These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value companies within the industry in which the Company operates. 13 analysts offering their estimates for the company have set an average revenue estimate of $1Billion for the current quarter. If we look at the company’s 10-day average daily trading volume, we find that it stood at 14.7 Million shares traded. As such, significant fluctuations in the price of the Company’s common stock during any reporting period could cause significant variances to budget on cash-settled stock-based awards. A reconciliation of Adjusted EBITDAR and Adjusted EBITDA to net income (loss) is set forth below. Shares of Deutsche Bank Aktiengesellschaft (NYSE:DB) lost -11.25% in a month. Shares of First Horizon National Corporation (NYSE:FHN) gained 1.76% in a month. (2) The Company’s cash-settled stock-based awards are adjusted to fair value each reporting period based primarily on the price of the Company’s common stock. Figures show that Penn National Gaming, Inc. shares have underperformed across the wider relevant industry. “This successful offering provides our Company with additional resources to accelerate our unique omni-channel strategy, including launching the Barstool Sportsbook app in new markets, developing new products and features, establishing Barstool-branded sports bars and retail sportsbooks and reimagining the customer experience at our casinos, all while fortifying our balance sheet,” said Jay Snowden, President and Chief Executive Officer of Penn National. 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 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20200929006066/en/, General Media Inquiries: During the year ended December 31, 2018, the price of the Company’s common stock decreased, which resulted in a favorable variance to budget. Other than that, the company has, however, lowered its growth outlook for the 2020 fiscal year revenue. The Company presents Adjusted EBITDA because it is used by some investors and creditors as an indicator of the strength and performance of ongoing business operations, including the Company’s ability to service debt, and to fund capital expenditures, acquisitions and operations. Chief Executive Officer The projected low price target is $22 while the price target rests at a high of $85. President and Chief Executive Officer Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) today announced that it has closed on its underwritten public offering of 16,100,000 shares of its common stock, $0.01 par value per share (the “Offering”).
We also offer live sports betting at our properties in Colorado, Indiana, Iowa, Michigan, Mississippi, Pennsylvania and West Virginia.
Each of these non-GAAP financial measures is not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure of comparing performance among different companies. Penn National Gaming Inc. Jane Scaccetti The PENN stock price is -9.33% off its 52-week high price of $76.62 and 94.65% above the 52-week low of $3.75. Adjusted EBITDA is inclusive of income or loss from unconsolidated affiliates, with the Company’s share of non-operating items (such as interest expense, net; income taxes; depreciation and amortization; and stock-based compensation expense) added back for Barstool Sports and the Company’s Kansas Entertainment joint venture. The Non-GAAP Financial Measures used in this press release include Adjusted EBITDA and Adjusted EBITDAR. About Penn National GamingWith 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. To download a copy of the investor presentation, please visit the Presentations section of the Company’s investor relations website at https://pennnationalgaming.gcs-web.com/events-and-presentations/presentations. Chairman, Chief Executive Officer and President of Gaming and Leisure Properties, Inc. John M. Jacquemin “On September 18, we officially introduced the Barstool Sportsbook app in the state of Pennsylvania, which broke records for the most downloads ever for the launch of a new mobile sportsbook, and it generated impressive handle. This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Our corporate mission is to maintain and build upon Penn National Gaming’s position as a respected leader in the gaming and racing industries, a valued partner in our communities, and a role model for ethical business standards. Also the top two Mutual Funds that are holding company’s shares are Baron Growth Fund and Fidelity Blue Chip Growth Fund.
(2) Our cash-settled stock-based awards are adjusted to fair value each reporting period based primarily on the price of the Company’s common stock. The other major institutional holder is Blackrock Inc., with the holding of over 15.58 Million shares as of June 29, 2020. Horton, Inc. (DHI): What is good about stock? University of Notre Dame. Corvus Pharmaceuticals, Inc. (CRVS) has great growth outlook for 2020, Large Cap Stock Kinder Morgan, Inc. (KMI) is a Overweight – Analysts. Copies of the preliminary and final prospectus supplement and accompanying base prospectus relating to the Offering may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Prospectus Department, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com, from BofA Securities, NC1-004-03-43 200 North College Street, 3rd floor Charlotte, NC 28255-0001 Attn: Prospectus Department or by email at dg.prospectus_requests@bofa.com or from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204.
Penn National Gaming owns, operates or has ownership interests in 41 gaming and racing properties in 19 states and video gaming terminal operations with a focus on slot machine entertainment. 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. Use of this web site constitutes acceptance of our terms of service. In addition, we are extremely pleased with the operating performance of our properties this quarter, despite continued occupancy restrictions. (1) These items are included in “General and administrative” within the Company’s Consolidated Statements of Income. Investors are also buoyed by the number of investors in a company, with Penn National Gaming, Inc. having a total of 368 institutions that hold shares in the company. Penn National Gaming, Inc. (NASDAQ:PENN) has a beta value of 2.58 and has seen 8,855,966 shares traded in the last trading session.
The preliminary and final prospectus supplements and accompanying base prospectus relating to the Offering were filed with the SEC and are available on the SEC’s website at www.sec.gov. In addition, the Company operates an interactive gaming division through its subsidiary, Penn Interactive Ventures, LLC, which launched iCasino in Pennsylvania and, through strategic partnerships, operates online sports betting in Indiana, Pennsylvania and West Virginia. D.R. NON-GAAP FINANCIAL MEASURES
BTIG, Citizens Capital Markets, TD Securities, Macquarie Capital, Barclays, Morgan Stanley, Stifel, Union Gaming, Craig-Hallum Capital Group and Rosenblatt Securities acted as co-managers. Sr. Vice President, Chief Strategy Officer, Aaron Rosenthal This metric is included as supplemental disclosure because (i) the Company believes Adjusted EBITDAR is traditionally used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) Adjusted EBITDAR is one of the metrics used by other financial analysts in valuing the Company’s business. The Offering was made only by means of a prospectus supplement and an accompanying base prospectus. Sr. Vice President, Regional Operations, Jennifer Weissman Year-to-date, Penn National Gaming, Inc. shares have moved 174.18%, while the 5-day performance has seen it change 6.93%. Management believes that Adjusted EBITDAR is an additional metric traditionally used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. Continental Stock Transfer & Trust Company Ballard Spahr Sr. Vice President, Chief Accounting Officer, Richard Primus Sr. Vice President, Chief Marketing Officer, Need Help? (610) 373-2400, Need Help?
Join to Connect. Sr. Vice President, Public Affairs, Rafael Verde Penn National Gaming (PENN) came out with quarterly earnings of $0.38 per share, missing the Zacks Consensus Estimate of $0.41 per share. How is the Cinemark Holdings, Inc. (NYSE:CNK) performance outlook for the coming months? © 2020 Penn National Gaming All rights reserved. The Company defines Adjusted EBITDAR as Adjusted EBITDA (as defined above) plus rent expense associated with triple net operating leases (which is a normal, recurring cash operating expense necessary to operate the Company’s business). Penn National Gaming, Inc. (PENN) investors to reap big returns again, Small Cap Stock Party City Holdco Inc. (PRTY) is a Hold – Analysts.
Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and business.
Penn National Gaming610/373-2400, Financial Media and Analyst Inquiries: All rights reserved.
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