NASDAQ$PENN
Penn National Gaming Inc · Q2 2020 earnings
Q2 2020 earnings · · Investor relations
Briefing
Penn National's financial performance was impacted by COVID-19, with revenues of $305.5 million and a net loss of $214.4 million. However, the company saw strong performance at reopened properties and made progress on the Barstool Sportsbook app launch.
Penn National Gaming reported a challenging second quarter due to the COVID-19 pandemic, with significant revenue decline and a net loss. However, reopened properties showed strong performance, and the company is optimistic about the upcoming launch of the Barstool Sportsbook app.
- Revenues for reopened properties decreased 6% compared to the prior year period, while adjusted property EBITDAR at reopened properties increased 33%.
- The company ended the quarter with over $1.2 billion of cash.
- The Barstool Sportsbook mobile app launch remains on track for the third quarter.
- Hollywood Casino branded real-money iCasino product in Pennsylvania continues to grow rapidly, with quarterly sequential revenue growth of 108% in the second quarter.
Headline financials
Revenue & EPS history
Penn National · Revenue · Quarterly
$306M
Revenue by segment
Penn National · $1.34B total across 5 segments · Q4 2019
- Northeast$621M—46.3%
- Midwest$279M—20.8%
- South$268M—20.0%
- West$158M—11.8%
- Other$15.6M—1.2%
Forward guidance
Penn National anticipates that a meaningful portion of the margin improvements realized since properties reopened will be recurring. They are working to introduce cashless, cardless, and contactless technology to casinos. Construction is anticipated to resume later this year on both Category 4 projects in Pennsylvania, which are expected to open in the second half of 2021.
Tailwinds
- meaningful portion of the margin improvements realized since our properties reopened will be recurring
- working closely with regulators in several jurisdictions to introduce cashless, cardless, and contactless technology to our casinos, which we believe will increase safety and provide improved service while delivering additional efficiencies and accountability
- anticipate resuming construction later this year on both of our Category 4 projects in Pennsylvania, which we expect will open in the second half of 2021
- remain on schedule to launch what we believe will be a best-in-class sports betting product in September
- official data access agreements in place with the NFL, MLB and the NBA, which will allow us to provide an exciting variety of in-game betting opportunities for our sports betting customers
Headwinds
- it may be several months or longer before we’re able to resume full operations at our properties
- some team members remain furloughed given the ongoing capacity restrictions and limited amenities at our properties
- visitation has yet to return to pre-COVID levels, in large part due to state mandated capacity restrictions and limited amenities
- entire property portfolio closed due to the COVID-19 pandemic
- unprecedented challenges for our Company
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2020
+0.1%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+3.4%
Avg return
30 days after
41%
28 / 69 earnings
Positive
+27.6%
Q2 2020
Best reaction
-17.3%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.0% | -6.8% | +4.4% | |
| Q4 2025 | +17.0% | +19.1% | +9.8% | |
| Q3 2025 | -10.5% | -5.3% | -15.5% | |
| Q2 2025 | +1.0% | +4.0% | +10.2% | |
| Q1 2025 | -2.8% | +2.9% | -0.8% | |
| Q4 2024 | -0.1% | -3.2% | -17.1% | |
| Q3 2024 | +6.6% | +12.0% | +7.9% | |
| Q2 2024 | +5.7% | +9.0% | +4.7% | |
| Q1 2024 | -8.0% | -3.2% | +6.4% | |
| Q4 2023 | -17.3% | -23.2% | -21.6% | |
| Q3 2023 | +15.9% | +20.4% | +30.5% | |
| Q2 2023 | +1.2% | +0.4% | -10.8% | |
| Q1 2023 | -12.2% | -12.4% | -12.3% | |
| Q4 2022 | -4.2% | -4.1% | -13.1% | |
| Q3 2022 | -0.4% | +1.7% | +6.7% | |
| Q2 2022 | -6.7% | -6.8% | -14.5% | |
| Q1 2022 | -11.4% | -20.9% | -15.0% | |
| Q4 2021 | -1.5% | +5.3% | +1.5% | |
| Q3 2021 | -15.1% | -18.9% | -34.0% | |
| Q2 2021 | +8.5% | +5.9% | +23.3% | |
| Q1 2021 | -5.2% | -9.1% | -11.9% | |
| Q4 2020 | +18.2% | +7.1% | -0.8% | |
| Q3 2020 | -4.6% | -0.9% | +29.5% | |
| Q2 2020 | +27.6% | +21.4% | +41.1% | |
| Q1 2020 | +16.9% | +12.6% | +128.7% | |
| Q4 2019 | +6.4% | +14.1% | -25.9% | |
| Q3 2019 | -1.8% | +0.9% | +5.4% | |
| Q2 2019 | -3.0% | -5.8% | -1.8% | |
| Q1 2019 | -4.9% | -10.9% | -10.4% | |
| Q4 2018 | -3.1% | -3.6% | -11.9% | |
| Q3 2018 | -4.4% | -8.4% | -8.9% | |
| Q2 2018 | -8.5% | -6.2% | +1.1% | |
| Q1 2018 | +14.1% | +16.5% | +31.2% | |
| Q4 2017 | -6.4% | -5.4% | -7.5% | |
| Q3 2017 | +0.5% | +2.8% | +8.4% | |
| Q2 2017 | -5.5% | -4.5% | -1.6% | |
| Q1 2017 | -2.5% | -2.4% | +5.1% | |
| Q4 2016 | +3.7% | +2.9% | +7.9% | |
| Q3 2016 | -1.1% | -2.6% | +5.9% | |
| Q2 2016 | +5.1% | +2.9% | +0.8% | |
| Q1 2016 | -2.3% | — | — | |
| Q4 2015 | -0.4% | — | — | |
| Q3 2015 | +3.9% | — | — | |
| Q2 2015 | -1.9% | — | — | |
| Q1 2015 | +3.1% | — | — | |
| Q4 2014 | -1.9% | — | — | |
| Q3 2014 | +4.3% | — | — | |
| Q2 2014 | -3.6% | — | — | |
| Q1 2014 | -12.6% | — | — | |
| Q4 2013 | +8.0% | — | — | |
| Q3 2013 | +3.6% | — | — | |
| Q2 2013 | -8.2% | — | — | |
| Q1 2013 | +3.6% | — | — | |
| Q4 2012 | +5.0% | — | — | |
| Q3 2012 | -0.9% | — | — | |
| Q2 2012 | -2.4% | — | — | |
| Q1 2012 | -0.5% | — | — | |
| Q4 2011 | +1.6% | — | — | |
| Q3 2011 | -2.9% | — | — | |
| Q2 2011 | -5.6% | — | — | |
| Q1 2010 | -0.5% | — | — | |
| Q1 2011 | +2.0% | — | — | |
| Q4 2008 | +4.5% | — | — | |
| Q4 2010 | +4.5% | — | — | |
| Q3 2010 | +1.4% | — | — | |
| Q3 2009 | +1.4% | — | — | |
| Q2 2010 | -0.9% | — | — | |
| Q2 2009 | -0.9% | — | — | |
| Q4 2009 | -0.9% | — | — |
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