Business
Penn National Gaming Reports Third Quarter Revenues of $1.13 Billion, Net Income of $141.2 Million, Adjusted EBITDAR of $452.6 Million, and Adjusted EBITDA of $343.6 Million
- Highly Successful Launch of Barstool Sportsbook App Creates New Growth Channel - WYOMISSING, Pa.--(BUSINESS WIRE)-- Penn National Gaming, Inc. (NASDAQ:
About this update from Penn Entertainment, Inc.
[{"type":"text","content":"\n- Highly Successful Launch of Barstool Sportsbook App Creates New Growth Channel -\n\n WYOMISSING, Pa.--(BUSINESS WIRE)--\nPenn National Gaming, Inc. (NASDAQ: PENN) (“Penn National” or the “Company”) today reported financial results for the three and nine months ended September 30, 2020.\n\nJay Snowden, President and Chief Executive Officer, commented: “I am pleased to report that our property, interactive, and corporate management teams generated strong third quarter revenues, as well as all time quarterly record Adjusted EBITDAR and Adjusted EBITDAR margins, despite the continuation of social distancing and capacity constraints at all of our reopened properties.\n\n“The current operating environment has demonstrated the resilience of our teams and operations as we’ve made significant modifications to our business model to respond to the new volumes, offerings, and ongoing restrictions. In addition to the record results of our brick and mortar operations, one of the highlights of the quarter was the launch of our much-anticipated Barstool Sportsbook app in Pennsylvania, which has been well received. As we look ahead, we continue to see solid results across the portfolio in October, which is being driven not only by our margin improvement, but also our sustained revenue performance as we have continued to manage the ongoing COVID-19 restrictions. In sum, we believe we can close out the year with positive momentum.”\n\nA link to a presentation that summarizes third-quarter highlights and accomplishments can be found here.\n\nQ3 Financial Results Summary\n\nFor the third quarter ended September 30, 2020, Penn National generated revenues of $1,129.7 million and Adjusted EBITDAR of $452.6 million. These results were achieved despite the impact of Hurricane Laura on L’Auberge Lake Charles, the late-quarter reopening of Tropicana Las Vegas, and the ongoing temporary closure of Zia Park in New Mexico. Our Ohio and Indiana properties led the way for the Northeast segment and each property in the South region, save L’Auberge Lake Charles, delivered double-digit Adjusted EBITDAR growth in the period. Several properties in the Midwest segment have been operating under significant capacity restrictions and despite this, the region still achieved year-over-year Adjusted EBITDAR growth. These results are a testament to the ability of our pr...