PENN - Penn Entertainment Q4 Earnings Highlights: Revenue Miss EPS Miss ESPN Bet's Impact | Benzinga
Casino and sports betting company PENN Entertainment (NASDAQ:PENN) reported fourth-quarter financial results Thursday before the market open.
Here are the key highlights, including the early impact of ESPN Bet.
What Happened: Penn reported fourth-quarter revenue of $1.4 billion, which missed a Street consensus estimate of $1.53 billion, according to data from Benzinga Pro.
The company reported a loss of $1.75 per share, which missed a Street consensus estimate of a loss of 52 cents per share.
Property revenue was $1.37 billion in the fourth quarter. The company said 10 properties had their highest ever fourth-quarter revenue, with customer demand and weather cited as reasons for the boost. Penn has 43 properties in 20 states.
"Penn delivered another quarter of solid property level performance while continuing to invest in our high growth digital business, which we believe will create significant long term shareholder value," Penn CEO Jay Snowden said.
ESPN Bet revenue was $31.5 million in the fourth quarter.
The company posted a net loss of $358.8 million in the fourth quarter, compared to a profit of $20.8 million in the year prior period. The loss came from the investments in the interactive segment and ESPN Bet.
Penn is paying The Walt Disney Company (NYSE:DIS) annually for the ESPN license for its sportsbook.
Adjusted EBITDA was a loss of $39.6 million in the fourth quarter for the company, compared to a profit of $438.3 million in the year ...