Penn Entertainment, a major player in the gaming industry, remains optimistic about its long-term growth trajectory for the fiscal year, despite experiencing a 3.8% decline in revenue to $1.61 billion in the first quarter. Revenue downturns were observed across all primary sectors of operation, including the interactive segment, which had previously demonstrated consistent growth.
The decrease in revenue from land-based casinos across all segments was attributed to adverse weather conditions that plagued the US during January and February, significantly impacting attendance. Additionally, the performance decline in the ESPN Bet brand, a subsidiary of Penn, was attributed to the suspension of major sporting events, also influenced by inclement weather.
Nevertheless, CEO and President Jay Snowden remains resolute in the company's growth prospects, citing strategic initiatives that position Penn Entertainment favorably for continued expansion throughout 2024.
