Penn National reveals 2020 results
Gaming giant Penn National has reported huge losses for 2020, especially in the second and third quarters.
US.- Penn National has revealed results for 2020, showing a $669.5m net loss due to the Covid-19 pandemic.
The casino operator’s total revenue for the year was $3.58bn, a 32.5 per cent decline from $5.3bn in 2019.
The loss of revenue was deepest in the second and third quarters when properties closed across the US for extended periods due to state mandates.
The company paid $7.1m in taxes, down from $10m in 2019.
Penn National’s president and chief executive, Jay Snowden, said in a statement: “We have endured unprecedented changes to our business, created and implemented enhanced safety protocols for our team members and guests, and withstood natural disasters that brought damage to several of our southern properties and left many of our team members displaced in the midst of a global pandemic.
“Yet, despite these challenges, the company has continued to execute on its long-term strategy by re-evaluating and re-imagining our operational norms and product offerings while accelerating our digital transformation.”
Penn still donated $1m to the Barstool Fund, which supports small businesses economically struggling through the coronavirus pandemic.
The company also reached a deal to acquire Hollywood Casino Perryville in Maryland ahead of the state’s anticipated legalisation of sports betting.
