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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 September 30, 2021
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)
Pennsylvania23-2234473
(State or other jurisdiction of incorporation or organization)(I.R.S. employer identification no.)
825 Berkshire Blvd., Suite 200Wyomissing,Pennsylvania19610
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per sharePENNThe 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 October 29, 2021, the number of shares of the registrant’s common stock outstanding was 169,514,408.


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

PART I.    FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in millions, except share and per share data)September 30,
2021		December 31,
2020
Assets  
Current assets  
Cash and cash equivalents$2,729.3 $1,853.8 
Accounts receivable, net154.1 96.4 
Prepaid expenses112.0 103.5 
Other current assets43.7 31.3 
Total current assets3,039.1 2,085.0 
Property and equipment, net4,570.1 4,529.3 
Investment in and advances to unconsolidated affiliates252.0 266.8 
Goodwill1,175.1 1,157.1 
Other intangible assets, net1,550.5 1,513.5 
Lease right-of-use assets4,827.8 4,817.7 
Other assets334.1 297.9 
Total assets$15,748.7 $14,667.3 
Liabilities  
Current liabilities  
Accounts payable$36.7 $33.2 
Current maturities of long-term debt95.1 81.4 
Current portion of financing obligations38.2 36.0 
Current portion of lease liabilities143.0 134.3 
Accrued expenses and other current liabilities764.7 575.1 
Total current liabilities1,077.7 860.0 
Long-term debt, net of current maturities, debt discount and debt issuance costs2,654.4 2,231.2 
Long-term portion of financing obligations4,067.8 4,096.4 
Long-term portion of lease liabilities4,599.9 4,578.2 
Deferred income taxes145.7 126.3 
Other long-term liabilities131.8 119.4 
Total liabilities12,677.3 12,011.5 
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, 969 and 883 shares issued, and 775 and 883 shares outstanding)
25.8 23.1 
Common stock ($0.01 par value, 400,000,000 and 200,000,000 shares authorized, 159,202,151 and 157,868,227 shares issued, and 157,045,294 and 155,700,834 shares outstanding)
1.6 1.6 
Treasury stock, at cost, (2,167,393 shares held in both periods)
(28.4)(28.4)
Additional paid-in capital3,204.4 3,167.2 
Retained earnings (accumulated deficit)(131.5)(507.3)
Total Penn National stockholders’ equity3,071.9 2,656.2 
Non-controlling interest(0.5)(0.4)
Total stockholders’ equity3,071.4 2,655.8 
Total liabilities and stockholders’ equity$15,748.7 $14,667.3 
See accompanying notes to the Consolidated Financial Statements.
1
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 For the three months ended September 30,For the nine months ended September 30,
(in millions, except per share data)2021202020212020
Revenues  
Gaming$1,256.2 $993.6 $3,643.7 $2,155.7 
Food, beverage, hotel and other255.6 136.1 688.8 395.6 
Total revenues1,511.8 1,129.7 4,332.5 2,551.3 
Operating expenses    
Gaming652.4 458.1 1,801.1 1,101.0 
Food, beverage, hotel and other160.1 70.1 431.8 260.0 
General and administrative376.5 317.6 1,019.2 828.7 
Depreciation and amortization83.7 87.7 246.9 275.3 
Impairment losses— — — 616.1 
Total operating expenses1,272.7 933.5 3,499.0 3,081.1 
Operating income (loss)239.1 196.2 833.5 (529.8)
Other income (expenses)
Interest expense, net(144.9)(142.3)(418.6)(407.1)
Income from unconsolidated affiliates9.1 5.0 27.8 7.4 
Other19.2 68.0 43.1 75.5 
Total other expenses(116.6)(69.3)(347.7)(324.2)
Income (loss) before income taxes122.5 126.9 485.8 (854.0)
Income tax benefit (expense)(36.4)14.3 (110.1)172.2 
Net income (loss)86.1 141.2 375.7 (681.8)
Less: Net loss attributable to non-controlling interest— 0.7 0.1 1.2 
Net income (loss) attributable to Penn National$86.1 $141.9 $375.8 $(680.6)
Comprehensive income (loss)$86.1 $141.2 $375.7 $(681.8)
Less: Comprehensive loss attributable to non-controlling interest— 0.7 0.1 1.2 
Comprehensive income (loss) attributable to Penn National$86.1 $141.9 $375.8 $(680.6)
Earnings (loss) per share:    
Basic earnings (loss) per share$0.55 $1.02 $2.40 $(5.36)
Diluted earnings (loss) per share$0.52 $0.93 $2.24 $(5.36)
Weighted-average common shares outstanding—basic156.1 138.2 155.9 126.9 
Weighted-average common shares outstanding—diluted172.7 155.5 172.7 126.9 
See accompanying notes to the Consolidated Financial Statements.

