WYOMISSING,Pa. – PENN Entertainment, Inc. (PENN) announced a substantial net loss of $864.6 million for its third⁣ quarter, falling short of both analyst expectations for earnings and revenue. The results, released⁤ Thursday,⁣ signal ⁢a‍ challenging period for the⁢ casino operator.

Key Financial Highlights

The company⁢ reported a loss ⁣of $6.03 per share. adjusted for one-time gains and‍ costs, the​ loss amounted to 22 cents ‍per share. This figure significantly ‍underperformed the consensus estimate ‌of a 10-cent loss per share,as predicted ⁤by seven analysts⁢ surveyed by Zacks Investment Research.

Revenue for the quarter totaled $1.72 billion, also missing Wall Street’s forecast of $1.73 billion, based ‌on estimates from seven Zacks-surveyed analysts.

About⁤ PENN Entertainment

PENN⁣ Entertainment, Inc., headquartered in ⁣Wyomissing, Pennsylvania, owns and operates casinos, racetracks,​ and othre gaming facilities across the United States. The company is a major player in the regional gaming market, offering‌ a variety of entertainment options‌ to its customers.

casino Industry Trends⁣ & ⁢Context

The casino industry is currently navigating⁣ a complex landscape shaped by factors such‌ as increased competition from ​online gambling, changing consumer preferences, and economic uncertainty. ⁢ Regional casino operators like PENN⁢ Entertainment are notably sensitive to economic ⁤downturns, as discretionary spending on entertainment is often reduced during ‍periods of‌ financial hardship. Furthermore, the rising ⁤costs of labor and materials‌ are impacting profitability across the sector. The⁤ performance ‍of casino companies is closely watched as ⁢an indicator of broader economic health and consumer confidence.

Frequently Asked Questions about PENN ⁣Entertainment’s Q3 Earnings

What was PENN Entertainment’s net loss for Q3?

PENN Entertainment reported a net loss of $864.6⁤ million for the third quarter.

how ​did PENN Entertainment’s earnings per share compare ‌to expectations?

The company’s adjusted loss per share was 22 cents, significantly ‍higher than the expected loss of 10 cents per share.

What was PENN Entertainment’s revenue for the quarter?

PENN Entertainment’s ‌revenue for Q3 was $1.72 billion.

Did PENN Entertainment meet revenue expectations?

No, the company’s revenue of $1.72 billion fell short of the‍ expected $1.73 ⁣billion.

Where is PENN⁤ Entertainment headquartered?

PENN Entertainment is headquartered in Wyomissing, Pennsylvania.

Who conducted the analyst survey referenced in the report?

Zacks ⁢Investment Research​ conducted the ‌surveys of seven analysts used ​in the report.