Penn National Gaming reported revenue of $ 1.1 billion in the third quarter of 2020, down 21% from the $ 1.4 billion recorded in the same period last year.
While net revenue was $ 141.2 million, almost double the $ 43.7 million obtained last year; and adjusted EBITDAR for the period was $ 452.6 million.
Total revenue in the first nine months of 2020 was $ 2.6 billion, down 35% from the nearly $ 4 billion recorded last year. According to the official note, the group’s operations are divided into segments, each operating a series of properties.
The “Northeast” segment was the largest contributor to total revenue with US $ 1.2 billion, while the “West” segment brought in only US $ 223 million in the last nine months.
In mid-September, the company launched the Barstool sports betting app for the state of Pennsylvania. In 37 days of operation, the application reached 48 thousand registered users and generated a total movement of US $ 78 million.
The company’s president and CEO, Jay Snowden was pleased with the strong revenue for the third quarter, despite the restrictions and social distance required on properties due to the pandemic of the new coronavirus.
“In addition to the record results of our physical operations, one of the highlights of the quarter was the launch of our Barstool betting app in Pennsylvania, which was well received”, adding that “the company can close the year with a good result”.
About Penn National Gaming
Penn National Gaming is an American operator of casinos and racetracks, based in Wyomissing, Pennsylvania. It operates 43 facilities in the United States and Canada. The company also has a 36% stake in Barstool Sports.
