Entertainment, sports, and online casino company Penn Entertainment has announced significantly improved revenue in 2024, and gambling is a big part of that equation.
The company reported $1.67 billion in revenue for the fourth quarter of 2024, an increase from the fourth quarter of 2023, which came in at $1.4 billion. Net loss for the new quarter was reduced as well, with a reported $133.8 million net loss compared to 2023’s fourth quarter net loss of $358.8 million, another substantial difference.
Penn Entertainment CEO and president Jay Snowden highlighted the interactive segment of Penn’s offerings, stating that it had made significant progress due to more impactful promotional strategies and online casino offerings. The interactive segment had a $275 million revenue and online casinos had a 60% growth in 2024, likely due to the launch of Hollywood Casino apps in the US states of both Pennsylvania and Michigan. Online gambling is continuing to grow in the United States as a whole, with more states considering legalization into 2025 as companies like Penn stand ready to take full advantage.
Penn Entertainment’s property-level operations throughout the country generated $1.4 billion in revenue, a 33.1% margin, which Snowden credited to enhancing customer experience and overall efficiency improvements in its operations. This included renovating its hotels, as well as ESPN BET brand sportsbooks and pop-ups.
The Penn Entertainment online casino division saw growth in 2024, and the company hopes it will continue to increase even further in 2025. Penn is looking to strengthen its digital offerings by adding live streaming to the ESPN BET app, as well as by expanding its own online casino app options. Right now, PennPlay Casino is its most popular online casino, featuring over 200 Vegas casino-inspired games. Sports betting is another big segment of Penn’s online options, and another option that seems poised for continued growth as opportunities for play continue to increase.
Penn Entertainment currently has four retail growth projects that are still on schedule, with the Hollywood Casino in Joliet still set to open in the fourth quarter of 2025. Currently, Penn has 42 casinos and racetracks across North America, with over 50,000 game machines operating between them. Combining this physical footprint with an increasingly open digital space, it’s no surprise that Penn is looking to be set for success.
As of the end of 2024, Penn reported a total liquidity of $1.7 billion, with a net debt of $1.9 billion. Snowden expressed confidence in the company’s prospects for 2025, adding that the company plans to repurchase at least $350 million in shares during the year.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
