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PENN Entertainment Reports Third Quarter Results

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Penn Entertainment Names Anuj Dhanda to Board of Directors

 

PENN Entertainment, Inc. reported financial results for the three and nine months ended September 30, 2023.

Jay Snowden, Chief Executive Officer and President, said: “Our property level performance was stable in the third quarter reflecting solid results from our rated traditional core customer. We continued to see relative strength in several locations, including our casinos in Ohio, Kansas, Massachusetts, and Missouri, which highlights the benefits of our geographically diversified portfolio of premier regional gaming assets and the addition of retail sports betting offerings at many of our properties. Third quarter Interactive segment results reflect curtailed marketing in the U.S. as we prepared to transition our online sportsbook to the ESPN BET brand. Finally, we are excited to announce that we plan to simultaneously launch ESPN BET on November 14 across the 17 states in which we operate online sports betting, subject to final approvals. This strategic alliance is expected to further expand our digital ecosystem and drive re-engagement with the millions of customers in our digital and retail databases, leading to compelling cross-sell opportunities.

Stable Retail Performance

Property level highlights1:

  • Revenues of $1.42 billion;
  • Adjusted EBITDAR of $523.4 million; and
  • Adjusted EBITDAR margins of 36.8%.

“Retail performance this quarter was supported by a slight uptick in volumes from our rated customers, offsetting softness in our unrated segment in the South region, the continued return of our 65+ demographic, and moderate growth in our spend per visit trends,” said Mr. Snowden. “Additionally, our portfolio benefited from new and sustained engagement driven by our market leading retail sportsbook concepts. With the recent launch of our enhanced customer loyalty program, PENN Play™, we have continued to drive database growth and customer engagement. Our database now has over 27 million members, with approximately 40% of our growth for the quarter coming from our online offerings. Our continued investments in technology to improve the customer journey has led to 2.2 million app downloads, and we are seeing a double-digit premium in retail theoretical from guests that engage with us through the PENN Play app versus non app users. Finally, the adoption of our industry leading cashless, cardless and contactless technology (“3C’s”), which is now deployed at twenty-one properties, with more on the way, has resulted in approximately $225 million in deposits into the PENN Wallet.

“We are also pleased to announce that we expect to break ground on our four growth projects throughout November and December of this year. These investments in the aggregate will create long-term shareholder value driven by their attractive return profiles and also contribute to our strong free cash flow generation upon opening in late 2025 and early 2026.

ESPN BET Planned Launch on November 142

Interactive Segment highlights:

  • Revenues of $196.3 million (including tax gross up of $102.6 million); and
  • Adjusted EBITDA loss of $50.2 million.

“We are extremely excited to announce the planned launch of ESPN BET prior to the active Thanksgiving week sports calendar that includes the NCAA college football rivalry week and the Super Bowl rematch of the Kansas City Chiefs and the Philadelphia Eagles televised on ESPN’s Monday Night Football. ESPN BET will be powered by our proprietary and proven technology platform, which continues to drive impressive performance in Ontario under theScore Bet brand for both online sports betting and iCasino. Our ESPN BET product will include a wide array of popular betting options, including featured bets, quick bets (micro-markets), player props, same game parlays and more. In connection with the launch, ESPN will be implementing an initial wave of exclusive integrations targeting their 200 million loyal fans across their linear and digital platforms, including an advertising campaign headlined by SportsCenter anchors Scott Van Pelt and Elle Duncan. Looking ahead, we will be introducing even deeper platform and media integrations with ESPN over the upcoming months, providing an unmatched and seamless media/betting experience that will appeal to sports fans across the country.

ESG – Caring for our People, our Communities and our Planet

“Reflective of the continued strides we have made to date on the ESG front, Forbes Magazine once again named PENN as one of ‘America’s Best Employers for Diversity 2023’ and ‘America’s Best Large Employers for 2023.’ In addition, Newsweek added PENN to their list of ‘Greatest Workplaces for 2023’ and Time Magazine named PENN one of the ‘World’s Best Companies.’ Finally, on October 4, our Company was once again honored by the Women’s Forum as a 2023 Champion of Board Diversity. During the quarter we updated our Scope 1 and 2 greenhouse gas emissions inventory for 2022 and are finalizing our 2022 Scope 3 inventory, the results of which will be included in our Corporate Social Responsibility Report in April 2024. In addition to alignment with the Casino and Gaming industry standard of the SASB reporting framework, we are working toward alignment with the Task Force on Climate-Related Financial Disclosures (“TCFD”). We also recently submitted our inaugural CDP climate-change disclosure.”

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Liquidity Remains Strong

Total liquidity as of September 30, 2023 was $2.3 billion inclusive of $1.3 billion in cash and cash equivalents. Traditional net debt as of the end of the quarter was $1.3 billion and the lease-adjusted net leverage ratio was 4.7x.

Additional information on PENN’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. The Company does not provide a reconciliation of projected Adjusted EBITDA and Adjusted EBITDAR because it is unable to predict with reasonable accuracy the value of certain adjustments that may significantly impact the Company’s results, including realized and unrealized gains and losses on equity securities, re-measurement of cash-settled stock-based awards, contingent purchase payments associated with prior acquisitions, and income tax (benefit) expense, which are dependent on future events that are out of the Company’s control or that may not be reasonably predicted.

