Following second-quarter losses announced by Churchill Downs Inc. last week, Penn National Gaming Inc. reported steep declines in its casino and racing business over the same period in results issued Aug. 6.
The company announced a net loss of $214.4 million in the second quarter of 2020, compared to $51.4 million net income over the same three-month period in 2019. Revenues declined from more than $1.3 billion over the same time frame in 2019 to $305.5 million this year while many of its properties were closed or only partially open amid restrictions related to COVID-19.
Penn National Gaming owns or operates dozens of casinos and racetracks such as Hollywood Casino at Charles Town Races, Hollywood Gaming at Mahoning Valley Racecourse, Penn National Race Course, Retama Park, Sam Houston Race Park, and Zia Park. Its principal focus is gaming via bricks-and-mortar casinos, online gambling, and sports wagering.
In a news release that accompanied its second-quarter results, Penn National Gaming president and CEO Jay Snowden said some of Penn National Gaming's employees remained furloughed, given ongoing COVID-19 restrictions.
Zia Park remains closed, though it does not race in the summer. The New Mexico track's customary race dates are in the fall and early winter.
Snowden told financial analysts on a Thursday conference call that the company's metrics since casinos have reopened have been promising.
"Although visitation has yet to return to pre-(COVID-19) levels, in large part due to state-mandated capacity restrictions and limited amenities, spend per visit has been notably strong, up 45%, resulting in better-than-expected revenues," he said.
