Overview

* PENN Q2 revenue rises to $1.765 bln, beating analyst expectations, per LSEG data

* Adjusted EBITDA for Q2 misses consensus, despite record gaming revenue in Interactive segment

* Net loss narrows to $18.3 mln from $27.1 mln

* Company repurchased $115.3 mln shares, aiming for $350 mln by year-end

Outlook

* Company to open new Hollywood Casino in Joliet on Aug. 11

* PENN to repurchase at least $350 mln of shares in 2025

* Company enhances ESPN BET with new features like Player Insights

* PENN's development projects remain on budget and on schedule

Result Drivers

* INTERACTIVE GROWTH - Record gaming revenue in online sports betting and iCasino driven by product enhancements and omnichannel ecosystem

* STABLE DEMAND - Core business saw stable customer demand with 4% revenue growth in areas not impacted by new supply

* PLAYER ENGAGEMENT - Online-to-retail player count and theoretical revenue grew year-over-year by 8% and 28%, respectively

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat $1.76 $1.73

Revenue bln bln (17

Analysts

)

Q2 EPS -$0.12

Q2 Net -$18.30

Income mln

Q2 Miss $236.10 $393.30

Adjusted mln mln (17

EBITDA Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 10 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the casinos & gaming peer group is "buy"

* Wall Street's median 12-month price target for PENN Entertainment Inc ( PENN ) is $22.00, about 22.6% above its August 6 closing price of $17.02

* The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 25 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)