Summary of Third Quarter Results

For the three months ended September 30,

(in millions, except per share data, unaudited)

2023

2022

Revenues

$

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1,619.4

$

1,625.0

Net income (loss)

$

(725.1

)

$

123.2

Adjusted EBITDA (1)

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$

298.5

$

440.4

Rent expense associated with triple net operating leases (2)

146.6

31.5

Adjusted EBITDAR (1)

$

445.1

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$

471.9

Payments to our REIT Landlords under Triple Net Leases (3)

$

235.0

$

232.0

Diluted earnings (loss) per common share

$

(4.80

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)

$

0.72

(1)

For more information, definitions, and reconciliations see the “Non-GAAP Financial Measures” section below.

(2)

Consists of the operating lease components contained within our triple net master lease dated November 1, 2013 with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) (“GLPI”) that was amended and restated effective January 1, 2023 (referred to as the AR PENN Master Lease and prior to January 1, 2023 referred to as the PENN Master Lease); our triple net master lease effective January 1, 2023 entered in conjunction with and coterminous to the AR PENN Master Lease (referred to as the 2023 Master Lease); our individual triple net lease with GLPI for the real estate assets used in the operations of Hollywood Casino at The Meadows prior to the effective date of the 2023 Master Lease (referred to as the Meadows Lease); our individual triple net lease with GLPI for the real estate assets used in the operations of Tropicana Las Vegas which terminated on September 26, 2022 (referred to as the Tropicana Lease); as well as our individual triple net leases with VICI Properties Inc. (NYSE: VICI) (“VICI”) for the real estate assets used in the operations of Margaritaville Resort Casino (referred to as the Margaritaville Lease) and Hollywood Casino at Greektown (referred to as the Greektown Lease) and referred to collectively as our “triple net operating leases.”

For the three months ended September 30, 2023, rent expense associated with triple net operating leases pertains to (i) the AR PENN Master Lease; (ii) the 2023 Master Lease; (iii) the Margaritaville Lease; and (iv) the Greektown Lease.

For the three months ended September 30, 2022, rent expense associated with triple net operating leases pertains to (i) the PENN Master Lease (specific to the land and building components associated with the operations of Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course); (ii) the Meadows Lease; (iii) the Margaritaville Lease; (iv) the Greektown Lease; and (v) the Tropicana Lease which terminated on September 26, 2022.

(3)

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Consists of payments made to GLPI and VICI (referred to collectively as our “REIT Landlords”) under the AR PENN Master Lease, the PENN Master Lease, the 2023 Master Lease, the Pinnacle Master Lease, the Meadows Lease (prior to the effective date of the 2023 Master Lease), the Perryville Lease (prior to the effective date of the 2023 Master Lease), the Margaritaville Lease, the Greektown Lease, the Morgantown Lease, and the Tropicana Lease and collectively referred to as our “Triple Net Leases.” The rent under the Tropicana Lease was nominal prior to lease termination.

Adjusted EPS

The following table reconciles diluted earnings (loss) per share (“EPS”) to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):

For the three months ended September 30,

2023

2022

Diluted earnings (loss) per share

$

(4.80

)

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$

0.72

Impairment losses

0.60

Business interruption insurance proceeds

(0.09

)

Transaction related expenses

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0.10

0.26

Non-operating items:

Loss on disposal of Barstool

6.12

Loss related to debt and equity investments

0.06

Foreign currency transaction gain

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Plaza Hotel & Casino launches Stay for a Cause to benefit St. Jude’s Ranch for Children

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Located in the heart of downtown Las Vegas, the Plaza Hotel & Casino has partnered with the Southern Nevada charity, St. Jude’s Ranch for Children, to launch Stay for a Cause.

Any guest who books a room at the Plaza Hotel & Casino for check-in prior to Dec. 31, 2025, via the Stay for a Cause hotel package will have 20 percent of the room rate automatically donated to St. Jude’s Ranch for Children. Established in 1966, the nonprofit organization helps provide healing and hope to abused and at-risk children in Southern Nevada.

“The Plaza has previously held toy drives to benefit St. Jude’s Ranch for Children, and we wanted to expand our partnership this year,” said Gary Vickery, vice president of operations at the Plaza Hotel & Casino. “With Stay for a Cause, guests can enjoy a great vacation at the Plaza and make a difference in our community at the same time.”

“We are grateful to the Plaza for their generous support through this innovative program,” said St. Jude’s Ranch for Children CEO Dr. Christina Vela. “By choosing to stay at the Plaza, guests are not just enjoying the wonderful accommodations, but also contributing to providing healing and hope to abused, neglected, exploited, and/or homeless children. We extend our heartfelt thanks to the Plaza and all the guests who choose to make their stay count for a greater cause.”

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New Study Reveals Economic and Social Risks of iGaming

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In response to the increasing concerns over the social and economic risks of iGaming, the gaming and entertainment business leaders have joined forces to launch the National Association Against iGaming (NAAiG).

