{"id":143983,"date":"2020-08-06T11:19:51","date_gmt":"2020-08-06T18:19:51","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=143983"},"modified":"2020-08-06T13:38:17","modified_gmt":"2020-08-06T20:38:17","slug":"penn-national-stock-surges-after-quarterly-revenue-beats-expectations","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-national-stock-surges-after-quarterly-revenue-beats-expectations\/","title":{"rendered":"Penn National Stock Surges After Quarterly Revenue Beats Analyst Expectations"},"content":{"rendered":"

Shares of Penn National Gaming (NASDAQ: PENN) soared today after the regional casino giant revealed its second quarter revenue easily beat analyst estimates.<\/p>\n

\"Penn
Penn National Gaming is racing back from the coronavirus, the company seeing an uptick in younger visitors. (Image: Vicki Vellios Briner\/PennLive)<\/figcaption><\/figure>\n

April through June revenue totaled $305.5 million, topping the consensus forecast of $249.1 million. Penn reported a quarterly loss of $1.69 per share, also far better than the $2.06 loss per share prediction among the Zacks Investment Research consensus.<\/p>\n

Penn stock jumped 12 percent on the news, shares trading at $43 as of Thursday afternoon. SunTrust Robinson Humphrey gaming analyst Barry Jonas said last month that he’s bullish on regional gaming companies<\/a>, such as Penn.<\/strong><\/p>\n

“Despite starting the second quarter with our entire property portfolio closed because of the COVID-19 pandemic, we ended the quarter in a significantly improved financial position as a result of continued mitigation efforts that contributed to significant margin improvement, a successful capital raise, and very strong financial performance at our properties since reopening,” Penn National CEO Jay Snowden said.<\/p>\n

Quarter Surprise<\/b><\/h2>\n

Penn National execs say the coronavirus stimulus from federal and state governments has helped the casino operator mitigate the economic damage caused by the health crisis. Snowden revealed that since the company reopened its casinos, the venues have experienced a younger crowd — and spending per visitor is up 45 percent.<\/p>\n

The chief executive believes casinos are being targeted by younger groups because most movie theaters remain closed, and sports are being held without fans.<\/strong><\/p>\n

\n

People are looking for things to do, and that’s part of why spend per visit and time per visit has been so strong,”<\/strong> Snowden told investors on a call this morning. “As people get out of the house and they’re in a safe environment, and they can do something fun, they’re spending more time and more money.”<\/strong><\/p>\n<\/blockquote>\n

Penn National Gaming operates 41 properties across 19 states. All of its casinos are once again open, with two exceptions — Zia Park Casino Hotel & Racetrack in New Mexico, and Tropicana Las Vegas<\/a>. Penn additionally operates online gambling and mobile sports betting and holds a 36 percent stake in Barstool Sports.<\/p>\n

Winning Formula<\/b><\/h2>\n

Penn National Gaming’s portfolio diversity allowed it to better weather the COVID-19 storm. Snowden told investors and analysts that no single state accounts for more than 15 percent of its revenue, and that has “proven to be a significant benefit.”<\/p>\n

\n

We believe the company is uniquely well-positioned to benefit from the recent strength in regional gaming markets,”<\/strong> added the CEO.<\/p>\n<\/blockquote>\n

Snowden also said the company is investing in new technologies that reduce reliance on physical cash inside its casinos. The company is working alongside state regulatory agencies on implementing such technologies.<\/p>\n

Along with providing a financial update, Penn National revealed Thursday that it would be extending medical benefits to all furloughed workers through the end of the month.<\/p>\n

Penn National has additionally set aside $1.7 million for the company’s COVID-19 Emergency Relief Fund. More than 1,000 employees have received financial assistance through the program.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Penn National Gaming (NASDAQ: PENN) soared today after the regional casino giant revealed its second quarter revenue easily beat analyst estimates. April through June revenue totaled $305.5 million, topping the consensus forecast of $249.1 million. Penn reported a quarterly loss of $1.69 per share, also far better than the $2.06 loss per share […]<\/p>\n","protected":false},"author":25,"featured_media":143989,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nPenn National Stock Surges After Quarterly Revenue Beats Expectations<\/title>\n<meta name=\"description\" content=\"Shares of Penn National Gaming have jumped after the regional casino giant beat analyst revenue expectations for the second quarter of 2020.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penn National Stock Surges After Quarterly Revenue Beats Expectations\" \/>\n<meta property=\"og:description\" content=\"Shares of Penn National Gaming have jumped after the regional casino giant beat analyst revenue expectations for the second quarter of 2020.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-national-stock-surges-after-quarterly-revenue-beats-expectations\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-06T18:19:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-06T20:38:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/RR5FA5HCJZD7PL2EEFRTVJGCVU.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Devin O'Connor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CasinoorgDevinO\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Devin O'Connor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-stock-surges-after-quarterly-revenue-beats-expectations\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-national-stock-surges-after-quarterly-revenue-beats-expectations\/\",\"name\":\"Penn National Stock Surges After Quarterly Revenue Beats Expectations\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-stock-surges-after-quarterly-revenue-beats-expectations\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-stock-surges-after-quarterly-revenue-beats-expectations\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/RR5FA5HCJZD7PL2EEFRTVJGCVU.jpg\",\"datePublished\":\"2020-08-06T18:19:51+00:00\",\"dateModified\":\"2020-08-06T20:38:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf\"},\"description\":\"Shares of Penn National Gaming have jumped after the regional casino giant beat analyst revenue expectations for the second quarter of 2020.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-stock-surges-after-quarterly-revenue-beats-expectations\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-national-stock-surges-after-quarterly-revenue-beats-expectations\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-stock-surges-after-quarterly-revenue-beats-expectations\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/RR5FA5HCJZD7PL2EEFRTVJGCVU.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/08\/RR5FA5HCJZD7PL2EEFRTVJGCVU.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Penn National Gaming is racing back from the coronavirus, the company saying it's seeing an uptick in younger visitors. 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