PENN - Earnings call transcript Q1 2022 | PENN Entertainment, Inc.

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Operator

Greetings, and welcome to the Penn National Gaming First Quarter Conference Call.

During the presentation, all participants will be in a listen-only mode. Later we will conduct a question-and-answer session. [Operator instructions] It is now my pleasure to turn the conference over to Joe Jaffoni, Investor Relations. Please, go ahead.

Joe Jaffoni

good Gaming's and Call. XXXX and joining you Tina, National Penn First you, morning, thank everyone, for Thank Quarter Conference get but and your presentations Safe to as We'll as well Harbor comments disclosure. questions I'll first, momentarily, answers, review the and management's

forward-looking historical Securities contains by Litigation risks of which within addition Reform conference seeks, to future or anticipates acquisitions, capital current and strategies, and today's of or of are these forward-looking terminologies by believes, of may, expects, intends, expectations performance, operating involve should statements use identified of or Act expenditures, the discussion facts In of the can statements uncertainties. but forward-looking of beliefs, meaning results. current statements conditions, the not including as or performance. call future will, company's statements Private events, be projects, other guarantees These risks, reflect the future XXXX, plans, such variations estimates, words and or the or or developments, similar strategies Such negative uncertainties, and plans,

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Jay Snowden

Thanks, Joe. Good everyone. morning,

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Felicia Hendrix

Jay. Thanks,

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Jay Snowden

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Operator

Greff Thank question from Joe of you. first [Operator comes Instructions] JPMorgan. Please The ahead. go

Joe Greff

about in On you question plan then for launch and games talk to what two-part about one rest GGR, how for you games of growth Barcelo rate here similar given new in on thank iCasino Can And the the that been. land-based the translates should iCasino, doing I'm in that the you've And new Interactive, Good slide growth translate NGR, into have that and rate assuming then of the GGR that's EBITDA the from for casino morning game you that then iCasino titles year? segment, I and and and positive as side. a to here? new of how and moving the everybody. introductions can maybe on right titles impact benefits you now about talk can the into from talk trajectories? and the it, has deck, scale margins you introduce titles margins be

Jay Snowden

Do you based we'll those? And on throw question land discuss want to all then out also? the

Joe Greff

them. it's matter, that remember side. softness slide degradation other at being out? I that a you. Sure. I end one out there? worth operator casino and macro might of database core calling what Pick lower repeat Can about talk you stable that you which the you're we in the this poison slight data and a VIP for and of on like segments looks lot know any about that factor deck, by end any have that's not be your impacted Thank pretty I consumer seeing guess whatever. obviously customer, week lower on it. and your landing talked the But won't seeing

Jay Snowden

do want last I'll question the Yeah. couple? Thanks, Joe. first hit to and first Todd, tackle you the then

Todd George

that end Joe. world I'm off a economy dig really with combination But the couple started a the numbers, thanks, and very dug we've going and that to segment. into into right now. understanding things. Jay and seen And We've very the that's happy of lower when in everything fall little of really frankly, on we it's Sure. to this Thanks say

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look you this segment we really again as So, a when not with. at high and to know, begin profitability

in frankly, in that this what the more or us. where into So, up unrated, profitable is either we've actually right to And and we're very reinvest strategic we moved way they've seen the for group. they're

Jay Snowden

Thanks Great. Todd.

couple provide questions first on some of interactive, Joe, detail. I'll The

the haven't detail publicly you've for. all that We provided asked

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Joe Greff

And then you. the question regarding Ontario launch. Thank Great. one final

or a downloads developed you Pennsylvania little GGR active and users. a and to a a handle market from bit maybe have do registrations daily talk legitimate market as a development Ontario's transition bunch and and in actually there down is to by think of impacted market? And you performance. Michigan, growth the relation average metrics gray regarding Can You

