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PENN Entertainment, which operates Barstool Sportsbook and theScore Bet, reported $20.8 million in fourth-quarter net income, down from $44.8 million during the same period the year prior.
Previously known as PENN National Gaming, the company recorded $1.6 billion in fourth-quarter revenue, less than a 1% increase year-over-year — partially attributed to severe weather in December.
“We also achieved profitability in our Interactive segment, notwithstanding an unfavorable sports betting outcome in the World Series,” said Jay Snowden, PENN CEO and president.
Barstool Sports — which generated record revenue in 2022 — covered live sporting events for the first time during the quarter, including the Barstool Invitational college basketball tournament and the Arizona Bowl.
- PENN is set to acquire the remainder of Barstool Sports on Feb. 17 for $325 million.
- The former first purchased a 36% stake in the latter in February 2020 and acquired another 14% later on for $62 million.
“We remain on track to migrate the Barstool Sportsbook and Casino to our proprietary technology solution this summer,” said Snowden.
Segment Breakdown
PENN’s gaming division accounted for $1.27 billion of fourth-quarter revenue, while food, beverage, hotel, and other made up $318.2 million.
The company operates 43 properties in 20 states, online sports betting in 16 jurisdictions, and iCasino in five jurisdictions.
PENN expects 2023 revenue to fall between $6.15 billion and $6.58 billion.
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