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Penn Entertainment Q4 Earnings Miss Estimates, Barstool Sportsbook Turns Profitable | Casino.org
Posted on: February 2, 2023, 02:01h.
Last updated on: February 2, 2023, 02:35h.
Shares of Penn Entertainment (NASDAQ: PENN) slumped Thursday after the regional casino operator reported fourth-quarter outcomes that missed Wall Street projections. However, a bright spot was its Barstool Sportsbook unit turning profitable in the final three months of 2022.
The Ameristar operator said it earned 13 cents a share in the December quarter, nicely short of the 42 cents analysts expected. Revenue was $1.6 billion, topping Wall Street forecasts by $20 million. Adjusted earnings earlier than interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) declined 2.5% to $468.3 million, short of the $473 million analysts expected. Adjusted earnings earlier than interest, taxes, depreciation, and amortization (EBITDA) jumped 18.8% to $438.3 million with the help of $5.3 million from the Penn Interactive phase.
Penn also unveiled 2023 steerage of income of $6.15 billion to $6.58 billion and adjusted EBITDAR of $1.875 billion to $2.0 billion.
This outlook displays our momentum in each our Retail and Interactive segments and the potential for further economic headwinds in addition to elevated provide in a few of our markets,” said CEO Jay Snowden in a statement.
Under a $750 million buyback plan introduced a 12 months in the past, the gaming firm repurchased $91 million price of its shares in the fourth quarter at a median price of $31.69. The gaming inventory trades round $33.65 at this writing.
Barstool Ekes Out Profitability
Ahead of the fourth-quarter earnings season, it was believed that Barstool Sportsbook would be one of the operators to narrowly miss out on profitability. That’s as a result of it was among people who were on the dropping facet of one bettor’s massive 2022 World Series wagers.
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The small revenue for Barstool Sportsbook in the December quarter is no small feat, notably at a time when rivals are forecasting that they’ll shed their money-dropping ways at some point this 12 months. Snowden highlighted the sportsbook transferring to an inner know-how platform as among the potential 2023 catalysts for the corporate.
“On the constructive facet, Interactive losses came in higher than we expected, and it appears like there could be upside to our current 2023 forecast. Given the OSB/iGaming alternative has now, for essentially the most half, been removed from PENN’s valuation, we believe they may start getting some slight credit score for the best way they’re rising this facet of the business relative to friends, particularly if they can keep their steerage for this phase,” wrote Stifel analyst Steven Wieczynski in a note to shoppers on Thursday.
He rates Penn “maintain” with a $35 price target.
Penn Online Efforts Paying Off
In 2020, Penn shares raced higher after the corporate introduced it would pay $163 million in cash and equity to take a 36% stake in Barstool Sports, with rights to amass the corporate outright. Penn has done that. But the luster didn’t final long, as Penn shares subsequently tumbled due in half to issues about losses in the interactive business.
However, there’s proof that the operator’s broader digital efforts, which prolong beyond Barstool Sportsbook, are paying off. Snowden highlighted growth for Penn among the coveted 21-44 demographic, and robust momentum for downloads of the mychoice rewards app, which permits customers to make use of cashless, cardless, and contactless know-how at Penn’s land-primarily based casinos. Data counsel these prospects are more loyal to Penn and spend more time on the operator’s venues.
The firm’s Regional phase continues to generate robust EBITDA and permits PENN to invest in interactive. PENN introduced steerage for 2023 that suggests little to negative growth for each revenues and EBITDA,” notes CFRA analyst Zachary Warring in a report immediately.
He rates the inventory “purchase,” with a $50 price target.
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UbetMobile.com Article Base: Penn Entertainment Q4 Earnings Miss Estimates, Barstool Sportsbook Turns Profitable uBetMobile – 2023
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