Based on our third quarter results and our continued consistent performance, we are reiterating our 2022 revenue and Adjusted EBITDAR guidance range of $6.15 billion to $6.55 billion and $1.875 billion to $2.00 billion, respectively. The initial participating HBCUs include Norfolk State University in Norfolk, Virginia, Bowie State University in Bowie, Maryland, and Wilberforce University in Wilberforce, Ohio. We present Adjusted EBITDA because it is used by some investors and creditors as an indicator of the strength and performance of ongoing business operations, including our ability to service debt, and to fund capital expenditures, acquisitions and operations. In addition, in October 2021, Penn National acquired Score Media and Gaming, Inc. (theScore). See the table above, which presents reconciliations of these measures to the GAAP equivalent financial measures. Our cash-settled stock-based awards are adjusted to fair value each reporting period based primarily on the price of the Companys common stock. Barstool Sports Continues to Grow its Audience. On January 1, 2022, the Company adopted ASU 2020-06, which resulted in a net $71.7 million reclassification of the equity component originally recognized as a debt discount under the previously bifurcated cash conversion feature of the 2.75% convertible senior notes due May 2026. Highlights July 17, 2023 PENN Entertainment to Report Second Quarter Results and Host Conference Call and Webcast on August 9 July 14, 2023 PENN Entertainment Completes Migration of Barstool Sportsbook & Casino to Proprietary Technology Platform July 11, 2023 PENN Entertainment Supports Reading Hospital with Multi-Year Charitable Commitment Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Consists of the operating lease components contained within our triple net master lease dated November 1, 2013 with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) ("GLPI") and the triple net master lease assumed in connection with our acquisition of Pinnacle Entertainment, Inc. (individually referred to as the PENN Master Lease and Pinnacle Master Lease, respectively, and are collectively referred to as our Master Leases), as well as our individual triple net leases with GLPI for the real estate assets used in the operation of Tropicana Las Vegas Hotel and Casino, Inc. (terminated on September 26, 2022) and Hollywood Casino at The Meadows, and our individual triple net leases with VICI Properties Inc. (NYSE: VICI) (VICI) for the real estate assets used in the operations of Margaritaville Resort Casino and Hollywood Casino at Greektown (referred to collectively as our triple net operating leases). jump to page. As previously noted, the cash rent under the Tropicana Lease is nominal. Questions and answers will be reserved for call-in analysts and investors. PENN Entertainment Third Quarter 2022 Investor Presentation, November 3, 2022 . Minimum 15 minutes delayed. (212) 835-8500penn@jcir.com. Does PENN Entertainment have a mailing list for financial information? These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value companies within our industry. About | Score Media and Gaming Inc. We have also been prioritizing sustainable food production and supply chains through fair trade, hormone-free and reduced-antibiotic F&B procurement, and we have installed EV charging stations at a quarter of our properties, with an additional one-third scheduled for roll-out later this year.. Instruction Letter to Former Holders of Shares of Score Media and Gaming Inc. who were . PENN NATIONAL GAMING, INC. AND SUBSIDIARIES Barstool Sportsbook and Casino Continued Momentum and Future Growth. PRESENTATIONS. As part of the Penn Entertainment family, theScore is poised to continue its rapid growth across North America. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Do Not Sell or Share / Limit Use of Sensitive Personal Info. JCIR Overall, the Company continues to benefit from a rational and stable marketing and promotional environment in the majority of its markets as its company-wide reinvestment rates were lower both sequentially in Q4 2021 and year-over-year compared to 2020 and 2019. With the largest portfolio of regional casinos and resorts in North America, as well as online gaming and sports betting platforms; we plan to drive the future of gaming and entertainment. Were continuing to see strong growth in our mychoice database with year-over-year increases in rated theo across all demographic segments except for those aged 65 and over. Find the latest PENN Entertainment, Inc. (PENN) stock quote, history, news and other vital information to help you with your stock trading and investing. 610-373-2400Joseph N. Jaffoni, Richard Land Management Presentation, Conference Call, Webcast and Replay Details. Penn Interactive is the leading operator of retail sportsbooks in West Virginia, Indiana, Iowa, Michigan, Colorado, and Louisiana, and we believe we are similarly well positioned for success in Ohio, where we operate a portfolio of market leading properties, providing a significant competitive advantage for both our retail and interactive operations, said Mr. Snowden. The Company does not provide a reconciliation of projected Adjusted EBITDA and Adjusted EBITDAR because it is unable to predict with reasonable accuracy the value of certain adjustments that may significantly impact the Companys results, including realized and unrealized gains and losses on equity securities, re-measurement of cash-settled stock-based awards, contingent