$49 per month*
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This statistic highlight Penn National Gaming’s Revenue by Service from 2018 onwards, split across Gaming, Food and Beverages, Hotel and Others services.
|Revenue by Service||Q3 2020||Q2 2021||Q3 2021||Contribution in Q3 2021|
|Food and beverage||$52.20||$81.60||$87.60||6%|
(All figures are in millions, except percentages)
Penn National Gaming’s total revenue increased from $1,129.70 million in Q3 2020 to $1,511.80 million in Q3 2021, indicating a 37.7% growth on a year-on-year basis. Besides, it declined by 2% on a quarter-on-quarter basis as compared to $1,545.80 million in Q2 2021.
Penn National Gaming’s revenue can be divided into the following services:
The vast majority of the total revenue of Penn National is gaming revenue, which is highly dependent upon the volume and spending levels of customers. Gaming revenue is derived primarily from slot machines and, to a lesser extent, table games and sports betting.
The majority of the total revenue of the company is generated by the gaming segment, accounting to 86% of the revenue mix by service in Q3 2021. It grew by 26.5% on a year-on-year basis, from $993.6 million in Q3 2020 to $1,256.2 million in Q3 2021. Though, it decreased from $1,305.50 million in Q2 2021 to $1,256.20 million in Q3 2021, marking a decline of 3.7%, on a quarterly basis.
Food and Beverage
Penn National Gaming offers several food and beverage options, from casual to fine dining in its owned properties.
The contribution of Food and Beverages in the total revenue for Q3 2021 stood at 6%. In Q3 2021, it generated $87.60 million, which was up by 67.8% from $52.20 million in Q3 2020 and by 7.35% from $81.60 million in Q2 2021.
In addition to the gaming facilities, Penn National provides full service hotels, offering the best class rooms and suits their guests with serene retreat.
The revenue generated by Hotels contributes to 4% to the total revenue of the company. It generated $67.70 million in Q3 2021, which was up by 75% from $38.70 million in Q3 2020 and by 17.3% from $57.70 million in Q2 2021.
The other revenues principally consist of additional gaming-related activities, such as racing, commissions received on ATM transactions, and Penn Interactive’s social gaming.
The revenue generated from the Other Services comprise 7% of the total revenue of the company. It recorded an increase of 121.9% on a year-on-year basis, from $45.20 million in Q3 2020 to $100.3 million in Q3 2021. But it faced a slight fall of 0.6% on a quarter-on-quarter basis, as compared to $101.00 million in Q2 2021.
The increase in gaming revenue is primarily due to continued development of online and sports betting and the addition of two new properties, Hollywood Casino Perryville, and Hollywood Casino York County, which were acquired in Q3 2021. The revenue from food and beverages, hotel, and others increased primarily due to lifting of capacity and operational restrictions previously in place in response to the COVID-19 pandemic. Additionally, other revenues include gaming tax reimbursement amounts derived from arrangements which allow the third party associates to operate online casinos and online sports books.
The company was founded by Peter M. Carlino in 1982, headquartered in Wyomissing, PA. Penn National is the nation’s largest, prime provider of retail and online gaming, live racing, and sports betting entertainment. It owns and operates 44 properties in 20 states worldwide, many of them under Hollywood Casino brand.
The company acquired 36% share in Barstool Sports, one of the leading company in digital sports, entertainment, lifestyle, and media, in February 2020. The company launched an online sports betting app called Barstool Sports, rising its total revenue for the year ended December 2021 to $3.57 billion. The company’s interactive division, “Penn Interactive” operates retail and online sports betting, online social casino, bingo and online casinos (“iGaming”). Penn National employs approximately 2,779 active employees.
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* Billed annually, local taxes extra.
* Local taxes extra.