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Dec 31, 2019
Penn National Q4 2019 Earnings Report
Penn National's financial performance in Q4 2019 resulted in revenues of $1.34 billion and an adjusted EBITDAR of $399.4 million.
Key Takeaways
Penn National Gaming reported Q4 revenues of $1.34 billion, a net loss of $92.9 million, adjusted EBITDA of $304.0 million, and adjusted EBITDAR of $399.4 million. The company reduced traditional debt by approximately $70 million during the quarter and initiated a 2020 full-year adjusted EBITDAR guidance range of $1.67 billion to $1.70 billion.
Revenues increased to $1.34 billion, up $185.9 million year-over-year.
Net loss was $92.9 million, driven by $173.1 million in impairment losses.
Adjusted EBITDA was $304.0 million, a decrease of $16.1 million year-over-year.
Adjusted EBITDAR was $399.4 million, exceeding guidance for the fourth quarter.
Revenue by Segment
Forward Guidance
The Company’s full year 2020 Adjusted EBITDAR range reflects the anticipated opening of a competitor’s expansion in Black Hawk, Colorado in late Q1-20/early Q2-20. Guidance excludes any impact related to the Barstool Sports transaction.
Positive Outlook
- Adjusted EBITDAR range of $1.67 billion to $1.70 billion, which includes costs associated with the launch of our sports betting app
- Corporate overhead expenses of $94 million, which is net of allocations to our properties
- Cash payments to our REIT Landlords under Triple Net Leases (which continue to be fully tax deductible) in the range of $901 million to $905 million. The low end of the range reflects no escalated rent, while the high end assumes full escalated rent
- Maintenance capital expenditures of $199 million
- Project capital expenditures for Hollywood Casino York of $57 million
Challenges Ahead
- Project capital expenditures for Hollywood Casino Morgantown of $70 million
- Cash interest on traditional debt of $105 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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