purchase payments associated with prior acquisitions, and income tax (benefit) expense, which are dependent on future events that are out of the Companys control or that may not be reasonably predicted. Barstool Sports, Inc. experienced another record year from both an audience and financial standpoint as it continues to redefine the digital media landscape. These non-GAAP financial measures should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP. Investor Inquiries. Highlights Recent News July 17, 2023 PENN Entertainment to Report Second Quarter Results and Host Conference Call and Webcast on August 9 July 14, 2023 Gambling problem? These results were also achieved despite a frenzied competitive environment. Adjusted EBITDAR margin is defined as Adjusted EBITDAR on a consolidated basis (as defined above) divided by revenues on a consolidated basis. Last year we reduced annual Kwh consumption at our properties by 10%, equaling 42,000 tons of greenhouse gas elimination. This press release, which includes financial information to be discussed by management during the conference call and disclosure and reconciliation of non-GAAP financial measures, is available on the Companys web site, www.pngaming.com, in the Investors section (select link for Press Releases). PENN | PENN Entertainment Inc. Company Profile & Executives - WSJ The tour recently visited Baton Rouge, home to L'Auberge Casino & Hotel Baton Rouge, in connection with the LSU-Ole Miss game, which highlights our ability to cross promote the Barstool audience to our retail offerings. Download the app to join Hotel These guests demonstrate superior loyalty, play with us more frequently, and provide greater value compared to those who engage with us through a single channel. Under ASU 2020-06, bifurcation for a cash conversion feature is no longer permitted. 2023 PENN Entertainment, Inc. All rights reserved. It also positions Penn Nationals properties for the future by aligning with the expectations of younger consumers who are accustomed to cashless options in all aspects of their day-to-day lives. Additionally, Penn Nationals omni-channel approach drove overall database growth over 7% in 2021, with contributions from both its online and traditional properties, leading to enhanced marketing opportunities and 23.5% year-over-year growth in our VIP segment compared to Q4 2019. Interested parties may also access the live call at www.pennentertainment.com; allow 15 minutes to register and download and install any necessary software. Combined with the power of Barstool Sports and theScore, Penn National has become North Americas leading digital, entertainment, sports content, gaming and technology company. View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005561/en/, Felicia HendrixChief Financial Officer Our ability to leverage Penn Game Studios in developing titles such as Barstool Blackjack and Barstool Slots allows us to introduce bespoke on-line casino entertainment to the loyal Barstool audience who engages with us in our online sports betting offerings, while also reducing third party content fees, said Mr. Snowden. The Interactive segment includes Penn Interactive, which operates social gaming, our internally-branded retail sportsbooks, iGaming and our Barstool Sportsbook mobile app, as well as the operating results of theScore, which was acquired on October 19, 2021. SAME EXTRAORDINARY REWARDS. Considering these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur. Such factors include: the effects of economic and market conditions in the markets in which the Company operates; competition with other entertainment, sports content, and casino gaming experiences; the timing, cost and expected impact of product and technology investments; risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; and additional risks and uncertainties described in the Companys Annual Report on Form 10-K for the year ended December 31, 2021, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the U.S. Securities and Exchange Commission. Gaming and Leisure Properties, Inc. is a self-administered and self-managed Pennsylvania real estate investment trust engaged in acquiring, financing, and owning real property to be leased to gaming operators in "triple net" lease arrangements. Jul 06, 2023. Adjusted EBITDAR is presented on a consolidated basis outside the financial statements solely as a valuation metric. However, Adjusted EBITDAR when presented on a consolidated basis is not a financial measure in accordance with GAAP, and should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net income because it excludes the rent expense associated with our triple net operating leases and is provided for the limited purposes referenced herein. The South segment consists of the following properties: 1stJackpot Casino, Ameristar Vicksburg, Boomtown Biloxi, Boomtown Bossier City, Boomtown New Orleans, Hollywood Casino Gulf Coast, Hollywood Casino Tunica, LAuberge Baton Rouge, LAuberge Lake Charles, and Margaritaville Resort Casino. Looking ahead, we anticipate achieving a number of milestones in 2022, including mobile launches in several new jurisdictions: Louisiana (which launched January 28th), Ontario, where theScore is the number one app for sports content, Maryland and Ohio, where we have a large database of mychoice customers. Traditional net debt as of the end of the quarter was $989.5 million, an increase of $103.3 million from December 31, 2021 due to a lower cash balance reflecting recent