Penn National revenue grows to $1.27bn in Q1 as online GGR rockets

Land-based and online operator Penn National Gaming has published its results for the three months to 31 March 2021, showing that it generated $1.27bn (£912.7m/€1.05bn) in revenue for the quarter, up 14.2% from Q1 2020 when the operator was hit by venue closures.

Gaming operations generated $1.08bn of the total revenue figure, up 19.8% year-on-year, while food, beverage, hotel and other revenue sources brought in $192.9m, down 9.5%.

The operator said that its Barstool Sportsbook, which first launched in Pennsylvania in September in association with sports media company Barstool Sports, has since registered over 400,000 customers and generated over $660m in handle, for more than $61m in gaming revenue.

Penn said it plans for the online sportsbook to be live in 8 states by football season and in at least 10 states before the end of the year.

Total operating expenses for the quarter came to $1.06bn, including $528m in gaming expenses, $326m in general and administrative costs and $123m in food, beverage, hotel and other expenses. Total costs were down 36.9% compared to the $1.68bn paid in Q1 2020.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came to $336.6m, up 117.4% from $154.8m in Q1 2020.

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