Company Quick10K Filing
⚲
Penn National Gaming
Financials
Price19.13 EPS1
Shares118 P/E24
MCap2,252 P/FCF4
Net Debt2,066 EBIT549
TEV4,318 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
Reports
8-K 2020-06-10
8-K 2020-05-19
8-K 2020-05-11
8-K 2020-05-07
8-K 2020-04-14
8-K 2020-03-27
8-K 2020-03-16
8-K 2020-03-13
8-K 2020-02-27
8-K 2020-02-19
8-K 2020-02-06
8-K 2020-01-28
8-K 2020-01-22
8-K 2019-10-31
8-K 2019-09-24
8-K 2019-08-01
8-K 2019-07-30
8-K 2019-06-12
8-K 2019-05-28
8-K 2019-05-23
8-K 2019-05-02
8-K 2019-02-14
8-K 2019-02-07
8-K 2019-01-29
8-K 2019-01-09
8-K 2019-01-02
8-K 2018-12-10
8-K 2018-11-13
8-K 2018-11-01
8-K 2018-10-15
8-K 2018-08-28
8-K 2018-07-26
8-K 2018-06-18
8-K 2018-06-13
8-K 2018-05-25
8-K 2018-04-26
8-K 2018-03-29
8-K 2018-03-21
8-K 2018-03-21
8-K 2018-03-19
8-K 2018-03-12
8-K 2018-02-28
8-K 2018-02-27
8-K 2018-02-23
8-K 2018-02-08

PENN 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization and Basis of Presentation
Note 2 - Significant Accounting Policies
Note 3 - New Accounting Pronouncements
Note 4 - Revenue Disaggregation
Note 5 - Acquisitions and Dispositions
Note 6 - Property and Equipment
Note 7 - Goodwill and Other Intangible Assets
Note 8 - Accrued Expenses and Other Current Liabilities
Note 9 - Long - Term Debt
Note 10 - Leases
Note 11 - Investments in and Advances To Unconsolidated Affiliates
Note 12 - Income Taxes
Note 13 - Commitments and Contingencies
Note 14 - Stock - Based Compensation
Note 15 - Earnings (Loss) per Share
Note 16 - Fair Value Measurements
Note 17 - Segment Information
Note 18 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
Exhibits
EX-3.1 pennex31033120.htm
EX-10.7 pennex107033120.htm
EX-10.9 pennex109033120.htm
EX-10.10 pennex1010033120.htm
EX-31.1 pennex311033120.htm
EX-31.2 pennex312033120.htm
EX-32.1 pennex321033120.htm
EX-32.2 pennex322033120.htm

Penn National Gaming Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
151185202012201420172020
Assets, Equity
 1.40.90.50.0-0.4-0.92012201420172020
Rev, G Profit, Net Income
 0.60.30.1-0.2-0.4-0.72012201420172020
Ops, Inv, Fin
Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
(Mark One)
☑
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
☐
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number: 0-24206
PENN NATIONAL GAMING, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania
 
 
23-2234473
(State or other jurisdiction of incorporation or organization)
 
 
(I.R.S. employer identification no.)
825 Berkshire Blvd., Suite 200
Wyomissing,
Pennsylvania
19610
(Address of principal executive offices)
(Zip code)
(610) 373-2400
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per share
PENN
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
As of April 30, 2020, the number of shares of the registrant’s common stock outstanding was 116,798,121.


PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
 
Page



PART I.
FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in millions, except share and per share data)
March 31,
2020
 
December 31,
2019
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
730.7

 
$
437.4

Receivables, net of allowance for doubtful accounts of $8.4 and $7.7
50.1

 
88.7

Income tax receivable
53.9

 
22.1

Assets held for sale
336.3

 
—

Prepaid expenses and other current assets
99.0

 
94.6

Total current assets
1,270.0

 
642.8

Property and equipment, net
4,745.5

 
5,120.2

Investment in and advances to unconsolidated affiliates
264.7

 
128.3

Goodwill and other intangible assets, net
2,683.6

 
3,297.2

Lease right-of-use assets
4,817.4

 
4,837.3

Other assets
157.2

 
168.7

Total assets
$
13,938.4

 
$
14,194.5

 
 
