Higher costs offset revenue growth at Penn in FY22
| By Robert Fletcher
Land-based and mobile gaming operator Penn Entertainment reported a year-on-year drop in net profit for its 2022 financial year after higher costs offset revenue growth across all core business segments.
The past year proved to be a transformational 12 months for the business, which rebranded from Penn National Gaming in August to, what the operator said, would better represent both its past and future.
The name change was announced alongside its first-half results, with which chief executive Jay Snowden outlined actions it may take – including potential layoffs – in the event that economic conditions hurt its business. The warning came shortly before Penn exercised an option to acquire all remaining shares of media brand Barstool Sports.