Penn National Gaming earnings set quarterly record

Wyomissing-based Penn National Gaming Inc. reported record first-quarter revenue of $1.56 billion, a jump of 22.7% over last year.

The company’s adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization and restructuring or rent costs) of $494.7 million in the three months ending March 31 also set a record.

A leading provider of integrated entertainment, sports content and casino gaming experiences, Penn National Gaming operates 44 properties in 20 states, online sports betting in 13 jurisdictions and iCasino in five, under a portfolio of brands including Hollywood Casino.

Jay Snowden, president and CEO, said in a release, “These results reflect our continued progress in meeting our strategic objectives. We are growing our active mychoice database and are seeing early benefits from our technology investments. We are also driving momentum at our interactive segment with ongoing sports betting and iCasino growth in the U.S., and the successful launch of mobile sports betting and iCasino in Ontario on April 4 on theScore’s proprietary player account management system and bonusing engine.”

Based on the strength of this first quarter performance, he said, Penn National Gaming is increasing its 2022 revenue and adjusted EBITDAR guidance range from $6.15 billion to $6.55 billion and $1.875 billion to $2 billion, respectively.

“We remain encouraged by the ongoing visitation from younger demographics and are focused on continuing to reimagine our properties and offerings to enhance the entertainment appeal to this steadily growing segment of consumers,” Snowden added.