 
 
Liabilities
 
 
 
Current liabilities
 
 
 
Accounts payable
$
74.3

 
$
40.3

Current maturities of long-term debt
67.7

 
62.9

Current portion of financing obligations
35.7

 
40.5

Current portion of lease liabilities
125.7

 
130.6

Accrued expenses and other current liabilities
510.5

 
631.3

Total current liabilities
813.9

 
905.6

Long-term debt, net of current maturities and debt issuance costs
2,829.3

 
2,322.2

Long-term portion of financing obligations
4,093.5

 
4,102.2

Long-term portion of lease liabilities
4,646.0

 
4,670.0

Deferred income taxes
177.3

 
244.6

Other noncurrent liabilities
100.8

 
98.0

Total liabilities
12,660.8

 
12,342.6

Commitments and contingencies (Note 13)

 

Stockholders’ equity
 
 
 
Series B Preferred stock ($0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding)
—

 
—

Series C Preferred stock ($0.01 par value, 18,500 shares authorized, no shares issued and outstanding)
—

 
—

Series D Preferred stock ($0.01 par value, 5,000 shares authorized, 883 shares issued and outstanding)
23.1

 
—

Common stock ($0.01 par value, 200,000,000 shares authorized, 118,961,115 and 118,125,652 shares issued, and 116,793,722 and 115,958,259 shares outstanding)
1.2

 
1.2

Treasury stock, at cost, (2,167,393 shares held in both periods)
(28.4
)
 
(28.4
)
Additional paid-in capital
1,728.9

 
1,718.3

Retained earnings (accumulated deficit)
(446.4
)
 
161.6

Total Penn National stockholders’ equity
1,278.4

 
1,852.7

Non-controlling interest
(0.8
)
 
(0.8
)
Total stockholders’ equity
1,277.6

 
1,851.9

Total liabilities and stockholders’ equity
$
13,938.4

 
$
14,194.5

See accompanying notes to the Condensed Consolidated Financial Statements.

1

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 
For the three months ended March 31,
(in millions, except per share data)
2020
 
2019
Revenues
 
 
 
Gaming
$
902.9

 
$
1,034.5

Food, beverage, hotel and other
213.2

 
248.1

Total revenues
1,116.1

 
1,282.6

Operating expenses
 
 
 
Gaming
500.9

 
547.4

Food, beverage, hotel and other
157.0

 
161.8

General and administrative
307.0

 
286.9

Depreciation and amortization
95.7

 
104.1

Impairment losses
616.1

 
—

Total operating expenses
1,676.7

 
1,100.2

Operating income (loss)
(560.6
)
 
182.4

Other income (expenses)
 
 
 
Interest expense, net
(129.8
)
 
(132.3
)
Income from unconsolidated affiliates
4.1

 
5.7

Other
(21.8
)
 
—

Total other expenses
(147.5
)
 
(126.6
)
Income (loss) before income taxes
(708.1
)
 
55.8

Income tax benefit (expense)
99.5

 
(14.8
)
Net income (loss)
(608.6
)
 
41.0

Less: Net loss attributable to non-controlling interest
—

 
—

Net income (loss) attributable to Penn National
$
(608.6
)
 
$
41.0

 
 
 
 
Earnings (loss) per common share:
 
 
 
Basic earnings (loss) per common share
$
(5.26
)
 
$
0.35

Diluted earnings (loss) per common share
$
(5.26
)
 
$
0.35

 
 
 
 
Weighted average basic shares outstanding
115.7

 
116.3

Weighted average diluted shares outstanding
115.7

 
118.6

See accompanying notes to the Condensed Consolidated Financial Statements.


2

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 
For the three months ended March 31,
(in millions)
2020
 
2019
Net income (loss)
$
(608.6
)
 
$
41.0

Total comprehensive income (loss)
(608.6
)
 
41.0

Less: Comprehensive loss attributable to non-controlling interest
—

 
—

Comprehensive income (loss) attributable to Penn National
$
(608.6
)
 
$
41.0

See accompanying notes to the Condensed Consolidated Financial Statements.

