Earnings+More - Penn’s hits and misses
Penn’s hits and missesPenn Entertainment’s Q4 comes in below expectations, earnings in brief from EveryMatrix +MoreGood afternoon. In today’s earnings extra:
Penn’s mixed bagA miss on consensus caused by bad weather pre-Christmas was balanced out by news of online advances. Storm advisory: CFO Felicia Hendrix said Penn normally wouldn’t blame the weather for an earnings miss, but she made an exception for the severe storm and freezing temperatures that hit key markets pre-Christmas.
⛔ Penn’s shares fall over 5% in early trading Out of the park: Online produced a first-time quarterly EBITDA profit of $5m despite a $10m hit from Mattress Mack's antics during the World Series. Online revenue rose 31% QoQ and 17% YoY to $208m which the team at JMP noted was ahead of both BetMGM (+9%) and Caesars (+12%).
Youth drive: The launch of Barstool Sports’ retail outlets in Ohio also played a role in driving younger demographics to Penn properties during the launch of sports betting in January, said Todd George, EVP of operations.
** SPONSOR’S MESSAGE ** Your customers think your payment options suck. And you pay too much for them! Process payments with BTC, ETH & Stablecoins instead - fast, reliable and inexpensive. And never any chargebacks! Get set-up @ ICE by meeting CoinSmart - licenced and regulated in Canada by the Ontario Securities Commission, and in Europe. Your customers (and your CFO) will thank you. Book a meeting or drop us an email at smartpay@coinsmart.com. Penn instant takesPuts and takes: Jefferies said the “modest” earnings miss and flatish guidance due to external factors would be neutral for the shares and added that the positive online result is an “incremental positive”.
School of realism: Deutsche Bank suggested the commentary from Penn was “realistic” though uninspiring. The team added that forward guidance for 2023 would be the focus of investors. Earnings in briefEveryMatrix: The provider said “strategic diversification” and a client list of more than 200 global customers enabled it to diminish the impact of German regulation on its casino vertical. Excluding Germany, gross profit increased 43% YoY having recorded its best-ever year for sales.
M&A in briefElys Game Technology has announced the completion of its acquisition of a software engineering and IT development firm, Engage IT Services for an undisclosed sum. Engage offers sportsbook and gaming applications for cloud, web, and mobile platforms. NewslinesGAN has announced the successful launch of its B2B sports-betting solution for the WynnBet Sportsbook at Encore Boston Harbor. The UK Tote will offer its customer access to US horse racing thanks to a partnership with 1/ST Content, a distributor of North American horse racing content. ** SPONSOR’S MESSAGE ** The Fastest Sports Betting Data In The World: OddsJam offers real-time odds from over 150 sportsbooks in the United States, Canada, Europe, Australia, and more. See why tier 1 operators, affiliates, and DFS companies turn to the power of OddsJam sports betting data & screen to work smarter, not harder. Book a demo. What we’re writing
Calendar
An +More Media publication. For sponsorship inquiries email scott@andmore.media. Earnings+More is free today. But if you enjoyed this post, you can tell Earnings+More that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments. |
Key phrases
Older messages
DraftKings hits the layoffs button
Thursday, February 2, 2023
DraftKings announces restructuring, Evolution earnings, Better Collective's Catena Media stake, optimism in Macau +More
Entain seeks UK ‘clarity’
Wednesday, February 1, 2023
Entain update, Las Vegas December, GiG completes AskGamblers deal +More
PointsBet’s NBC 'realignment’
Tuesday, January 31, 2023
PointsBet has changed the terms of its NBC deal, XLMedia issue trading update +More
888 VIP compliance scandal, CEO sacked
Monday, January 30, 2023
888 admits to VIP failures, Ontario's success, Grilla funding round, datalines – New York, the week ahead, the shares week, startup focus – humbl.ai +More
Weekend Edition #82
Friday, January 27, 2023
BetMGM update, LVS analyst reaction, Houlihan Lokey's digital outlook, Caesars analyst takes, sector watch +More
You Might Also Like
It's time for the final training, are you in there?
Sunday, April 28, 2024
With the cutting-edge tactic he's revealing, you can swiftly launch your business and start raking in revenue at an unimaginable pace... View in browser ClickBank We're going live on our final
Jons Growth Journal #4 - How To Gain Discipline
Sunday, April 28, 2024
It's easier than you think....
There's just a few hours left for this training...
Sunday, April 28, 2024
If you'd like to hear from a proven expert who's generated over 100000000 bucks online himself... View in browser ClickBank In a few hours, it's your final time to join us live & see
Marketing Weekly #177
Sunday, April 28, 2024
Get Inside Your Client's Head by Asking One Simple Question • Why Big Brands Are Dumping Old-School Ads For Creators and User-Generated Content • Prepare Your Blog for Another Big Change Coming
12 Things You’ll Look Back On in SaaS And Regret
Sunday, April 28, 2024
And the top SaaStr news of the week To view this email as a web page, click here 12 Things You'll Look Back On in SaaS … And Regret 12 Things You'll Look Back On in SaaS … And Regret (Updated)
🤖 Weekend Update: Defining AI ROI
Sunday, April 28, 2024
The weekend Update...
Will CVC Capital's IPO inspire others?
Sunday, April 28, 2024
Plus: Rebuiling M&A, benchmarking buyout funds & more Read online | Don't want to receive these emails? Manage your subscription. Log in The Weekend Pitch April 28, 2024 Presented by
The Profile: Taylor Swift’s genius publicist & the man who exposed a nation’s therapy secrets
Sunday, April 28, 2024
This edition of The Profile features Tree Paine, Pat Tillman, John Nelson, and more. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Sunday Thinking
Sunday, April 28, 2024
"I learned how to let the world be as it is, and to love it and to belong to it gladly."
The Profile: Taylor Swift’s genius publicist & the man who exposed a nation’s therapy secrets
Sunday, April 28, 2024
This edition of The Profile features Tree Paine, Pat Tillman, John Nelson, and more. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