Penn National Gaming Inc · Q1 2022 earnings

Briefing

Reported revenues of $1.56 billion, net income of $51.6 million, Adjusted EBITDAR of $494.7 million, and Adjusted EBITDA of $434.6 million.

Penn National Gaming reported record first quarter results with revenues of $1.56 billion and Adjusted EBITDAR of $494.7 million. The company is growing its active mychoice database and seeing early benefits from technology investments. They are also driving momentum at their Interactive Segment with ongoing sports betting and iCasino growth, and the successful launch of mobile sports betting and iCasino in Ontario.

• Revenues of $1.56 billion, an increase of 22.7% year-over-year.
• Net income of $51.6 and net income margin of 3.3%, as compared to net income of $90.9 million and net income margin of 7.1% in the prior year.
• Adjusted EBITDAR of $494.7 million, an increase of 10.7% year-over-year.
• Adjusted EBITDA of $434.6 million, an increase of 29.1% year-over-year.

Headline financials

Revenue & EPS history

Based on the strength of our first quarter performance and our outlook for the remainder of the year, we are increasing our prior 2022 revenue and Adjusted EBITDAR guidance range to $6.15 billion to $6.55 billion and $1.875 billion to $2.00 billion, respectively.