Jay Snowden

which some Ontario, a assume should to the results to other shared of on early DAUs about. we've feel all that favorable that compared like go really It's launched we still provided days, stats, lot very much we but look you we through good handle there. there's that in, states Yes,

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the well So really that was as in something we that hadn't done worked that much us US. for

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X, talking it see faster three, and April of of high still on thousands saw so terms -- incremental You fall follows in you continue first-time every day even hundreds downloads grow terms the in day launch the but what thereafter, day. since in a And in seen the day we the what audience deposits to we're because deposits off first that we've two every and week week see bit in downloads on do significant of is quickly. to we to Ontario, continue the in first-time little and registrations

and bet and day, and We're low. single we're download build that the continuing new deposit So has to seeing app every churn been users, business. the

live products. already. really bonus feel we our on the So management account and obviously We're own engine player good about

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about So of last our lot looks there's the We'll pleased. good. what what's and people publicly. we because of Ontario numbers know ability the I -- playing and people for like don't everyone all really can want we really betting within have with market through more and share you penetrate consistent operators far, would And -- point. your can't don't in convert much question with gray to app We to don't detail been than speak around been been our to been other throughout so the a we which know details expect reported I grab obviously it of many market. is Ontario. number other the of given I But The publicly that Canada. from you market don't We've more the nature, downloads because to some how didn't relationships being to very part are at in reported our quickly the because things of know everyone anything doing about years this and tell people apps well. it else's to a future. gray scored have what only media app I else app other compare metrics very

Joe Greff

Thanks, Jay

Operator

The Shaun go next America. comes from of you. Kelley, Please question Bank Thank ahead.

Shaun Kelley

market, you was back consumer, on -- some heard for I helpful trends I lot just for local particularly everyone. if what differences, of of have would ground's know couple like Others if seeing said actually us? Good in from maybe but where be regional of in really And Jay, at it I of very amongst but just be out summarize covered, maybe nothing end take other summarize to might regions can could a morning, be west to we've the here. is you around some or the maybe kind through where South, comments hinted have really good of the you and some this the really there's highlights database couple the for a everyone. but softness to handful sounds the core then us low there see really if think a going been maybe Todd, a operators, go don't for walk already consumer. there slight the Could we that a largely of

Jay Snowden

let as one answer well. that Yes, Todd I'll

Todd George

Sean. Thanks,

X.X%. When X.X%, going put kind X.X%. to to making are, give the so based to with our properties on we really is that it up camp to into slice So of the XX, well, than here. which see on is lower that which segments, But seeing just asked I also and X and of kind the only X.X%, that what look down and unrated, and nothing guess, dice geolocation. to not we're kind database the We're at May, our look XX us really, up up really April but I'd less visitation. really color where now positive Joe of that's work the as into at end, Even in XX, a more little

of seeing where our XX on miles that most within are base We located. are customer is anybody just our properties based

So -- everything very in trending there is well. actually

destination-type our also little some We properties. bit at seeing more are a more growth of

that looking segments. So next at growth now I decent everybody and South events. the located you start options, seeing these Midwest, all some we're months entertainment getting where back in summer bigger those into and to think entertainment to options out we're And really we're across going the increasing sports we're and the

into we've growth than of right up So But seen we again, seen. has be the we're seeing couldn't what different May. patterns some really, industry with happier what

Shaun Kelley

balance some parameters free opportunistic the think out Street. of maybe repurchase. of sort just maybe think on Obviously, but operative the of sort highlights, you then be was clear. Felicia, programmatic self-funding to help it that? my Can around Super, I the for And about stock of work. flow, you Wall think authorization as one very a us there, you versus this help out words out but knew follow-up. we the cash put of us around us just should and called lot was about the of

Felicia Hendrix

Shaun. we're going to Thanks I be to Yes. Yes, think continue opportunistic. that

you think reported already repurchased So, we million about to as shares. you go did And that the back K, we've XXX.X if know, I we $XXX million.

as of with for to in is be, which say think to I at active was our long roughly obviously we March undervalued high undervalued it got $XX, $XXs. were So, thought average stock price it's think fair that it's $XX where us as could stock the we if that we we in now, our

And And talked so going our we'll it's but be again, to and strong about in balance our sheet I liquidity. the be market opportunistic.

be see. that we in a so place be take And advantage fortunate really nimble just dislocation to the of to we're and able

Shaun Kelley

much. very you Thank

Operator

Jonas, question next The Please you. comes Barry Truist from ahead. Thank go Securities.

