Launch to Include Fundraiser for the Barstool Fund to Support
Michigan Small Businesses Impacted by the COVID-19 Pandemic
Penn National Gaming, Inc. (Nasdaq: PENN) (“Penn National” or
the “Company”) announced today that the Michigan Gaming Control
Board (“MGCB”) has approved the Company’s applications to offer
online sports wagering and iCasino products in Michigan. Penn
National intends to officially launch its Barstool Sportsbook
mobile app on iOS and android, as well as desktop at 12:00pm EST on
Friday, January 22, 2021 and its iCasino products will follow
shortly thereafter, subject to final regulatory approvals. This
follows the opening of the Company’s retail Barstool Sportsbook at
Greektown Casino Hotel (“Greektown”) in downtown Detroit on
December 23, 2020.
“This is an exciting time to be launching our online Barstool
Sportsbook in Michigan,” said Jay Snowden, President and CEO of
Penn National. “We have been incredibly pleased with the success of
the mobile app since launching in Pennsylvania in September. Our
customers have thoroughly enjoyed engaging with Dave Portnoy, Dan
‘Big Cat’ Katz and other Barstool fan favorites, and we expect more
of the same in Michigan. As the only gaming operator with a fully
integrated sports media and entertainment partner, Penn can provide
our customers the opportunity to interact with Barstool
personalities online and also in-person at our new Barstool
Sportsbook at Greektown.”
During the opening weekend of the Barstool Sportsbook, Penn
National will be partnering with Barstool Sports on a fundraiser to
support Michigan small businesses impacted by COVID-19. From the
hours of 12:00pm on Friday, January 22 to 11:59pm on Sunday,
January 24, Michigan residents will have their first-time deposit
on the Barstool Sportsbook mobile app matched with a donation to
The Barstool Fund provided they wager equal or more than their
first-time deposit during the weekend. The Barstool Fund was
started by Mr. Portnoy in December to raise money to sustain small
businesses around the country that have been hard hit by the
ongoing pandemic. In addition, visitors to the retail Barstool
Sportsbook at Greektown will have their first-time rated wager
matched by Greektown Casino with a donation to Fund.
“We’re proud to be able to support those small businesses
impacted by COVID-19 as part of our opening plans,” said Mr.
Snowden. “I also want to thank the MGCB and its staff for their
time and effort in reviewing and approving our applications. In
addition, I want to thank our team at Penn Interactive, our great
partners at Barstool Sports, and our risk management and platform
providers, Kambi and White Hat Gaming, for their many months of
hard work and collaboration. We’re off to a fast start in 2021 and
look forward to continuing our Company’s evolution into the leading
omni-channel provider of retail and online gaming, live racing and
sports betting entertainment,” 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, 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, June 30, 2020 and September 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210119005952/en/
Eric Schippers Senior Vice President, Public Affairs Penn
National Gaming 610/373-2400
Joseph N. Jaffoni, Richard Land JCIR 212/835-8500 or
penn@jcir.com
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