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UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13
OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Earliest
Event Reported: March 13, 2020
PENN NATIONAL GAMING, INC.
(Exact name
of registrant as specified in its charter)
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Pennsylvania
(State or Other Jurisdiction
of Incorporation)
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0-24206
(Commission
File Number)
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23-2234473
(IRS Employer
Identification No.)
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825 Berkshire Blvd.,
Suite 200
Wyomissing, PA
19610
(Address of
principal executive offices including Zip Code)
Registrant's telephone number, including area code 610-373-2400
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered
pursuant Section 12(b) of the Act:
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Title
of each class
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Trading
symbol
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Name
of each exchange
on which registered
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Common Stock, $0.01 par value per share
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PENN
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The Nasdaq Stock Market LLC
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Item 2.03.
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Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant.
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The information set forth in Item 8.01 of
this Current Report on Form 8-K under the caption “Borrowing under Revolving Credit Facility” is incorporated herein
by reference.
Borrowing under Revolving Credit Facility
As previously disclosed, Penn National Gaming,
Inc. (“Penn National” or the “Company”) is party to a Revolving Credit Facility, the material terms of
which are described in the section entitled "Liquidity and Capital Resources–Senior Secured Credit Facilities"
in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on
February 27, 2020, and incorporated by reference.
As of December 31, 2019, $140.0 million
was outstanding under the Revolving Credit Facility. On March 13, 2020, the Company provided notice to the lenders to borrow the
remaining available amount of $430 million under the Revolving Credit Facility so that a total of $700 million is currently outstanding
(including $30 million in letters of credit). The current interest rate for borrowings under the Revolving Credit Facility is the
one month LIBOR rate plus an adjusted spread based on leverage as reflected in the Revolving Credit Facility. The Revolving Credit
Facility expires October 19, 2023.
The Company elected to draw down the remaining
available funds from the Revolving Credit Facility to ensure it maintains ample financial flexibility in light of the spread of
novel coronavirus (COVID-19). The Company notes that it had sufficient liquidity prior to taking this action, it has no meaningful
maturities due until 2023, and there are currently no plans to deploy the drawn-down funds.
Other Recent Developments
Penn National maintains strong and
longstanding relationships with its regulators, team members, REIT landlords, lenders, suppliers, customers, insurance
carriers, and other key stakeholders, all of which places the Company in a strong position to successfully manage disruptions
to its business. In addition, Penn National is continually exploring additional ways in which it can offset the temporary
impact of COVID-19 to its business, including revisiting maintenance and project capex commitments in order to preserve 2020
liquidity. See Exhibits 99.1 – 99.6 of this Current Report on Form 8-K, which are incorporated herein by reference, for
copies of recent Company press releases.
Jay Snowden, President and Chief Executive
Officer of Penn National, said, “First and foremost, our thoughts are with all those who have been affected by COVID-19.
We are grateful to our local and state governments and healthcare workers around the country for their tireless efforts to combat
this outbreak. We are proud to join the fight to help protect the health and welfare of our guests and team members, which is always
our paramount concern. Since the coronavirus threat began, we have implemented stringent CDC-recommended protocols throughout our
enterprise, including increased daily cleaning regimens at our facilities, maximizing air circulation, cancelling or postponing
all concerts and live events, and we’re in the process of temporarily closing down buffets, among other initiatives.
Mr. Snowden continued, “We are confident
that we are well-positioned to continue to drive growth and value-creation for our shareholders. As the nation’s largest
regional gaming operator with 41 properties in 19 states, Penn National benefits from the broadest and most diversified geographic
footprint in the industry, and longstanding partnerships with our REIT landlords. We also have made significant progress executing
on our strategy to become the best-in-class omni-channel provider of retail and online gaming and sports betting entertainment,” concluded
Mr. Snowden.
Forward Looking Statements
This Current Report
on Form 8-K 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 may
include, among others, statements concerning: COVID-19, the length of time Penn National’s casinos in certain jurisdictions
will be required to remain closed and the impact of these or other potential closures on Penn National and its stakeholders, our
expectations of future results of operations and financial condition, including our ability to reduce our debt; our ability to
maintain strong relationships with our regulators, team members, landlords, lenders, suppliers, customers, insurance
carriers, and other stakeholders;
the actions of regulatory, legislative, executive or judicial decisions at the federal, state or local level with regard to our
business and the impact of any such actions; and our expectations regarding economic and consumer conditions. As a result, actual
results may vary materially from expectations. For more information on the potential factors that could affect the Company’s
financial results and business, review the Company’s filings with the SEC, including, but not limited to, its Annual Report
on Form 10-K and its Current Reports on Form 8-K. 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
Current Report on Form 8-K may not occur.
