Penn National revenue down 77% for Q2 as all but two casino properties reopen
Penn National saw revenue of $305.5m for the second quarter of 2020, a significant drop of 77% year-on-year.
Jay Snowden, president and CEO of Penn National, attributed the decrease to “unprecedented challenges” posed by the COVID-19 pandemic, but praised his company’s “tremendous resilience.”
Net loss for the period amounted to $214.4m in contrast to net profit of $51.4m in 2019.
Adjusted EBITDA also fell to a loss of $79.3m, a significant decrease from $316.5m earned in 2019, while adjusted EBITDAR was $24.5m, down 94%.
Out of the company’s four reportable segments, Penn National’s northeastern US segment generated the highest total revenue at $102.7m, down 83%.
For the six months ended 30 Jun, Penn National saw revenue of $1.42bn, a drop of 45% from 2019.
Adjusted EBITDAR for H1 was down 65%, to $276.8m for the six months.
Commenting on the results, Jay Snowden, president and CEO, said: “While the last several months have presented unprecedented challenges for our company, I am extremely proud of the way our corporate and property leaders and valued team members have risen to the occasion and, working tirelessly alongside our regulators and public health officials, have successfully reopened all but two of our casino properties as of today.”
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