American company Penn Entertainment reported that its loss for 2023 more than doubled, reaching $491.4 million, according to the company's financial statements. In 2022, Penn's loss was $221.7 million.
The adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at $1.51 billion (2022: $1.94 billion).
Company President and CEO Jay Snowden attributes the increasing losses to the launch of the new sports betting brand, ESPN Bet, in the fourth quarter of 2023.
Nevertheless, Penn is optimistic about its prospects in 2024 as the company is prepared to launch ESPN Bet in several new states simultaneously.
Last week, the company acquired a gambling license in New York from Wynn Resorts for $25 million.
