Penn changes name, outlines plans for recession
| By Daniel O'Boyle
Penn National Gaming has rebranded to Penn Entertainment and outlined actions it may take – including potential layoffs – in the event economic conditions hurt its business, as it reported its H1 earnings.
During its earnings call for its 2022 results, the business gave a particular focus to the prospects of a recession, and what this might mean for its business.
Chief executive Jay Snowden cited past data to argue that – as a regional operator – Penn would prove to be resilient against these conditions.
“Regional markets performed far better than the Las Vegas Strip following the 2007-08 downturn,” he said.
In addition, Snowden said that geographic diversification would help protect the business against market conditions.
The Penn chief executive also noted that – should revenue slow down – the business would be willing to take aggressive cost-cutting measures, which may include layoffs.