Copyright Benzinga
PENN Entertainment Inc (NASDAQ:PENN) reported third-quarter financial results before the market open on Thursday. Here’s a look at the key details from the report. PENN is surging to new heights today. Get the details here. Q3 Highlights: PENN Entertainment reported third-quarter revenue of $1.717 billion, missing analyst estimates of $1.726 billion, according to Benzinga Pro. The casino and sports betting company reported a third-quarter adjusted loss of 22 cents per share, missing estimates for a loss of 4 cents per share. PENN Entertainment’s retail property business generated $1.4 billion in revenue, and the company’s interactive segment brought in $297.7 million in revenue in the quarter. The company said it repurchased approximately $154.1 million worth of its common stock during the quarter. PENN’s board also authorized a new share repurchase program of $750 million that starts on Jan. 1, 2026 and runs through Dec. 31, 2028. The company had total liquidity of $1.1 billion as of Sept. 30, including $660.1 million in cash and cash equivalents. In connection with earnings, PENN Entertainment announced an early termination of its U.S. online sports betting agreement with ESPN. The company’s online sports betting marketing exclusivity with ESPN will end on Dec. 1 and cash payments will be terminated at the end of the fourth quarter. PENN Entertainment said it plans to rebrand its sports betting offering in the U.S. to “theScore Bet.” ESPN will retain vested warrants to purchase approximately 7.96 million shares with a weighted strike price of $28.95. “When we first announced our partnership with ESPN, both sides made it clear that we expected to compete for a podium position in the space. Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we have mutually and amicably agreed to wind down our collaboration,” said Jay Snowden, president and CEO of PENN Entertainment. “We are realigning our digital focus to leverage the strength of our U.S. iCasino and Canadian operations, while continuing to use OSB to drive both the acquisition of customers with significant lifetime value and unique cross-sell opportunities across PENN’s retail and digital assets.” DraftKings Inc (NASDAQ:DKNG) shares were rising at last check following reports that ESPN signed a deal that will make DraftKings the “official sportsbook and odds provider of ESPN.” PENN Entertainment’s management team will further discuss the quarter on an earnings call with investors and analysts at 9 a.m. ET. PENN Price Action: PENN Entertainment shares were up 11.50% at $18.24 at the time of publication on Thursday, according to Benzinga Pro. Read Next: DraftKings Q3 Preview: Record NFL Betting Expected, Will Prediction Markets Hurt Results, Guidance? Image: Susan Montgomery/Shutterstock.com