activity on our share repurchase program. Additionally, we incurred debt discounts and debt issuance costs due to the May 2022 refinancing of our Senior Secured Credit Facilities. Other long-term obligations as of December 31, 2021 primarily includes $44.5 million related to relocation fees due for both Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course, and $11.4 million related to our repayment obligation on a hotel and event center located near Hollywood Casino Lawrenceburg. PENN generated revenues of $1.6 billion and Adjusted EBITDAR of $471.9 million. Our Interactive segment experienced strong year-over-year revenue and user growth in the quarter and was profitable in October. In early 2023, we look towards acquiring the remainder of Barstool Sports, Inc., which will highly complement theScores strong media presence, sports brand and loyal audience, accelerating our transformation into a major media and entertainment company. From a technology standpoint, we anticipate theScore Bet will migrate to its own proprietary trading platform in Ontario in Q3 2022, pending regulatory approvals, and we expect the Barstool Sportsbook app to complete migration in Q3 2023. The Company does not provide a reconciliation of projected Adjusted EBITDA and Adjusted EBITDAR because it is unable to predict with reasonable accuracy the value of certain adjustments that may significantly impact the Companys results, including adjustments that can be impacted by rent expense and interest expense associated with our triple net leases, re-measurement of cash-settled stock-based awards, and income tax benefit (expense), which are dependent on future events that are out of the Companys control or that may not be reasonably predicted. PENN Entertainment Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business, and is especially relevant in evaluating large, long-lived casino-hotel projects because it provides a perspective on the current effects of operating decisions separated from the substantial non-operational depreciation charges and financing costs of such projects. Interactive revenues are inclusive of a tax gross-up of $63.0 million and $168.7 million for the three and nine months ended September 30, 2022, respectively, as compared to $44.0 million and $129.5 million for the three and nine months ended September 30, 2021, respectively. Equally impressive is the more than 25% year-over-year increase of guests who engage with us across multiple channels. This success positions us to capture greater share in the U.S. as we completed the initial integration of the Barstool Sportsbook into theScore media app on October 19th. ET). Furthermore, the Barstool College Football Tour is breaking attendance records and creating an unrivaled pre-game environment on college campuses across the country focusing on states in which PENN has a presence. Inclusive of our 5.625% Notes due 2027, 4.125% Notes due 2029 and our 2.75% Convertible Notes due 2026. We're making some changes at PENN Entertainment. Finally, in response to the catastrophic water crisis in Jackson, Mississippi, our Ameristar Vicksburg (MS) property worked with local relief organizations to assist the City with bottled water and other much needed supplies.. Although Adjusted EBITDA includes rent expense associated with our triple net operating leases, we believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our consolidated results of operations. WYOMISSING, Pa. & TORONTO -- (BUSINESS WIRE)--Aug. 5, 2021-- Penn National Gaming, Inc. (Nasdaq: PENN) ("Penn National" or the "Company") and Score Media and Gaming, Inc. (TSX: SCR; Nasdaq: SCR) ("theScore") announced today that they have entered into a definitive agreement whereby Penn National will acquire theScore, a leading digital media and. Leadership | PENN Entertainment stock chart sec filing news releases directors & officers presentations governance conference calls. We define Adjusted EBITDA as earnings before interest expense, net; income taxes; depreciation and amortization; stock-based compensation; debt extinguishment and financing charges (which are included in other (income) expenses); impairment losses; insurance recoveries, net of deductible charges; changes in the estimated fair value of our contingent purchase price obligations; gain or loss on disposal of assets; the difference between budget and actual expense for cash-settled stock-based awards; pre-opening expenses; and other. The Companys portfolio is further bolstered by its industry-leading mychoice customer loyalty program, which offers our approximately 26 million members a unique set of rewards and experiences across business channels. The Company does not intend to update publicly any forward-looking statements except as required by law. We own and operate gaming properties across three divisions - resort and casino operations, pubs and taverns and distributed gaming. Subsequent to the quarter ended September 30, 2022, the Company repurchased 1,005,188 million shares of its common stock at an average price of $28.95 per share for an aggregate amount of $29.1 million. The Company ended 2021 with the strongest balance sheet in our history. We believe Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate; and (ii) using a multiple of Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate. For free confidential help, call the National Problem Gambling Helpline at 1-800-GAMBLER. Investor Relations :: Live Nation Entertainment (LYV) Joseph N. Jaffoni JCIR (212) 835-8500 