2
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)

Three Months Ended September 30, 2021 and 2020
Preferred StockCommon StockTreasury
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)SharesAmountSharesAmount
Balance as of July 1, 2021775 $24.2 156,786,873 $1.6 $(28.4)$3,178.5 $(217.6)$2,958.3 $(0.5)$2,957.8 
Share-based compensation arrangements— — 17,318 — — 8.5 — 8.5 — 8.5 
Share issuance (Note 13)43 3.0 198,103 — — 15.8 — 18.8 — 18.8 
Conversion of Preferred Stock (Note 13)(43)(1.4)43,000 — — 1.4 — — — — 
Net income— — — — — — 86.1 86.1 — 86.1 
Other— — — — — 0.2 — 0.2 — 0.2 
Balance as of September 30, 2021775 $25.8 157,045,294 $1.6 $(28.4)$3,204.4 $(131.5)$3,071.9 $(0.5)$3,071.4 
Balance as of July 1, 2020883 $23.1 137,435,090 $1.4 $(28.4)$2,170.4 $(660.3)$1,506.2 $(1.3)$1,504.9 
Share-based compensation arrangements— — 1,718,828 — — 28.3 — 28.3 — 28.3 
Common Stock Offering (Note 13)— — 16,100,000 0.2 — 957.4 — 957.6 — 957.6 
Net income (loss)— — — — — — 141.9 141.9 (0.7)141.2 
Other— — — — — (0.3)— (0.3)— (0.3)
Balance as of September 30, 2020883 $23.1 155,253,918 $1.6 $(28.4)$3,155.8 $(518.4)$2,633.7 $(2.0)$2,631.7 





