3

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
 
Three Months Ended March 31, 2020 and 2019
 
Preferred Stock
 
Common Stock
 
Treasury
Stock
 
Addi-
tional
Paid-In
Capital
 
Retained Earnings (Accum-
ulated Deficit)
 
Total Penn National Stock-
holders’
Equity
 
Non-Control-
ling Interest
 
Total
Stock-
holders’ Equity
(in millions, except share data)
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
Balance as of January 1, 2020
—

 
$
—

 
115,958,259

 
$
1.2

 
$
(28.4
)
 
$
1,718.3

 
$
161.6

 
$
1,852.7

 
$
(0.8
)
 
$
1,851.9

Share-based compensation arrangements
—

 
—

 
835,463

 
—

 
—

 
10.6

 
—

 
10.6

 
—

 
10.6

Barstool Sports Investment (Note 11)
883

 
23.1

 
—

 
—

 
—

 
—

 
—

 
23.1

 
—

 
23.1

Cumulative-effect adjustment upon adoption of ASU 2016-13
—

 
—

 
—

 
—

 
—

 
—

 
0.6

 
0.6

 
—

 
0.6

Net loss
—

 
—

 
—

 
—

 
—

 
—

 
(608.6
)
 
(608.6
)
 
—

 
(608.6
)
Balance as of March 31, 2020
883

 
$
23.1

 
116,793,722

 
$
1.2

 
$
(28.4
)
 
$
1,728.9

 
$
(446.4
)
 
$
1,278.4

 
$
(0.8
)
 
$
1,277.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of January 1, 2019
—

 
$
—

 
116,687,808

 
$
1.2

 
$
(28.4
)
 
$
1,726.4

 
$
(968.0
)
 
$
731.2

 
$
—

 
$
731.2

Share-based compensation arrangements
—

 
—

 
452,743

 
—

 
—

 
3.9

 
—

 
3.9

 
—

 
3.9

Cumulative-effect adjustment upon adoption of ASC 842
—

 
—

 
—

 
—

 
—

 
—

 
1,085.7

 
1,085.7

 
—

 
1,085.7

Net income
—

 
—

 
—

 
—

 
—

 
—

 
41.0

 
41.0

 
—

 
41.0

Balance as of March 31, 2019
—

 
$
—

 
117,140,551

 
$
1.2

 
$
(28.4
)
 
$
1,730.3

 
$
158.7

 
$
1,861.8

 
$
—

 
$
1,861.8

See accompanying notes to the Condensed Consolidated Financial Statements.


4

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
For the three months ended March 31,
(in millions)
2020
 
2019
Operating activities
 
 
 
Net income (loss)
$
(608.6
)
 
$
41.0

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
95.7

 
104.1

Amortization of items charged to interest expense
2.0

 
1.9

Noncash operating lease expense
22.0

 
30.4

Change in fair value of contingent purchase price
(2.2
)
 
4.7

Holding loss on equity securities
21.8

 
—

Loss on sale or disposal of property and equipment
0.6

 
0.5

Income from unconsolidated affiliates
(4.1
)
 
(5.7
)
Return on investment from unconsolidated affiliates
8.7

 
6.5

Deferred income taxes
(67.4
)
 
11.0

Stock-based compensation
6.0

 
3.4

Impairment losses
616.1

 
—

Changes in operating assets and liabilities, net of businesses acquired
 
 
 
Accounts receivable
39.3

 
(2.9
)
Prepaid expenses and other current assets
(4.3
)
 
(8.1
)
Other assets
6.5

 
(0.6
)
Accounts payable
29.1

 
0.9

Accrued expenses
(101.4
)
 
(25.3
)
Income taxes
(31.7
)
 
5.3

Operating lease liabilities
(31.4
)
 
(38.9
)
Other current and long-term liabilities
(29.9
)
 
(2.5
)
Net cash provided by (used in) operating activities
(33.2
)
 
125.7

Investing activities
 
 
 
Capital expenditures
(42.8
)
 
(37.7
)
Consideration paid for Barstool Sports Investment
(135.0
)
 
—

Consideration paid for acquisitions of businesses, net of cash acquired
(3.0
)
 
