Penn National Gaming’s Revenue by Segment (2017-2022)

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This statistic highlights Penn National Gaming’s Revenue by Segment, split across Gaming, Food, Beverages, Hotel, and Others, reported on a quarterly basis from 2017 onwards.
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This statistic highlights Penn National Gaming’s Revenue by Segment, split across Gaming, Food, Beverages, Hotel, and Others, reported on a quarterly basis from 2017 onwards.

Penn National Gaming’s Revenue by Segment

Revenue by Segment Q3 2020 Q2 2021 Q3 2021 Contribution in Q3 2021
Gaming $993.60 $1,305.50 $1,256.20 83%
Food, Beverage, Hotel, and Other $136.10 $240.30 $255.60 17%
Total $1,129.70 $1,545.80 $1,511.80 100%

(All figures are in millions, except percentages)

In Penn National’s business, revenue is driven by discretionary consumer spending. The vast majority of the company’s revenue is gaming revenue, which is highly dependent upon the volume and spending levels of  customers at their owned properties.

Penn National Gaming’s total revenue increased from $1,129.70 million in Q3 2020 to $1,511.80 million in Q3 2021, marking a 37.7% growth on a yearly basis. This growth can be traced mainly due to the increased revenue from the gaming segment. However, it faced a downfall of 2% compared to $1,545.80 million earned in Q2 2021 on a quarter-on-quarter basis.

Penn National Gaming’s revenue can be bifurcated into the following segments:

Gaming

Penn National principally generates its revenue through gaming, including Video Gaming Terminals (VGTs), skill games, sports betting, and iGaming. Penn Interactive, a wholly owned interactive division, operates retail and online sports betting, bingo and online casinos (“iGaming”). Gaming revenue is derived primarily from slot machines and, to a lesser extent, table games and sports betting. In February 2020, the company acquired a 36% share in Barstool Sports, a leading digital sports, entertainment, lifestyle, and media company. With the launch of the Barstool Sports online sports betting app in Pennsylvania in September 2020, there had been a rapid increase in the revenue on a year-on-year basis.

The Gaming Segment contributes the highest to the revenue mix by segment in Q3 2021, which is approximately 83%. It rose by 26.5% on a yearly basis, from $993.6 million in Q3 2020 to $1,256.2 million in Q3 2021. However, revenue from the Gaming segment decreased to $1,256.20 million in Q3 2021 from $1,305.50 million in Q2 2021, falling by 3.77% on a quarter-on-quarter basis.

Food, Beverage, Hotel and Others

Aside from Gaming revenue, the revenues are derived from hotel, dining, retail, commissions, program sales, admissions, concessions and certain other ancillary activities, and the racing operations. Food, beverage, hotel and other services provided to patrons as an incentive to gamble or through the deliverance of the customer’s loyalty point are recorded as Food, Beverage, Hotel, and Other Revenue. The other revenues are comprised of ancillary gaming-related activities, such as commissions received on ATM transactions, racing, and Penn Interactive’s social gaming.

Revenue from Food, Beverage, Hotel and Other Segment occupies around 17% of the total revenue for all the segments. It dramatically increased from $136.10 million in Q3 2020 to $255.60 million in Q3 2021, i.e., by 87% on a yearly basis. It also increased by 6% on a quarter-on-quarter basis, as compared to $240.30 million in Q2 2021.

The increase in gaming revenue is primarily due to strong visitation levels, increased length of play, continued development in online and sports betting revenues and the addition of the operating results from 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, as well as the inclusion of the operating results from two new properties discussed above.

About the Company

Penn National Gaming, Inc. was founded by Peter M. Carlino in 1982. It is headquartered in Wyomissing, PA. Being the nation’s largest and the most diversified regional gaming footprint, Penn National owns and manages 44 properties across 20 states. It is a leading manager of retail and online gaming and racing properties, retail and online sports betting operations, live racing, and video gaming terminal (“VGT”) operations. The total revenue for the year ended December 2021 is $3.57 billion. The company launched an online sports betting app called Barstool Sports in Pennsylvania in September 2020 and Michigan in January 2021.

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