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Penn National Gaming Reports Second Quarter Revenues of $ 1,545.8 Million , Net Income of $ 198.7 Million , Adjusted EBITDAR of $ 586.6 Million , and Adjusted EBITDA of $ 470.1 Million August 5 , 2021 - PENN Generated Second Quarter Net Income Margin of 13 % and Second Quarter Adjusted EBITDAR Margin of 38 % , Driven by Strong Demand from Core Gaming Business and More Efficient Cost Structure - - Focus Remains on Sustaining Core Gaming Business Margin Improvement and Driving Profitable Online Gaming Revenue - - Penn National to Acquire Score Media and Gaming , Creating North America's Leading Digital Sports Content , Gaming and Technology Company - WYOMISSING , Pa .-- ( BUSINESS WIRE ) -- Aug . 5 , 2021-- Penn National Gaming , Inc. ( NASDAQ : PENN ) ( " Penn National " or the " Company " ) today reported financial results for the three and six months ended June 30 , 2021 . 2021 Second Quarter Financial Highlights : • Revenues of $ 1,545.8 million , an increase of $ 1,240 million year over year and $ 223 million versus 2019 ; • Net income of $ 198.7 million and net income margin of 12.9 % , as compared to a net loss of $ 214.4 million and ( 70.2 ) % , respectively , in the prior year and net income of $ 51.4 million and net margin of 3.9 % in 2019 ; Adjusted EBITDA of $ 470.1 million , an increase of $ 549.4 million year over year and $ 153.6 million versus 2019 ; ● Adjusted EBITDAR of $ 586.6 million , an increase of $ 562.1 million year over year and $ 180.1 million versus 2019 ; and • Adjusted EBITDAR margins of 37.9 % , up 2,993 basis points year over year and 722 basis points versus 2019 . ● For further information , we have posted a presentation to our website regarding the second quarter highlights and accomplishments , which can be found here . Jay Snowden , President and Chief Executive Officer , commented : " Penn National delivered a strong second quarter that exceeded our pre - announced results from June 24 , 2021. For the second quarter ended June 30 , 2021 , Penn National generated revenues of $ 1.55 billion , at the high end of our pre - announced range of $ 1.45 billion to $ 1.56 billion while Adjusted EBITDAR of $ 586.6 million exceeded the high end of our $ 540 million to $ 580 million range . Compared to Q2 2019 pro forma results , revenues increased 13 % , Adjusted EBITDAR grew 38 % and Adjusted EBITDAR margins increased 694 basis points . The strong results were driven by exceptional performance across our portfolio of core gaming business properties . Contributions from Barstool Sports , the media company , were also positive . Further , we saw strong revenue growth across our Penn Interactive segment , which operated near breakeven for the quarter despite being live in only four states . " Separately , this morning Penn National announced that we have entered into a definitive agreement to acquire Score Media and Gaming , which is the number one sports app in Canada and the third most popular sports app in North America . When we add theScore's unique integrated media and betting platform and modern , state - of - the art technology , to the massive audience of Barstool Sports and its wildly popular personalities and content , we'll be creating North America's leading digital sports content , gaming and technology company . We anticipate that the acquisition of theScore will provide adjusted EBITDA accretion by Year 2 , an incremental $ 200 million medium term adjusted EBITDA , and $ 500 million of incremental long term adjusted EBITDA upside . " More details regarding the transaction may be found in a separate press release issued today . To access the release , please visit here . Robust Recovery in our Core Gaming Business Continues Mr. Snowden stated : " Sequentially improved visitation and length of play across all age segments of our player database led to our record results in the second quarter . Spend - per - visit has remained high since reopening last year , and our overall visitation numbers are encouraging as restrictions continue to be lifted . The traditional core gaming customer has reengaged with our properties as vaccines continue to roll out across the country , while the younger demographic's engagement continued throug Q2 and into Q3 despite the increased availability of alternative entertainment options . Overall , our unrated play continues to perform well , and we have been pleased with our ability to convert these customers into our mychoice loyalty program . These noteworthy drivers of our revenue growth combined with the changes we have made to our offerings and our expense structure has led to tremendous flow - through and margin improvement . We have seen this strength across all geographic regions , with the South Region leading the way as demonstrated by the segment's outsized performance in both revenues and EBITDAR . " Sportsbook Launch Schedule on Track Mr. Snowden continued , " We are making great strides in the planned rollout of our Barstool Sportsbook . Following our Indiana launch in May , we anticipate more than doubling our footprint by the start of the 2021 NFL season in early September with upcoming launches in Colorado , New Jersey , Tennessee , Virginia , and Arizona . By the end of the year , we plan to be operating in at least 10 states . Additionally , as we gain scale across the country , we will increase our marketing efforts to further widen the funnel into our omnichannel ecosystem while we remain focused on our measured and profit - driven approach . For example , we recently announced an expansion of our NASCAR relationship with a comprehensive sponsorship and marketing partnership with the Phoenix Raceway . Further , we have agreed to act as the official sports betting partner for the upcoming August 29 boxing event between Tyron Woodley and Jake Paul , which will include Barstool Sportsbook branded segments featuring key personalities .