WYOMISSING, Pa.–(BUSINESS WIRE)–Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) today announced that it has closed on its underwritten public offering of 16,100,000 shares of its common stock, $0.01 par value per share (the “Offering”).宾夕法尼亚州怀俄明州-(BUSINESS WIRE)-(美国商业资讯)– Penn National Gaming,Inc.(PENN:Nasdaq)(“ Penn National”或“ Company”)今天宣布已完成承销的14,000,000股普通股,每股面值2,100,000美元(“要约”)。 The Offering includes 25 shares of its common stock initially offered by the Company and 2020 shares of its common stock issued pursuant to the option granted the underwriters, which the underwriters exercised in full on September XNUMX, XNUMX.发行包括本公司最初发行的XNUMX股普通股和根据承销商授予的购股权发行的XNUMX股普通股,承销商于XNUMX年XNUMX月XNUMX日全额行使。

“这项成功的产品为我们公司提供了更多资源,以加快我们独特的全渠道战略,包括在新市场上推出Barstool Sportsbook应用程序,开发新产品和功能,建立Barstool品牌的运动酒吧和零售Sportsbook,以及重新构想客户体验Penn National总裁兼首席执行官杰伊·斯诺登说:“我们的赌场一直在巩固我们的资产负债表。” Pro forma for the transaction, as of June 30, 2020, the Company had net traditional debt of approximately $1 billion, representing a significant reduction from pre-COVID-19 periods.截至XNUMX年XNUMX月XNUMX日,该交易的备考形式为,公司净传统债务约为XNUMX亿美元,较COVID-XNUMX之前时期显着减少。

“对于我们公司来说,这是一个非常激动人心的时刻,”斯诺登先生继续说道。 “ 18月14日,我们在宾夕法尼亚州正式推出了Barstool Sportsbook应用程序,该应用打破了有史以来下载量最多的新移动体育书的发布记录,并且产生了令人印象深刻的句柄。 Penn National目前继续预计0财年3季度的合并收入将在20亿美元至1,040亿美元之间,1,145财年3季度的合并经调整EBITDAR的收入将在20亿美元至410亿美元之间,这与我们在招股说明书增补中先前报告的范围一致。 In short, we believe our Company is incredibly well positioned for long-term success based on its highly differentiated approach to both land-based and interactive gaming and sports betting.”简而言之,我们相信公司凭借其针对陆上和互动游戏以及体育博彩的高度差异化方法,在取得长期成功方面具有非常好的优势。”

Penn National今天将提供新的投资者介绍。 To download a copy of the investor presentation, please visit the Presentations section of the Company's investor relations website at要下载投资者演示文稿的副本,请访问公司投资者关系网站的“演示文稿”部分,网址为: https://pennnationalgaming.gcs-web.com/events-and-presentations/presentations.

BTIG,公民资本市场,道明证券,麦格理资本,巴克莱,摩根士丹利,Stifel,联合游戏,克雷格·哈勒姆资本集团和罗森布拉特证券担任联合管理人。 The Offering was conducted pursuant to the Company's currently effective shelf registration statement, which was previously filed with the US Securities and Exchange Commission (“SEC”).此次发行是根据公司当前有效的货架注册声明进行的,该声明先前已向美国证券交易委员会(“ SEC”)提交。 The Offering was made only by means of a prospectus supplement and an accompanying base prospectus.发行仅通过招股说明书补充资料和随附的基本招股说明书进行。 The preliminary and final prospectus supplements and accompanying base prospectus relating to the Offering were filed with the SEC and are available on the SEC's website at与发行有关的初步和最终招股说明书补充资料以及随附的基本招股说明书已向SEC备案,并可在SEC网站上找到: www.sec.gov。 Copies of the preliminary and final prospectus supplement and accompanying base prospectus relating to the Offering may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Prospectus Department, by telephone at (866) 471-2526, or by email at有关本次发行的初步和最终招股说明书补充资料以及随附的基本招股说明书的副本,可以从高盛公司(Goldman Sachs&Co. LLC),纽约,纽约西街XNUMX号,纽约XNUMX,注意:招股说明书部,电话为(XNUMX)XNUMX -XNUMX,或通过电子邮件发送至 proposalus-ny@ny.email.gs.com,地址:美国银行证券中心,NC1-004-03-43,北大学街200号,北卡罗来纳州夏洛特3楼,地址:28255-0001,收件人:招股说明书部或通过电子邮件发送 dg.prospectus_requests@bofa.com 或来自JP Morgan Securities LLC,注意:Broadridge Financial Solutions,纽约州埃奇伍德长岛大道1155号,纽约11717,电话:1-866-803-9204。