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Item 9.01.
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Financial Statements and Exhibits.
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(d) Exhibits.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: March 16,
2020
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PENN NATIONAL GAMING, INC.
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By:
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/s/ Carl Sottosanti
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Carl Sottosanti
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Executive Vice President, General Counsel and Secretary
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Exhibit 99.1
PENN NATIONAL GAMING TO TEMPORARILY SUSPEND
OPERATIONS AT ILLINOIS CASINOS
UNDER ORDER OF ILLINOIS GAMING BOARD
WYOMISSING, PA (March 13, 2020) – Penn National
Gaming, Inc. (NASDAQ: PENN) (“Penn National” or the “Company”) announced today that it has received an
order from the Illinois Gaming Board that it must temporarily suspend operations for 14 days at its three casinos beginning Monday,
March 16, as a precautionary measure against the ongoing spread of COVID-19.
“The health and well-being of our guests and team members
will always be our paramount concern,” said Jay Snowden, President and CEO of Penn National Gaming. “Since the coronavirus
threat began there have been no confirmed cases of COVID-19 at any Penn National casino, and we have implemented stringent CDC-recommended
protocols throughout our enterprise, including increased daily cleaning regimens at our facilities, maximizing air circulation,
cancelling or postponing all concerts and live events, and we’re in the process of temporarily closing down buffets, among
other initiatives.
“As for our 1,200 team members at Hollywood Casino Aurora,
Hollywood Casino Joliet and Hollywood Casino Alton, who will be impacted by this temporary closure, we plan to continue to pay
their full wages and benefits for the 14 day period. This is a challenging
time for all of us, and we are very appreciative of the overwhelming support and understanding from our guests and team members.
We look forward to reopening our doors just as soon as possible. In the meantime, we
will be taking the opportunity to continue our deep cleaning efforts and preparing our casinos to welcome our loyal customers back,”
concluded Mr. Snowden.
# # #
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests
in 41 gaming and racing properties in 19 jurisdictions and video gaming terminal operations with a focus on slot machine entertainment.
We also offer live sports betting at our properties in Indiana, Iowa, Mississippi, Pennsylvania and West Virginia. In total, Penn
National’s properties feature approximately 51,000 gaming machines, 1,300 table games and 8,800 hotel rooms. In addition,
the Company operates an interactive gaming division through its subsidiary, Penn Interactive Ventures, LLC, which recently launched
iGaming in Pennsylvania and, through strategic partnerships, operates online sports betting in Indiana, Pennsylvania and West Virginia.
The Company also has a leading customer loyalty program, mychoice, with over five million active customers.
Forward-looking Statements
All statements included in this press release, other than historical
information or statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including statements regarding COVID-19, the length of time Penn
National’s casinos in Illinois will be required to remain closed and the impact of these or other potential closures on
Penn National and its stakeholders are subject to risks, uncertainties and changes in circumstances that could significantly affect
the Company’s future financial results and business. Accordingly, Penn National 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. For more information on the potential factors that could affect the Company’s financial results and
business, review the Company’s filings with the SEC, including, but not limited to, its Annual Report on Form 10-K and its
Current Reports on Form 8-K. 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.
Exhibit 99.2
PENN NATIONAL GAMING TO TEMPORARILY SUSPEND
OPERATIONS AT OHIO CASINOS
UNDER EXECUTIVE ORDER OF GOVERNOR MIKE DEWINE
WYOMISSING, PA (March 13, 2020) – Penn National
Gaming, Inc. (NASDAQ: PENN) (“Penn National” or the “Company”) announced today that an Executive Order
by Governor Mike DeWine will cause it to temporarily suspend operations at its four gaming properties in the state as a precautionary
measure against the ongoing spread of COVID-19.
According to the Executive Order, the state’s 11 casinos
and racetracks with video lottery terminals are considered places of “mass gatherings” and are not allowed to accommodate
more than 100 persons at any one time. Since Hollywood Casino Columbus, Hollywood Casino Toledo, Hollywood Gaming at Dayton Raceway
and Hollywood Gaming at Mahoning Valley Race Course collectively employ more than 2,000 team members, Penn National is left with
no choice but to temporarily close those facilities.
“The health and well-being of our guests and team members
will always be our paramount concern,” said Jay Snowden, President and CEO of Penn National Gaming. “Since the coronavirus
threat began there have been no confirmed cases of COVID-19 at any Penn National casino, and we have implemented stringent CDC-recommended
protocols throughout our enterprise, including increased daily cleaning regimens at our facilities, maximizing air circulation,
cancelling or postponing all concerts and live events, and we’re in the process of temporarily closing down buffets, among
other initiatives.
