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Penn National Gaming Reports Second Quarter Revenues Of Penn National Gaming Reports Second Quarter Revenues of $1,545.8 Million, Net Income of $198.7 Million, Adjusted EBITDAR of $586.6 Million, and Adjusted EBITDA of $470.1 Million August 5, 2021 - PENN Generated Second Quarter Net Income Margin of 13% and Second Quarter Adjusted EBITDAR Margin of 38%, Driven by Strong Demand from Core Gaming Business and More Efficient Cost Structure - - Focus Remains on Sustaining Core Gaming Business Margin Improvement and Driving Profitable Online Gaming Revenue - - Penn National to Acquire Score Media and Gaming, Creating North America's Leading Digital Sports Content, Gaming and Technology Company - WYOMISSING, Pa.--(BUSINESS WIRE)--Aug. 5, 2021-- Penn National Gaming, Inc. (NASDAQ: PENN) (“Penn National” or the “Company”) today reported financial results for the three and six months ended June 30, 2021. 2021 Second Quarter Financial Highlights: Revenues of $1,545.8 million, an increase of $1,240 million year over year and $223 million versus 2019; Net income of $198.7 million and net income margin of 12.9%, as compared to a net loss of $214.4 million and (70.2)%, respectively, in the prior year and net income of $51.4 million and net margin of 3.9% in 2019; Adjusted EBITDA of $470.1 million, an increase of $549.4 million year over year and $153.6 million versus 2019; Adjusted EBITDAR of $586.6 million, an increase of $562.1 million year over year and $180.1 million versus 2019; and Adjusted EBITDAR margins of 37.9%, up 2,993 basis points year over year and 722 basis points versus 2019. For further information, we have posted a presentation to our website regarding the second quarter highlights and accomplishments, which can be found here. Jay Snowden, President and Chief Executive Officer, commented: “Penn National delivered a strong second quarter that exceeded our pre-announced results from June 24, 2021. For the second quarter ended June 30, 2021, Penn National generated revenues of $1.55 billion, at the high end of our pre-announced range of $1.45 billion to $1.56 billion while Adjusted EBITDAR of $586.6 million exceeded the high end of our $540 million to $580 million range. Compared to Q2 2019 pro forma results, revenues increased 13%, Adjusted EBITDAR grew 38% and Adjusted EBITDAR margins increased 694 basis points. The strong results were driven by exceptional performance across our portfolio of core gaming business properties. Contributions from Barstool Sports, the media company, were also positive. Further, we saw strong revenue growth across our Penn Interactive segment, which operated near breakeven for the quarter despite being live in only four states. “Separately, this morning Penn National announced that we have entered into a definitive agreement to acquire Score Media and Gaming, which is the number one sports app in Canada and the third most popular sports app in North America. When we add theScore’s unique integrated media and betting platform and modern, state-of-the art technology, to the massive audience of Barstool Sports and its wildly popular personalities and content, we’ll be creating North America’s leading digital sports content, gaming and technology company. We anticipate that the acquisition of theScore will provide adjusted EBITDA accretion by Year 2, an incremental $200 million medium term adjusted EBITDA, and $500 million of incremental long term adjusted EBITDA upside.” More details regarding the transaction may be found in a separate press release issued today. To access the release, please visit here. Robust Recovery in our Core Gaming Business Continues Mr. Snowden stated: “Sequentially improved visitation and length of play across all age segments of our player database led to our record results in the second quarter. Spend-per-visit has remained high since reopening last year, and our overall visitation numbers are encouraging as restrictions continue to be lifted. The traditional core gaming customer has reengaged with our properties as vaccines continue to roll out across the country, while the younger demographic’s engagement continued throughout Q2 and into Q3 despite the increased availability of alternative entertainment options. Overall, our unrated play continues to perform well, and we have been pleased with our ability to convert these customers into our mychoice loyalty program. These noteworthy drivers of our revenue growth combined with the changes we have made to our offerings and our expense structure has led to tremendous flow-through and margin improvement. We have seen this strength across all geographic regions, with the South Region leading the way as demonstrated by the segment’s outsized performance in both revenues and EBITDAR.” Sportsbook Launch Schedule on Track Mr. Snowden continued, “We are making great strides in the planned rollout of our Barstool Sportsbook. Following our Indiana launch in May, we anticipate more than doubling our footprint by the start of the 2021 NFL season in early September with upcoming launches in Colorado, New Jersey, Tennessee, Virginia, and