Penn National Gaming saw revenue decline 16.6% in Q3, though earnings reached record highs as the business emphatically bounced back from the novel coronavirus (Covid-19) pandemic and launched its Barstool Sportsbook product.
The three months to 30 September represented a significant improvement on the second quarter of the year, when revenue fell 76.9% to $305.5m and the business posted a $213.9m loss.
Of Penn’s $1.13bn in revenue, $993.6m came from gaming, down 8.7% from Q3 of 2019.
A further $136.1m in revenue came from food, beverages, hotels and other income, down 47.9% year-on-year.
These revenue figures included activity from the first two weeks of Penn National Gaming’s Barstool Sportsbook product. The app was launched on 18 September after the operator acquired a 36% stake in media business Barstool Sports.