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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Penn National Gaming, Inc.    PENN

PENN NATIONAL GAMING, INC.

(PENN)
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Penn National Gaming : Rutter's Selects Penn National Gaming as Its Operator for Video Gaming Terminals in Pennsylvania

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01/07/2019 | 08:31am EDT

Rutter’s announced today that it has chosen Marquee by Penn, LLC, an affiliate of Penn National Gaming, Inc. (PENN:Nasdaq) (“Penn National”), as its Terminal Operator for Video Gaming Terminals (“VGTs”) in Pennsylvania. Twenty Rutter’s establishments in the Commonwealth are expected to initially qualify to host VGTs.

“Rutter’s is a proud, Pennsylvania-based company with a storied history in the Commonwealth and a proven commitment to the communities in which we serve,” said Scott Hartman, President & CEO of Rutter’s. “Penn National shares these same attributes, and we look forward to partnering with them to provide our customers the opportunity to enjoy playing VGTs at a number of our locations throughout Pennsylvania.”

Under the gaming expansion law signed by Governor Wolf in 2017, establishments that meet certain criteria are eligible to host up to five VGTs inside their stores. VGTs are similar to slot machines, and the law sets maximum bets at $5 with a maximum payout of $1,000. Winnings will be paid out at redemption machines located on site. Any person under the age of 21 is prohibited from participating in VGT gaming, and the location of VGTs must be in an area segregated from minors and under the observation of an employee.

Penn National has received its conditional license from the Pennsylvania Gaming Control Board (“PGCB”) to act as a Terminal Operator and expects to provide and service the VGTs at the Rutter’s locations, subject to final regulatory approval by the PGCB. Rutter’s has filed its application with the PGCB to host VGTs at its initial twenty stores.

“We look forward to working with Rutter’s to introduce VGT gaming in the Commonwealth,” said John Finamore, Senior Vice President of Regional Operations for Penn National Gaming. “Like Rutter’s, we started with a single facility in central Pennsylvania. Today, we are the largest regional gaming operator in the United States with a demonstrated track record of providing quality entertainment and customer service. We are excited to combine our expertise with Rutter’s established success in the convenience store industry to offer VGT gaming at their qualified locations.”

About Rutter’s

Rutter’s is the oldest vertically integrated food company in the country. Today, Rutter’s is recognized as an industry leader with the latest advancements in technology, sustainability, consumer marketing, and philanthropy. The Rutter family has a long, rich agricultural heritage dating back more than 270 years. Rutter’s began as a dairy business 98 years ago and opened its first convenience store in 1968. Today, Rutter’s owns and operates over 70 convenience stores in Pennsylvania,West Virginia, and Maryland.

About Penn National Gaming

Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. Reflecting the recent completion of the Pinnacle Entertainment transaction the Company now operates 41 facilities in 18 jurisdictions. In total, Penn National facilities feature over 50,200 gaming machines, 1,250 table games and approximately 9,400 hotel rooms. The Company also offers social online gaming through its Penn Interactive Ventures division and has leading customer loyalty programs with over five million active customers.

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,” “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. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business, there can be no assurance that actual results will not differ materially from our expectations. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the operation of VGTs in Pennsylvania, including the receipt of all requisite approvals, construction or technological delays, unexpected costs, market reception and other factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the United States 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.

© Business Wire 2019

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Financials (USD)
Sales 2020 3 671 M - -
Net income 2020 -682 M - -
Net Debt 2020 7 909 M - -
P/E ratio 2020 -11,7x
Yield 2020 -
Capitalization 10 490 M 10 490 M -
EV / Sales 2020 5,01x
EV / Sales 2021 3,61x
Nbr of Employees 13 000
Free-Float 94,1%
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 74,71 $
Last Close Price 62,80 $
Spread / Highest target 59,2%
Spread / Average Target 19,0%
Spread / Lowest Target -50,6%
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NameTitle
Jay A. Snowden President, Chief Executive Officer & Director
David A. Handler Chairman
Todd George Executive Vice President-Operations
David Williams Chief Financial Officer & Executive Vice President
Richard Primus Chief Information Officer & Senior Vice President
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