本新闻稿并不构成任何普通股或任何其他证券的出售要约或要约邀请,在任何要约,要约,购买的司法管辖区均不构成要约,要约或出售。或销售是非法的。 投资前,请阅读适用的招股说明书补充资料以及随附的基本招股说明书以及Penn National向SEC提交的其他文件,以获取有关Penn National的更完整信息。

关于宾夕法尼亚国家游戏
Penn National拥有全美最大,最多元化的区域性游戏业务,包括41个州的19家酒店,继续发展成为高度创新的全渠道提供商,提供零售和在线游戏,现场竞速和体育博彩娱乐。 该公司的物业拥有约50,000台游戏机,1,300台台式游戏机和8,800个酒店客房,并以好莱坞,Ameristar和L'Auberge等各种知名品牌运营。 我们的全资交互式部门Penn Interactive在公司的产品组合以及在线社交娱乐场,宾果游戏和iCasino产品中经营零售体育博彩。 2020年20月,Penn National与Barstool Sports建立了战略合作伙伴关系,Barstool借此向全国观众独家推广公司的陆上和在线赌场以及体育博彩产品,包括Barstool Sportsbook移动应用程序。 myChoice忠诚度计划加强了公司的全渠道方法,该计划奖励并表彰其超过XNUMX万会员对零售和在线游戏以及体育博彩产品的忠诚度,这些产品具有最活跃的优惠,体验和服务水平。行业。

非GAAP财务指标
The Non-GAAP Financial Measures used in this press release include Adjusted EBITDA and Adjusted EBITDAR.本新闻稿使用的非GAAP财务指标包括调整后的EBITDA和调整后的EBITDAR。 These non-GAAP financial measures should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP.这些非GAAP财务指标不应被视为替代或优于根据GAAP确定或计算的财务结果和指标。

The Company defines Adjusted EBITDA as earnings before interest expense, net;公司将调整后EBITDA定义为扣除利息费用前的净收益; income taxes;所得税; depreciation and amortization;折旧和摊销; stock-based compensation;股票补偿; debt extinguishment and financing charges;债务清算和融资费用; impairment losses;减值损失; insurance recoveries and deductible charges;保险赔偿金和可扣除费用; changes in the estimated fair value of the Company's contingent purchase price obligations;公司或有购买价格义务的估计公允价值变动; gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards;资产处置的损益,现金结算的基于股票的奖励的预算与实际费用之间的差额; pre-opening and acquisition costs;开业前和收购成本; and other income or expenses.和其他收入或支出。 Adjusted EBITDA is inclusive of income or loss from unconsolidated affiliates, with the Company's share of non-operating items (such as interest expense, net; income taxes; depreciation and amortization; and stock-based compensation expense) added back for Barstool Sports and the Company's Kansas Entertainment joint venture.调整后的EBITDA包括来自未合并联属公司的收入或亏损,并将公司应占Barstool Sports和公司的堪萨斯娱乐合资公司。 Adjusted EBITDA is inclusive of rent expense associated with the Company's triple net operating leases.调整后的EBITDA包括与公司三重净经营租赁相关的租金支出。 Although Adjusted EBITDA includes rent expense associated with the Company's triple net operating leases, the Company believes Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of the Company's consolidated results of operations.尽管调整后的EBITDA包括与公司三重净经营租赁相关的租金费用,但公司认为,调整后的EBITDA可作为评估公司合并经营业绩的补充措施。

Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of the Company's business, and is especially relevant in evaluating large, long-lived casino-hotel projects because it provides a perspective on the current effects of operating decisions separated from the substantial non-operational depreciation charges and financing costs of such projects.调整后的EBITDA具有经济意义,因为管理层将其用作绩效指标来分析公司业务的绩效,并且特别适合评估大型,长期的赌场酒店项目,因为它提供了对当前运营影响的观点决定与此类项目的大量非经营性折旧费用和融资成本分开。 The Company presents Adjusted EBITDA because it is used by some investors and creditors as an indicator of the strength and performance of ongoing business operations, including the Company's ability to service debt, and to fund capital expenditures, acquisitions and operations.公司之所以提供调整后的EBITDA,是因为一些投资者和债权人将其用作衡量正在进行的业务运营的实力和绩效的指标,包括公司的偿债能力以及为资本支出,收购和运营提供资金的能力。 These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value companies within the industry in which the Company operates.这些计算通常用作投资者,分析师和信用评级机构评估和比较公司经营所在行业内的经营业绩和价值公司的基础。 In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their Adjusted EBITDA calculations certain corporate expenses that do not relate to the management of specific casino properties.为了更独立地查看其娱乐场的运营,包括我们在内的游戏公司历来从其经调整EBITDA计算中排除了某些与特定娱乐场资产管理无关的公司费用。 However, Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP.但是,调整后的EBITDA不能衡量根据公认会计原则计算的绩效或流动性。 Adjusted EBITDA information is presented as a supplemental disclosure, as management believes that it is a commonly-used measure of performance in the gaming industry and that it is considered by many to be a key indicator of the Company's operating results.管理层认为调整后的EBITDA信息是作为补充披露提供的,因为管理层认为这是游戏行业绩效的常用衡量指标,并且许多人认为这是公司运营业绩的关键指标。

