Home > Finance > Penn National posts $669.5m loss as Covid-19 drives revenue drop in 2020

Penn National posts $669.5m loss as Covid-19 drives revenue drop in 2020

| By Robert Fletcher
Penn National Gaming (PNG) has reported a $669.5m net loss for 2020, primarily due to a sharp decline in revenue caused by the novel coronavirus (Covid-19) pandemic.
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Revenue for the 12 months through to December 31 2020 amounted to $3.58bn (£2.62bn/€2.99bn), down 32.5% from $5.30bn in the previous year. Gaming revenue was down by 27.4% to $3.10bn, while food, beverage, hotel and other revenue fell 48.9% to $527.6m.

Like all other casino operators in the US, PNG was hit hard by the Covid-19 crisis in 2020, with its venues forced to close for large period of the year, in line with state restrictions to slow the spread of the virus.

Northeast operations totalled $1.64bn, down 31.7% year-on-year, while revenue from PNG’s south segment also declined by 24.1% to $849.6m. Midwest revenue was down 37.8% to $681.4m, while west operations revenue more than halved to $302.5m.

Other revenue was up 163.2% year-on-year to $125.0m. PNG’s other revenue was slightly boosted by the Barstool Sports mobile app, which launched in September after the operator acquired a 36% stake in media business Barstool Sports in January 2020. Stand-alone racing operations were also included in this segment.

Read the full story on iGB North America.

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