Penn National Q4 revenue down 23% to $1.02bn; but Barstool Sports flying

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Penn National Q4 revenue down 23% to $1.02bn; but Barstool Sports flying

Penn National Gaming’s Q4 2020 revenue was down 23% year-on-year to $1.02bn, financial results that demonstrate visible resilience during the COVID-19 pandemic.

For the full year 2020, Penn National generated $3.58bn in revenue, a sharp 32%, with land-based gaming heavily impacted by the pandemic.

Revenue was bound to fall during such a turbulent 12-month period but online success has helped change the make-up of Penn National’s balance sheet.

Although the operator’s Q4 and FY earnings were below expectations, Penn National’s stock was up 3% after publishing its report, sitting at around the $112.20 mark.

With Q4 revenue still topping $1bn, Q4 net income was also up to $12.7m, from a loss of $92.9m for the corresponding period.

Adjusted EBITDA for Q4, however, was down 16% to $255.9m. Full year EBITDAR fell 32% to $1.09bn.

Yet the operator was able to draw on several positives boding well for its long-term future, focusing on its transition to online gaming, as well as its mychoice customer loyalty program.

Paricularly notable, though, was Penn National’s $163m acquisition of a 16% stake in Barstool Sports, with its Barstool branded sportsbooks now exceeding expectations.

Penn National CEO Jay Snowden said: «Despite our challenges, the company has continued to execute on its long-term strategy by re-evaluating and re-imagining our operational norms, and product offerings, while accelerating our digital transformation.

«Our investment in Barstool Sports provides us with a fully integrated media platform to support our evolution from the nation’s largest regional gaming operator to the best-in-class omnichannel provider of retail and online gaming, and sports betting entertainment.»

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