WYOMISSING, PA — PENN Entertainment, Inc. (Nasdaq: PENN) announced its 2024 financial results, highlighting steady revenue growth, strong property-level performance, and advancements in its Interactive segment. The company’s focus on strategic innovation, operational efficiencies, and customer-centric enhancements sets the stage for substantial growth through 2025.
2024 Key Financial Highlights
- Revenues: $1.4 billion for property-level operations in Q4.
- Adjusted EBITDAR: $461.2 million for Q4, with margins at 33.1%.
- Interactive Segment Revenue: $275 million.
- Total Liquidity: $1.7 billion as of year-end 2024, inclusive of $706.6 million in cash.
Jay Snowden, CEO and President, reflected on the company’s performance, stating, “PENN’s fourth quarter property-level operating results reflect solid performance, as properties not impacted by new supply generated nearly 3% year-over-year revenue growth. Despite well-known, customer-friendly sports betting outcomes during the quarter, our Interactive segment delivered significant year-over-year improvements in revenue and Adjusted EBITDA driven by our disciplined promotional strategies and accelerated growth in our online Casino business.”
Property-Level Operations and Customer Trends
PENN’s property-level segments, spanning the Northeast, South, West, and Midwest, benefitted from initiatives designed to improve the customer experience. Efforts included hotel renovations, enhanced food and beverage offerings, and innovative pop-up experiences. The integration of ESPN BET-branded retail sportsbooks also contributed to the growth.
“Our performance has been further supported by our omni-channel strategy of cross-selling our growing digital database into retail engagement,” Snowden added. Online-to-retail cross-sell activity increased by over 64% year-over-year in Q4. Key markets such as Ohio, Massachusetts, Kansas, and Missouri showed especially strong results, helping offset the challenges posed by new competition in certain locations.
PENN Entertainment is also advancing four retail growth projects, including the forthcoming Hollywood Casino in Joliet, which remains on budget and scheduled to open in late 2025.
Interactive Segment Success and Future Growth
The Interactive segment delivered record growth, with online casino revenues increasing over 60% year-over-year. Enhanced parlay offerings and improved adoption of same-game parlays contributed to continued growth in the sports betting handle mix. The company is poised to build upon this momentum through additional digital initiatives in 2025.
“In the Interactive segment, our parlay mix improved sequentially each month since October, and we experienced greater than 30% parlay mix as a percentage of handle in December and January,” Snowden noted. Notably, PENN plans to further enrich its ESPN BET app with live streaming, NCAA Men’s Tournament Challenge integrations, and expanded standalone iCasino offerings in the months ahead.
Strategic Initiatives and Outlook
Looking forward, PENN Entertainment plans to repurchase at least $350 million in shares throughout 2025, reflecting confidence in the company’s financial health and growth trajectory. “We are excited by the opportunities that lie in front of us in 2025 and into 2026 in all aspects of our business,” said Snowden.
With a solid liquidity position, robust property-level operations, and accelerated growth in the Interactive segment, PENN Entertainment is well-positioned to capitalize on innovation and customer demand in the years ahead.
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