penn@jcir.com. Adjusted EBITDA information is presented as a supplemental disclosure, as management believes that it is a commonly used measure of performance in the gaming industry and that it is considered by many to be a key indicator of the Companys operating results. In November, the Company launched live sports betting at temporary locations in its five Louisiana properties while it builds out its market leading Barstool sportsbook concept at its signature properties in Lake Charles, Baton Rouge and Bossier City. The Other category consists of the Companys stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Parks (the remaining 50% was acquired by Penn National on August 1, 2021), the Companys JV interests in Freehold Raceway; our management contract for Retama Park Racetrack and our live and televised poker tournament series that operates under the trade name, Heartland Poker Tour ("HPT"). Review quarterly and annual revenue, net income, and cash flow for PENN Entertainment Inc (PENN: . (in millions, except per share data, unaudited), Rent expense associated with triple net operating leases (2), Payments to our REIT Landlords under Triple Net Leases, inclusive of rent credits utilized (3). Notably, more than half of our new mychoice members enrolled through our online offerings following the return of football season and the launch of our Kansas Sportsbook on September 1. During the third quarter, we completed our hotel remodel of all standard rooms at Hollywood Casino at Greektown, most of which were unavailable for approximately two years due to water damage and subsequent renovation. Traditional net debt as of December 31, 2020 was $577.8 million. In connection with these projects, we have entered into an agreement with GLPI to create a new master lease, with a fixed 1.5% escalator, that would include the two new facilities in Aurora and Joliet, in addition to Hollywood Columbus (OH), Hollywood Toledo (OH), the M Resort (NV), the Meadows (PA) and Hollywood Perryville (MD). However, Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP. With respect to Traditional net debt, cash and cash equivalents are subtracted from the GAAP measure because they could be used to reduce the Companys debt obligations. Consolidated Statements of Operations, Less: Net (income) loss attributable to non-controlling interest, Net income (loss) attributable to Penn National, Weighted-average common shares outstandingbasic, Weighted-average common shares outstandingdiluted, Less: Debt discounts and debt issuance costs. Investor Relations. This metric is included as supplemental disclosure because (i) we believe Adjusted EBITDAR is traditionally used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) Adjusted EBITDAR is one of the metrics used by other financial analysts in valuing our business. Our disciplined marketing approach and increased scale at Penn Interactive set us apart from the competition as we generated a lower-than-expected EBITDA loss in our Interactive segment in the fourth quarter despite launching sports betting operations in two new states (Iowa and West Virginia), iCasino in West Virginia and integrating theScore, continued Mr. Snowden. We see opportunities to further increase the value of our media business in 2022, including cross-promotion and collaboration between theScore and Barstool Sports as well as promoting theScore Bet app to our 25 million mychoice members, said Mr. Snowden. (212) 835-8500penn@jcir.com, PENN Entertainment Reports Third Quarter Results. On October 10th, we announced exciting new plans to relocate our riverboat casino licenses in Aurora and Joliet, Illinois to new land-based facilities in better locations and to build a new hotel at Hollywood Columbus in Ohio and a second hotel tower at the M Resort in Henderson, Nevada, continued Mr. Snowden. 2023 PENN Entertainment, Inc. All rights reserved. Consists principally of interest expense, net; income taxes; depreciation and amortization; and stock-based compensation expense associated with Barstool Sports, Inc. and our Kansas Entertainment, LLC joint venture. Who are PENN Entertainment's auditors? In October 2021, Penn Entertainment acquired theScore in a deal that brings together two industry leaders to create North America's leading digital sports media, gaming and technology company. These improvements drove steady month-over-month growth this past fall in both handle and gross gaming revenue for the Barstool Casino. Total liquidity of $2.5 billion, inclusive of $1.9 billion in cash, positions us well to be opportunistic in an extremely dynamic marketplace. 2023 PENN Entertainment, Inc. All rights reserved. Our lease adjusted net leverage as of December 31, 2021 was at a record low of 4.1x compared to 7.0x as of December 31, 2020 and 5.5x as of December 31, 2019. In addition, our casino footprint has provided us with direct market access in several key states as well as a source of recurring and meaningful third-party skin revenue, said Mr. Snowden. Management believes that Adjusted EBITDAR is an additional metric traditionally used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. Penn National is hosting a conference call and simultaneous webcast at 9:00 am ET today, both of which are open to the general public. PENN Entertainment, Inc. Data as of Change Volume Today's Open Previous Close Today's High Today's Low 52 Week High 52 Week Low Stock Chart Data Provided by Refinitiv. During the three months ended December 31, 2020, we utilized rent credits