Business
Penn National Gaming Reports COVID-19 Impacted First Quarter Revenues of $1.12 Billion, Net Loss of $608.6 Million, Adjusted EBITDAR of $252.3 Million, and Adjusted EBITDA of $154.8 Million
- PENN Moved Aggressively to Improve Liquidity in the First Quarter, Allowing the Company to Focus on Long-Term Objectives - - PENN to Benefit from
About this update from Penn Entertainment, Inc.
[{"type":"text","content":"\n- PENN Moved Aggressively to Improve Liquidity in the First Quarter, Allowing the Company to Focus on Long-Term Objectives -\n\n\n- PENN to Benefit from State-by-State Resumption of Operations, with Nation’s Largest, Most Diversified Regional Gaming Footprint -\n\n\n- Omni-Channel Growth Strategy Remains Intact with Scheduled Launch of Barstool Sportsbook App in the Third Quarter -\n\n WYOMISSING, Pa.--(BUSINESS WIRE)--\nPenn National Gaming, Inc. (NASDAQ: PENN) (“Penn National” or the “Company”) today reported financial results for the three months ended March 31, 2020.\n\n\n2020 First Quarter Financial Summary\n\n\nJay Snowden, President and Chief Executive Officer, commented: “Penn National saw a phenomenal start to 2020, with record results in January and February. Our Company was performing well ahead of guidance in every segment, driven in large part by the introduction of retail sports betting at several properties, which has served as a catalyst for both gaming and non-gaming revenue. We also saw a strong positive reaction, including our stock price hitting an all-time high, following the announcement of our strategic investment in Barstool Sports, which reflects our strategy to become the best-in-class omni-channel provider of retail and online gaming and sports betting entertainment.”\n\n\nSnowden continued, “That momentum was cut short in mid-March by the COVID-19 pandemic, which required the temporary closure of all 41 of our properties. As a result, our first quarter revenues decreased $166.5 million year-over-year, to $1.12 billion, and we incurred a net loss of $608.6 million due to $616.1 million of impairment losses. While we have faced unprecedented challenges in recent weeks, we are confident that the Company’s long-term growth strategy remains intact, supported by our differentiated omni-channel approach. We sincerely thank the first responders, health care workers and essential personnel around the world who are keeping us safe through this challenging time, and we hope and pray for a swift end to this unprecedented crisis.”\n\n\nCOVID-19 Mitigation Efforts and Resumption of Operations\n\n\nAs previously disclosed, Penn National undertook several aggressive mitigation measures in the days following the temporary closures of its facilities to solidify the balance sheet and improve liquidity. As a result, th...