segment delivered significant year-over-year improvements in revenue and Adjusted EBITDA driven by our disciplined promotional strategies and accelerated growth in our online Casino business. The success in our iCasino business is bolstered by the continued strong momentum from the recent launches of our standalone Hollywood Casino app in Pennsylvania and Michigan. We are excited by the opportunities that lie in front of us in 2025 and into 2026 in all aspects of our business and are announcing this morning our intent to repurchase at least $350m of shares this year.
“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 per cent 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 per cent 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 per cent 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.
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With revenues of $1.4bn, up 3.4 per cent from last year, Penn Entertainment said it was ‘seeing green shoots’ but has ‘to do more work to do to unlock the full potential’ and value of its partnership with ESPN. Jay Snowden, Chief Executive Officer and President, said: “PENN’s fourth quarter property-level operating results reflect solid…
The post Penn admits it has more to do to unlock full potential of ESPN appeared first on G3 Newswire.