PENN Entertainment, Inc. (NASDAQ:PENN) Q4 2023 Earnings Conference Call February 15, 2024 9:00 AM ET

Company Participants

Joseph Jaffoni - JCIR

Jay Snowden - President, Chief Executive Officer & Director

Felicia Hendrix - Executive Vice President & Chief Financial Officer

Todd George - Executive Vice President of Operations

Conference Call Participants

Joe Greff - JPMorgan

Joseph Stauff - Susquehanna Financial Group

Carlo Santarelli - Deutsche Bank

Shaun Kelley - Bank of America Merrill Lynch

Barry Jonas - Truist Securities

Brandt Montour - Barclays Bank

Chad Beynon - Macquarie

Steven Wieczynski - Stifel

Bernie McTerlan - Needham & Company

Operator

Greetings and welcome to the PENN Entertainment Fourth Quarter 2023 Results Conference Call. [Operator Instructions]

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

Joseph Jaffoni

Thanks, Frank. Good morning, everyone and thank you for joining PENN Entertainment's 2023 fourth quarter conference call. We'll get to management's presentation and comments momentarily as well as your questions and answers. [Operator Instructions]

Now, I'll review the Safe Harbor disclosure. Today's discussion contains forward-looking statements. Forward-looking statements involve risks, assumptions and uncertainties that could cause actual results to differ materially. For more information, please see our press release for details on specific risk factors.

With that, it's now my pleasure to turn the call over to the company's CEO, Jay Snowden. Jay, please go ahead.

Jay Snowden

Thanks, Joe. Good morning to everyone on the call. As usual, I'm joined here in Wyomissing by our CFO, Felicia Hendrix; and our Head of Operations, Todd George as well as other members of the executive team. We provide a link to our investor presentation, along with our earnings release this morning. If you haven't already opened or printed it out, I would suggest you do that now as our prepared remarks, we'll reference several of those slides as we go along.

At a high level, 2023 was another transformational year for PENN Entertainment. We are the only company in the industry that has a fully integrated sports media and sports betting platform along with an omnichannel base of assets with which to drive cross-play and synergies as the database continues to grow at a rapid pace. The future looks very promising given our unique position and long-term strategic advantages.

On the retail side of the business, we generated more than $2 billion in property level EBITDAR in 2023 from our industry-leading portfolio of regional gaming assets and impressively delivered on our property level margin goals despite an uncertain macroeconomic environment, thanks to our best-in-class operators and leaders across the country.