Arizona. By the end of the year, we plan to be operating in at least 10 states. Additionally, as we gain scale across the country, we will increase our marketing efforts to further widen the funnel into our omnichannel ecosystem while we remain focused on our measured and profit-driven approach. For example, we recently announced an expansion of our NASCAR relationship with a comprehensive sponsorship and marketing partnership with the Phoenix Raceway. Further, we have agreed to act as the official sports betting partner for the upcoming August 29 boxing event between Tyron Woodley and Jake Paul, which will include Barstool Sportsbook branded segments featuring key personalities. “We anticipate Penn Interactive will generate meaningful EBITDA contributions beginning in 2023, inclusive of significant planned investments in marketing, product and additional state launches. Not only does Barstool Sports’ creative content, exclusive bets, and social media reach provide a competitive advantage for our mobile sportsbook via low-cost customer acquisition, but it also provides us with the brand leverage to drive our omnichannel strategy as the Barstool audience converts to our core gaming businesses. “With this in mind, we plan to open/rebrand five more Barstool Sports retail sportsbooks by the end of the year. In addition, we are making progress on the build out of stand-alone Barstool-branded sports bars, with the initial locations in Philadelphia and Chicago scheduled to open later this year. We are also continuing to bolster our iCasino offerings, including the addition of more third-party content, the introduction of a Barstool-branded live dealer studio in New Jersey and the launch of our first in-house developed, Barstool-branded online table and slot games by year-end. Growth on the Horizon “We launched our cashless, cardless, and contactless (“3Cs”) technology at Hollywood Casino at Penn National Race Course in late June followed by another successful implementation at the Meadows Casino in mid-July. The 3Cs technology will increase safety and provide improved service while delivering additional efficiencies and accountability. This initiative will also bring our property technology in line with other industries which should resonate with our guests of all ages. We will introduce the 3Cs technology across the Penn enterprise over the next 12 to 18 months, pending regulatory approvals. “We are very excited to open our Hollywood Casino York facility on August 12, which will be our third casino in the Commonwealth of Pennsylvania, pending final regulatory approval. This casino will feature 500 of the most popular slot machines and 24 table games and include a Barstool Sportsbook. The facility will also be the third casino to feature our 3Cs technology. Our second Category 4 Pennsylvania casino project, Hollywood Casino Morgantown, is on track to open before the end of the year. “We closed the Hollywood Casino Perryville acquisition on July 1, 2021. We are very excited to be operating again in Maryland, which adds a 20th state to our leading nationwide footprint. We expect to add a branded Barstool Sportsbook to the property and introduce our Barstool Sportsbook mobile app to sports bettors across the state, which will continue to expand our omnichannel presence. “Finally, Barstool Sports, the media company, has continued to show tremendous growth this year both financially and in terms of audience metrics, as it has continued to evolve into a highly diversified media, entertainment and lifestyle brand. Just recently, Barstool was announced as the title sponsor and exclusive broadcast partner for the Barstool Sports Arizona Bowl, a watershed moment for the industry, as Barstool is redefining the way sports programming is produced and delivered in today’s media landscape. The continued growth and diversification of the company’s revenue streams, including advertising, licensing and merchandise, has meaningfully enhanced the value of the media asset, which we believe is still underappreciated and extends well beyond the benefits to our sports betting business.” Continuing to Care for our People, our Communities and the Planet Last month, in conjunction with our celebration of Juneteenth, we marked the one-year anniversary of the launch of our Penn Diversity Committee. Comprised of a diverse group of team members at varying levels in our organization from around the country, the goal of our Diversity Committee is to help put our company’s longstanding stance on Diversity, Equity, and Inclusion into action. Earlier this quarter, we awarded the first scholarships from our Penn Diversity Scholarship Program to 58 children of our team members, totaling $1.05 million. More than half of these diverse awardees represent the first generation of their families to pursue higher education, which is significantly above the national average. In addition, we increased our recruitment efforts and support of Historic Black Colleges and Universities, as well as our support for organizations in our communities promoting equality and justice.
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