Penn National reorganises executive management team
Penn National Gaming has announced the reorganisation of its executive management team structure.
US.- Penn National Gaming announced this week a new organisational structure for its executive management team. The changes include the promotion of Todd George to Executive Vice President, Operations.
The company said that the planned changes are subject to regulatory approvals. They will coincide with the transition of Jay Snowden to the role of Chief Executive Officer on January 1, 2020, following the retirement of current CEO Timothy Wilmott. Moreover, Chris Rogers will become Senior Vice President, Chief Strategy Officer.
Snowden stated: “Both Todd and Chris have quickly risen the management ranks at Penn National and their new roles reflect the trust and confidence I have in them serving as integral members of my newly restructured executive management team.
“As the gaming industry continues to evolve, we plan to successfully combine our diversified regional gaming footprint — the nation’s largest with 41 facilities in 19 states – with our new and expanding interactive initiatives, to deliver best-in-class omni-channel entertainment experiences for our guests,” continued Snowden. “At the same time, we intend to meaningfully deleverage our balance sheet while building on our long-term progress in expanding operating margins. By aligning our executive leadership structure with our primary strategic objectives, our team’s diverse talents will successfully address this exciting and dynamic time for our company.”
Penn National reports impressive third-quarter results
Penn National Gaming has announced that during the third quarter of the year it has achieved good results. Revenues in the three-month period totalled US$1.35 billion, which is an increase of US$564.8 million when compared to the previous year. The company has also reduced its debt by US$100 million.
Net income in the third quarter was US$43.7 million and a net income margin of 3.2%. This is higher than the US$36.1 million and 4.6% registered during the previous year. Adjusted EBITDA was US$311.6 million, an increase of US$81.9 million year-over-year.
Traditional debt decreased by US$97.2 million during the quarter, principally due to repayments under senior secured credit facilities, Penn National Gaming said.
