- Penn National Gaming Inc PENN reported second-quarter FY21 sales growth of 26.7% year-on-year, to $1.55 billion, beating the analyst consensus of $1.45 billion.
- The revenue increase was driven by demand across the portfolio of core gaming business properties.
- Gaming revenue rose 403.6%, while food, beverage, hotel, and other revenue increased 419% Y/Y.
- Revenue from Northeast, South, West, and Midwest segments surged from last year.
- EPS of $1.17 beat the analyst consensus of $0.90.
- Total operating expenses shot up 148% Y/Y to $1.2 billion.
- The operating margin was 24.4%, and operating income for the quarter was $377.9 million.
- Adjusted EBITDA was $470.1 million. Adjusted EBITDAR was $586.6 million, with Adjusted EBITDAR margin of 37.9%, expanding 2993 basis points Y/Y and 722 basis points versus 2019.
- The company held $2.3 billion in cash and equivalents as of June 30, 2021.
- "We saw strong revenue growth across our Penn Interactive segment, which operated near breakeven for the quarter despite being live in only four states," said CEO Jay Snowden.
- Penn National is set to acquire Score Media and Gaming, Inc. SCR (theScore), a digital media and sports betting and technology company, for $2.0 billion in cash and stock.
- theScore shareholders will receive $17.00 in cash and 0.2398 shares of Penn National common stock, implying a total purchase consideration of $34.00 per share.
- Price action: PENN shares are trading lower by 2.28% at $65.73, while SCR is trading higher by 56% at $28.35 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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