The organization is formed in opposition to the expansion of iGaming and its well-reported economic and social dangers and urges other local businesses, employee unions, and community groups to mobilize in their effort to protect local communities.

A new study for NAAiG by The Innovation Group, a research and advisory firm specializing in gaming, hospitality, and tourism that has previously conducted multiple studies of online gambling for state governments and industry stakeholders, debunks the myth that iGaming offers easy revenue for states. Instead, the study uncovers the damaging effects of iGaming expansion, exposing widespread job losses and significant declines in economic output across multiple states.

Main findings of the report:

Land-based casino revenue drops by 16% on average after iGaming is introduced, leading to substantial job losses, hundreds of millions of dollars in lost economic output and reduced tax contributions that fund public services.

States introducing iGaming face significant economic losses, with projected job cuts reaching 4921 in New York and 4733 in Illinois by 2029.

iGaming results in significant losses for states in economic output. All states analyzed would see massive GDP reductions, including Ohio ($602 million), Indiana ($428 million), Maryland ($372 million), and Colorado ($313 million).

States’ net tax gains from iGaming are limited, even before accounting for the increased social costs associated with its high rates of problem gambling and related social ills. For instance, Louisiana, Maryland, and Mississippi could all see negative net tax revenue due to displaced in-person gaming dollars and related impacts on state and local economies.

Brick-and-mortar casinos in every state would face significant revenue losses due to iGaming cannibalization. Projections reach up to $983.7 million in New York, $545.3 million in Illinois, $522.6 million in Ohio, and $342.6 million in Maryland by 2029.

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The introduction of iGaming reduces in-person casino employment, with an estimated 2818 jobs lost in Ohio, 2642 in Louisiana and 1906 in Mississippi.

The job losses caused by iGaming will result in massive reductions each year in employee wages and related taxes for states. Annual labor income losses would reach nearly $110 million in Colorado and Maryland, $204 million in Ohio, nearly $300 million in Illinois, and nearly $450 million in New York.

States with iGaming experience an 8.3% decline in distributed gaming revenue, impacting taverns and small gaming establishments.

Projected U.S. gambling losses from iGaming are expected to surpass $1 trillion by 2028, straining local economies and public health resources.

“These statistics underscore the urgent need for action. iGaming’s unchecked access to gambling on cell phones is bad public policy that threatens local jobs and businesses and will cost states. When increased social costs caused by iGaming higher rates of underage and problem gambling are considered, the net tax revenue results are uniformly negative for every state,” said Mark Stewart, EVP & General Counsel of The Cordish Companies and NAAiG board member. “

“Beyond the lack of any real upside for states, iGaming puts vulnerable individuals at greater risk of problem gambling and financial instability. NAAiG is uniting stakeholders to push back and stop the spread of these harmful trends and advocate for responsible gaming policies,” said NAAiG board member Jason Gumer, Executive Vice President and General Counsel at Monarch Casino & Resort Inc.

“iGaming is eroding our communities. This isn’t just about responsible gaming—it’s about protecting local family-sustaining jobs and preventing financial harm. In Maryland alone, iGaming could cost $372 million in economic output, $342.6 million in lost casino revenue and nearly $110 million in annual wages. We must act now to protect our state and local economies nationwide,” said Shannon McCracken, Senior Director of Government Relations at Churchill Downs Incorporated and NAAIG board member.

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SCCG Partners with SFT Combat

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SCCG Management has announced a strategic partnership with SFT Combat, Brazil’s premier mixed martial arts (MMA) organization, to facilitate betting sponsorship opportunities within Brazil’s rapidly growing sports betting market.

Through this partnership, SCCG Management will leverage its expertise in the Brazilian gaming market to connect SFT Combat with leading sports betting operators and brands. SCCG has a proven track record of securing high-impact sponsorship deals across sports, with partnerships that include the Cincinnati Bengals, Colorado Rockies, Hendrick Motorsports, and Pillow Fight Championship. By tapping into SCCG’s global network and industry expertise, this collaboration will drive new revenue opportunities and enhance the commercial appeal of combat sports in Brazil.

Stephen Crystal, Founder & CEO of SCCG Management, said: “Brazil is one of the most exciting and rapidly evolving sports betting markets in the world, and combat sports hold a special place in its culture. Our partnership with SFT Combat allows us to bring top-tier betting brands into this thriving ecosystem while ensuring sponsorships are strategically aligned with the promotion’s elite-level competition and massive television audience. SCCG specializes in securing the right partners for the right opportunities, and we’re thrilled to help drive SFT Combat’s sponsorship growth in the gaming sector.”

David Hudson, President of SFT Combat, said: “I am absolutely thrilled about this groundbreaking partnership! Brazil isn’t just a country—it’s the powerhouse exporting the finest MMA talent outside the US. With a roster of world-class fighters, our nation is uniquely positioned to host events that captivate the global stage. This alliance is a pivotal step, one that will not only showcase our unmatched talent but also propel us towards creating truly world-class events. Together, we’re redefining the future of combat sports.”

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