Penn National Gaming Reports 2Q Revenues of $1,545.8 Million

2021 Second Quarter Financial Highlights:

• Revenues of $1,545.8 million, an increase of $1,240 million year over year and $223 million versus 2019;


• Net income of $198.7 million and net income margin of 12.9%, as compared to a net loss of $214.4 million and (70.2)%, respectively, in the prior year and net income of $51.4 million and net margin of 3.9% in 2019;


• Adjusted EBITDA of $470.1 million, an increase of $549.4 million year over year and $153.6 million versus 2019;


• Adjusted EBITDAR of $586.6 million, an increase of $562.1 million year over year and $180.1 million versus 2019; and


• Adjusted EBITDAR margins of 37.9%, up 2,993 basis points year over year and 722 basis points versus 2019.

For further information, we have posted a presentation to our website regarding the second quarter highlights and accomplishments, which can be found here.

Jay Snowden, President and Chief Executive Officer, commented: “Penn National delivered a strong second quarter that exceeded our pre-announced results from June 24, 2021. For the second quarter ended June 30, 2021, Penn National generated revenues of $1.55 billion, at the high end of our pre-announced range of $1.45 billion to $1.56 billion while Adjusted EBITDAR of $586.6 million exceeded the high end of our $540 million to $580 million range. Compared to Q2 2019 pro forma results, revenues increased 13%, Adjusted EBITDAR grew 38% and Adjusted EBITDAR margins increased 694 basis points. The strong results were driven by exceptional performance across our portfolio of core gaming business properties. Contributions from Barstool Sports, the media company, were also positive. Further, we saw strong revenue growth across our Penn Interactive segment, which operated near breakeven for the quarter despite being live in only four states.

“Separately, this morning Penn National announced that we have entered into a definitive agreement to acquire Score Media and Gaming, which is the number one sports app in Canada and the third most popular sports app in North America. When we add theScore’s unique integrated media and betting platform and modern, state-of-the art technology, to the massive audience of Barstool Sports and its wildly popular personalities and content, we’ll be creating North America’s leading digital sports content, gaming and technology company. We anticipate that the acquisition of theScore will provide adjusted EBITDA accretion by Year 2, an incremental $200 million medium term adjusted EBITDA, and $500 million of incremental long term adjusted EBITDA upside.”

More details regarding the transaction may be found in a separate press release issued today. To access the release, please visit here.

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