Penn National Gaming reports Q1 and Q2

Penn National Gaming has reported financial results for the three and six months ended June 30, 2020.

Jay Snowden, president and CEO, commented: “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 (Zia Park and Tropicana Las Vegas).

“The tremendous resilience of our team, along with the steps we’ve taken to strengthen our financial position and achieve ongoing operational efficiencies, have helped ensure that Penn National remains well positioned for near and long-term success.

“Our team members are the life blood of our company and, while some remain furloughed given the ongoing capacity restrictions and limited amenities at our properties, I am pleased to announce that we will extend medical and pharmacy benefits to all impacted team members through August 31.

“In addition, our Covid-19 Emergency Relief Fund, for which we’ve raised more than $1.7m, has already provided needed financial assistance to approximately 1,000 team members and remains available to help others in need. I would like to thank all of our team members and valued stakeholders for their continued support, dedication and patience during this difficult time.

“Despite starting the second quarter with our entire property portfolio closed due to the Covid-19 pandemic, we ended the quarter in a significantly improved financial position as a result of continued mitigation efforts that contributed to significant margin improvement, a successful capital raise and very strong financial performance at our properties since reopening.

“The outstanding results to date at our reopened properties highlight our unique strategic position as a best-in-class operator of market leading regional properties, which have rebounded more quickly than casinos in destination markets.

“In addition, our geographic diversification across 19 states – with no more than 15 per cent of our revenues being derived from any single state – has proven to be a significant benefit as states have reopened casinos on a staggered basis.

“Although visitation has yet to return to pre-Covid levels, in large part due to state mandated capacity restrictions and limited amenities, spend per visit has been notably strong, resulting in better than expected revenues.”