Aug 4: Earnings extra: Penn takes an entertaining turn
Aug 4: Earnings extra: Penn takes an entertaining turnPenn Entertainment and Bally Corporation publish their respective Q2sGood afternoon. Welcome to our earnings extra this afternoon featuring:
Two lovers kissing amongst the scream of midnight. Penn Entertainment Q2
What’s in a name? The new moniker “better reflected” the company’s interests in casinos, sports media, and in-house sports-betting and igaming capabilities. CEO Jay Snowden noted that in the past few years the business had been “transformed” though he said the new name also references the company’s origin story of being built from one racetrack in Pennsylvania. That’s entertainment: Asked about the signs of recession, Snowden suggested Penn was seeing “healthy trends” with inflationary pressures yet to affect its customers in any dramatic way.
Mixed messaging: Jefferies noted the regional picture was mixed with strength in the northeast offset by weakness in the southern markets. What’s the score? Those hoping for more color on how theScore performed in Ontario were to be disappointed. Snowden said the company was limited in what it could say, suggesting only that the business had seen some success in converting theScore media users to sports-betting.
On the schedule: Snowden reiterated Penn expected its online arm to hit profitability in Q422. “Profitability in US interactive is already there,” he said. “We feel very good about being profitable in the fourth quarter for icasino but also profitable overall.”
**Sponsor's message: Spotlight Sports Group is a leading technology, content and media business specialising in sports betting. The experts in sports betting and fantasy sports services, Spotlight Sports Group engage millions of players through owned media brands including Pickswise, one of the leading U.S. platforms for free betting analysis and advice. For more information visit: spotlightsportsgroup.com Bally Corporation Q2
Special FX: The lower revenue and EBITDA forecasts were largely blamed on a weaker-than-expected performance in Atlantic City as well as adverse FX and issues in the UK. Interactive ramp: CEO Lee Fenton said the group was making good progress in interactive, but would continue to focus on developing its OSB and icasino app.
No pressure: Fenton said the anticipated inflationary and macro headwinds had not materialized in either UK online or across its regional US casino with the 6% due in the UK being lad at the doorstep of a drop in marketing and a focus on margins.
Blues explosion: Bally’s will open a temporary resort in Chicago’s Medinah Temple as it prepares to break ground on its $1.7bn River West casino project. The group said it had modeled all supply chain and inflationary factors when planning for the build. On socialCalendar
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