Penn National reports net income of $141m
Penn National Gaming reported revenue of $1.1bn for Q3 2020, a 21% drop from $1.4bn in Q3 2019. Net income was $141.2m, almost twice the $43.7m recorded last year; and adjusted EBITDAR for the period was $452.6m.
Total revenue for the first nine months was $2.6bn, a 35% decline from almost $4bn recorded in 2019. According to the statement, the group’s operations are divided into segments, each one operating a number of properties. The Northeast segment was the largest contributor of total revenues with $1.2bn, while the West segment brought in only $223m for the nine months.
Mid-September the company released the Barstool Sportsbook app in Pennsylvania. Over 37 days of operation the app has 48,000 registered users and generated a total handle of $78m from 30,000 first-time depositors.
President and CEO Jay Snowden was pleased with strong third-quarter revenue, despite the restrictions and social distancing that was required in the properties. “In addition to the record results of our brick and mortar operations, one of the highlights of the quarter was the launch of our much-anticipated Barstool Sportsbook app in Pennsylvania, which has been well received.” He believes the company “can close out the year with positive momentum.”
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