(370.3
)
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions
—

 
261.1

Other
(2.6
)
 
(0.2
)
Net cash used in investing activities
(183.4
)
 
(147.1
)
Financing activities
 
 
 
Proceeds from revolving credit facility
540.0

 
90.0

Repayments on revolving credit facility
(10.0
)
 
(110.0
)
Principal payments on long-term debt
(11.7
)
 
(11.7
)
Payments of other long-term obligations
(8.4
)
 
(7.9
)
Principal payments on financing obligations
(13.5
)
 
(12.6
)
Principal payments on finance leases
(1.6
)
 
(1.6
)
Proceeds from exercise of options
4.6

 
0.5

Proceeds from insurance financing
15.7

 
13.7

Payments on insurance financing
(6.3
)
 
(5.8
)
Other
—

 
(0.3
)
Net cash provided by (used in) financing activities
508.8

 
(45.7
)
Change in cash, cash equivalents, and restricted cash
292.2

 
(67.1
)
Cash, cash equivalents and restricted cash at the beginning of the year
455.2

 
481.2

Cash, cash equivalents and restricted cash at the end of the period
$
747.4

 
$
414.1

Reconciliation of cash, cash equivalents and restricted cash:
 
 
 
Cash and cash equivalents
$
730.7

 
$
400.3

Restricted cash included in Other current assets
14.4

 
12.2

Restricted cash included in Other assets
2.3

 
1.6

Total cash, cash equivalents and restricted cash
$
747.4

 
$
414.1

Supplemental disclosure:
 
 
 
Cash paid for interest, net of amounts capitalized
$
135.6

 
$
139.7

Cash refunds related to income taxes, net
$
(1.1
)
 
$
(1.7
)
Non-cash investing and financing activities:
 
 
 
Commencement of operating leases
$
1.0

 
$
196.5

Accrued capital expenditures
$
7.4

 
$
6.6

See accompanying notes to the Condensed Consolidated Financial Statements.

5

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 1—Organization and Basis of Presentation
Organization: Penn National Gaming, Inc., together with its subsidiaries (“Penn National,” the “Company,” “we,” “our,” or “us”), is a leading, diversified, multi-jurisdictional owner and manager of gaming and racing properties, sports betting operations, and video gaming terminal (“VGT”) operations. We are licensed to offer live sports betting at our properties in Indiana, Iowa, Michigan, Mississippi, Nevada, Pennsylvania and West Virginia. In addition, we operate an interactive gaming (“iGaming”) division through our subsidiary, Penn Interactive Ventures, LLC (“Penn Interactive”), which has launched an online casino (“iCasino”) in Pennsylvania through our HollywoodCasino.com gaming platform and entered into multi-year agreements with leading sports betting operators for online sports betting and iGaming market access across our portfolio of properties. We also hold a 36% equity interest in Barstool Sports, Inc. (“Barstool Sports”), a leading digital sports, entertainment and media platform. Our MYCHOICE® customer loyalty program (the “mychoice program”) provides our members with various benefits, including complimentary goods and/or services.
As of March 31, 2020, we owned, managed, or had ownership interests in 41 properties in 19 states. The majority of the real estate assets (i.e., land and buildings) used in our operations are subject to triple net master leases; the most significant of which are the Penn Master Lease and the Pinnacle Master Lease (as such terms are defined in Note 10, “Leases,” and collectively referred to as the “Master Leases”), with Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI”), a real estate investment trust (“REIT”).
Impact of the COVID-19 Pandemic and Company Response: On March 11, 2020, the World Health Organization declared the novel coronavirus (known as “COVID-19”) outbreak to be a global pandemic. As a result, we began temporary suspension of the operations of all of our 41 gaming properties starting between March 13, 2020 and March 19, 2020 pursuant to various orders from state gaming regulatory bodies or governmental authorities to combat the rapid spread of COVID-19, all of which remained temporarily closed as of March 31, 2020 and the date of filing this Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission (the “SEC”).
These developments have caused significant disruptions to our business and have caused a material adverse impact on our financial condition, results of operations and cash flows, the extent of which is primarily based on the duration of the property closures as well as the timing and extent of any recovery in visitation and consumer spending at our properties. We are currently unable to determine whether, when or how the conditions surrounding the COVID-19 pandemic will change, including when any restrictions or closure requirements will be lifted, when we will be able to reopen all of our gaming properties, whether we will be able to successfully staff our properties, the manner in which our properties will reopen, the impact that social distancing protocols will have on our operations, and the degree to which our customers will patronize our properties.
On March 13, 2020, in order to maintain maximum financial flexibility in light of the COVID-19 pandemic, we borrowed the remaining available amount of $430.0 million under our Revolving Credit Facility (as defined in Note 9, “Long-term Debt”). On April 14, 2020, we entered into a second amendment to our Amended Credit Agreement (as defined in Note 9, “Long-term Debt”), which, among other things, provides us with relief from our financial covenants for a period of up to one year (see Note 18, “Subsequent Events”).
On March 27, 2020, we entered into a binding term sheet with GLPI (the “Term Sheet”) whereby GLPI agreed to (i) purchase the real estate assets associated with our Tropicana Las Vegas (“Tropicana”) property in exchange for rent credits of $307.5 million, which closed on April 16, 2020 (see Note 18, “Subsequent Events”), and (ii) purchase the land underlying our Hollywood Casino Morgantown (“Morgantown”) development project in Morgantown, Pennsylvania, in exchange for rent credits of $30.0 million, which we expect to close by August 31, 2020.
The Company has taken various actions to reduce its cost structure during the property closures to help mitigate the operating and financial impact of the COVID-19 pandemic, including: (i) reducing its rent payments through the transactions with GLPI related to Tropicana and Morgantown described above; (ii) furloughing approximately 26,000 employees and operating with a minimum, mission-critical staffing of less than 850 employees company-wide during the closures; (iii) enacting meaningful compensation reductions to its remaining property and corporate leadership teams effective April 1, 2020 and until such time as the Company determines that its properties have substantially returned to normal operations; and (iv) executing substantial reductions in operating expenses, capital expenditures, including temporarily suspending construction of our two planned Category 4 development projects, and overall costs. In addition, the Company’s Board of Directors elected to

