Penn Entertainment Q3 Earnings Highlights: Revenue Beat, ESPN Bet Set For Multi-State Launch
Portfolio Pulse from Chris Katje
Penn Entertainment reported Q3 revenue of $1.62 billion, slightly down from last year's $1.625 billion but ahead of the Street consensus estimate of $1.61 billion. The company also announced the launch of the ESPN Bet sports betting platform, in partnership with The Walt Disney Company, which will be initially available in 17 states. Penn's shares are up 7% to $21.01.
November 02, 2023 | 2:21 pm
News sentiment analysis
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NEUTRAL IMPACT
DraftKings Inc is mentioned as a sportsbook rival to Penn Entertainment.
DraftKings is mentioned as a rival to Penn Entertainment, but the news does not provide any specific information that would impact DraftKings' stock price.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 20
POSITIVE IMPACT
The Walt Disney Company is partnering with Penn Entertainment for the launch of ESPN Bet.
The partnership with Penn Entertainment for the launch of ESPN Bet could potentially increase Disney's revenue in the future. However, the impact on Disney's stock price is not clear from the news.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Penn Entertainment's Q3 revenue beat estimates and the company announced the launch of ESPN Bet. Shares are up 7%.
Penn's Q3 revenue beat estimates, which is positive news for investors. The launch of ESPN Bet could potentially increase the company's revenue in the future, which is also positive. The 7% increase in share price reflects these positive developments.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100