October 2, 2022
Chicago 12, Melborne City, USA
Gaming

Penn National Gaming stock rallies after revenue rises to record, tops expectations

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Shares of Penn National Gaming Inc. PENN,
+ 0.52%
Premarket trading rose 1.4% on Thursday after online gaming and sports betting companies and Barstol Sports Partners reported first-quarter profits, but revenue rose to record highs. Net earnings fell to $ 51.7 million, or 29 cents per share, or র্ম 91.0 million, or 55 cents per share, from a year earlier. Factset consensus for earnings per share was 43 cents. Revenue rose 22.7% to $ 1.56 billion, above the স 1.53 billion factset consensus, gaming revenue rose 19.3% to $ 1.29 billion, and food, beverages, hotels and other revenue rose 41.5% to $ 273.0 million. The company said a “reasonable and stable” marketing and promotional environment in most markets has reduced the rate of reinvestment. “We are encouraged by ongoing visits from the younger population and are focused on rethinking our assets and offers to increase the appeal of entertainment to this growing segment of consumers,” said CEO Jay Snowden. The stock is down 25.3% year-over-year as of Wednesday, while the S&P 500 SPX,
+ 2.99%
Lost 9.8%.

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