WYOMISSING, PA — PENN Entertainment Inc., according to recently released financial results for Q4 and the fiscal year end on December 31, 2023, excelled in both property-level performance and growth in digital enterprises. The robust performance, coupled with a well-executed portfolio strategy, places PENN firmly on a growth trajectory.
Among the notable highlights of the quarter was the remarkable expansion in key performance indicators (KPIs) for ESPN BET. Drawing in more first-time depositors (FTDs) than anticipated, this successful launch underscores the potential to expand the appeal of sports betting and grow the overall market.
Under the guidance of Jay Snowden, CEO and President, PENN capitalizes on strong customer demand and well-executed operational strategies, resulting in revenues of $1.37 billion, and an adjusted EBITDAR of $476.4 million.
Positive demand trends, mild weather, and a focus on consumer experience led to ten company properties achieving their highest ever fourth-quarter revenue. The company’s unique omni-channel strategy and geographical diversity were highlighted as key factors in these achievements.
The launch of ESPN BET on November 14 triggered a surge in download volumes, transforming over 1 million FTDs and setting a record handle. This launch, supported by partners at ESPN and PENN’s proprietary technology, propelled the diversification of sports betting for the mass market.
Additionally, the company’s Hollywood-branded iCasino product began reaping from cross-sell opportunities, displaying strong revenue growth and record monthly active users over the last few months. Future plans include expected ESPN BET launches in North Carolina in March and New York before the football season, each subject to regulatory approval.
As of December 31, 2023, PENN’s liquidity was robust, standing at $2.1 billion, which included $1.1 billion in cash and cash equivalents. Traditional net debt at the end of Q4 was $1.6 billion.
In addition to its financial achievements, PENN remains committed to Corporate Social Responsibility, focusing on People, Communities, and Planet. PENN has been increasing its investment in Diversity, Equity, and Inclusion initiatives, earning recognition as one of ‘America’s Greatest Workplaces for Diversity’ by Newsweek and ‘America’s Best Employers for Diversity 2023’ by Forbes.
PENN’s community service in 2023 included over $7 million in support to local charities and veterans-focused organizations and over $17 million in economic development grants. On the environment front, the company completed its first Scope 3 greenhouse gas inventory and set carbon reduction targets for 2024 and beyond. More about their CSR efforts will be revealed in the upcoming 2023 CSR Report.
The company’s success in Q4 2023, combined with further introduction of product enhancements and deeper integrations into the ESPN media ecosystem, is anticipated to bring continued growth and increase market share.
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