The financial results of Penn Entertainment’s fourth quarter and full year of 2024 were released, showing both notable net losses and consistent revenue growth.
With nearly $1.66 billion in revenue for the fourth quarter and $6.57 billion for the year, Penn Entertainment had a 3% rise in revenue over the prior year. The business did, however, declare a net loss of $313 million for the entire year and $133 million for the fourth quarter.
With a margin of 33.1%, adjusted EBITDA for the year was $461.2 million. CEO Jay Snowden called the company’s performance “solid” in spite of these numbers, pointing to notable improvements in a few areas.
“Penn’s fourth quarter property-level operating results reflect solid performance, as properties not impacted by new supply generated nearly 3% year-over-year revenue growth,” Snowden stated.
He also emphasized improvements in the Interactive segment, noting that “despite well-known, customer-friendly sports betting outcomes during the quarter, our Interactive segment delivered significant year-over-year improvements in revenue and Adjusted EBITDA driven by our disciplined promotional strategies and accelerated growth in our online Casino business.”
Strategic Focus on Digital Expansion
Looking ahead, Penn Entertainment remains focused on enhancing its digital offerings. Snowden highlighted the company’s online casino momentum, fueled by the launch of the standalone Hollywood Casino app in Pennsylvania and Michigan.
He outlined upcoming initiatives, including live streaming on the ESPN BET app and Men’s NCAA Tournament Challenge integrations with ESPN. The company also plans further expansions of its iCasino platforms.
Excited about the future, Snowden concluded, “We are excited by the opportunities that lie in front of us in 2025 and into 2026 in all aspects of our business and are announcing this morning our intent to repurchase at least $350 million of shares this year.”
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