Barry Jonas

some Great. retaining demographic? color reimagine for to interest of in Thank how that about more interested kind about with demographic? how properties you you. that balancing younger from And the you Jay, I'm maybe plan can give think you your older

Jay Snowden

tackle to one you do want as well? Todd, that

Todd George

the Jay. Thanks for And thanks question, Barry.

to to the being from with this hotel away prices, lot the queuing to and completely done again our with design us technology, new try Lake fortunate. is and space that Charles, year, a real hotel move And this about on change you been there, the kind just with in of through buffet of done done Greektown, think, that Cs But of and had better this away buffet talked technologies is A easier dated consumer that way impact and we're through can about I in out Really, rising the obviously, our from start through we seasons, offerings of presentation. being but imagine three kind that the big that around for than five the is for of see process as years the the mentioned guest creating lot can in using get been a of venues of friction. you are So, slide be putting touched casino doing that. a lot on best-in-class, more experience but a fortuitous venues at decades. that just change lot kind is -- that lines look extremely interactive to we've best-in-market. now, Laberge, thinking the dated very that all going numerous at ago the much experience, the what and offering, into Jay going beverage We've rooms. venues, which trying a with the the We've remove we calls concept, this look and food

and easier just the enjoying experience really to So, for applies make in casino. start like, not a younger visit. to everyone all that's their want something their demographics enjoying really and coming everyone consumers, to something it that into for coming that it's We

Jay Snowden

people at at this very rolling to age thing. everything for for a able Todd age they out. lot was our you the no things trends example. were I segment to go was There there bars time, the you movies. encouraged, was couldn't restrictions, just you money database to I'm I and for to just one did, were highly fund for be the economy. with few go were agree to There When to still go closed restaurants early, had if last through we stimulus couldn't do going looking said. add year, or concerts, And of April, trends,

back actually behavior that still were can that able all year. been open, as the was morning were are an our the as good talks our you in seeing XXXX now but those part to a consider the people our sizable demo last do, that options was we're results. to have this who for quickly those years, year-over-year of many bring of now. into that April a has last about and those customer there growth, to the when seeing so that, return many, to and looks were options is love up just available QX all of a options of of basis how of I you over article off years very, XXXX You of reading that offerings what of on course like do couple of younger less months. And we very in we're base and saw last yet large couple growth over ecosystem all buildings

growth go in only the we was soon they was – then the it experience, do. So it didn't to significant younger but segments the mass is as you back to growth as can super demos QX not look of those and brought as it's sporting as exodus last at And these this from year younger they on though and top year. thing of And concerts XXXX, like in growing of robust. QX we're events, versus

Todd George

Jay's XX% compared XX To that XX, Barry, XXXX. point, to Yeah. up is to

what trying and big games we pre-pandemic the will opportunity younger this solve with how us, again, they problem will and everybody kind how in, looking they to the that but holding created incorporating we're around the entertainment attract for. unique that that lot engage of on came moment to found was do in they this something they're So evolve time demos, that that is was that they and a at where as liked they are play. we're And continuing of looked

Barry Jonas

about on And bit helpful. kind really and the just Is maybe you would question inflation, talk Can then you supply the midpoint. it add, just the And raise? underscores guidance raise. back what a economy concern maybe That's down cannibalizing I year? a less I at little less actually of about the margin concerned the went about the half of new think in the implied macro