6

forgo their cash compensation effective April 1, 2020 and until such time as the Company determines that its properties have substantially returned to normal operations.
We are currently planning to reopen all of our gaming properties in the second quarter of 2020, if approved by our regulators, local and state governments, and/or public health authorities. However, in the event that reopening approvals are delayed to the end of the third quarter of 2020 or if cash flows generated by our reopened properties are insufficient to cover our expenses, we may need to take additional actions to preserve liquidity and remain in compliance with our financial covenants.
On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides emergency economic assistance for American workers, families and businesses affected by the COVID-19 pandemic. The economic relief package includes government loan enhancement programs and various tax provisions to help improve liquidity for American businesses. Based on our preliminary evaluation of the CARES Act, we currently believe we qualify for certain employer refundable payroll credits, deferral of applicable payroll taxes, net operating loss carryback and immediate expensing for eligible qualified improvement property. We intend to continue to review and consider any available potential benefits under the CARES Act for which we qualify, including those described above.
The Company could experience other potential adverse impacts as a result of the COVID-19 pandemic, including, but not limited to, further charges from adjustments to the carrying amount of goodwill and other intangible assets, long-lived asset impairment charges, or impairments of investments in joint ventures. In addition, the negative impacts of the COVID-19 pandemic may result in further changes in the amount of valuation allowance required. Actual results may differ materially from the Company’s current estimates as the scope of the COVID-19 pandemic evolves, depending largely, though not exclusively, on the duration and extent of the disruption to its business.
Basis of Presentation: The unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the rules and regulations of the SEC. Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. These unaudited Condensed Consolidated Financial Statements and notes thereto should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.


