West is best for US operator
Strong results in its West segment, as well as in Ohio, St. Louis, and Illinois, drove PENN Entertainment’s revenues to $1.4bn for the three and nine months ended September 30.
Gaming revenues and Adjusted EBITDA in the quarter came in below expectations due to customer-friendly hold across the company’s digital operations and lower-than-anticipated OSB volumes.
Jay Snowden, Chief Executive Officer and President, said: “Demand was generally stable in our core business across gaming and non-gaming amenities during the quarter, particularly at our properties not impacted by new supply or increased competitor promotional activity. Our third-quarter performance was driven by strong results at our properties in our West segment, as well as in Ohio, St. Louis, and Illinois. We also saw increases in theoretical revenue across all rated worth segments of our retail portfolio, along with overall growth in visitation and spend per visit. The fourth quarter is off to a solid start and we are encouraged by early trends at our new Hollywood Casino in Joliet, which is driving both gaming and non-gaming volumes and database growth through its best-in-market offering. As previously disclosed, the second hotel tower at M Resort Spa Casino Las Vegas is scheduled to open on December 1, subject to regulatory approvals, and we are pleased to announce the upcoming openings of the new Hollywood Casino in Aurora and new hotel tower at Hollywood Columbus late in the second quarter of 2026.
The results release followed PENN’s realignment of its digital focus following the mutual decision for an early termination of its US online sports betting agreement with ESPN. theScore Bet, which is delivering strong results in Ontario, will be the company’s unified OSB brand across the U.S. and Canada, and will be deeply integrated into our digital sports media app, theScore. theScore has approximately 4 million monthly active users across North America. PENN retains a database of 2.9 million digital users acquired during the ESPN relationship, including 300 thousand acquired this football season.
Mr Snowden added: “When we first announced our partnership with ESPN, both sides made it clear that we expected to compete for a podium position in the space. Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we have mutually and amicably agreed to wind down our collaboration.
Snowden added, “PENN’s unique omnichannel strategy is anchored in a diverse portfolio of market-leading regional casinos and a complementary digital business. We are realigning our digital focus to leverage the strength of our U.S. iCasino and Canadian operations, while continuing to use OSB to drive both the acquisition of customers with significant lifetime value and unique cross-sell opportunities across PENN’s retail and digital assets.
“PENN’s iCasino forward approach has clear long-term alignment to our core business, which will focus on cross-sell opportunities across our ecosystem and enhanced connectivity to our 33 million member PENN Play loyalty program. Our OSB offerings will continue to provide top of funnel acquisition and cross-sell opportunities for our Hollywood-branded iCasino, which will remain integrated into our OSB product in states where legal, in addition to serving as a standalone iCasino app. We will operate with a more efficient cost structure, including replacing fixed media spending with performance based and regionally targeted marketing that complement our casino footprint. The realignment will free up resources to strategically invest in the North American markets with strong return potential which we expect will drive enhanced unit economics and profitability.”
“Our North America iCasino business achieved its highest quarterly gaming revenue to date, an improvement of nearly 40 per cent year-over-year, driven by record cross-sell from OSB of 62% and growth from our standalone Hollywood and theScore Bet iCasino apps. The momentum in our iCasino business continues to benefit from growing average MAUs, which experienced the third consecutive quarter of year-over-year and quarter-over-quarter increases,” concluded Mr. Snowden.
The post PENN enjoys strong regional growth in its third quarter appeared first on G3 Newswire.
West is best for US operator Strong results in its West segment, as well as in Ohio, St. Louis, and Illinois, drove PENN Entertainment’s revenues to $1.4bn for the three and nine months ended September 30. Gaming revenues and Adjusted EBITDA in the quarter came in below expectations due to customer-friendly hold across the company’s digital operations and lower-than-anticipated OSB…
The post PENN enjoys strong regional growth in its third quarter appeared first on G3 Newswire.