3
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
CONTINUED

Nine Months Ended September 30, 2021 and 2020
Preferred StockCommon StockTreasury
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)SharesAmountSharesAmount
Balance as of January 1, 2021883 $23.1 155,700,834 $1.6 $(28.4)$3,167.2 $(507.3)$2,656.2 $(0.4)$2,655.8 
Share-based compensation arrangements— — 908,473 — — 21.9 — 21.9 — 21.9 
Share issuance (Note 13)86 8.1 241,787 — — 19.3 — 27.4 — 27.4 
Preferred Stock Conversion (Note 13)(194)(5.4)194,200 — — 5.4 — — — — 
Net income (loss)— — — — — — 375.8 375.8 (0.1)375.7 
Other— — — — — (9.4)— (9.4)— (9.4)
Balance as of September 30, 2021775 $25.8 157,045,294 $1.6 $(28.4)$3,204.4 $(131.5)$3,071.9 $(0.5)$3,071.4 
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— — 4,028,992 — — 61.0 — 61.0 — 61.0 
Common stock offering (Note 13)— — 35,266,667 0.4 — 1,288.4 — 1,288.8 — 1,288.8 
Convertible debt offering (Note 8)— — — — — 88.2 — 88.2 — 88.2 
Barstool Sports investment (Note 10)883 23.1 — — — — — 23.1 — 23.1 
Cumulative-effect adjustment upon adoption of ASU 2016-13— — — — — — 0.6 0.6 — 0.6 
Net loss— — — — — — (680.6)(680.6)(1.2)(681.8)
Other— — — — — (0.1)— (0.1)— (0.1)
Balance as of September 30, 2020883 $23.1 155,253,918 $1.6 $(28.4)$3,155.8 $(518.4)$2,633.7 $(2.0)$2,631.7 
See accompanying notes to the Consolidated Financial Statements.
4
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 For the nine months ended September 30,
(in millions)20212020
Operating activities  
Net income (loss)$375.7 $(681.8)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization246.9 275.3 
Amortization of debt discount and debt issuance costs16.9 11.0 
Noncash interest expense12.1 — 
Noncash operating lease expense117.1 84.0 
Change in fair value of contingent purchase price1.9 (1.4)
Gain on acquisition of Sam Houston(29.9)— 
Holding gain on equity securities (8.7)(75.6)
Change in fair value in puts/calls associated with our Barstool Sports investment(0.6)— 
Loss (gain) on sale or disposal of property and equipment0.1 (33.9)
Noncash rent and interest expense related to the utilization of rent credits— 232.3 
Income from unconsolidated affiliates(27.8)(7.4)
Return on investment from unconsolidated affiliates23.9 17.3 
Deferred income taxes19.4 (124.0)
Stock-based compensation21.9 11.7 
Impairment losses— 616.1 
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable(57.3)(27.5)
Prepaid expenses and other current assets(21.8)14.4 
Other assets(2.1)(3.4)
Accounts payable(1.2)22.3 
Accrued expenses131.6 3.6 
Income taxes11.1 (43.9)
Operating lease liabilities(97.6)(69.8)
Other current and long-term liabilities47.4 1.5 
Net cash provided by operating activities779.0 220.8 
Investing activities
Capital expenditures(137.8)(97.6)
Consideration paid for Barstool Sports investment— (135.0)
Consideration paid for acquisitions of businesses, net of cash acquired(34.4)(3.0)
Consideration paid for remaining interest of Sam Houston(42.0)— 
Acquisition of equity securities(26.0)— 
Consideration paid for gaming licenses and other intangible assets(20.6)— 
5
 For the nine months ended September 30,
(in millions)20212020
Other(8.7)(0.3)
Net cash used in investing activities(269.5)(235.9)
Financing activities
Proceeds from revolving credit facility— 540.0 
Repayments of revolving credit facility— (680.0)
Proceeds from issuance of long-term debt, net of discounts400.0 322.2 
Principal payments on long-term debt(48.3)(35.0)
Debt and equity issuance costs(7.5)(6.9)
Proceeds from other long-term obligations72.5 — 
Payments of other long-term obligations(8.6)(8.4)
Principal payments on financing obligations(26.8)(20.9)
Principal payments on finance leases(6.1)(2.7)
Proceeds from common stock offerings, net of discounts and fees— 1,288.8 
Proceeds from exercise of options8.8 55.5 
Proceeds from insurance financing26.6 19.5 
Payments on insurance financing(25.6)(19.6)
Other(9.8)(7.0)
Net cash provided by financing activities375.2 1,445.5 
Change in cash, cash equivalents, and restricted cash884.7 1,430.4 
Cash, cash equivalents and restricted cash at the beginning of the year1,870.4 455.2 
Cash, cash equivalents and restricted cash at the end of the period$2,755.1 $1,885.6 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$2,729.3 $1,873.1 
Restricted cash included in Other current assets24.6 9.9 
Restricted cash included in Other assets1.2 2.6 
Total cash, cash equivalents and restricted cash$2,755.1 $1,885.6 
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized$418.9 $256.6 
Cash payments (refunds) related to income taxes, net$75.6 $(6.0)
Non-cash investing and financing activities:
Rent credits received upon sale of Tropicana land and buildings$— $307.5 
Commencement of operating leases$31.6 $67.4 
Commencement of finance leases$102.9 $— 
Accrued capital expenditures$25.0 $(13.1)
See accompanying notes to the Consolidated Financial Statements.

6

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
NOTES TO 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 omni-channel provider of gaming and racing properties, online gaming, retail and online sports betting operations, and video gaming terminal (“VGT”) operations. Our wholly-owned interactive division, Penn Interactive Ventures, LLC (“Penn Interactive”), operates retail sports betting across the Company’s portfolio, as well as online sports betting, online social casino, and online casinos (“iGaming”). The Company holds a 36% (inclusive of 1% on a delayed basis) equity interest in Barstool Sports, Inc. (“Barstool Sports”), a leading digital sports, entertainment, lifestyle and media company, and entered into a strategic relationship with Barstool Sports, whereby Barstool Sports is exclusively promoting the Company's land-based and online casinos and sports betting products, including the Barstool Sportsbook and Casino mobile app, to its national audience. We launched the Barstool Sportsbook and Casino app in six additional states, bringing our total to ten live states, three of which offer online casino play. Our mychoice® customer loyalty program (the “mychoice program”) currently has over 24 million members, and rewards and recognizes such members for their loyalty to both retail and online gaming and sports betting products with dynamic offers, experiences, and service levels. The Company’s strategy continues to evolve from an owner and manager of gaming and racing properties into an omni-channel provider of retail and online gaming, sports betting entertainment, and sports content.

As of September 30, 2021, we owned, managed, or had ownership interests in 43 gaming and racing properties in