7

Note 2—Significant Accounting Policies
Principles of Consolidation: The unaudited Condensed Consolidated Financial Statements include the accounts of Penn National Gaming, Inc. and its subsidiaries. Investments in and advances to unconsolidated affiliates that do not meet the consolidation criteria of the authoritative guidance for voting interest entities (“VOEs”) or variable interest entities (“VIEs”) are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates: The preparation of unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Segment Information: We view each of our gaming and racing properties as an operating segment with the exception of our two properties in Jackpot, Nevada, which we view as one operating segment. We consider our combined VGT operations, by state, to be separate operating segments. See Note 17, “Segment Information,” for further information. For financial reporting purposes, we aggregate our operating segments into the following four reportable segments:
 
Location
 
Real Estate Assets Lease or Ownership Structure
Northeast segment
 
 
 
Ameristar East Chicago
East Chicago, Indiana
 
Pinnacle Master Lease
Greektown Casino-Hotel
Detroit, Michigan
 
Greektown Lease
Hollywood Casino Bangor
Bangor, Maine
 
Penn Master Lease
Hollywood Casino at Charles Town Races
Charles Town, West Virginia
 
Penn Master Lease
Hollywood Casino Columbus
Columbus, Ohio
 
Penn Master Lease
Hollywood Casino Lawrenceburg
Lawrenceburg, Indiana
 
Penn Master Lease
Hollywood Casino at Penn National Race Course
Grantville, Pennsylvania
 
Penn Master Lease
Hollywood Casino Toledo
Toledo, Ohio
 
Penn Master Lease
Hollywood Gaming at Dayton Raceway
Dayton, Ohio
 
Penn Master Lease
Hollywood Gaming at Mahoning Valley Race Course
Youngstown, Ohio
 
Penn Master Lease
Marquee by Penn (1)
Pennsylvania
 
N/A
Meadows Racetrack and Casino
Washington, Pennsylvania
 
Meadows Lease
Plainridge Park Casino
Plainville, Massachusetts
 
Pinnacle Master Lease
 
 
 
 
South segment (2)
 
 
 
1st Jackpot Casino
Tunica, Mississippi
 
Penn Master Lease
Ameristar Vicksburg
Vicksburg, Mississippi
 
Pinnacle Master Lease
Boomtown Biloxi
Biloxi, Mississippi
 
Penn Master Lease
Boomtown Bossier City
Bossier City, Louisiana
 
Pinnacle Master Lease
Boomtown New Orleans
New Orleans, Louisiana
 
Pinnacle Master Lease
Hollywood Casino Gulf Coast
Bay St. Louis, Mississippi
 
Penn Master Lease
Hollywood Casino Tunica
Tunica, Mississippi
 
Penn Master Lease
L’Auberge Baton Rouge
Baton Rouge, Louisiana
 
Pinnacle Master Lease
L’Auberge Lake Charles
Lake Charles, Louisiana
 
Pinnacle Master Lease
Margaritaville Resort Casino
Bossier City, Louisiana
 
Margaritaville Lease
 
 
 
 
West segment
 
 
 
Ameristar Black Hawk
Black Hawk, Colorado
 
Pinnacle Master Lease
Cactus Petes and Horseshu
Jackpot, Nevada
 
Pinnacle Master Lease
M Resort
Henderson, Nevada
 
Penn Master Lease
Tropicana Las Vegas
Las Vegas, Nevada
 
Owned (3)
Zia Park Casino
Hobbs, New Mexico
 
Penn Master Lease
 
 
 
 
Midwest segment
 
 
 
