Regional gaming giant Penn Entertainment (NASDAQ: PENN) reported fourth-quarter 2023 financial results and the market didn't like what it saw. Shares fell as much as 15.8% in trading on Thursday and were still down 14.2% at 2:30 p.m. ET.

Revenue fell from $1.59 million a year ago to $1.40 billion, and Penn Entertainment lost $358.8 million, or $2.37 per share. Most of the revenue drop was related to the sale of Barstool and losses related to relaunching an online betting business under the BetESPN brand.

On top of those major changes, revenue was down in the Northeast and South segments, and overall the gaming business was down slightly for the quarter.

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Source Fool.com