(Bloomberg) -- Penn Entertainment Inc., which operates the ESPN Bet online gambling business, said the third-quarter loss from its interactive casino was narrower than previously forecast.
The online part of the casino company is expected to report a $90 million to $100 million loss before interest, taxes, depreciation and amortization, according to a regulatory filing Monday. Management had previously forecast a loss of up to $135 million.
The company credited a more profitable mix of bets during the period, along with lower promotional expenses. The preliminary results were released to coincide with an investor presentation Monday in Las Vegas.
The company’s physical casinos are expected to report adjusted Ebitda of $465 million to $475 million, hurt by lower-than-expected gambling profit in the Northeast US and less business in the South because of weather and hotel renovations.
Shares of Penn, based in Wyomissing, Pennsylvania, were up less than 1% to $18.73 in extended trading. The company is scheduled to report full financial results on Nov. 7.
(Updates third-quarter results in fourth paragraph.)
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