Impairment charges hit Penn National bottom line in Q1
Penn National Gaming (PNG) has posted a loss of $608.6m (£493.5m/€564.5m) for the first quarter of 2020, primarily due to impairment charges and the shutdown of its casinos due to the novel coronavirus (Covid-19) outbreak.
Revenue for the three months to March 31, 2020, amounted to $1.12bn, down 13.0% from $1.28bn in the same period last year.
PNG reported year-on-year declines across all geographical segments within the US, though the Northeast segment remained its main source of income. Revenue in the Northeast totalled $520.7m, down 5.4% from $55.06m in 2019.
Its venues in the South saw revenue slip 23.5% to $223.3m, while Midwest revenue fell 15.9% to $228.1m, and the West segment 20.2% to $126.6m.
However, PNG did see revenue from its other operations – including the Penn Interactive venture and standalone operations across the US – almost double from $10.2m to $20.3m.