## PENN Entertainment Falls Short on Q3 Earnings, But Remains Optimistic About Growth
PENN Entertainment Inc. (PENN) reported its third-quarter financial results on Thursday, revealing a slight miss on earnings expectations but a modest increase in revenue. The company’s adjusted loss per share came in at 25 cents, edging out estimates for a 24-cent loss, according to Benzinga Pro. Revenue for the quarter reached $1.64 billion, slightly below the anticipated $1.66 billion, but still marking a 1.24% year-over-year increase from $1.62 billion in the same period last year.
Despite the slight miss, PENN remains focused on growth. The company highlighted its ongoing investments in both physical and digital upgrades, particularly through its ESPN BET platform, which expanded to 19 U.S. states this quarter after its launch in New York in September. PENN also emphasized its accelerating hotel room renovations at L’Auberge Casino Lake Charles, with these upgrades projected to be finalized by January 2025. CEO Jay Snowden articulated that these strategic moves are integral to PENN’s broader strategy of boosting customer retention and revenue per customer.
Snowden acknowledged that “Stable consumer demand in our retail business was offset by unfavorable hold in our Northeast segment and volume declines in our South segment associated with severe weather disruptions and accelerated hotel remodeling.” However, he expressed confidence in the company’s prospects, stating that “The fourth quarter is off to a stronger start, led by several markets including Michigan, Ohio, and St. Louis.”
Looking ahead, PENN remains dedicated to expanding its Interactive offerings. The company has plans to launch an iCasino app in Pennsylvania early in 2025, subject to regulatory approval. PENN also affirmed that its development projects are progressing as anticipated, with the Hollywood Joliet casino expected to open ahead of schedule in the latter half of 2025.
In the wake of the earnings announcement, Penn Entertainment shares saw a positive surge, rising by 4.04% to $20.02 at the time of writing, according to Benzinga Pro.
