Penn National sees Q1 COVID impact in $608.6m net loss
Penn National Gaming has reported revenue of $1.12bn for the first quarter of 2020, a decrease of 12% year-on-year.
Net income has seen a significant drop from $41m in 2019 to a net loss of $608.6m for 2020, while adjusted EBITDAR was down 36%, at $252.3.
Adjusted EBITDA was $154.8, a fall of 50% from 2019.
Of the total revenue, $902.9m was generated from the gaming segment.
From mid-March, the impact of COVID-19 saw Penn National close all 41 of its properties and introduce a number of “aggressive mitigation measures” to compensate for these closures.
Prior to this point, the casino operator reports a “phenomenal start to 2020,” seeing record results in January and February.
The trading update attributes this success to the introduction of retail sports betting at several of its properties and its investment in Barstool Sports.
Jay Snowden, president and CEO of Penn National, said: “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.”
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
