PENN Entertainment falls after reporting weak Q1 results

PENN Entertainment

02/05/2024 15:49

** Casino gaming company PENN Entertainment's shares
 PENN.O  fall 10% to $14.77
    ** Co saw Q1 net loss of $114.9 mln, or 76 cents​​ per
share, compared with year-ago net income of $514.4 million, or
$3.05 per share
    ** Analysts' estimates for Q1 adjusted loss was 59 cents per
share - LSEG data
    ** PENN's Q1 revenue also fell ~4% to $1.61 bln, below
estimates of $1.63 billion
    ** "Weather events in January and early February impacted
all our regional property segments; however, both visitation and
volumes subsequently rebounded with stable trends continuing
into April" - PENN Entertainment
    ** Peer Caesars Entertainment  CZR.O  also flagged an impact
on its Q1 2024 results from weather conditions in January and
February, earlier this week
    ** Stock had fallen ~46%, YTD 

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))