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WYOMISSING, Pa. - Penn Entertainment Inc. (NASDAQ:PENN) reported first quarter results that fell short of analyst expectations on Thursday.
The company’s shares were down 2.99% in pre-market trading following the release.
The casino and sports betting operator posted adjusted earnings per share of -$0.25, missing the consensus estimate of -$0.19. Revenue came in at $1.67 billion, below Wall Street’s forecast of $1.71 billion.
Penn’s Interactive segment, which includes its online sports betting and iCasino operations, generated record gaming revenue in the quarter. However, this was offset by weaker performance in the company’s retail casino business.
"PENN’s properties demonstrated strong resilience in the quarter following severe weather challenges earlier in the year, as gaming volumes rebounded in March and remained consistent through April and early May," said CEO Jay Snowden.
The company noted that unfavorable sports betting hold negatively impacted Adjusted EBITDA by approximately $10 million in the quarter. Corporate overhead costs were also $8 million higher due to legal and advisory expenses.
Penn maintained its commitment to repurchase at least $350 million of shares in 2025, having bought back $35 million worth through May 7th.
Despite the earnings miss, management expressed optimism about the company’s omni-channel strategy and growth prospects for its ESPN BET and theScore Bet online brands.
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