Ameristar Council Bluffs
Council Bluffs, Iowa
 
Pinnacle Master Lease
Argosy Casino Alton (4)
Alton, Illinois
 
Penn Master Lease
Argosy Casino Riverside
Riverside, Missouri
 
Penn Master Lease
Hollywood Casino Aurora
Aurora, Illinois
 
Penn Master Lease
Hollywood Casino Joliet
Joliet, Illinois
 
Penn Master Lease
Hollywood Casino at Kansas Speedway (5)
Kansas City, Kansas
 
Owned - JV
Hollywood Casino St. Louis
Maryland Heights, Missouri
 
Penn Master Lease
Prairie State Gaming (1)
Illinois
 
N/A
River City Casino
St. Louis, Missouri
 
Pinnacle Master Lease

8

(1)
VGT route operations
(2)
Resorts Casino Tunica ceased operations on June 30, 2019, but remains subject to the Penn Master Lease.
(3)
As noted in Note 18, “Subsequent Events,” in April 2020, we entered into a sale-leaseback transaction with GLPI for the real estate assets used in the operations of Tropicana.
(4)
The riverboat is owned by us and not subject to the Penn Master Lease.
(5)
Pursuant to a joint venture (“JV”) with International Speedway Corporation (“International Speedway”) and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway.
Revenue Recognition: Our revenue from contracts with customers consists primarily of gaming wagers, food and beverage transactions, retail transactions, hotel room sales, racing wagers, and sports betting wagers. See Note 4, “Revenue Disaggregation,” for information on our revenue by type and geographic location.
Complimentaries associated with Gaming Contracts
Food and beverage, hotel, and other services furnished to patrons for free as an inducement to gamble or through the redemption of our customers’ loyalty points are recorded as food, beverage, hotel and other revenues, at their estimated standalone selling prices with an offset recorded as a reduction to gaming revenues. The cost of providing complimentary goods and services to patrons as an inducement to gamble as well as for the fulfillment of our loyalty point obligation is included in food, beverage, hotel and other expenses. Revenues recorded to food, beverage, hotel and other and offset to gaming revenues were as follows:
 
For the three months ended March 31,
(in millions)
2020
 
2019
Food and beverage
$
54.0

 
$
64.5

Hotel
30.9

 
36.6

Other
3.2

 
4.3

Total complimentaries associated with gaming contracts
$
88.1

 
$
105.4
Customer-related Liabilities
The Company has three general types of liabilities related to contracts with customers: (i) the obligation associated with its mychoice program (loyalty points and tier status benefits), (ii) advance payments on goods and services yet to be provided and for unpaid wagers, and (iii) deferred revenue associated with third-party sports betting operators for online sports betting and related iGaming market access.
Our mychoice program allows members to utilize their reward membership cards to earn loyalty points that are redeemable for slot play and complimentaries, such as food and beverage at our restaurants, lodging at our hotels and products offered at our retail stores across the vast majority of our properties. In addition, members of the mychoice program earn credit toward tier status, which entitles them to receive certain other benefits, such as gifts. The obligation associated with our mychoice program, which is included in “Accrued expenses and other current liabilities” within our unaudited Condensed Consolidated Balance Sheets, was $37.8 million and $36.2 million as of March 31, 2020 and December 31, 2019, respectively, and consisted principally of the obligation associated with the loyalty points. Our loyalty point obligations are generally settled within six months of issuance. Changes between the opening and closing balances primarily relate to the timing of our customers’ election to redeem loyalty points as well as the timing of when our customers receive their earned tier status benefits.
The Company’s advance payments on goods and services yet to be provided and for unpaid wagers primarily consist of the following: (i) deposits on rooms and convention space, (ii) money deposited on behalf of a customer in advance of their property visit (referred to as “safekeeping” or “front money”), (iii) outstanding tickets generated by slot machine play or pari-mutuel wagering, (iv) outstanding chip liabilities, (v) unclaimed jackpots, and (vi) gift cards redeemable at our properties. Unpaid wagers primarily relate to the Company’s obligation to settle outstanding slot tickets, pari-mutuel racing tickets and gaming chips with customers and generally represent obligations stemming from prior wagering events, of which revenue was previously recognized. The Company’s advance payments on goods and services yet to be provided and for unpaid wagers were $31.5 million and $42.2 million as of March 31, 2020 and December 31, 2019, respectively, of which $0.6 million were classified as long-term in both periods. The current portion and long-term portion of our advance payments on goods and services yet to be provided and for unpaid wagers are included in “Accrued expenses and other current liabilities” and “Other long-term liabilities” within our unaudited Condensed Consolidated Balance Sheets, respectively.
During the third quarter of 2019, Penn Interactive entered into multi-year agreements with sports betting operators for online sports betting and related iGaming market access across our portfolio, of which we received cash and equity securities,

