Penn National Gaming Announces Reopening of Its 10 Casinos in Louisiana and Mississippi
May 20 2020 - 9:30AM
Business Wire
- Casinos in Louisiana successfully reopened on May 18;
Mississippi casinos scheduled to open Thursday, May 21
- Reopened facilities represent over 25% of Penn’s leading
portfolio of regional casinos
Penn National Gaming, Inc. (NASDAQ: PENN) (“Penn National” or
the “Company”) announced today that on May 18, 2020, the Company
successfully reopened its five casino properties in Louisiana. The
Company also announced that it plans to reopen its five casinos in
Mississippi on Thursday, May 21, 2020, pending final regulatory
approval. The reopened facilities represent over 25% of the
Company’s portfolio of regional casino assets.
Penn National has implemented property-specific comprehensive
social distancing and safety protocols, developed in close
consultation with state regulators and public health officials.
Examples of these procedures can be found at
www.pngaming.com/covid-19. Additionally, each property that has
received approval to reopen has provided more details for on-site
health and safety protocols on its corresponding property
website.
“As the largest operator of casinos in Louisiana and
Mississippi, we are excited and grateful to be able to reopen our
doors and welcome back our team members and loyal guests to our
facilities,” said Jay Snowden, President and Chief Executive
Officer for Penn National. “We are continuing to work closely with
our regulators and state and local leaders to prepare for the
eventual reopening of all of our properties nationwide, and I want
to thank the team at Penn who has worked tirelessly over the last
several weeks to prepare for this process.”
The Louisiana properties that reopened include Boomtown Casino
Bossier City, Boomtown Casino New Orleans, L’Auberge Casino Baton
Rouge, L’Auberge Casino Lake Charles and Margaritaville Casino
Bossier City. The Mississippi properties scheduled to reopen this
week include 1st Jackpot Casino Tunica, Ameristar Casino Hotel
Vicksburg, Boomtown Casino Biloxi, Hollywood Casino Gulf Coast and
Hollywood Casino Tunica. Each state’s gaming facilities must
operate at a limited capacity at this time, per state and
regulatory guidelines.
Other states are beginning to prepare for the resumption of
gaming operations, including West Virginia, which is anticipated to
reopen on June 5, 2020. The Company will provide updated
information on the scheduled reopening of its properties upon
receiving final approval from state regulators.
Snowden continued, “Penn National is very well-positioned to
resume its positive momentum that was cut short in mid-March by the
COVID-19 pandemic. Our geographic diversification across 19 states
- with no more than 15% of our revenues being derived from any
single state - should be a significant benefit as states begin to
open casinos on a sequential basis.”
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests
in 41 gaming and racing properties in 19 jurisdictions and video
gaming terminal operations with a focus on slot machine
entertainment. We also offer live sports betting at our properties
in Indiana, Iowa, Michigan, Mississippi, Pennsylvania and West
Virginia. In total, Penn National’s properties feature
approximately 50,000 gaming machines, 1,300 table games and 8,800
hotel rooms. In addition, the Company operates an interactive
gaming division through its subsidiary, Penn Interactive Ventures,
LLC, which launched iCasino in Pennsylvania and, through strategic
partnerships, operates online sports betting in Indiana,
Pennsylvania and West Virginia. The Company also has a leading
customer loyalty program, mychoice, with over five million active
customers.
Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements can be identified by the use of
forward-looking terminology such as "expects," "believes,"
"estimates," "projects," "intends," "plans," "goal," "seeks,"
"may," "will," "should," or "anticipates" or the negative or other
variations of these or similar words, or by discussions of future
events, strategies or risks and uncertainties. Such statements are
all subject to risks, uncertainties and changes in circumstances
that could significantly affect the Company's future financial
results and business.
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. Such factors include, but are not
limited to, risks related to the following: (a) the magnitude and
duration of the impact of the COVID-19 pandemic on capital markets,
general economic conditions, unemployment, consumer spending and
the Company's liquidity, financial condition, supply chain,
operations and personnel; (b) industry, market, economic,
political, regulatory and health conditions; (c) disruptions in
operations from data protection breaches, cyberattacks, extreme
weather conditions, medical epidemics or pandemics such as
COVID-19, and other natural or manmade disasters or catastrophic
events; (d) the reopening of the Company's gaming properties are
subject to various conditions, including numerous regulatory
approvals and potential delays and operational restrictions; ((e)
actions to reduce costs and improve efficiencies to mitigate losses
as a result of the COVID-19 pandemic could negatively impact guest
loyalty and our ability to attract and retain employees;; and (f)
other factors included in "Risk Factors" of the Company's Annual
Report on Form 10-K for the year ended December 31, 2019, the
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2020, 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. The Company does not intend to update publicly
any forward-looking statements except as required by law. In light
of these risks, uncertainties and assumptions, the forward-looking
events discussed in this press release may not occur.
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version on businesswire.com: https://www.businesswire.com/news/home/20200520005501/en/
Eric Schippers Sr. Vice President, Public Affairs
610/378-8321
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