totaling $65.0 million to pay rent under the Penn Master Lease, Pinnacle Master Lease and Meadows Lease. Jul 13, 2023 Live Nation Entertainment Schedules Second Quarter 2023 Earnings Release And Teleconference Cash payments to our REIT Landlords under Triple Net Leases, Cash payments related to income taxes, net, Cash paid for interest on traditional debt. With an overall estimated budget of approximately $850 million, we expect these projects will generate strong free cash flow returns and create long-term value for our shareholders. Meanwhile, Barstool Sports, Inc. continues to drive strong revenue growth across all categories, including new verticals such as the One Bite frozen pizza and Would line of mens grooming products. During the call, management will review an earnings presentation that can be accessed here. About Key Executives Investors may trade in the Pre-Market (4:00-9:30 a.m. Specifically, forward-looking statements include, but are not limited to, statements regarding: 2022 net revenues and Adjusted EBITDAR guidance ranges and the assumptions provided regarding the guidance, including the scale and timing of investments in technology; the Companys anticipated share repurchases; the Companys expectations of future results of operations and financial condition, including the anticipated strategic plan, growth and profitability of the Interactive segment and the benefits gained by executing on the Companys omni-channel and media strategy; the Companys expectations with regard to the impact of competition in online sports betting, iGaming and retail/mobile sportsbooks; the Companys launch of its Interactive segments products in new jurisdictions and enhancements to existing Interactive segment products, including the transition to the Scores proprietary risk and trading platform in Ontario, the integration of the Barstool Sportsbook into theScore mobile app in the U.S. and the migration of the Barstool Sportsbook to theScores player account management trading platforms; the Companys expectations with regard to its future investments in Barstool Sports and the future success of its products; the Companys expectations with respect to the integration and synergies related to the Companys integration of theScore and Barstool Sports; the Companys expectations for its properties and the potential benefits of the cashless, cardless and contactless (3Cs) technology; the Companys development projects; and the timing, cost and expected impact of planned capital expenditures on the Companys results of operations; the actions of regulatory, legislative, executive or judicial decisions at the federal, state or local level with regard to our business and the impact of any such actions. The Companys portfolio is further bolstered by its industry-leading PENN Playcustomer loyalty program, which offers its members a unique set of rewards and experiences across business channels. Lease-adjusted net leverage as of September 30, 2022 was 4.3x compared to 4.1x as of December 31, 2021. Our fourth quarter revenues of $1.6 billion and Adjusted EBITDAR of $480.5 million exceeded both 2020 and 2019 levels as our best-in-class operating teams continue to deliver impressive results despite the ongoing pandemic. PENN ENTERTAINMENT, INC. AND SUBSIDIARIES. On December 22, Penn National celebrated the opening of Hollywood Casino Morgantown, its fourth casino in the Commonwealth of Pennsylvania and 44th property in North America. Mike Nieves SVP, Finance & Treasurer PENN Entertainment, Inc. 610/373-2400 Joseph N. Jaffoni, Richard Land JCIR 212/835-8500 or penn@jcir.com Site Navigation We define Adjusted EBITDA as earnings before interest expense, net; income taxes; depreciation and amortization; stock-based compensation; debt extinguishment and financing charges; impairment losses; insurance recoveries, net of deductible charges; changes in the estimated fair value of our contingent purchase price obligations; gain or loss on disposal of assets; the difference between budget and actual expense for cash-settled stock-based awards; pre-opening expenses; and other. Erin Chamberlin Senior Vice President, Regional Operations In her role as Senior VP, Regional Operations, Erin oversees all operations at PENN's properties in Colorado, Maine, Massachusetts, Pennsylvania, Maryland and. "Our omnichannel approach to marketing enabled us to deliver one of our most successful sportsbook launches to date in Kansas. find the latest news for investors. The Other category also includes corporate overhead costs, which consist of certain expenses, such as: payroll, professional fees, travel expenses and other general and administrative expenses that do not directly relate to or have not otherwise been allocated to a property. In addition, the 3Cs are now live at all eight of Penn Nationals properties in Pennsylvania and Ohio, and the Company will continue to introduce this technology across all of its regions throughout 2022 pending regulatory approval. Stock Information | PENN Entertainment With the launch of online sports betting in Louisiana on January 28, Penn National now operates sports betting in 12 states and iCasino in four and looks forward to gaining additional scale in 2022 with anticipated launches in Ontario, Ohio and Maryland. As such, significant fluctuations in the price of the Companys common stock during any reporting period could cause significant variances to budget on cash-settled stock-based awards.

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