Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or
the “Company”) announced today that it has entered into a 20-year
strategic partnership with Capital Region Gaming, LLC d/b/a Rivers
Casino & Resort that will provide Penn Interactive, a wholly
owned subsidiary of Penn National, with “second skin” access to the
New York mobile sports betting and iCasino market, subject to
legislation being enacted and regulatory approvals.
“Gaining potential access to what could become one of the
nation’s most lucrative sports betting markets has been a major
priority for our Company,” said Jon Kaplowitz, Penn National’s Sr.
Vice President of Interactive Gaming. “We are hopeful that the New
York State Assembly will follow those leading revenue producing
states that allow for multiple skins for mobile sports betting. A
state the size of New York certainly warrants open competition and
a free market approach,” said Mr. Kaplowitz.
Penn Interactive currently offers online wagering on sports in
two states – Pennsylvania and Michigan -- and anticipates operating
its Barstool Sports mobile sportsbook app in at least 10 states by
the end of 2021. In addition, Penn Interactive launched its
Barstool-branded iCasino in Michigan on February 1.
“We’re very encouraged by the initial results we’ve seen in
Michigan, as we registered over 48,000 new customers and generated
total handle of $27.5 million during the first 10 days of
operation,” said Mr. Kaplowitz. “We remain very confident in our
ability to win sizable share in new markets based on the power of
the Barstool brand and media assets, which allows us to begin to
leverage the meaningful cross-sell opportunities from the Barstool
Sportsbook, iCasino and our mychoice loyalty program
audiences. We hope to bring our unique and exciting brand of sports
entertainment and iCasino to the Empire State,” concluded Mr.
Kaplowitz.
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 as online social casino, bingo, and
iCasino products. In February 2020, Penn National entered into a
strategic partnership with Barstool Sports, whereby Barstool will
exclusively promote 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 offerings, experiences, and service levels in the
industry.
About Rivers Casino & Resort Schenectady
Located at the picturesque Mohawk Harbor near the heart of
downtown Schenectady, Rivers Casino & Resort Schenectady
features 1,150 slots, 67 live table games and a 16-table poker room
and a live, in-casino luxury sportsbook lounge. The casino offers
five distinctive restaurants—among them are Dukes Chophouse, Flipt,
Johnny’s To-Go and Mian. Rivers features a multipurpose Event
Center space, a lively entertainment lounge—Van Slyck’s, live music
performances, free parking and daily promotions and giveaways. The
Landing Hotel is a 165-room, six-story boutique hotel with
riverfront views located adjacent to the Event Center. Rivers,
which opened in 2017, employs approximately 1,200 team members and
has been voted a great place to work in Schenectady. Rivers Casino
& Resort Schenectady is owned and operated by Rush Street
Gaming and its affiliates. For more information, visit
RiversCasino.com/Schenectady
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,” “goals,” “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. Specifically,
forward looking statements include, statements regarding the
Company’s expectations of future results of operation and financial
condition; the Company’s ability to obtain a second skin in New
York, which is subject to legislative and regulatory approvals; the
Company’s expectations regarding its ability to obtain increased
market share based on the Barstool brand and media assets; the
Company’s ability to launch Barstool-branded mobile sports betting
app in future states in 2021 and its future revenue and profit
contributions; the actions of regulatory, legislative, executive or
judicial decisions at the federal, state or local level with regard
to online sports betting, iGaming and retail/mobile sportsbooks and
the impact of any such actions; and our expectations regarding
economic and consumer conditions. 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: (a) the magnitude and duration of the impact of the
COVID-19 pandemic on general economic conditions, capital markets,
unemployment, consumer spending and the Company’s liquidity,
financial condition, supply chain, operations and personnel; (b)
industry, market, economic, political, regulatory and health
conditions; (c) disruptions in operations from data protection
breaches, cyberattacks, extreme weather conditions, medical
epidemics or pandemics such as the COVID-19 (and reoccurrences),
and other natural or man-made disasters or catastrophic events; (d)
the impact of significant competition from other companies for
online sports betting, iGaming and sportsbooks; (e) the Company’s
ability to obtain timely regulatory approvals (including in New
York) required to own, develop and/or operate sportsbooks may be
delayed and there may be impediments and increased costs to
launching the online betting, iGaming and sportsbooks, including
delays, and increased costs, intellectual property and legal and
regulatory challenges; and (f) other factors as discussed in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2019, 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/20210222005482/en/
Eric Schippers SVP, Public Affairs 610-373-2400 Joseph N.
Jaffoni, Richard Land JCIR 212-835-8500 or penn@jcir.com
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