American betting operator Penn National Gaming had an interesting third quarter, as earnings reached record highs despite revenues for the period slipping 16.6%.
Key financial indicators for the quarter ending September 30th, 2020 were:
Commenting on the results Penn National CEO Jay Snowden said, "I am pleased to report that our property, interactive, and corporate management teams generated strong third quarter revenues, as well as all time quarterly record Adjusted EBITDAR and Adjusted EBITDAR margins, despite the continuation of social distancing and capacity constraints at all of our reopened properties.
"The current operating environment has demonstrated the resilience of our teams and operations as we've made significant modifications to our business model to respond to the new volumes, offerings, and ongoing restrictions. In addition to the record results of our brick and mortar operations, one of the highlights of the quarter was the launch of our much-anticipated Barstool Sportsbook app in Pennsylvania, which has been well received. As we look ahead, we continue to see solid results across the portfolio in October, which is being driven not only by our margin improvement, but also our sustained revenue performance as we have continued to manage the ongoing COVID-19 restrictions. In sum, we believe we can close out the year with positive momentum."