- PENN
-1.09%
This article first appeared on GuruFocus.
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Total Retail Revenue: $1.5 billion, up 5% year over year; record third-quarter revenue.
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Retail Adjusted EBITDAR: $502 million, up 7.7% year over year.
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Same-Store Revenue: Grew approximately 1% year over year.
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Same-Store Adjusted EBITDAR: Grew approximately 5% year over year.
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Retail Adjusted EBITDAR Margin: 33.7%, up 84 basis points year over year; third consecutive quarter of year-over-year margin improvement.
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Flow-Through: 50% in the third quarter, higher year over year and quarter over quarter.
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Rated Revenue: Grown for eight consecutive quarters; Q3 delivered the second-largest increase over this period.
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Interactive Revenue: $348.4 million, including a $191.4 million skins tax gross-up.
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Interactive Adjusted EBITDA: Loss of $18.3 million; improved sequentially in each quarter of 2026 excluding the Alberta launch investment.
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Interactive Gross Profit Margin: Significant year-over-year improvement, driven by targeted promotions and a larger iCasino revenue mix.
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Full-Year 2026 Retail Revenue Guidance: Raised by $16 million to $5.89 billion.
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Full-Year 2026 Retail Adjusted EBITDAR Guidance: Raised by $10 million to $1.973 billion.
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Q4 Interactive Revenue Guidance: $445 million, including $242 million skins tax gross-up ($203 million excluding gross-up).
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Q4 Interactive Adjusted EBITDA Guidance: $18.7 million; full-year loss of $20 million, inclusive of $20 million Alberta launch investment.
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Other Category Adjusted EBITDA: <a href="https://comicvibe.com/untamed-season-2-expected-netflix-release-date-everything-we-know/” title=”'Untamed' Season 2: Expected Netflix Release Date & Everything We Know”>Expected negative $122 million for 2026, a $3 million increase from prior guidance due to legal fees.
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Capital Expenditures: $59 million total in Q3, including $17 million project CapEx; full-year 2026 CapEx guidance refined to $390 million (maintenance $220 million, project $170 million).
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Liquidity: $2 billion total, including $1 billion cash and cash equivalents.
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Leverage: Lease-adjusted net leverage of 5.6x and traditional net leverage of 2.3x; expected to improve ~1.5 turns and ~2.4 turns respectively by year-end 2026.
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Cash Interest Expense: Projected $150 million for 2026, net of interest income.
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Lease Payments: Total cash payments under triple net leases expected at $1 billion in 2026.
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Cash Taxes: No cash taxpayer expected in 2026.
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Share Count: Fully diluted weighted average of 135.4 million shares at end of Q3.
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Property Highlights: Hollywood Columbus posted all-time record gaming volumes, revenue, and adjusted EBITDA (18% revenue growth); Aurora active database up 96% year over year with revenue 2x prior year; M Resort set record Q3 revenue, slot, and table volumes.
