The following is a summary of the PENN Entertainment, Inc. (PENN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• PENN reported record quarterly online sports betting and iCasino handle for Q1, with retail revenues at $1.4 billion.

• The retail EBITDA was $479 million, while Interactive generated revenues of $208 million with an EBITDA loss of $196 million.

• The company projects Retail revenues to range from $5.61 billion to $5.76 billion and adjusted EBITDAR to range from $1.88 billion to $2 billion by the end of 2024.

• The largest loss of the year is expected in Q1 of 2024 with a planned Q2 EBITDA ranging between a loss of $115 million to $135 million.

• The 2024 capex is approximated at $500 million, along with a forecast cash interest expense of around $175 million for the year.

• As of Q1 2024, the basic share count was 151.9 million shares.

Business Progress:

• PENN formed a partnership with ESPN in 2023, launching ESPN BET and attaining over 1 million new deposits in the first two months.

• The company successfully launched ESPN BET in 17 states, exceeding internal predictions in terms of registrations and first-time deposits.

• The company plans on revealing product improvements at the start of the 2024 NFL season, and has appointed Aaron LaBerge as the new CTO.

• Despite poor weather in Q1, the company performed well in the retail side and opened its first ESPN BET retail sportsbook in Detroit.

• Plans are underway to debut a stand-alone Hollywood iCasino app, improve monetization, and continue rapid database growth.

• PENN expects positive Interactive cash flow from 2026 onward and sees potential in their newly launched ESPN BET platform for increasing their user base.

• There's a focus on enhancing 'in-play' betting services and driving more visitation from online users to the properties via ESPN partnership.

More details: Penn Entertainment IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.