So any color helpful. there would be

Jay Snowden

If able to on but quarter. on quarter, did there beginning not it the at it, land-based obviously out visibility ourselves I we -- I we did, that XXXX. the felt were sure or this right that XX%. the was bit to. competitors of land-based at last right? had little perspective, second our – when put a able that we'd mean, into most half like year it's said the we we that's of is And be year not that chose we felt Barry, and side we guidance a confident do, to delivered what of decision can intended. We I doing we in if Look, do not the when delicate, wasn't we what last we've to enough committed from this take the mean

Chamberlain our hard I properties And there call seen Rafael a have have new the beginning Aaron and property teams, GMs properties Chicago Verde in couple quick and with done of Todd there you're and in impacted Hawk, that by leadership But made our of that Ameristar our of our highlighted adjustments. the adjustments, our we've our property when teams I course, property Ameristar our we And and rock Black made where Colorado, opening. have and markets the competition. mentioned and so that. at And new

to off. We feel from new able in impacts our we we're And casinos is only we there's have the so point coming to Nebraska, a we And looking markets. will into this the Bluffs, be supply other the time. key business visibility market competitive permanent. is in like a going feel ways which while raise understand There's guidance impact at because we like some know new that temporary where some supply before but for on Council it's like have

taking that's guidance the take. continues, the of We're we're you every we we're – and had consensus conservative a raise, said to quarter. position that we're the of for if the year what trends look at of the year to remainder first And beat – beginning all if at sticking likely and for seeing the so the today

Todd George

to Yeah. XX-plus They I would been you talked only have that behind. XX-plus add, lagging Jay, definitely. about Jay, and this,

heard industry a the in talk impact the little You others January. bit in about coronavirus

kind upside Felicia has kept really them there's mentioned, behind, of a of definitely a And projects lot we that that So little has then momentum come at online, as those there's feel we properties. good capital there. and with feel that of some the our

Barry Jonas

great a guys Thanks on quarter. Okay. congrats and

Todd George

Thanks, Barry.

Operator

ahead. Thank Thomas Please comes you. Morgan go The Stanley. next of Allen from question

Thomas Allen

Thanks.

on being now a else? we're uncertainty range. increased one Is year, widened encouraging or did Just it guidance. Super the you was that you guys follow-up something into quarter interesting that the it. that and the macro Thanks. think I the

Jay Snowden

macro of been don't look would break gas things. not this we about you're to I And guidance read impacts obviously add today. that, provide that on businesses, There's regional higher also of world the I due the impacts drive. widening. beat XX-minute know into range we've really we at to account lot about beginning took higher to than the also had the not from But the the And feel down for we a the there what only I tried at wouldn't into catchment just range, haven't our wouldn't Thomas. It's out that into which is I read look, midpoint areas, new it but seen We of the mean, going We that good is year. anything. prices, road going thing a talking before. is you This bank. in

what trends lot see, gas You're of money be a spending are. whatever once a a a on habits a your week to to of. have we visibility And on -- feel going to we're had about based casino good we not The what we at I month, we mean, but go so times of just guidance and We or every good couple yesterday's the the into good wouldn't I as looking today, guidance there. feel day, mean I about results, as range, feel out raised, we we meaning recent read this anything. the

Thomas Allen

generate on just year? revenue qualitative us to that, last much And you amount just interactive optimistic quarter can like generate commentary, you than year? you the then the side, were you're this around if expect are this comfortable Perfect. you more how not And you could with give

Jay Snowden

Yes.

would Ontario, we feels what great great to to to high in is season say. our to We And given scale. season, going works, thought expectations. optimism -- continuing that quarter haven't to had I is doing full of think, better We I do doesn't. online business, second learn at number, would continues say I our our than but football grow grow. Ontario which off it it's a what we're start. be month, every I casino every football We're real

promotionally think and we we of with all and gets streams events through just in and how Barstool and live what that. do partnership stronger I terms our communicate

and So the yes, continues momentum our confidence future prospects. good, terms is grow of in to

Thomas Allen

you. Thank right. All

Operator

Ryan go The Craig-Hallum from next Sigdahl Please comes you. of Capital. Thank question ahead.

