Penn Entertainment sees narrower online loss, casino challenges
Regulation · 2024-10-08
Penn Entertainment sees narrower online loss, casino challenges
Penn Entertainment Inc., which operates the ESPN Bet online gambling business, said the third-quarter loss from its interactive casino was narrower than previously forecast.
The online part of the casino company is expected to report a $90 million to $100 million loss before interest, taxes, depreciation and amortization, according to a regulatory filing Monday. Management had previously forecast a loss of up to $135 million.
The company credited a more profitable mix of bets during the period, along with lower promotional expenses. The preliminary results were released to coincide with an investor presentation Monday in Las Vegas.
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