While 2020 will always be remembered as a wipe-out year, Penn National Gaming Inc. began its recovery in 2020’s fourth quarter, the company reported Thursday.
Wyomissing, Pennsylvania-based Penn, operators of the Tropicana and M Resorts in Southern Nevada, reported income that is net of12.7 million, 7 cents a share, on income of $1.027 billion for the quarter that ended Dec. 31. A share, on revenue of $1.341 billion in the same quarter a year earlier.
The that compared with a net loss of $92.9 million, 80 cents company reported revenue from its West segment was $79.5 million for the quarter compared with $158.1 million for the quarter that is same year early in the day. For all of 2020, West segment revenue was $302.5 million compared with $642.5 million in 2019.
The Western section includes the Tropicana and M Resort in Southern Nevada, Cactus Pete’s and Horseshu in Jackpot in the Nevada-Idaho edge, Ameristar Ebony Hawk in Colorado while the Zia Park Casino in brand new Mexico.
Penn got a lift with all the launch for the Barstool Sportsbook mobile application in Pennsylvania in September, registering significantly more than 72,000 clients and producing a complete handle of around $300 million in recreations wagers.
Penn announced boston-based Barstool Sports to its partnership in January 2020 with a $163 million, 36 percent interest in the sports media content provider.
The deal enables Penn to invest an additional $62 million to up its stake to 50 percent within three years and a total $450 million for the company that is entire
In a conference call with investors Thursday early morning, Penn suggested initial quarter of 2021 is down to a start that is good the Barstool app going live in Michigan on Jan. 22 with plans to introduce the app in Illinois prior to March Madness basketball tournaments. Other states are on deck prior to the 2021 football season.
Penn President and CEO Jay Snowden said the strength of the ongoing company’s balance sheet enabled it to work out its choice to obtain Hollywood Casino Perryville in Maryland.
“We stay on the right track to shut the purchase after approval that is regulatory” Snowden said. “This transaction provides us the opportunity to expand our unique omnichannel platform into an industry-leading state that is 20th so we aspire to introduce a Barstool-branded retail sportsbook and mobile application to your valuable Maryland video gaming market later on this present year.”
Penn additionally intends to introduce a technology that is new in Pennsylvania in the first half of the year. Its 3C plan — for cashless, cardless and technology that is contactless gambling enterprises — is targeted at engage a younger demographic.
“In addition, we now have recently launched our mychoice app that is mobile” Snowden said. “As of Dec. 31, the app generated over 140,000 downloads with 91,000 monthly users that are active. The application provides us with an environmentally friendly and much more way that is efficient communicate, interact, and engage with our guests. The 35-to-54 age group is currently the most audience that is engaged the application, that will be really encouraging as this team represents an evergrowing portion of our various company stations.”
A agent for the business stated following the meeting call that Penn intends to start the 3C system at Tropicana and M Resort and it appears to truly have the Barstool Sportsbook licensed by state video gaming regulators, even though the timetable for both is uncertain.
This is a story that is developing. Always check straight back right here for updates.
Contact Richard N. Velotta at [email protected] or 702-477-3893. Follow @RickVelotta on Twitter.
Penn Nationwide Gaming Inc.
Fourth-quarter income and profits for Wyomissing, Pennsylvania-based Penn Nationwide Gaming Inc., operators for the M Resort and Tropicana in vegas. (Nasdaq: PENN)
4Q 2020: $1.027 billion
4Q 2019: $1.341 billion
4Q 2020: $12.7 million
4Q 2019: ($92.9 million)
Earnings/(Loss) per share
4Q 2020: $0.07
4Q 2019: ($0.80)