Racino Operator Announces New Name, Quarterly Results

WYOMISSING, Pa. – Penn National Gaming Inc. is now known as Penn Entertainment Inc.

The company, which operates Hollywood Gaming at Mahoning Valley Race Course in Austintown, Ohio, announced the name change when it released its second quarter and half-year results this morning.

 “Over the past few years, Penn has transformed our business through a highly differentiated strategy focused on organic cross-sell opportunities, which is reinforced by our investments in market-leading retail casinos, sports media assets, owned technology, including a state-of-the-art, fully integrated digital sports and online casino betting platform, and an in-house iCasino content studio,” Jay Snowden, CEO and president, said. “Our new name maintains ties to our legacy while better reflecting our evolution into North America’s leading provider of integrated entertainment, sports content and casino gaming experiences.”

During the second quarter, Penn Entertainment generated revenues of $1.63 billion, up from $1.55 billion during the same period in 2021. Revenues totaled $3.19 million for the six months ended June 30, compared to $2.82 for the same period a year earlier.  

The company also reported earnings before interest, taxes, depreciation, amortization and rental costs of $504.5 million for the three months ended June 30 and $999.2 million for the six months ended June 30. That compares to $586.6 million and $1.03 billion for the respective periods a year earlier.

“Despite economic headwinds, we delivered consistent performance across our retail portfolio in the quarter and into July,” Snowden said.

Pictured at top: Penn Entertainment operates 44 sites nationwide, including Hollywood Gaming at Mahoning Valley Race Course.

Copyright 2022 The Business Journal, Youngstown, Ohio.