The main reason for the downgrade was that Penn Entertainment suffered a bigger-than-expected loss in its online operations. Notably, Santaelli highlighted ESPN Bet’s disappointing performance, which the platform says was a mix of Farrellay and straight bets that were said to be biased lower on Farrellay’s side compared to their rivals.
Penn Entertainment’s initial expectation of a $167 million digital loss in the first quarter was revised to a staggering $187 million deficit by Santarelli. Despite the disruption, several positive indicators were identified within Penn’s brick-and-mortar stores. The Midwest was strong, complementing the underperformance observed at Penn’s Dixie casino. 온라인카지노사이트
Local casino revenue stalled in February and March after falling 13% in January due to bad weather, but Santaelli revised its cash flow estimate for Penn’s casino portfolio to $481 million for the quarter from $478 million. However, the company’s overall cash flow forecast fell to $267 million from its earlier estimate of $284 million.
