second-quarter results that look much different than the prior quarter when all 41 of its properties were closed, Penn National Gaming CEO Jay Snowden said on CNBC.” data-reactid=”19″>Penn National Gaming, Inc (NASDAQ: PENN) reported second-quarter results that look much different than the prior quarter when all 41 of its properties were closed, Penn National Gaming CEO Jay Snowden said on CNBC.
The majority of properties that are open can operate at 50% of their prior capacity, he said. Even at these depressed levels, Penn can return to prior year revenue levels in a fun and safe environment. Those who engage with Penn’s casinos are doing so for longer periods of time as spend per visit is up around 45% year-over-year.
Penn is seeing a lot of new customers come to its facilities, especially younger people.
“We are really excited about really being able to market to a new set of customers during these challenging times,” the CEO said.
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Penn wants to be an omni-channel leader and could further capitalize as more states open up to legal gambling.
“Whatever you like to do and however you like to engage with sports and casino offerings, we are going to be able to offer that to you as long as the legalization process continues to proliferate the way it has over the last couple of years,” he said.
Penn’s stock traded higher by 8.8% to $47.76 per share at time of publication.
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