Penn National Gaming, Inc. (NASDAQ: PENN) (“Penn National” or
the “Company”) today announced that the Pennsylvania Gaming Control
Board (“PGCB”) has approved a live, real money test period for its
new Barstool Sportsbook mobile app in Pennsylvania from September
15-17, pending final iOS app approval.
Following the test period, Penn National intends to officially
launch the Barstool Sportsbook app in Pennsylvania on September 18,
subject to final regulatory approvals. The Company plans to
introduce the Barstool Sportsbook app in additional states in the
coming months.
“The Barstool Sportsbook app is the centerpiece of our Company’s
omni-channel strategy,” said Jay Snowden, President and CEO of Penn
National. “Since forming our exclusive sports betting and iGaming
partnership with Barstool Sports in January, our product, marketing
and operations teams have worked hand-in-hand with Barstool’s top
talent, including Dave Portnoy and Dan 'Big Cat' Katz, to create a
sports betting experience that we’re confident will appeal to
Barstool’s army of loyal followers, as well as our extensive
database of existing casino customers and sports betting fans at
large.”
“As the only gaming operator with a fully integrated sports
media and entertainment partner, our customers will have the
opportunity to engage with Dave, Big Cat and other Barstool fan
favorites on our app – including betting with them, or fading their
picks,” continued Mr. Snowden. “Our customers will also have an
opportunity to interact with Barstool personalities live at one of
our many casinos’ retail Barstool Sportsbooks in the coming
months.”
The “soft launch” test period from September 15-17 will be
available to a limited number of pre-registered participants, who
will be able to make real-money wagers and access all of the
features and functionality of the Barstool Sportsbook. The Company
will also work with regulators to test the system and make any
refinements prior to the full launch anticipated for September
18.
“I want to thank the PGCB and its staff for all their time and
effort in reviewing and approving our app for this soft launch,”
said Mr. Snowden. “I also want to thank all those who have been
working tirelessly at Penn Interactive and our great partners at
Barstool Sports for their many months of hard work and
collaboration, as well as our risk management and platform
providers, Kambi and White Hat Gaming. This is an important
milestone in our Company’s continued evolution to be the leading
omni-channel provider of retail and online gaming, live racing and
sports betting entertainment, and we couldn’t be more excited to
get underway,” concluded Mr. Snowden.
About Penn National Gaming
With the nation's largest and most diversified regional gaming
footprint, including 41 properties across 19 states, Penn National
continues to evolve into a highly innovative omni-channel provider
of retail and online gaming, live racing and sports betting
entertainment. The Company's properties feature approximately
50,000 gaming machines, 1,300 table games and 8,800 hotel rooms,
and operate under various well-known brands, including Hollywood,
Ameristar, and L'Auberge. Our wholly-owned interactive division,
Penn Interactive, operates retail sports betting across the
Company's portfolio, as well online social casino, bingo, and
iCasino products. In February 2020, Penn National entered into a
strategic partnership with Barstool Sports, whereby Barstool is
exclusively promoting the Company's land-based and online casinos
and sports betting products, including the Barstool Sportsbook
mobile app, to its national audience. The Company's omni-channel
approach is bolstered by the myChoice loyalty program, which
rewards and recognizes its over 20 million members for their
loyalty to both retail and online gaming and sports betting
products with the most dynamic set of offers, experiences, and
service levels in the industry.
About Barstool Sports
Founded in 2003 by David Portnoy, Barstool Sports is a leading
digital sports, entertainment and media platform that delivers
original content across blogs, podcasts, radio, video and social,
supported by nearly 70 dedicated personalities. It benefits from
its base of loyal monthly unique visitors, including an estimated
48% of males and 44% of females in the Millennial and Generation X
generations across the United States. In 2019, Barstool Sports grew
by approximately 65%, delivering nearly $100 million in revenue
from digital and audio advertising, ecommerce, events, licensing
and subscription.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements can be identified by the use of
forward-looking terminology such as “expects,” “believes,”
“estimates,” “projects,” “intends,” “plans,” “goal,” “seeks,”
“may,” “will,” “should,” or “anticipates” or the negative or other
variations of these or similar words, or by discussions of future
events, strategies or risks and uncertainties. Such statements are
all subject to risks, uncertainties and changes in circumstances
that could significantly affect the Company’s future financial
results and business. Accordingly, the Company cautions that the
forward-looking statements contained herein are qualified by
important factors that could cause actual results to differ
materially from those reflected by such statements. Such factors
include, but are not limited to, risks related to the following:
(a) the magnitude and duration of the impact of the COVID-19
pandemic on capital markets, general economic conditions,
unemployment, consumer spending and the Company’s liquidity,
financial condition, supply chain, operations and personnel; (b)
the launch of the Barstool Sportsbook app is subject to regulatory
approvals and iOS app approval, which may be delayed; (c) the
impact of significant competition from other companies for online
sports betting; (d) the Company’s ability to achieve the expected
financial returns related to its Barstool Sportsbook app; (e) the
risk of failing to maintain the integrity of the Company’s
information technology infrastructure and safeguard its business,
employee and customer data in connection with the Company’s online
sports betting; (f) the Company’s and its business partners’
ability to obtain various regulatory approvals required to own,
develop and/or operate the Barstool Sportsbook app may be delayed
or may not occur; and (g) other factors included in “Risk Factors”
of the Company’s Annual Report on Form 10-K for the year ended
December 31, 2019, the Company’s Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2020 and June 30, 2020, subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,
each as filed with the U.S. Securities and Exchange Commission. The
Company does not intend to update publicly any forward-looking
statements except as required by law. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this press release may not occur.
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version on businesswire.com: https://www.businesswire.com/news/home/20200908005653/en/
General Media Inquiries: Eric Schippers Sr. Vice President,
Public Affairs 610-373-2400
Investor Relations: Joseph N. Jaffoni, Richard Land JCIR
212-835-8500 or penn@jcir.com
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