Penn National Gaming Profits Decrease in the First Quarter
A recent report from the Penn National Gaming shares how the company lost revenue which caused it to close mid-March. The company announced its first-quarter profits of $1.12 billion. This was a decline of more or less $166.5 million year-over-year. On one hand, the net loss of the business experience in the quarter was $608.6 million. The business had to come to a halt as forty-one operations in nineteen states shut down.
The beginning of 2020 has seen the facility performing well in January and February. However, the good results were short-lived in the middle of March because of COVID-19. Pennsylvania, Wyomissing based, Penn National in 2019 made an income of $1.28 billion in the first quarter. On the other hand, in the fourth quarter of the same year, it presented earnings of $1.34.
How Penn National Gaming Moves Forward
Penn National’s Hollywood Casino in Pennsylvania saw a rise in iGaming. Also, the casino included DraftKings which open on the 1st of May. This made it the 9th online casino in the state, said Doug Harbach as Pennsylvania’s Gaming Control Board, director of communications.
The Future of Penn National Gaming
With sports coming back on the scene, Penn National Gaming is excited about Barstool Sports who they invested in. At the same time, Jay Snowden, Penn National CEO admitted that the facility faced challenges in the past weeks but trusts their strategy. Their long-term growth strategy is unbreakable and reflects well in the company’s, online gaming, retail, and sports betting. At the moment Penn National has paused the building of new casinos in Pennsylvania.