(ii)使用调整后的EBITDAR的倍数计算企业价值时,可以对资产负债表进行调整,以确认与房地产相关的经营租赁产生的估计负债。 However, Adjusted EBITDAR when presented on a consolidated basis is not a financial measure in accordance with GAAP and should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net income because it excludes the rent expense associated with the Company's triple net operating leases and is provided for the limited purposes referenced herein.但是,调整后的EBITDAR合并计算时,不是根据GAAP的财务指标,不应将其视为整体运营绩效的指标,也不应被视为单独的指标或作为纯收入的替代指标,因为它不包括与租赁相关的租金费用本公司的三重净经营租赁,并为此处引用的有限目的提供。

并非所有公司都以相同的方式计算这些非一般公认会计准则财务指标,因此,这可能不是比较不同公司之间业绩的合适指标。

A reconciliation of Adjusted EBITDAR and Adjusted EBITDA to net income (loss) is set forth below.调整后的EBITDAR和调整后的EBITDA与净收入(亏损)的对帐如下。 The Company does not provide reconciliations of Adjusted EBITDA and Adjusted EBITDAR to net income (loss) on a forward-looking basis because the Company is unable to forecast the amount or significance of certain items required to develop meaningful comparable GAAP financial measures without unreasonable efforts.本公司不提供经调整的EBITDA和经调整的EBITDAR与净收入(亏损)的前瞻性对帐,因为该公司无法不合理的努力就无法预测制定有意义的可比GAAP财务指标所需的某些项目的金额或重要性。 These items include gains or losses on sale or consolidation transactions, accelerated depreciation, impairment charges, gains or losses on retirement of debt, income taxes, which are difficult to predict and estimate and are primarily dependent on future events, but which are excluded from the Company's calculations of Adjusted EBITDA and Adjusted EBITDAR.这些项目包括出售或合并交易的收益或损失,加速折旧,减值费用,债务清偿的收益或损失,所得税,这是很难预测和估计的,并且主要取决于未来事件,但不包括在内。公司对调整后EBITDA和调整后EBITDAR的计算。

下表包括根据GAAP确定的净收入(亏损)与非GAAP财务指标调整后的EBITDA和调整后的EBITDAR的对帐,以及相关的利润率:

截至年度
十二月31,

(百万美元)

2019

2018

2017

净收入(亏损)

$

43.1

$

93.5

$

473.4

所得税费用(收益)

43.0

(3.6

)

(498.5

)

提前清偿债务的损失

-

21.0

24.0

未合并子公司的亏损(收入)

(28.4

)

(22.3

)

(18.7

)

利息费用,净额

534.2

538.4

463.2

其他支出(收入)

(20.0

)

7.1

2.3

营业收入(亏损)

571.9

634.1

445.7

股票补偿(1)

14.9

12.0

7.8

以现金结算的基于股票的奖励差异(1)(2)

0.8

(19.6

)

23.4

资产处置损失(收益)(1)

5.5

3.2

0.2

或有购买价(1)

7.0

0.5

(6.8

)

开盘前和收购成本(1)

22.3

95.0

9.7

折旧和摊销

414.2

269.0

267.1

减值损失

173.1

34.9

18.0

拨备(追回)贷款损失和无准备金的贷款承诺

-

(17.0

)

89.8

保险赔偿金,扣除可抵扣费用(1)

(3.0

)

(0.1

)

(0.3

)

来自未合并子公司的收入

28.4

22.3

18.7

堪萨斯合资企业的非营业项目(3)

3.7

5.1

5.8

调整后的EBITDA

1,238.8

1,039.4

879.1

与三重净经营租赁相关的租金支出(1)

