Penn National Gaming's fourth quarter 2020 revenue fell 23% year-on-year to $ 1.02 billion, a financial performance demonstrating visible resilience during the COVID-19 pandemic.
Throughout 2020, Penn National generated $ 3.58 billion in revenue, or 32%, and terrestrial gaming hit the pandemic hard.
Revenue must have fallen during such a turbulent 12-month period, but online success has helped to restructure Penn National's balance sheet.
While the operator's fourth-quarter and full-year results were below expectations, Penn National shares rose by 3% after the release of the report, reaching around $ 112.20.
Fourth-quarter revenues still exceed $ 1 billion, and fourth-quarter net income also rose to $ 12.7 million, with a loss of $ 92.9 million in the same period.
However, Q4 adjusted EBITDA fell by 16% to $ 255.9 million. For the full year, EBITDAR fell by 32% to $ 1.09 billion.
However, the operator was able to capitalize on a few positives that bode well for his long-term future by focusing on the transition to online gaming as well as the my customer loyalty program.
Of particular note, however, was Penn National's $ 163 million 16% acquisition of Barstool Sports, and Barstool's bookmakers are now exceeding expectations.
Penn National CEO Jay Snowden said: “Despite our challenges, the company has continued to deliver on its long-term strategy by re-evaluating and reimagining our operating standards and product offerings, accelerating our digital transformation.
"Our investment in Barstool Sports provides us with a fully integrated media platform that supports our evolution from the country's largest regional gambling operator to a best-in-class multi-channel retail, online gaming and sports betting provider."