Penn National Q3 2020 Earnings Report
Key Takeaways
Penn National Gaming reported Q3 2020 revenues of $1.13 billion, net income of $141.2 million, Adjusted EBITDAR of $452.6 million, and Adjusted EBITDA of $343.6 million. The company saw strong performance across its properties and a highly successful launch of the Barstool Sportsbook app.
Generated revenues of $1.13 billion and Adjusted EBITDAR of $452.6 million.
Ohio and Indiana properties led the way for the Northeast segment, and each property in the South region, save L’Auberge Lake Charles, delivered double-digit Adjusted EBITDAR growth.
Launched the Barstool Sportsbook app in Pennsylvania, which broke records for the most downloads ever for the launch of a new mobile sportsbook.
The app generated total handle of $78 million across 30,000 first-time depositors in the first 37 days of operation.
Penn National
Penn National
Forward Guidance
The company anticipates introducing Barstool-branded retail sportsbooks and launching the Barstool Sportsbook app in Michigan, subject to regulatory approval. They are also working on cashless technology and Barstool-branded entertainment destinations.
Positive Outlook
- Introducing Barstool-branded retail sportsbooks across the portfolio.
- Potential launch of Barstool Sportsbook app in Michigan.
- Introducing cashless technology to improve efficiency and customer service.
- Developing new Category 4 casino development projects in Pennsylvania.
- Actively advocating for the passage of sports betting in states where it is not yet approved.
Challenges Ahead
- Business decisions made in response to restrictions and evolving customer trends.
- Restrictions in place and evolving customer visitation and volume trends.
- Challenging year with difficult business decisions.
- Potential delays in regulatory approvals for new ventures.
- Uncertainties related to the ongoing COVID-19 pandemic and its impacts.