“As for our 2,000 team members who will be impacted by
this temporary closure, we plan to continue to pay their full wages and benefits through the end of March, with the hope that the
situation on the ground in Ohio will permit the Governor to lift his Order by then. This
is a challenging time for all of us, and we are very appreciative of the overwhelming support and understanding from our guests
and team members. We look forward to reopening our doors just as soon as possible. In the meantime, we
will be taking the opportunity to continue our deep cleaning efforts and preparing our casinos to welcome our loyal customers back,”
concluded Mr. Snowden.
# # #
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests
in 41 gaming and racing properties in 19 jurisdictions and video gaming terminal operations with a focus on slot machine entertainment.
We also offer live sports betting at our properties in Indiana, Iowa, Mississippi, Pennsylvania and West Virginia. In total, Penn
National’s properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms. In addition,
the Company operates an interactive gaming division through its subsidiary, Penn Interactive Ventures, LLC, which recently launched
iGaming in Pennsylvania and, through strategic partnerships, operates online sports betting in Indiana, Pennsylvania and West Virginia.
The Company also has a leading customer loyalty program, mychoice, with over five million active customers.
Forward-looking Statements
All statements included in this press release, other than historical
information or statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including statements regarding COVID-19, the length of time Penn
National’s casinos in Ohio will be required to remain closed and the impact of these or other potential closures on Penn
National and its stakeholders are subject to risks, uncertainties and changes in circumstances that could significantly affect
the Company’s future financial results and business. Accordingly, Penn National 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. For more information on the potential factors that could affect the Company’s financial results and business,
review the Company’s filings with the SEC, including, but not limited to, its Annual Report on Form 10-K and its Current
Reports on Form 8-K. 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.
Exhibit 99.3
PENN NATIONAL GAMING TO TEMPORARILY
SUSPEND OPERATIONS AT
ITS CASINOS IN INDIANA
WYOMISSING, PA (March 14, 2020) – Penn National
Gaming, Inc. (NASDAQ: PENN) (“Penn National” or the “Company”) announced today that pursuant to an order
from the Indiana Gaming Commission (“IGC”), it will temporarily suspend operations at Hollywood Casino Lawrenceburg
and Ameristar East Chicago for a period of two weeks beginning Monday, March 16, 2020, as a precautionary measure against the ongoing
spread of COVID-19. The IGC will remain in consultation with the state’s licensed casinos, public health authorities and
government officials to determine safe protocols for when operations may resume.
“The health and well-being of our guests and team members
will always be our paramount concern,” said Jay Snowden, President and CEO of Penn National Gaming. “Since the coronavirus
threat began we have implemented stringent CDC-recommended protocols throughout our enterprise, including increased daily cleaning
regimens at our facilities, maximizing air circulation, cancelling or postponing all concerts and live events, and we’re
in the process of temporarily closing down buffets, among other initiatives.
“As for our nearly 2,000 team members at Hollywood Casino
Lawrenceburg and Ameristar East Chicago who will be impacted by this temporary closure, we plan to continue to pay their wages
and benefits for the two-week period. This is a challenging time for all
of us, and we are very appreciative of the overwhelming support and understanding from our guests and team members. We look forward
to reopening our doors just as soon as possible. In the meantime, we
will be taking the opportunity to continue our deep cleaning efforts and preparing our casino to welcome our loyal customers back,”
concluded Mr. Snowden.
# # #
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests
in 41 gaming and racing properties in 19 jurisdictions and video gaming terminal operations with a focus on slot machine entertainment.
We also offer live sports betting at our properties in Indiana, Iowa, Mississippi, Pennsylvania and West Virginia. In total, Penn
National’s properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms. In addition,
the Company operates an interactive gaming division through its subsidiary, Penn Interactive Ventures, LLC, which recently launched
iGaming in Pennsylvania and, through strategic partnerships, operates online sports betting in Indiana, Pennsylvania and West Virginia.
The Company also has a leading customer loyalty program, mychoice, with over five million active customers.
Forward-looking Statements
All statements included in this press release, other than historical
information or statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including statements regarding COVID-19, the length of time Penn
National’s casinos in Indiana will be required to remain closed and the impact of these or other potential closures on Penn
National and its stakeholders are subject to risks, uncertainties and changes in circumstances that could significantly affect
the Company’s future financial results and business. Accordingly, Penn National 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. For more information on the potential factors that could affect the Company’s financial results and business,
review the Company’s filings with the SEC, including, but not limited to, its Annual Report on Form 10-K and its Current
Reports on Form 8-K. 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.
