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Penn National Gaming Set to Open Hollywood Casino Morgantown on December 22nd

11/22/2021 | 10:02am EST

Penn National Gaming, Inc. (Nasdaq: PENN)(“Penn National” or the “Company”) announced today that it expects to open Hollywood Casino Morgantown to the public on Wednesday, December 22nd, at Noon, pending final regulatory approvals. Hollywood Casino Morgantown is conveniently located at the intersections of three major roadways: the Pennsylvania Turnpike (I-76), I-176, and the Morgantown Expressway (Rt. 10). The Morgantown Category 4 casino represents Penn National’s fourth facility in Pennsylvania, joining Hollywood Casino at Penn National Race Course in Grantville, Hollywood Casino at the Meadows in Washington and Hollywood Casino York, which opened in August.

“The countdown to our grand opening begins today,” said Marc Guastella, Vice President and General Manager for Hollywood Casino Morgantown. “We’re very excited to soon welcome patrons to this beautiful new property, where they’ll be able to experience premier gaming, dining and entertainment.”

The approximately 80,000 square-foot facility will feature 750 of the latest slot machines and 30 table games, a climate-controlled outdoor gaming terrace, state-of-the-art Barstool Sportsbook, and three unique dining options. At the Barstool Sportsbook, patrons will be able to enjoy sports from around the world on the jumbotron above the bar or on numerous high-definition televisions throughout the facility. The 150 seat full-service restaurant will offer a wide selection of food and beverage options, from mouth-watering steaks to classic pubfare, more than a dozen craft and domestic beers, hand-crafted cocktails inspired by classic sports movies and much more. Betting windows and kiosks for sports and racing are conveniently located throughout the sportsbook, along with interactive games, an outdoor firepit and a Barstool Sportsbook merchandise station.

In addition, the Company partnered with Tony Luke’s to bring his restaurant and a taste of South Philly to Morgantown. Tony’s signature cheesesteaks, roast pork Italian sandwiches and many of his award-winning delicacies will be available for customers to enjoy. With seating for up to 100 at the adjacent Bar 76 on the gaming floor, patrons will be able to grab-and-go and watch the action while eating the best cheesesteaks available on the north side of the Pennsylvania Turnpike.

Finally, Hollywood Casino Morgantown will also host the Red Lotus Asian Kitchen, serving patrons authentic made-to-order Asian cuisine. Red Lotus will feature popular noodle and southeast Asian specialties designed to excite the senses in a sleek, modern designed open-kitchen just off the gaming floor.

Prior to the grand opening, Penn National will host two invitation-only test days, with gaming proceeds donated to charitable organizations in the area. The participating charities include the United Way of Berks County, Honey Brook Food Pantry and the Jarett Yoder Foundation, which serves community heroes and their families, including active military personnel, veterans, firefighters, first responders and the police.

“We are thrilled to be supporting these incredible organizations in Berks, Chester and Lancaster Counties,” said Guastella. “Penn National is committed to being actively engaged in the community and partnering with worthwhile groups to assist those in need.”

The development of Hollywood Casino Morgantown represents an overall investment of approximately $111 million, including license fees, and career opportunities are still available for the approximately 375 new jobs at the facility. Interested applicants can visit the Hollywood Casino Morgantown Career center, located at the Holiday Inn Morgantown at 6170 Morgantown Road. Various positions are available in casino operations, food and beverage, security and surveillance, human resources, marketing and more, pending regulatory approval. Potential future team members can learn more or apply in person at the career center or online at https://www.pngaming.com/careers by typing “Morgantown” in the career listing search box.

About Penn National Gaming

With the nation's largest and most diversified regional gaming footprint, including 43 properties across 20 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 online social casino, bingo, and iCasino products. 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. In addition, in October 2021, Penn National acquired Score Media and Gaming, Inc. (“theScore”). Combined with the power of Barstool Sports, Penn National is now well positioned to be North America’s leading digital, entertainment, sports content, gaming and technology company. Barstool’s wide top of funnel audience reach is highly complementary to the news, scores and stats available on theScore’s best in class media app, which will create a one-stop destination for the sports fan that does not exist today. The Company's omni-channel approach is further bolstered by the mychoice loyalty program, which rewards and recognizes its over 24 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.

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,” “goal,” “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, but are not limited to, statements regarding the expected opening and amenities of the Morgantown Casino. 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; and (b) other factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, 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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Financials (USD)
Sales 2021 5 832 M - -
Net income 2021 472 M - -
Net Debt 2021 8 937 M - -
P/E ratio 2021 15,7x
Yield 2021 -
Capitalization 7 158 M 7 158 M -
EV / Sales 2021 2,76x
EV / Sales 2022 2,50x
Nbr of Employees 18 321
Free-Float -
Duration : Period :
Penn National Gaming, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends PENN NATIONAL GAMING, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 42,35 $
Average target price 71,31 $
Spread / Average Target 68,4%
EPS Revisions
Managers and Directors
Jay A. Snowden President, Chief Executive Officer & Director
Felicia Kantor Hendrix Chief Financial Officer & Executive Vice President
David A. Handler Chairman
Richard Primus Chief Information Officer & Senior Vice President
Todd George Executive Vice President-Operations
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