Penn Entertainment narrows online gambling losses, cites better betting mix
Penn Entertainment, the operator of ESPN Bet, expects a smaller-than-anticipated loss from its online gambling division for the third quarter, with the company forecasting a loss of $90 million to $100 million, down from its earlier projection of up to $135 million.
The revision in loss before interest, taxes, depreciation and amortization comes as a result of a more profitable mix of bets and lower promotional expenses, the company said in a regulatory filing on Monday.
The improved performance in Penn’s interactive casino business was disclosed ahead of an investor presentation in Las Vegas. Despite the narrower losses, Penn’s physical casinos are projected to report adjusted EBITDA of $465 million to $475 million, hindered by weaker-than-expected gambling profits in the Northeast and reduced activity in the South due to weather disruptions and hotel renovations.
The company will provide full financial details when it reports its earnings on November 7.
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