This could be due to accrual for the committed expenditure in the lead-up to the ESPN launch. On the other hand, the interactive division generated $196M in revenue during 3Q23 but pulled back operations ahead of the ESPN launch, resulting in a $50M EBITDA loss. Bender also notes that the guided 36% land-based casino margins for the full year are achievable. This points to overall strong performance in the gaming sector for 3Q23. Despite a year-on-year revenue decline of 3% in the land-based casino operations, the margins only dipped 50 basis points. However, the Northeast segment underperformed, falling short of expectations by 137 basis points. Both these segments saw margins exceeding expectations by 491 and 224 basis points respectively. Notably, the solid operational performance was reported across its South and West segments during the quarter. The company’s casino segment was particularly strong, surpassing revenue expectations by 1% and EBITDAR by 2%. Penn National Gaming’s 3Q23 earnings report showed revenue of $1,619M, which was in line with consensus. Jordan Bender from JMP Securities firm has given a Hold rating to Penn National Gaming’s stock, based on a range of factors. JMP Securities analyst Jordan Bender has maintained their neutral stance on PENN stock, giving a Hold rating today.
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