Penn Q2 revenue collapses amid Covid-19 closures
Penn National Gaming’s revenue for the second quarter of 2020 fell 76.9% as venue closures across the country led to a $213.9m loss for the period, and an $822.5m loss for the first half of the year.
The vast majority of the operator’s $305.5m in revenue was made through gaming, bringing in $259.2m. However, this was down 75.6% year-on-year.
Food, beverage and hotel revenue, meanwhile, fell 82.3% to $46.3m.
Breaking down revenue by region, $121.5m came from casinos in the South region, down 56.5%. Revenue from the Northeast segment, previously Penn’s largest driver of revenue, fell 82.9% to $102.7m.