Contact:
Eric Schippers
Senior Vice President Public Affairs & Government Relations
610-373-2400
Exhibit 99.4
PENN NATIONAL GAMING TO TEMPORARILY SUSPEND
OPERATIONS AT
PLAINRIDGE PARK CASINO
WYOMISSING, PA (March 14, 2020) – Penn National
Gaming, Inc. (NASDAQ: PENN) (“Penn National” or the “Company”) announced today that pursuant to an order
from the Massachusetts Gaming Commission (“MGC”), it will temporarily suspend operations at Plainridge Park Casino
for a period of two weeks beginning Sunday, March 15, 2020, at 6:00 a.m. as a precautionary measure against the ongoing spread
of COVID-19. The MGC will remain in close consultation with the state’s licensed casinos, public health authorities and government
officials to determine safe protocols for when operations may resume.
“The health and well-being of our guests and team members
will always be our paramount concern,” said Jay Snowden, President and CEO of Penn National Gaming. “Since the coronavirus
threat began we have implemented stringent CDC-recommended protocols throughout our enterprise, including increased daily cleaning
regimens at our facilities, maximizing air circulation, cancelling or postponing all concerts and live events, and we’re
in the process of temporarily closing down buffets, among other initiatives.
“As for our nearly 400 team members at Plainridge Park
Casino, who will be impacted by this temporary closure, we plan to continue to pay their wages and benefits for the two week period.
This is a challenging time for all of us, and we are very appreciative
of the overwhelming support and understanding from our guests and team members. We look forward to reopening our doors just as
soon as possible. In the meantime, we will be taking the opportunity
to continue our deep cleaning efforts and preparing our casino to welcome our loyal customers back,” concluded Mr. Snowden.
# # #
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests
in 41 gaming and racing properties in 19 jurisdictions and video gaming terminal operations with a focus on slot machine entertainment.
We also offer live sports betting at our properties in Indiana, Iowa, Mississippi, Pennsylvania and West Virginia. In total, Penn
National’s properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms. In addition,
the Company operates an interactive gaming division through its subsidiary, Penn Interactive Ventures, LLC, which recently launched
iGaming in Pennsylvania and, through strategic partnerships, operates online sports betting in Indiana, Pennsylvania and West Virginia.
The Company also has a leading customer loyalty program, mychoice, with over five million active customers.
Forward-looking Statements
All statements included in this press release, other than historical
information or statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including statements regarding COVID-19, the length of time Penn
National’s casino in Massachusetts will be required to remain closed and the impact of these or other potential closures
on Penn National and its stakeholders are subject to risks, uncertainties and changes in circumstances that could significantly
affect the Company’s future financial results and business. Accordingly, Penn National 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. For more information on the potential factors that could affect the Company’s financial results
and business, review the Company’s filings with the SEC, including, but not limited to, its Annual Report on Form 10-K and
its Current Reports on Form 8-K. 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.
Contact:
Eric Schippers
Senior Vice President Public Affairs & Government Relations
610-373-2400
Exhibit 99.5
PENN NATIONAL GAMING TO TEMPORARILY SUSPEND
OPERATIONS
AT ZIA PARK CASINO HOTEL & RACETRACK IN NEW MEXICO
WYOMISSING, PA (March 15, 2020) – Penn National
Gaming, Inc. (NASDAQ: PENN) (“Penn National” or the “Company”) announced today that pursuant to an order
from Governor Michelle Lujan Grisham, Zia Park Casino Hotel & Racetrack will be temporarily suspending gaming operations from
Monday, March 16, 2020 until April 10, 2020 as a precautionary measure against the ongoing spread of COVID-19. The hotel will remain
open and Zia Park will continue to consult with the Governor’s office and public health authorities to determine safe protocols
for when gaming operations can resume.
“The health and well-being of our guests and team members
will always be our paramount concern,” said Jay Snowden, President and CEO of Penn National Gaming. “Since the coronavirus
threat began there have been no confirmed cases of COVID-19 at any Penn National casino, and we have implemented stringent CDC-recommended
protocols throughout our enterprise, including increased daily cleaning regimens at our facilities, maximizing air circulation,
cancelling or postponing all concerts and live events, and we’re in the process of temporarily closing down buffets, just
to name a few.
