{"id":133501,"date":"2020-04-20T08:34:03","date_gmt":"2020-04-20T15:34:03","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=133501"},"modified":"2020-04-20T10:42:26","modified_gmt":"2020-04-20T17:42:26","slug":"penn-national-ceo-snowden-says-online-business-is-thriving","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-national-ceo-snowden-says-online-business-is-thriving\/","title":{"rendered":"Penn National Finds Benefit in Coronavirus Closures: Online Business Is Booming"},"content":{"rendered":"

As is the case with all of its rivals, Penn National Gaming (NASDAQ:PENN) is dealing with casino closures across the country because of the coronavirus. But the company’s Penn Interactive Venture online gaming business is benefiting, as gamblers are seeking alternatives to temporarily shuttered brick-and-mortar properties.<\/p>\n

\"Penn
Penn National CEO Jay Snowden, seen here on the right, says the company’s online business is thriving amid coronavirus closures. (Image: CNBC)<\/figcaption><\/figure>\n

In a letter to investors released earlier today and obtained by Casino.org<\/i>, Penn CEO Jay Snowden highlighted the strength of the company’s online operations, saying he expects it to be a meaningful contributor to top and bottom line growth next year and beyond.<\/p>\n

We expect our digital businesses to deliver meaningful revenue and profit contributions in 2021 and beyond,\u201d said Snowden.<\/p><\/blockquote>\n

Penn Interactive runs the desktop and mobile apps of HollywoodCasino.com, HollywoodRaces.com, and Viva Slots, and it’s expected the company’s online footprint will be bolstered by a partnership with Barstool Sports<\/i>. Earlier this year, the gaming company paid $163 million to take<\/a> a 36 percent stake in Barstool<\/i>, a move aimed at increasing Penn’s exposure to younger, tech-savvy gamblers.<\/p>\n

Cash Update<\/h2>\n

With gaming stocks being punished at the hands of the COVID-19 pandemic, Penn is one of the worst offenders this year. That’s happened amid concerns about the company’s liquidity position and ability to survive in an extended zero-revenue environment.<\/p>\n

However, the company is taking steps to allay those concerns. Last month, the operator parted with the property assets of the Tropicana Las Vegas and the ground lease of an asset in Morgantown, Pa. to Gaming and Leisure Properties (NASDAQ:GLPI) for $337.5 million, and furloughed workers<\/a> across the country.<\/p>\n

\n

Snowden adds that Penn has $730 million in cash and cash equivalents on hand as of March 31, and that cost-saving actions cut the company’s monthly burn rate to $83 million.<\/p>\n<\/div>\n

\u201cThe temporary closures of our properties have provided us with a unique opportunity to reimagine our casinos, and we have already identified ways to improve our operating model while enhancing the guest experience,\u201d said the Penn CEO.<\/p>\n

Penn National stock has more than tripled over the past month, and has nearly quadrupled off its 52-week low.<\/strong><\/p>\n

Barstool Benefits<\/h2>\n

Under the terms of the deal announced in January, Penn can shell out another $62 million over the next several years to boost its Barstool <\/i>stake to 50 percent, and eventually acquire all of the sports blog for a total of $450 million.<\/p>\n

The operator is dabbling with some <\/a>Barstool <\/i>tie-ins<\/a> here and there, and it expects to accelerate the partnership in the third quarter.<\/p>\n

\u201cOur unparalleled distribution network will also help power the launch of our Barstool-branded mobile sports betting product in the third quarter of this year, as our product development team has remained fully engaged and focused on delivering a best-in-class product on time and on budge,\u201d said Snowden in his letter.<\/strong><\/p>\n

The Penn CEO did not offer up forecasts or specific financial contributions related to the Barstool <\/i>relationship.<\/p>\n","protected":false},"excerpt":{"rendered":"

As is the case with all of its rivals, Penn National Gaming (NASDAQ:PENN) is dealing with casino closures across the country because of the coronavirus. But the company’s Penn Interactive Venture online gaming business is benefiting, as gamblers are seeking alternatives to temporarily shuttered brick-and-mortar properties. In a letter to investors released earlier today and […]<\/p>\n","protected":false},"author":46,"featured_media":133503,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19],"tags":[],"acf":[],"yoast_head":"\nPenn National CEO Snowden Says Online Business Is Thriving<\/title>\n<meta name=\"description\" content=\"Penn National Gaming CEO Jay Snowden says the company's Penn Interactive online unit is thriving amid the coronavirus scenario.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/penn-national-ceo-snowden-says-online-business-is-thriving\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penn National CEO Snowden Says Online Business Is Thriving\" \/>\n<meta property=\"og:description\" content=\"Penn National Gaming CEO Jay Snowden says the company's Penn Interactive online unit is thriving amid the coronavirus scenario.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-national-ceo-snowden-says-online-business-is-thriving\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-20T15:34:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-20T17:42:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/snowden-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3000\" \/>\n\t<meta property=\"og:image:height\" content=\"2000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-ceo-snowden-says-online-business-is-thriving\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-national-ceo-snowden-says-online-business-is-thriving\/\",\"name\":\"Penn National CEO Snowden Says Online Business Is Thriving\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-ceo-snowden-says-online-business-is-thriving\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-ceo-snowden-says-online-business-is-thriving\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/snowden-scaled.jpg\",\"datePublished\":\"2020-04-20T15:34:03+00:00\",\"dateModified\":\"2020-04-20T17:42:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Penn National Gaming CEO Jay Snowden says the company's Penn Interactive online unit is thriving amid the coronavirus scenario.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-ceo-snowden-says-online-business-is-thriving\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-national-ceo-snowden-says-online-business-is-thriving\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-ceo-snowden-says-online-business-is-thriving\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/snowden-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/04\/snowden-scaled.jpg\",\"width\":3000,\"height\":2000,\"caption\":\"Penn National CEO Jay Snowden, seen here on the right, says the company's online business is thriving amid coronavirus closures. 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