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Mar 31, 2020
Penn National Q1 2020 Earnings Report
Penn National's first quarter revenues were impacted by COVID-19, resulting in a net loss.
Key Takeaways
Penn National Gaming reported first quarter revenues of $1.12 billion, a net loss of $608.6 million, Adjusted EBITDAR of $252.3 million, and Adjusted EBITDA of $154.8 million. The company moved aggressively to improve liquidity and is focusing on long-term objectives. The omni-channel growth strategy remains intact with the scheduled launch of the Barstool Sportsbook App in the third quarter.
Penn National saw a phenomenal start to 2020 with record results in January and February, performing well ahead of guidance in every segment.
Momentum was cut short in mid-March by the COVID-19 pandemic, requiring the temporary closure of all 41 properties.
The company finished March with $730.7 million of cash on the balance sheet and has reduced its average cash burn to approximately $83 million per month.
Penn National is well-positioned to resume its positive momentum upon the reopening of its casinos, benefiting from geographic diversification and the Barstool Sports partnership.
Forward Guidance
Penn National has withdrawn its 2020 financial guidance due to the COVID-19 outbreak and ongoing uncertainty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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