Business
Penn National Gaming Reports Fourth Quarter Revenues of $1.34 Billion, Net Loss of $92.9 Million, Adjusted EBITDA of $304.0 Million, and Adjusted EBITDAR of $399.4 Million
- Traditional Debt Reduced by Approximately $70 Million in the Fourth Quarter - - Company Initiates 2020 Full Year Adjusted EBITDAR Guidance Range of $1.67
About this update from Penn Entertainment, Inc.
[{"type":"text","content":"\n- Traditional Debt Reduced by Approximately $70 Million in the Fourth Quarter -\n\n\n- Company Initiates 2020 Full Year Adjusted EBITDAR Guidance Range of $1.67 Billion to $1.70 Billion -\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 and year ended December 31, 2019 and initiated 2020 full year guidance.\n\n\n2019 Fourth Quarter Financial Highlights:\n\n\n\nRevenues of $1.34 billion, an increase of $185.9 million year over year;\n\n\nNet loss of $92.9 million and net loss margin of 6.9%, principally driven by $173.1 million of impairment losses, as compared to net loss of $42.0 million and net loss margin of 3.6% in the prior year;\n\n\nAdjusted EBITDA of $304.0 million, a decrease of $16.1 million year over year;\n\n\nAdjusted EBITDAR of $399.4 million, an increase of $75.5 million year over year, which exceeded guidance for the fourth quarter;\n\n\nAdjusted EBITDAR margin of 29.8%, marking an increase of 180 basis points year over year;\n\n\nCash payments to our REIT Landlords under Triple Net Leases of $224.4 million, an increase of $34.0 million year over year; and,\n\n\nTraditional debt decreased by $69.8 million during the quarter, principally due to repayments under our senior secured credit facilities. As of December 31, 2019, our traditional net debt ratio was 2.4x and net leverage on a lease-adjusted basis was 5.5x.\n\n\n\nJay Snowden, President and Chief Executive Officer, commented: “This past year has been transformational for Penn National, our team members and our shareholders and we are proud of what our team has accomplished in 2019. We completed the integration of Pinnacle Entertainment, which added 12 new gaming properties and three new states to our portfolio and over 10,000 new team members to the Penn National family. We accomplished this while achieving record Adjusted EBITDAR, increasing margins, reducing debt, and just as importantly, coming together as one team under one company culture. We were honored to be named the casino industry’s Employer of Choice by Bristol Associates and Spectrum Gaming Group in its most recent survey, ranking ahead of 30 other prominent gaming companies. This demonstrates our ongoing dedication to fostering a service-focused culture that attracts and ...