Casino operator Penn National Gaming (PNG) saw its profit more than triple in the third quarter, while hailing its new Barstool Sports betting product as a customer acquisition machine.
Figures released Thursday show PNG generated revenue of $1.13b in the three months ending September 30, down 16.6% from the same period last year. However, in what’s becoming a pattern with US regional casino operators, PNG’s adjusted earnings gained 10.2% to $343.6m while net income more than tripled to $141.2m.
All of PNG’s geographic casino segments posted negative revenue growth in Q3, led by the Northeast ($545m, -13.3%), South ($255.6m, -7.2%), Midwest ($229m, -17%) and West ($78.7m, -51.2%). But only the West segment posted negative earnings growth, while the Northeast and South segments were up 8.3% and 35%, respectively.
The lone revenue gainer was PNG’s ‘other’ grouping, which includes its nascent sports betting, online gambling and social gaming operations. ‘Other’ revenue nearly doubled year-on-year to $23.7m while the segment cut its net earnings loss to $14.6m from a $25m loss in Q3 2019.