366.4

3.8

-

调整后的EBITDAR

$

1,605.2

$

1,043.2

$

879.1

净利润率

0.8

%

2.6

%

15.0

%

调整后的EBITDAR利润率

30.3

%

29.1

%

27.9

%

(1)这些项目包含在公司合并收益表的“一般和行政”中。

(2)我们以现金结算的基于股票的奖励在每个报告期主要根据公司普通股的价格调整为公允价值。 As such, significant fluctuations in the price of the Company's common stock during any reporting period could cause significant variances to budget on cash-settled stock-based awards.因此,在任何报告期内,公司普通股价格的重大波动都可能导致现金结算的基于股票的奖励的预算出现重大差异。 During the year ended December 31, 2019, the price of the Company's common stock increased, which resulted in an unfavorable variance to budget.截至31年2018月XNUMX日止年度,公司普通股价格上涨,导致预算出现不利变动。 During the year ended December XNUMX, XNUMX, the price of the Company's common stock decreased, which resulted in a favorable variance to budget.截至XNUMX年XNUMX月XNUMX日止年度,公司普通股价格下跌,导致预算出现有利变动。

(3)主要包括与堪萨斯高速公路上的好莱坞赌场的运营有关的折旧和摊销。

下表包括根据GAAP确定的净收入(亏损)与非GAAP财务指标调整后的EBITDA和调整后的EBITDAR的对帐,以及相关的利润率:

(百万美元)

对于六个
截至月
六月30
2020

净收入(亏损)

$

(823.0

所得税费用(收益)

(157.9

)

提前清偿债务的损失

-

未合并子公司的亏损(收入)

(2.4

)

利息费用,净额

264.8

其他支出(收入)

(7.5

)

营业收入(亏损)

(726.0

)

股票补偿(1)

8.9

以现金结算的基于股票的奖励差异(1)(2)

7.2

资产处置损失(收益)(1)

(27.9

)

或有购买价(1)

(1.4

)

开盘前和收购成本(1)

6.7

折旧和摊销

187.6

减值损失

616.1

保险赔偿金,扣除可抵扣费用(1)

(0.1

)

来自未合并子公司的收入

2.4

权益法投资的营业外项目(3)

2.0

调整后的EBITDA

75.5

与三重净经营租赁相关的租金支出(1)

201.3

调整后的EBITDAR

$

276.8

净收入(亏损)边际

-57.9

%

调整后的EBITDAR利润率

19.5

%

(1)这些项目包含在公司未经审核的简明合并经营报表的“一般和行政”中。

(2)本公司以现金结算的基于股票的奖励在每个报告期主要根据公司普通股的价格调整为公允价值。 As such, significant fluctuations in the price of the Company's common stock during any reporting period could cause significant variances to budget on cash-settled stock-based awards.因此,在任何报告期内,公司普通股价格的重大波动都可能导致现金结算的基于股票的奖励的预算出现重大差异。 During the six months ended June 30, 2020, the price of the Company's common stock increased significantly, which resulted in unfavorable variances to budget.截至XNUMX年XNUMX月XNUMX日的六个月中,公司普通股价格大幅上涨,导致预算出现不利变动。

(三)主要由利息费用净额构成; income taxes;所得税; depreciation and amortization;折旧和摊销; and stock-based compensation expense associated with Barstool Sports and our Kansas Entertainment joint venture.以及与Barstool Sports和我们的堪萨斯娱乐合资公司有关的股票薪酬费用。

前瞻性陈述

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, current expectations for 3Q20 consolidated revenues and ADJUSTED EBITDAR, strategies or risks and uncertainties.本新闻稿包含XNUMX年《私人证券诉讼改革法案》所定义的“前瞻性陈述”。可以通过使用诸如“期望”,“相信”,“估计”等前瞻性术语来识别这些陈述。 “项目”,“打算”,“计划”,“目标”,“寻求”,“可以”,“将要”,“应该”或“预期”或这些或类似词语的否定或其他变体,或讨论未来事件,当前对XNUMXQXNUMX合并收入的预期以及调整后的EBITDAR,策略或风险和不确定性。 Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company's future financial results and business.此类声明均受可能严重影响公司未来财务业绩和业务的风险,不确定因素和情况变化的影响。

