PENN Entertainment, Inc. (NASDAQ:PENN) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET

Company Participants

Jay Snowden - Chief Executive Officer

Felicia Hendrix - Chief Financial Officer

Todd George - Head, Operations

Erika Ayers - Chief Executive Officer, Barstool Sports

Joe Jaffoni - Investor Relations

Conference Call Participants

Barry Jonas - Truist Securities

Omar Sander - JPMorgan

Carlo Santarelli - Deutsche Bank

Shaun Kelley - Bank of America

Chad Beynon - Macquarie

Ryan Sigdahl - Craig Hallum Capital

Bernie McTernan - Needham & Company

John DeCree - CBRE

Operator

Greetings! And welcome to the PENN Entertainment First Quarter 2023 Results Conference Call. During the presentation all participants will be in the listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions].

I would now like to turn the conference over to Mr. Joe Jaffoni, Investor Relations. Please go ahead.

Joe Jaffoni

Thanks, Frank. Good morning everyone and thank you for joining PENN Entertainment’s 2023 first quarter conference call. We’ll get to management’s presentation and comments momentarily, as well as your questions and answers. During the Q&A we ask everyone to please limit themselves to one question and one follow-up.

Now, we review the Safe Harbor disclosure. In addition to historical facts or statements of current conditions, today’s conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. These statements can be identified by the use of forward-looking terminology such as expects, believes, estimates, projects, intends, plans, seeks, may, will, should or anticipates, or the negative or other variations of these or similar words, or by discussion of future events, strategies or risks and uncertainties, including future plans, strategies, performance, developments, acquisitions, capital expenditures and operating results.

Such forward-looking statements reflect the company's current expectations and beliefs, but are not guarantees of future performance. As such, actual results may vary materially from expectations.

The risks and uncertainties associated with the forward-looking statements are described in today's news announcement and the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and Form 10-Q. PENN Entertainment assumes no obligation to publicly update or revise any forward-looking statements.

Today's call and webcast will include non-GAAP financial measures within the meaning of SEC Regulation G. When required, a reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in today's press release, as well as on the company's website.