Penn Entertainment Inc. followed up its announcement of a deal with ESPN with a second-quarter report in which profit and revenue rose above expectations, as strength in its food, beverage and hotel business offset some weakness in gaming.
The online-sports-betting and gaming facilities company’s stock PENN soared 16.3% toward a three-month high in premarket trading Wednesday, on the back of the ESPN-branding deal and the sale of its Barstool Sports stake. That puts it on track for the best one-day performance since it jumped 18.1% on July 15, 2020.
“The company experienced stable property level performance this quarter with each month showing sequential improvement,” said Chief Executive Jay Snowden. “Additionally, we are excited to have successfully re-launched our sportsbook app, which features major product improvements that significantly upgrade the user experience, including streamlined navigation, faster load times, expanded wagering markets, enhanced promotions and deeper media integrations.