Penn National Gaming Reports Fourth Quarter Revenues

Penn National Gaming today reported financial results for the three months and year ended December 2021. Penn National owns, operates or has ownership interests in 39 gaming and racing facilities, and video gaming terminal operations across the United States of America.

2021 Fourth Quarter Financial Snapshot:

  • Revenues of $1.6 billion, an increase of $545.1 million year-over-year and $231.3 million versus 2019;
  • Net income of $44.8 million and net income margin of 2.8%, as compared to net income of $12.7 million and net income margin of 1.2% in the prior year and net loss of $92.9 million and net loss margin of 6.9% in 2019;
  • Adjusted EBITDAR of $480.5 million, an increase of $115.1 million year-over-year and $81.1 million versus 2019;
  • Adjusted EBITDA of $369.0 million, an increase of $113.1 million year-over-year and $65.0 million versus 2019; and
  • Adjusted EBITDAR margins of 30.6%, as compared to 35.6% in the prior year and 29.8% in 2019.

Jay Snowden, President and CEO commented, “I am pleased to report a strong finish to another transformative year for Penn National. Our fourth quarter revenues of $1.6 billion and Adjusted EBITDAR of $480.5 million exceeded both 2020 and 2019 levels as our best-in-class operating teams continue to deliver impressive results despite the ongoing pandemic.”

Penn National Gaming expects full-year revenue in the range of $6.07 billion to $6.39 billion.

While the market for online gambling is growing and can be a promising revenue stream for Penn, analysts caution there could be bumps in the road. Two of the so-called Big Four states still do not allow sports betting. New York and Michigan recently passed laws allowing sports wagering, but California and Florida have not.

The company also owns a 36% stake in sports and pop culture blog, Barstool Sports.