Penn National Gaming Projects' revenue in the second quarter will be $ 1.5 billion
The announcement comes after the operator revealed the launch of private debt worth $ 45 a bid for general corporate purposes.
Penn announces $400M Senior Unsecured Notes
Penn National Gaming expects revenues during the April-June 1933 range
$ 1.32 billion
and $ 1.55 billion, which corresponds to an increase of 25% compared to the first quarter. The company also plans to launch 420 private debt offer for general corporate purposes.
Senior unsecured bonds will have
4.125% interest and a period of 8 years. The banknote issue will be finalized on July 1. Banknotes are exempt from registration under
Securities Act of 1933 and therefore their sale in the United States is not allowed.
The operator also indicated that revenues are expected to report 10% increases from Q2 2019, thus reaching pre-pandemic levels.
It is estimated that the adjusted EBITDAR is
$540 million and 580 million which corresponds to an average increase of 4.9% quarter on year - quarterly increase.
Adjusted EBITDA is expected it will take everything in between
$400 million $420 million.
The company's press release further stated that the midpoint of Penn's expected adjusted EBITDAR is
quarterly improvement
about %. The adjusted EBITDAR margin would improve by 400 basis points. Compared to the same period in 1933, estimates show an adjusted increase in EBITDAR margin and an adjusted increase in EBITDAR margin of 10%, 32%, and 625 basis points, respectively.
The US casino operator said the year-on-year and quarter-on-year improvements indicated strong demand trends as well as highlighting the company's ability to stimulate sustainable margin growth. In early June, Penn National Gaming was the company that saw the biggest growth in the index
S&P 500 due to heavy traffic weekend in US casinos
Penn Reenters Maryland of Hollywood Casino Perryville
Penn National Gaming revealed last week that it was bringing Barstool's physical sports bet to the state of Pennsylvania.
Hollywood Casino York
Penn National is slated to open by the end of August in a revised section
York Galleria Mall.
In addition, in May, the operator added the 20th gaming jurisdiction to its market-leading network.
Maryland Lottery and Games Commission gave Penn National Gaming the green light to take over the Hollywood Casino Perryville business
.
Jay Snowden, president and CEO of Penn National, expressed his excitement to enter this market after sports betting was legalized in Maryland a few weeks ago. Snowden added that the transaction gives the operator the opportunity to expand its unique omnichannel platform with sports betting and a mobile application under the Barstool brand.