Ryan Sigdahl

taking Good my morning. questions. for Thanks

Jay Snowden

Ryan. Hey,

Ryan Sigdahl

demand Curious of to by quarter, trended? of the comment willing if break kind in but a the talked January versus to margin if you're level EBITDAR out on And so March? cadence you month then April curious the -- kind on has lot property about you're of revenue willing side,

Jay Snowden

January February There transparent March April. You good. was five assume try weekends for really be extent. good. were sequentially better. in should just and got was just QX I full about and Omicron things. April these very that impacted better to it some Remember, was to

your But good. the benefit. know in or historically really very is be business rare, momentum to to that's you don't if that and typically calendar very March, right now margins April's even like month any is expect that? the when time April to add year you have best Todd, good. should of I the March you margins want anything anything So

Todd George

XXXX April from I and would March taxes months months Jay. growth best one date else. this. But been add. I to is talking has months of always of standpoint. a and XXXX, of on Jay said, margin about is Well always everything actual The the only to based April thing one the our one traditionally. from were holidays tougher the and strongest

So trending. happy where really with we're really,

Ryan Sigdahl

will Great. And quarters, cetera? uplift, the you be anticipate you allowed few et that, CCC but properties then you've you impact, can gave then if today How have you revenue next by add where coming regulations? do over launched many then, financial some impact, up anything properties secondly, qualitative and good And the share you metrics, about the margin on total XX. thinking

Todd George

job bunch And our there So our who it regulatory is folks regulators. we great and done are, and a Primus, time the oh, offerings kind and regulators gone with we have properties had working have of, Rich this team every tech it. of great. his we've see up a the what meetings see heads the the get

is out. just the goal our on regulators, happen getting that all making really into in schedules, in to at, to much some as of sure depending share arguably get that, away on people its we're the everything but think front able a we can states, regulatory very on you're impact seeing this few based at we good think a you've that year, -- not looking but I points, But I will lift we that quarters ecosystem, roll be be properties say, -- more but of across probably we So that. move we data as infancy, good are should XX

Ryan Sigdahl

me. last one One for Great.

rebrand, you program? feel expanded brand the mychoice about depth their How of really Just through earlier year. rewards breadth, MGM program this do loyalty your went a and

Jay Snowden

say, I would stay tuned.

Ryan Sigdahl

Great. luck. Good Thanks, guys.

Jay Snowden

Ryan. Thanks,

Operator

Please, Needham The & ahead. Bernie comes Thank go McTernan next of question Co. you. from

Bernie McTernan

road technology, with Great. morning. Good stack Thanks How that bonus terms little here experience? I from compare the just your trading of to in tech then, the had just anything maybe where map you a tech we talked launch think about of that you're state of period and and until is about and hoping just it just, you in some else's test to launches? Ontario that, states were in that, engine. call XQ bit, anything rollout the it's out other have platforms and right but could kind launch the And US a that to just US questions. was Canada can you I tech you Thanks. sure can someone year. your the for of you stack. you do PAM the zooming to the using Jay, want the the make taking launch able And next if on in in else it then in

Jay Snowden

Yes.

