Penn Entertainment posted record third-quarter revenue of $1.84 billion, up from $1.72 billion a year earlier, with the company crediting the second hotel tower at M Resort in Henderson as a key contributor. The 375-room tower opened in December and nearly doubled the property's capacity, helping drive stronger results across the company's West Division, which also includes two properties on the Nevada-Idaho border.
The regional gaming operator reported net income of $33 million, or 24 cents per share, for the quarter ended Sept. 30, compared with a net loss of $859.8 million, or $6.03 per share, in the same period last year. Casino gaming revenue reached $1.37 billion, up from $1.325 billion a year ago.
CEO Jay Snowden said the retail segment delivered better-than-expected revenue and adjusted cash flow results, driven by same-store growth and completed development projects. He noted property-level performance was supported by increases in rated revenue and spend per visit across all age segments, meaningful contributions from mid- and high-worth customers, and continued growth in unrated revenue.
Snowden added that segment adjusted cash flow margins improved year over year for the third consecutive quarter. Penn is now focused on strengthening its gaming portfolio and broadening its retail reach into Canada through iGaming, which was first introduced in Alberta.
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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