Penn Entertainment has shared its results for the first quarter of 2025, showing solid progress in both its core and digital businesses despite some early-year setbacks. The company continues to lean into its customer rewards system and multi-channel strategy to keep momentum going.
Good to know
- Q1 revenue reached $1.4 billion, with adjusted EBITDA at $457 million.
- Severe weather hit early in Q1, but gaming volumes recovered in March.
- The company repurchased $35 million in shares by early May.
Penn Entertainment pulled in $1.4 billion in revenue during the first quarter of 2025. Adjusted EBITDA came in at $457 million, with the adjusted EBITDAR margin standing at 33.1%. Despite some difficult weather conditions at the start of the year, the company bounced back by March.
CEO and President Jay Snowden shared his thoughts on the quarter, saying, “Penn’s properties demonstrated strong resilience in the quarter following severe weather challenges earlier in the year, as gaming volumes rebounded in March and remained consistent through April and early May.”
The digital side of the business also contributed strongly. According to Snowden, “In our Interactive segment we generated record gaming revenue and significant year-over-year improvements in both revenue and adjusted EBITDA despite industry-wide unfavorable sports betting hold.”
A key contributor to the quarter’s strength was the Penn Play loyalty program. Snowden noted, “Our industry leading customer loyalty program, Penn Play, combined with our investments in hospitality and entertainment offerings, contributed to strong engagement with our VIP and mid-worth customer segments.”
He added that the company’s strategy of blending physical locations with digital offerings is working. “We are also seeing the benefits of our differentiated omni-channel strategy, as those pre-existing customers in Pennsylvania and Michigan who have engaged with our standalone Hollywood iCasino app have increased their spend meaningfully across both retail and online channels.”
Operating expenses did see a jump. Snowden addressed this by stating, “Our corporate overhead costs were higher by approximately $8m in the quarter due to legal and advisory expenses.”
Looking ahead, Penn Entertainment remains focused on returning value to shareholders. Snowden confirmed, “Through May 7, 2025 we have repurchased $35m of shares and remain committed to our previously stated goal to repurchase at least $350m of shares this year.”
Earlier this week, we reported how Penn Entertainment is being sued by a major shareholder over board election limits.
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