Company Quick10K Filing
Penn National Gaming
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
8-K 2020-05-19 Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2020-05-11 Enter Agreement, Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2020-05-07 Earnings, Exhibits
8-K 2020-04-14 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-03-27 Enter Agreement, Officers, Other Events, Exhibits
8-K 2020-03-16 Other Events, Exhibits
8-K 2020-03-13 Off-BS Arrangement, Other Events, Exhibits
8-K 2020-02-27 Officers, Exhibits
8-K 2020-02-19 Sale of Shares, Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2020-02-06 Earnings, Exhibits
8-K 2020-01-28 Enter Agreement, Sale of Shares, Other Events, Exhibits
8-K 2020-01-22 Officers, Exhibits
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-09-24 Officers, Other Events, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-07-30 Officers, Exhibits
8-K 2019-06-12 Shareholder Vote
8-K 2019-05-28 Officers, Amend Bylaw, Exhibits
8-K 2019-05-23 M&A, Regulation FD, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-02-14 Officers, Exhibits
8-K 2019-02-07 Earnings, Exhibits
8-K 2019-01-29 Officers, Exhibits
8-K 2019-01-09 Other Events, Exhibits
8-K 2019-01-02 M&A, Regulation FD, Exhibits
8-K 2018-12-10 Officers, Exhibits
8-K 2018-11-13 Enter Agreement, Regulation FD, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-10-15 Enter Agreement, M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-08-28 Officers, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-06-18 Enter Agreement, Regulation FD, Exhibits
8-K 2018-06-13 Officers, Shareholder Vote, Exhibits
8-K 2018-05-25 Other Events, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-03-29 Shareholder Vote, Other Events, Exhibits
8-K 2018-03-21 Other Events, Exhibits
8-K 2018-03-21 Officers
8-K 2018-03-19 Other Events, Exhibits
8-K 2018-03-12 Other Events
8-K 2018-02-28 Other Events, Exhibits
8-K 2018-02-27 Earnings, Other Events
8-K 2018-02-23 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-08 Earnings, Exhibits

Penn National Gaming Financials

PENN Metrics, Comps, Filings

Quarterly | Annual

Business

In October 2018, the Company completed the acquisition of Pinnacle Entertainment, Inc. ("Pinnacle"), a leading regional gaming operator (the "Pinnacle Acquisition"). In conjunction with the Pinnacle Acquisition, the Company divested the membership interests of certain Pinnacle subsidiaries which operated the casinos known as Ameristar Casino Resort St. Charles, Ameristar Casino Hotel Kansas City, Belterra Casino Resort and Belterra Park (referred to collectively as the "Divested Properties"), to Boyd Gaming Corporation ("Boyd"). Additionally, as a part of the transaction, (i) GLPI acquired the real estate associated with Plainridge Park Casino, and concurrently leased back the real estate assets to the Company (the "Plainridge Park Casino Sale-Leaseback") and (ii) a subsidiary of Boyd acquired the real estate assets associated with Belterra Park from a subsidiary of GLPI. In connection with the sale of the Divested Properties to Boyd as well as the Plainridge Park Casino Sale-Leaseback, the Pinnacle Master Lease, which was assumed by the Company concurrent with the closing of the Pinnacle Acquisition, was amended. The Pinnacle Acquisition added twelve gaming properties to our holdings and provides us with greater operational scale and geographic diversity.

In November 2018, we announced that the Company entered into a definitive agreement to acquire the operations of Greektown Casino-Hotel in Detroit, Michigan, subject to a triple net lease with VICI Properties, Inc. ("VICI"), a publicly-traded REIT, which we expect to close in the second quarter 2019. In January 2019, we acquired Margaritaville Casino Resort subject to a triple net lease with VICI (the "Margaritaville Lease"). Further, we have planned two development projects in Pennsylvania: Hollywood Casino York and Hollywood Casino Morgantown (a greenfield project), which are both Category 4 satellite gaming facilities. We anticipate that both of these development projects will be complete within 12-18 months after obtaining the necessary local and regulatory approvals.

In May 2017, we completed the acquisitions of 1st Jackpot Casino Tunica (f/k/a Bally's Casino Tunica) and Resorts Casino Tunica. In June 2015, we opened Plainridge Park Casino, an integrated racing and slots-only gaming facility in Plainville, Massachusetts, and in August 2015, we completed the acquisition of our first Las Vegas strip asset, Tropicana Las Vegas. In September 2015, we acquired Illinois Gaming Investors LLC (d/b/a Prairie State Gaming) ("Prairie State Gaming"), one of the largest VGT route operators in Illinois, which has since acquired four small VGT route-operators based in Illinois. In 2015, PIV launched our HollywoodCasino.com Play4Fun social gaming platform with Scientific Games Corporation, and in August 2016, we enhanced our social gaming offerings with the acquisition of Rocket Speed, Inc. ("Rocket Speed"), a leading developer of social casino games.


