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Penn National Gaming booming amid COVID-19 situation




In a post-pandemic outlook brimming with confidence, Penn National Gaming (NASDAQ: PENN), an American operator of casinos and racetracks, based in Wyomissing, Pennsylvania says it’s well-positioned to rebound with the nation’s largest and most broadly diversified casino portfolio. After the panic amid the novel coronavirus outbreak, investors are now more confident within the casino operator’s future prospects. But, don’t assume the sector to be out of the woods just. Like other industries suffering from the pandemic, things might get extended. Including PENN stock, returning to normal.

Picture credits- Penn National Gaming

The temporary closures of our properties have provided them with a unique opportunity to reimagine their casinos. They have already identified ways to improve the operating model while enhancing the guest experience. Penn also expects its digital businesses to have a hold on the meaningful revenue and profit contributions in 2021. It also plans to launch Barstool-branded mobile sports betting product in the third quarter of this year. It will combine its 20 million loyalty members with Barstool’s 66 million monthly unique visitors on various social media networks.

Penn National Gaming’s real estate’s Gaming & Leisure Properties Inc., now also owns the area under the Tropicana. It has properties in 19 states, including the Tropicana and the M Resort in Southern Nevada. But, has no more than 15 percent of revenue derived from a single state. While Penn will control the property in the near-term, operations may be sold off in the coming years, according to documents filed Monday with the U.S. Securities and Exchange Commission. Penn is set to operate the property for two years, according to the documents, or until the land and casino are sold.

Also Read: Star Citizen Latest updates and features

Penn National Online Thrives

Picture Credits – Penn National gaming

If a sale is made in the first year, Penn National Gaming is set to receive 75 percent of the net proceeds above $307.5 million. If completed in the second year, the casino operator will receive half the proceeds over the same basis. The deal helps preserve Penn’s liquidity while its 41 properties are closed during the nationwide shutdowns, bringing revenue streams to a halt. As of March 31, the company had about $730 million of cash and cash equivalents, according to the federal documents. Since then, CEO Jay Snowden said the company has taken “swift measures” to reduce its daily operating expenses. The company is selling the real estate assets of a new ground lease for a planned casino in Morgantown, Pennsylvania to GLPI, decreased compensation to its executives and board of directors and furloughed its 26,000 employees nationwide.

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