The following is a summary of the PENN Entertainment, Inc. (PENN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 revenue reached $1.4 billion with adjusted EBITDA of $472 million.

• Interactive segment saw year-over-year OSB NGR growth of over 200% in Q3 due to higher parlay mix and lower promotional expenses.

• Total liquidity at the end of Q3 was $1.8 billion, with $834 million in cash and cash equivalents.

• Total Q3 CapEx was $132 million, with $69 million related to development projects.

Business Progress:

• Launched seven new ESPN BET branded retail sportsbooks and introduced significant product enhancements to ESPN BET.

• Implementing renovations at L'Auberge Casino, expected to drive higher gaming spend per customer post-completion in January 2025.

• Planned launches for the Hollywood Casino app in Pennsylvania and other locations pending regulatory approvals.

Opportunities:

• Continued growth expected from the introduction of new product enhancements and features across the betting platform.

• Expansion of online betting footprint to 19 U.S. states, capturing about 46% of the U.S. population.

• Account linking between ESPN BET and ESPN now available, enhancing personalized sports betting experiences.

Risks:

• Unfavorable holds in the Interactive segment and promotional pressures amid competitive sports seasons could impact short-term profitability.

• Construction disruptions and new competition in markets like Louisiana, Nebraska, and Chicago might affect retail segment performance temporarily.

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