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Equity

Income Statement ($BB Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($BB Quarterly)

Ops, Inv, Fin

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Sunstone Hotel Investors (SHO) 3,092 0% 9.9 4% 3,899 1,186 1,123 0 175 331 3,285
Eldorado Resorts (ERI) 3,030 0% 5.2 2% 6,081 4,954 2,608 0 94 546 2,811
Hilton Grand Vacations (HGV) 2,966 0% 9.2 9% 3,038 2,544 2,012 0 264 389 3,577
Boyd Gaming (BYD) 2,773 0% 10.9 2% 6,678 5,430 3,285 0 156 582 6,362
Extended Stay America (STAY) 2,719 0% 10.8 4% 4,155 2,911 1,224 0 181 453 4,887
Belmond (BEL) 2,563 0% 35.6 -0% 1,676 1,036 454 0 -4 90 3,205
Xenia Hotels & Resorts (XHR) 2,407 25% 10.9 5% 3,159 1,373 1,143 287 144 310 3,361
Penn National Gaming (PENN) 2,252 0% 5.0 1% 14,318 12,379 5,115 0 94 866 4,318
Red Rock Resorts (RRR) 1,469 0% 14.7 0% 4,127 3,345 1,827 0 16 300 4,409
Platinum Eagle Acquisition (EAGL) 1,058 47% 19.7 1% 608 467 245 115 6 74 1,465
Playa Hotels & Resorts (PLYA) 1,027 0% 17.3 -0% 2,144 1,320 644 0 -1 115 1,987
Monarch Casino & Resort (MCRI) 774 17% 14.9 6% 565 232 247 41 33 50 745
Century Casinos (CNTY) 259 0% 15.1 1% 340 153 197 0 4 19 285
Civeo (CVEO) 229 6% 10.4 -4% 1,011 505 493 32 -41 59 614
Red Lion Hotels (RLH) 161 0% 37.8 -4% 288 122 88 0 -10 5 195
Dover Downs (DDE) 83 0% 11.0 -0% 161 46 180 0 -0 7 72
Peak Resorts (SKIS) 71 0% 7.3 0% 389 293 187 0 1 37 270
Full House Resorts (FLL) 58 0% 13.1 -1% 208 149 126 0 -2 10 134
Town Sports International (CLUB) 47 0% 8.7 -2% 814 900 351 0 -15 24 208
Target Hospitality (TH)

Balance Sheet ($MM)2010-06-302010-09-302010-12-312011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash398355246234322208238217204217260248235268293288251231209238233223237214221202230259224265278218200245481414389424
Accounts Receivable4644444252425556545754575242535370424241454145474743624949546357555010711410692
Inventory
PP&E1,9081,9461,9661,9753,2033,2883,3723,4773,6013,7294,0154,0644,1044,1201,4111,4991,5401,6951,7441,8111,8683,0292,9802,9352,8952,8452,8202,7742,8282,7862,7572,7112,6812,6506,8695,2285,2165,155
Assets4,4744,4904,4634,4357,1884,4844,6064,6504,7834,9685,6445,5665,4335,3972,1842,2532,2542,4632,2362,2812,3255,1425,1395,1295,1435,2524,9744,9474,9845,5695,2355,1665,0925,08410,96113,49814,20914,318
Accounts Payable2420171419234029305838372528232561424367736873686961352929242619242231312840
Long-Term Debt2,0982,0981,8131,3892,0951,9221,9991,9862,0592,1292,7322,6152,4782,3001,0521,0641,0571,2301,2431,2811,2641,7121,7351,7171,6881,5891,3301,3881,3031,2821,2151,1641,0411,0142,4532,4132,5902,491
Liabilities2,5762,5812,6852,5873,4582,4932,6352,5852,6402,7693,3933,2473,1043,0051,4261,4751,4661,6651,6821,7061,7265,8185,8175,7785,7505,8065,5185,4885,5025,3095,3085,1995,0645,01310,23011,63612,31812,379
Stockholders' Equity1,9011,9091,7782,0642,1432,1992,2512,3192,3302,392758778788798554575599-676-678-649-607-554-543-541-518260-73-3428707311,8621,8921,940
Income Statement ($MM)2010-06-302010-09-302010-12-312011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Revenue5986386306676887116767367387077447988537146456416526466516647017397347567697667437768078067698168277901,1551,2831,3231,354
Cost of Revenue
Gross Profit
R&D
SG&A107102108103102109109116115138163136129131131108108117114116119108117110114122126142107152121133125287287310
Tax133422385042204710071143393011798-62911354811-92218-759252161517151920
Net Income948-153527671447967462065741-889548-25011175-92434475517789-338455436-42415244
Cash Flow ($MM)2010-06-302010-09-302010-12-312011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-312013-03-312013-06-302013-09-302013-12-312014-03-312014-06-302014-09-302014-12-312015-03-312015-06-302015-09-302015-12-312016-03-312016-06-302016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash Operating14612310297129123108107169134158137132498831566110131937111812293671411226714094126190204
Cash Investing-140-321-80-65-116-132-193-165-698-36-46-38-296-44-126-122-83-65-98-521-71-73-134198-23-26-29-62-17-5-408-86-47
Cash Financing-4989-35-3517-117272571-111-124-6630816-9194629-1738018-23-39-8-264-14-75-80-64-141-45215-128-121