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and know-how be it's able science be business to powerful. apply knowledge that to so and And to and our going is it same online to apply really

comes And slide what line planning all that's trading think their and well this how really that Ontario. our had there's when whether see with about third-party season betting sorts we good. before exclusive and do earlier like US. still own in be up there's we cost you're Barstool. until synergies manage different meaningful recently, as as I expanded lot on referenced feeling or about an bets, of launched this along US all savings those flexible So friends library costs or the and the same-game real managed in yeah, just the the options, you'll and you football more services, And deck, for as then pricing just can providers year time that parlays, be off of on a in Canada trading score your with we're that on much I with the services, is to revenue currently markets with PAM parlay that referenced. synergies think of meaningful And technology, we as because to in Canada Obviously, at go roll cost today

Bernie McTernan

because Understood. one haven't follow-up field -- Jay, trip to competition does admittedly, product. were just how taken the isolate I just but to yet, to And you maybe Canada if the up

operators gray does standpoint great against competitive competing feel are How product whole there, obviously you of the globally? in the so too, of the US operators the market operators about you're to from think generally a just considered a landscape operators? with are of And US? pure the bunch US. relative those new one there's XXX which operators market better Do to maybe the ahead Obviously, is be

Jay Snowden

a gray to just continue Ontario the what that's are been doing. to for? end a some market it's are question, do, Yes, XXX I that think they have what for and in that to? it they've the looking to There's been going what with that's people What be in betting down accustomed to they and time, user long going individual evolves because really and they're great

at back people operators, who download they We're betting to opportunity sports is here player everything very, their makes as going that, to deposit. between have to seamless they're because integrated and how least betting what unique. our come to very confident confident and doing take app that we and register been one the I'm options gray continue as obviously, And very media the market and we're there of and to move so forward us experience with

XX% slide the known our were bet and in Score the Our I score again, plan on Ontario XX% – users rounding up app. media gets on that in mentioned of or the

sure the be football will but during football throughout will Ontario, season. seeing half what second fully season, so that to Not year. obviously Score and integrating make app into arm the Media being able sometime applications, in we're here in States, and to able we offering this think be to going convert US the here the in the this that or there's if And on the Sportsbook given business in of of the Barstool United a that value the of be shot being middle seamless same And beginning and and doing for lot in nice US. media we're our another bringing thing

Bernie McTernan

Okay. Thanks, Jay.

Operator

comes Thank Macquarie. question you. The Chad next Beynon Please from ahead. go of

Chad Beynon

morning. Good Thanks about ask wanted Hi. California. to question. for I taking my Jay,

in California I there's the Do airwaves is lot and be to that in your November. there understanding ballot sense of the on in And California? then the you of California US you're a stoolies population, support and investors been will higher a where California, secondarily, the percentage Thanks. communication week is in two you think this supporting, person measures that build do now or of separate some a have from proportional on the because database on confusion between there's on have election?

Jay Snowden

ask Schippers, the you Public he's some Eric first, can for going Relations to heads to Chad, going had. more and and super us, in and tackle detailed Relations I'm close of I'll question parts so of what's Govt. on then California the tackle who the second one that

where In variety the terms it brand, very in at to across for in country, and actually for have of Ohio because very is the now get wait It's can't and obviously, launched Midwest. started. But strong if business Barstool time in quite casinos country database we strong four it's look that's Ohio. things. of the in Sports, of out very, a popularity, a states spent national Barstool We strong, you such and the less South, Northeast, strongest well. a one of obviously popular it most Dave Down California the great and bit in as

states as deliver in able the should expectation So yeah, be well. what we California we've that what to our do of larger some can would been you assume population in that for

Eric Schippers

of but in competing out there, pooling, and market strength open XX% then the that there pooling, up And we're would mobile to which pretty initiative, terms confident ballot gaming. our the our shows poles support has respondents been the of of some which

other for only. The initiative, be would retail on the is which ballot

we participate. driving to is with the road an to And successful there. popular can initiative popularity so us And ours were issues, mental if health competing. of And I both be wildly are that tribes and really is what our still complementary. approved, the is think have and fact is the that down XX% not approved, the only If actually the through to be very to partnerships California. go in revenues the support go of They're they're and thing going key opportunity here

Chad Beynon

appetite at few properties at that on your What's sale out time still just to you on wanted great. detail. this the for ask a there's get It question for that Thanks assets for Strip That's time the from then I And strip. the looking time? to appears there.

