Penn National Gaming has reported its financial results for the three months ended March 31, 2020.
Jay Snowden, president and CEO, commented: “Penn National saw a phenomenal start to 2020, with record results in January and February. Our company was performing well ahead of guidance in every segment, driven in large part by the introduction of retail sports betting at several properties, which has served as a catalyst for both gaming and non-gaming revenue.
“We also saw a strong positive reaction, including our stock price hitting an all-time high, following the announcement of our strategic investment in Barstool Sports, which reflects our strategy to become the best-in-class omni-channel provider of retail and online gaming and sports betting entertainment.”
Snowden continued: “That momentum was cut short in mid-March by the Covid-19 pandemic, which required the temporary closure of all 41 of our properties. As a result, our first quarter revenues decreased $166.5m year-over-year to $1.12bn and we incurred a net loss of $608.6m due to $616.1m of impairment losses.
“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 omnichannel 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.”