9

including ordinary shares and warrants, specific to two operator agreements. Deferred revenue associated with third-party sports betting operators for online sports betting and related iGaming market access, which is included in “Other long-term liabilities” within our unaudited Condensed Consolidated Balance Sheets, was $44.0 million and $43.6 million as of March 31, 2020 and December 31, 2019, respectively.
Gaming and Racing Taxes: We are subject to gaming and pari-mutuel taxes based on gross gaming revenue and pari-mutuel revenue in the jurisdictions in which we operate. The Company primarily recognizes gaming and pari-mutuel tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. For the three months ended March 31, 2020 and 2019, these expenses, which were recorded primarily in gaming expense within the unaudited Condensed Consolidated Statements of Operations, were $336.3 million and $386.5 million, respectively.
Correction of Cash Flow Classification: Subsequent to the issuance of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019, we concluded that the $261.1 million in proceeds from the Margaritaville Resort Casino (“Margaritaville”) sale-and-leaseback transaction was incorrectly classified as cash provided by financing activities rather than cash provided by investing activities within our unaudited Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2019. The accompanying unaudited Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2019 correctly reflects such amount as cash provided by investing activities.

Note 3—New Accounting Pronouncements
Accounting Pronouncements Implemented in 2020
In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments” (“ASU 2016-13”), which sets forth a “current expected credit loss” (referred to as “CECL”) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. We adopted ASU 2016-13 during the first quarter of 2020 using a modified retrospective approach, which resulted in a cumulative-effect adjustment to retained earnings as of January 1, 2020 of $0.6 million.
In August 2018, the FASB issued ASU No. 2018-15, “Customer’s Accounting for Implementation Cost Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”). Under the new guidance, customers will apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. This will result in certain implementation costs being capitalized; the associated amortization charge will, however, be recorded as an operating expense. Under the previous guidance, costs incurred when implementing a cloud computing arrangement deemed to be a service contract were recorded as an operating expense when incurred. We adopted ASU 2018-15 during the first quarter of 2020 using a prospective approach, which did not have a material impact on our unaudited Condensed Consolidated Financial Statements.
Accounting Pronouncements to be Implemented in 2021 and Beyond
In December 2019, the FASB issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which intends to simplify the guidance by removing certain exceptions to the general principles and clarifying or amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU 2019-12 on its consolidated financial statements.
In January 2020, the FASB issued ASU No. 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815” (“ASU 2020-01”), which made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Among other topics, ASU 2020-01 clarifies that an entity should consider observable transactions that requires it to either apply or discontinue the equity method of accounting. For public business entities, ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2020-01 on its consolidated financial statements.

10

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of the London Interbank Offered Rate (referred to as “LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. ASU 2020-04 also provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. ASU 2020-04 can be adopted no later than December 1, 2022 with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2020-04 on its consolidated financial statements.

Note 4—Revenue Disaggregation
We generate revenues at our owned, managed or operated properties principally by providing the following types of services: (i) gaming, including iCasino; (ii) food and beverage; (iii) hotel; and (iv) other. Other revenues are principally comprised of ancillary gaming-related activities, such as commissions received on ATM transactions, racing, and Penn Interactive’s social gaming. In addition, we assess our revenues based on geographic location of the related properties, which is consistent with our reportable segments (see Note 17, “Segment Information,” for further information). Our revenue disaggregation by type of revenue and geographic location was as follows:
 
For the three months ended March 31, 2020
(in millions)
Northeast
 
South
 
West
 
Midwest
 
Other
 
Intersegment Eliminations (1)
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Gaming
$
458.7

 
$
168.6

 
$
71.9

 
$
196.2

 
$
7.6

 
$
(0.1
)
 
$
902.9

Food and beverage
33.9

 
29.7

 
23.5

 
17.8

 
0.2

 
—

 
105.1

Hotel
8.8

 
17.8

 
25.8

 
8.2

 
—

 
—

 
60.6

Other
19.3

 
7.2

 
5.4

 
5.9

 
12.5

 
(2.8
)
 
47.5

Total revenues
$
520.7

 
$
223.3

 
$
126.6

 
$
228.1

 
$
20.3

 
$
(2.9
)
 
$
1,116.1

 
For the three months ended March 31, 2019
(in millions)
Northeast
 
South
 
West
 
Midwest
 
Other
 
Intersegment Eliminations (1)
 
Total
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Gaming
$
487.7

 
$
220.1

 
$