Jay Snowden

at We're a right looking interest. Not much asset, really past, on anything not location tires unique just not we're it's currently. if unique the now kicking and great anything, Chad. opportunity have we -- -- the Occasionally, we really in a and

Chad Beynon

much. Thank you results. very Congrats on the

Jay Snowden

more We'll Tina. question, Chad. one Thanks, take

Operator

Thank final of David ahead. from Please comes Jefferies. you. go question Katz The

David Katz

working Hi. the into Good for morning. wire. Thanks

If between degree of just And which share customer how some crossover Barstool? you two? those to are? opportunities in could together, on don't with where the at -- those any overlap, there we the overlap are conjunction If look thoughts score the sort fit populations

Jay Snowden

that bit a demographics you tell would I David. too, are Happy Yes. different. the

opportunities between have we lot lot portfolio. introduction have versa. -- who Fortune made incremental in you media think in look Both as in the seen hadn't been when and Barstool and many definitely US the tend that's There's and tells Barstool it mostly some at when skews activate to effort, you're partners runs XXs which obviously about that have partners that we XXs. you at vice what at their two starting pure And If of have at terms the response demo, you a of it introduced into what in the But already you Ontario. different and looking that the advertising is maybe been would seeing advertising than crossover your But that more like. media the get we partnerships look there's score if never XXX gamut. XXs. dabble to their well -- Barstool, as when And activated that customer the companies here we're opportunity other think look company people to think is bases. from weren't have that's we Score it's a as score, XXs core a the the we've -- I we in a it if efforts, to our obviously in the There like that as we're perspective, there's you about familiar

encouraged by we're a There's I seeing there. revenue advertising there's The a merchandise think, dabble is that the we and can lot differently. in sales lot we're thinking and what to about starting and do side. we're and just starting partnerships on obviously to upside So score now already of see management commerce

the of So There's exciting love I number now. about in and that new audiences you just would really our media they're ideas we're hear using outside more you more think loyalty and us. as of to about have and that that be to verticals, Rogers, our right a our we but they things not Chris should partners that that ecosystem. today we a expect ecosystem were looking some maybe call of is have with different think yesterday on services the in at our ecosystem excited really products but they're I from about, involved

would on of from think bigger going So, we stay say full there close ownership particularly of a Sports when messaging forward. part of I become Barstool in it QX just I our will tuned, probably XXXX,

David Katz

That's and should about have the at should all what or all have this discussion. market targets we Got great. since the for share share we we water or the How you -- bridge started think it. information market so we And of much today? there's under in context of

Jay Snowden

surprisingly market we've share. handle higher lot talked a We that ones terms Yeah. in this versus every about overall. a share market we talk share score wish the our NGR do, And market lot because not NGR about internally. share of shared state feelings on I market

pay So, doesn't does start bills. pay bills. bills. pay you to GGR NGR is you pay NGR, where the the Handle not to can start bills,

about make does the a percentage no when the And you all promos of at come that's business, so of the And today, you the market as have invest the do that as we handle, to ever expect will And market levels paid you of that. spend don't very a we share. competition buying rest NGR we of percentage think as not about promos extent competition that the is most have media, everyone's look those or participate and discounting money. been in, else, one which care should I more to rational from if and clear what of down revenue, becomes much

our I best spend end positioning whoever those the going continue areas. in levels very and market think relationship users down, to share, about As all the brand, that the best to from those the we their competition good has with feel grow the product, come best is

David Katz

it. Thanks much. very Got Appreciate it.

Jay Snowden

Thanks, David.

Jay Snowden

of this for that all was little value. dialing went everybody, you, hopefully, bit look again and forward us We We over, thank but speaking morning. to in you joining a quarter. And with a next

Operator

ask participation call Thank and you, you. today. This for does you good for lines. disconnect have thank your please conclude your We the and that a day. Thank conference you

PENN Entertainment (PENN) 5 May 222022 Q1 Earnings call transcript