“As for our 200 team members at Zia Park, who will be
impacted by this temporary closure, we plan to continue to pay them their full wages and benefits for two weeks, at which time
we will reevaluate the situation. This is a challenging time for all of
us, and we are very appreciative of the overwhelming support and understanding from our guests and team members. We look forward
to reopening our doors just as soon as possible. In the meantime, we
will be taking the opportunity to continue our deep cleaning efforts and preparing our casinos to welcome our loyal customers back,”
concluded Mr. Snowden.
# # #
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests
in 41 gaming and racing properties in 19 jurisdictions and video gaming terminal operations with a focus on slot machine entertainment.
We also offer live sports betting at our properties in Indiana, Iowa, Mississippi, Pennsylvania and West Virginia. In total, Penn
National’s properties feature approximately 51,000 gaming machines, 1,300 table games and 8,800 hotel rooms. In addition,
the Company operates an interactive gaming division through its subsidiary, Penn Interactive Ventures, LLC, which recently launched
iGaming in Pennsylvania and, through strategic partnerships, operates online sports betting in Indiana, Pennsylvania and West Virginia.
The Company also has a leading customer loyalty program, mychoice, with over five million active customers.
Forward-looking Statements
All statements included in this press release, other than historical
information or statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including statements regarding COVID-19, the length of time Penn
National’s casino in New Mexico will be required to remain closed and the impact of these or other potential closures on
Penn National and its stakeholders are subject to risks, uncertainties and changes in circumstances that could significantly affect
the Company’s future financial results and business. Accordingly, Penn National 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. For more information on the potential factors that could affect the Company’s financial results and business,
review the Company’s filings with the SEC, including, but not limited to, its Annual Report on Form 10-K and its Current
Reports on Form 8-K. 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.
Exhibit 99.6
PENN NATIONAL GAMING TO TEMPORARILY
SUSPEND OPERATIONS AT
GREEKTOWN CASINO-HOTEL IN MICHIGAN
WYOMISSING, PA (March 15, 2020) – Penn National
Gaming, Inc. (NASDAQ: PENN) (“Penn National” or the “Company”) announced today that pursuant to an
order from the Michigan Gaming Control Board (“MGCB”), it will temporarily suspend operations at Greektown Casino-Hotel
for a period of two weeks beginning at 5:00 p.m. on Monday, March 16, 2020, as a precautionary measure against the ongoing
spread of COVID-19. The MGCB will remain in consultation with the state’s licensed casinos, public health authorities and
government officials to determine safe protocols for when operations may resume.
“The health and well-being of our guests and team members
will always be our paramount concern,” said Jay Snowden, President and CEO of Penn National Gaming. “Since the coronavirus
threat began we have implemented stringent CDC-recommended protocols throughout our enterprise, including increased daily cleaning
regimens at our facilities, maximizing air circulation, cancelling or postponing all concerts and live events, and we’re
in the process of temporarily closing down buffets, among other initiatives.
“As for our nearly 1,650 team members at Greektown Casino-Hotel
who will be impacted by this temporary closure, we plan to continue to pay their wages and benefits for the two-week period. This
is a challenging time for all of us, and we are very appreciative of the overwhelming support and understanding from our guests
and team members. We look forward to reopening our doors just as soon as possible. In the meantime, we
will be taking the opportunity to continue our deep cleaning efforts and preparing our casino to welcome our loyal customers back,”
concluded Mr. Snowden.
# # #
About Penn National Gaming
Penn National Gaming owns, operates or has ownership
interests in 41 gaming and racing properties in 19 jurisdictions and video gaming terminal operations with a focus on slot machine
entertainment. We also offer live sports betting at our properties in Indiana, Iowa, Mississippi, Pennsylvania and West Virginia.
In total, Penn National’s properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms.
In addition, the Company operates an interactive gaming division through its subsidiary, Penn Interactive Ventures, LLC, which
recently launched iGaming in Pennsylvania and, through strategic partnerships, operates online sports betting in Indiana, Pennsylvania
and West Virginia. The Company also has a leading customer loyalty program, mychoice, with over five million active customers.
Forward-looking Statements
All statements included in this press release, other
than historical information or statements of historical fact, are “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding COVID-19,
the length of time Penn National’s casino in Michigan will be required to remain closed and the impact of these or other
potential closures on Penn National and its stakeholders are subject to risks, uncertainties and changes in circumstances that
could significantly affect the Company’s future financial results and business. Accordingly, Penn National 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. For more information on the potential factors that could affect the Company’s financial
results and business, review the Company’s filings with the SEC, including, but not limited to, its Annual Report on Form 10-K
and its Current Reports on Form 8-K. 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.
Contact:
Eric Schippers
Senior Vice President, Public Affairs & Government
Relations
610-373-2400