Regional gaming giant Penn Entertainment (PENN -15.76%) reported fourth-quarter 2023 financial results and the market didn't like what it saw. Shares fell as much as 15.8% in trading on Thursday and were still down 14.2% at 2:30 p.m. ET.The terrible quarterRevenue fell from $1.59 million a year ago to $1.40 billion, and Penn Entertainment lost $358.8 million, or $2.37 per share. Most of the revenue drop was related to the sale of Barstool and losses related to relaunching an online betting business under th ...

For the quarter ended December 2023, PENN Entertainment (PENN) reported revenue of $1.4 billion, down 12% over the same period last year. EPS came in at -$1.75, compared to $0.13 in the year-ago quarter.The reported revenue represents a surprise of -9.65% over the Zacks Consensus Estimate of $1.54 billion. With the consensus EPS estimate being -$0.57, the EPS surprise was -207.02%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

ESPN Bet is coming to the Big Apple.Penn Entertainment, which operates the sports betting platform, will pay Wynn Resorts $25 million for market access, it said Tuesday. It's the same amount Wynn paid New York state to operate there.Wynn Interactive, a subsidiary of Wynn Resorts, was awarded a New York mobile sports betting license in 2021. Penn was not — and it has missed out on the action from the nation's largest sports betting market.In the two years since New York launched online sports betting, at lea ...

PENN Entertainment, Inc. (PENN) is scheduled to report fourth-quarter 2023 results on Feb 15, 2023 before the opening bell. In the last reported quarter, the company delivered an earnings surprise of 266.7%.Q4 EstimatesThe Zacks Consensus Estimate is pegged at a loss of 57 cents per share. In the prior-year quarter, it reported adjusted earnings per share of 13 cents. The consensus mark for revenues is pegged at $1.54 billion, suggesting a decline of 2.6% from the year-ago quarter.Factors to NotePENN Entert ...

WYOMISSING, Pa.--(BUSINESS WIRE)--PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN) announced today that it has reached an agreement with Wynn Interactive Holdings to acquire its New York mobile sports wagering licenses, providing PENN with market access to the jurisdiction. Pending regulatory approvals, PENN will launch its online sports wagering product, ESPN BET, in New York in 2024. As part of the transaction, PENN is acquiring WSI US, LLC, from Wynn Interactive Holdings for $25 milli ...

Wall Street analysts expect PENN Entertainment (PENN) to post quarterly loss of $0.57 per share in its upcoming report, which indicates a year-over-year decline of 538.5%. Revenues are expected to be $1.54 billion, down 2.6% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 10.8% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company announces ...

Wall Street expects a year-over-year decline in earnings on lower revenues when PENN Entertainment (PENN) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on Febru ...

WYOMISSING, Pa.--(BUSINESS WIRE)--PENN Entertainment, Inc. (“PENN” or the “Company”) (NASDAQ: PENN) announced today that the founding family behind theScore -- John Levy, Benjie Levy, Aubrey Levy and Noah Levy – will be stepping down from their roles at PENN Interactive, with John departing in mid-February and with Benjie, Aubrey and Noah departing in April 2024. In conjunction with this planned leadership transition, the Company is in the final stages of its search for a new Head of Interactive. “This t ...

WYOMISSING, Pa.--(BUSINESS WIRE)--PENN Entertainment, Inc. (Nasdaq: PENN) announced today that it will release its 2023 fourth quarter financial results at 7:00 a.m. ET on Thursday, February 15, 2024 followed by a conference call and simultaneous webcast at 9:00 a.m. ET. Both the call and webcast are open to the general public. The conference call number is 312-281-2974; please call five minutes in advance to ensure that you are connected prior to the presentation. Interested parties may also access the li ...

Key TakeawaysHedge fund HG Vora Capital Management is seeking board seats at Penn Entertainment Inc., according to a regulatory filing.HG Vora has an 18.5% interest in the casino group.The hedge fund expressed concerns about Penn Entertainment management’s capital allocation.Penn Entertainment Inc. (PENN) shares rose as much as 7% on Thursday after it was disclosed that a major investor is pursuing seats on the casino operator’s board.Hedge fund HG Vora Capital Management has an 18.5% stake in Penn Entertai ...