M Resort Expansion Drives Revenue Growth for Penn Entertainment in Q1
M Resort tower’s December opening boosts 1st-quarter earnings for Penn Entertainment
Las-vegas Review Journal
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The December opening of the M Resort's new 375-room tower significantly boosted revenue for Penn Entertainment, based in Wyomissing, Pennsylvania. The company reported a 12.4% revenue increase in its West division, despite an overall net loss of $2.8 million due to one-time expenses related to iGaming and sports wagering.
- 01M Resort's new tower increased capacity to 765 rooms and opened on December 1.
- 02Penn Entertainment's West division saw a 12.4% revenue growth.
- 03The company reported a net loss of $2.8 million for Q1 despite increased revenue.
- 04Gas prices have not yet impacted casino visitation, according to CEO Jay Snowden.
- 05Penn has several upcoming expansion projects, including new hotel towers and casino relocations.
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The opening of the M Resort's 375-room tower in December has significantly contributed to a 12.4% revenue increase for Penn Entertainment Inc., a regional gaming company based in Wyomissing, Pennsylvania. The new tower, which expanded the M Resort's capacity to 765 rooms, achieved record net revenue for the property in both the quarter and March. However, Penn reported a net loss of $2.8 million for the quarter ending March 31, primarily due to one-time expenses from launching iGaming and sports wagering in Alberta, Canada. Despite this loss, revenue reached $1.8 billion, compared to $1.7 billion in the same quarter the previous year. CEO Jay Snowden noted that rising gasoline prices have not yet affected casino visits, attributing the continued patronage to higher consumer pay from tax cuts. Looking ahead, Penn Entertainment has multiple expansion projects planned, including new hotel towers and casino relocations in Illinois and Ohio.
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The expansion of the M Resort is expected to enhance local tourism and hospitality, potentially increasing job opportunities in the area.
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