因此,公司警告,本文所包含的前瞻性陈述受重要因素的限制,这些因素可能导致实际结果与此类陈述所反映的结果产生重大差异。 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 anticipated use of proceeds of the Offering; (b) the assumptions included in our current expectations for 3Q20 consolidated revenues and ADJUSTED EBITDAR; (c) the magnitude and duration of the impact of COVID-19 on general economic conditions, capital markets, unemployment, and the Company’s liquidity, operations, supply chain, and personnel; (d) industry, market, economic, political, regulatory and health conditions; (e) disruptions in operations from data protection breaches, cyberattacks, extreme weather conditions, civil unrest, medical epidemics or pandemics such as COVID-19 (and any reoccurrences), and other natural or manmade disasters or catastrophic events; (f) the reopening of the Company’s Zia Park gaming property is subject to various conditions, including regulatory approvals, potential delays and operational restrictions; (g) our ability to access additional capital on favorable terms or at all; (h) our ability to remain in compliance with the financial covenants of our debt obligations; (i) the consummation of the Perryville transaction with GLPI is subject to various conditions, including third party agreements and approvals, and accordingly it may be delayed or may not occur at all; (j) actions to reduce costs and improve efficiencies to mitigate losses as a result of COVID-19 that could negatively impact guest loyalty and our ability to attract and retain employees; (k) the outcome of any legal proceedings that may be instituted against the Company or its directors, officers or employees; (l) the impact of new or changes in current laws, regulations, rules or other industry standards; (m) the ability of our operating teams to drive revenue and margins; (n) the impact of significant competition from other gaming and entertainment operations (including from Native American casinos, historic racing machines, state sponsored i-lottery products and video game terminals (“VGTs”) in or adjacent to states in which we operate); (o) our ability (and the ability of our business partners) to obtain timely regulatory approvals required to own, develop and/or operate our properties, or other delays, approvals or impediments to completing our planned acquisitions or projects, construction factors, including delays, and increased costs; (p) the passage of state, federal or local legislation (including referenda) that would expand, restrict, further tax, prevent or negatively impact operations in or adjacent to the jurisdictions in which we do or seek to do business (such as a smoking ban at any of our properties or the potential award of additional gaming licenses proximate to our properties, as recently occurred in Illinois, Nebraska and Pennsylvania); (q) the effects of local and national economic, credit, capital market, housing, and energy conditions on the economy in general and on the gaming and lodging industries in particular; (r) the activities of our current competitors (commercial and tribal) and the rapid emergence of additional significant potential competitors (traditional, tribal, internet, social, sweepstakes based and VGTs in bars and truck stops) in or adjacent to the jurisdictions in which we do or seek to do business; (s) increases in the effective rate of taxation for any of our operations or at the corporate level; (t) our ability to identify attractive acquisition and development opportunities (especially in new business lines) and to agree to terms with, and maintain good relationships with partners and municipalities for such transactions; (u) the costs and risks involved in the pursuit of such opportunities and our ability to complete the acquisition or development of, and achieve the expected returns from, such opportunities; (v) the impact of weather, including flooding, hurricanes and tornadoes and the ability to recover associated insurance proceeds; (w) changes in accounting standards; (x) the risk of failing to maintain the integrity of our information technology infrastructure and safeguard our business, employee and customer data (particularly as our iGaming division grows); (y) with respect to our iGaming and sports betting endeavors, the impact of significant competition from other companies for online sports betting, iGaming and sportsbooks, our ability to achieve the expected financial returns related to our investment in Barstool Sports, our ability (and the ability of our business partners) to obtain timely regulatory approvals and iOS approval required to own, develop and/or operate sportsbooks may be delayed and there may be impediments and increased costs to launching the online betting, iGaming and sportsbooks, including delays, and increased costs, intellectual property and legal and regulatory challenges, as well as our ability to successfully develop innovative products that attract and retain a significant number of players in order to grow our revenues and earnings, our ability to establish key partnerships, our ability to generate meaningful returns and the risks inherent in any new business; (z) the impact of significant competition from other companies for online sports betting; (aa) the Company’s ability to achieve the expected financial returns related to its Barstool Sportsbook app; (bb) the risk of failing to maintain the integrity of the Company’s information technology infrastructure and safeguard its business, employee and customer data in connection with the Company’s online sports betting; (cc) the Company’s and its business partners’ ability to obtain various regulatory approvals required to own, develop and/or operate the Barstool Sportsbook app may be delayed or may not occur; and (dd) other factors included in “Risk Factors,” of this prospectus supplement, the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 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. 证券交易委员会。 除非法律要求,否则公司无意公开更新任何前瞻性陈述。 鉴于这些风险,不确定性和假设,本新闻稿中讨论的前瞻性事件可能不会发生。

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