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Penn National Gaming Posts Q1 Loss - Quick Facts

Penn National Gaming, Inc. (PENN) reported a first quarter loss per share of $5.26 compared to profit of $0.35, previous year. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.18, for the quarter. Analysts' estimates typically exclude special items. The company incurred a net loss of $608.6 million due to $616.1 million of impairment losses. Adjusted EBITDA declined to $154.8 million from $306.7 million.

First quarter total revenues declined to $1.12 billion from $1.28 billion, previous year. Gaming revenues declined to $902.9 million from $1.03 billion. Analysts expected revenue of $1.28 billion for the quarter.

Jay Snowden, CEO, said: "Penn National saw a phenomenal start to 2020, with record results in January and February. That momentum was cut short in mid-March by the COVID-19 pandemic, which required the temporary closure of all 41 of our properties."

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