WYOMISSING, Pa.–(BUSINESS WIRE)–Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) today announced that it has entered into a 20-year strategic partnership with Capital Region Gaming, LLC d/b/a Rivers Casino & Resort which will provide Penn Interactive, a wholly-owned subsidiary of Penn National, “second skin” access to the New York mobile sports betting market and iCasino, subject to enactment of legislation and regulatory approvals.
“Gaining potential access to what could become one of the most lucrative sports betting markets in the nation has been a top priority for our company,” said Jon Kaplowitz, senior vice president of interactive gaming at Penn National. “We hope the New York State Assembly will follow major revenue-producing states that allow multiple skins for mobile sports betting. A state the size of New York certainly warrants open competition and a free market approach,” Kaplowitz said.
Penn Interactive currently offers online sports betting in two states – Pennsylvania and Michigan – and plans to operate its Barstool Sports mobile sports betting app in at least 10 states by the end of 2021. In addition, Penn Interactive launched its Barstool-branded iCasino in Michigan. February 1.
“We are very encouraged by the initial results we have seen in Michigan as we have signed up over 48,000 new customers and generated a total of $27.5 million in the first 10 days of operation,” said said Mr. Kaplowitz. “We remain very confident in our ability to gain significant share in new markets through the power of the Barstool brand and media assets, allowing us to begin to capitalize on significant cross-selling opportunities from the Barstool Sportsbook, iCasino and our mychoice loyalty program audiences. We hope to bring our unique and exciting brand of sports entertainment and iCasino to the Empire State,” concluded Mr. Kaplowitz.
About Penn National Gaming
With the largest and most diverse regional gaming footprint in the country, comprising 41 properties in 19 states, Penn National continues to evolve into a highly innovative omnichannel provider of retail and online gaming, live racing and sports betting. The Company’s properties include 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 sportsbooks across the company’s portfolio, as well as online social casino, bingo and iCasino products. In February 2020, Penn National entered into a strategic partnership with Barstool Sports, whereby Barstool will exclusively promote the company’s land-based and online casinos and sportsbook products, including the Barstool Sportsbook mobile app, to its domestic audience. The company’s omnichannel approach is bolstered by the mychoice loyalty program, which rewards and recognizes its more than 20 million members for their loyalty to retail and online gaming and sports betting products with the bundle of offers. , experiences and the fastest growing service levels in the world. Industry.
About Rivers Casino & Resort Schenectady
Located in scenic Mohawk Harbor near the heart of downtown Schenectady, Rivers Casino & Resort Schenectady offers 1,150 slot machines, 67 live table games, a 16-table poker room and a betting lounge luxury sportsmen in the casino. The casino offers five distinctive restaurants, including Dukes Chophouse, Flipt, Johnny’s To-Go, and Mian. Rivers has a multi-purpose event center, a bustling entertainment lounge – Van Slyck’s, live music, free parking and daily promotions and giveaways. The Landing Hotel is a 165-room, six-story boutique hotel with river views located adjacent to the event center. Rivers, which opened in 2017, employs approximately 1,200 team members and has been voted a Great Place to Work in Schenectady. Rivers Casino & Resort Schenectady is owned and operated by Rush Street Gaming and its subsidiaries. For more information, visit RiversCasino.com/Schenectady
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of forward-looking words such as “expects”, “believes”, “believes ‘, ‘projects’, ‘intends’, ‘plans’, ‘goals’, ‘seeks’, ‘may’, ‘shall’, ‘should’ or ‘anticipates’ or the negative form or other variations of these or similar words, or through discussions of future events, strategies, or risks and uncertainties. Specifically, forward-looking statements include statements regarding the company’s expectations regarding future results of operations and financial condition; the Company’s ability to obtain a second skin in New York, which is subject to legislative and regulatory approvals; the Company’s expectations regarding its ability to achieve increased market share based on the Barstool brand and media assets; the Company’s ability to launch the Barstool-branded mobile sports betting application in future states in 2021 and its future revenue and profit contributions; actions of regulatory, legislative, executive or judicial decisions at the federal, state or local level regarding online sports betting, iGaming and retail/mobile sports betting and the impact of such actions; and our expectations regarding economic and consumer conditions. These statements are all subject to risks, uncertainties and changes in circumstances that could materially affect the future financial results and operations of the Company.
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 in such statements. These 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 liquidity, financial condition, supply chain, Company operations and personnel; (b) industrial, market, economic, political, regulatory and health conditions; (c) disruptions to operations due to data protection breaches, cyberattacks, extreme weather conditions, medical epidemics or pandemics such as COVID-19 (and recurrences thereof), and other natural disasters or man-made or catastrophic events; (d) the impact of significant competition from other companies for online sports betting, iGaming and sports betting; (e) the Company’s ability to obtain timely regulatory approvals (including in New York) required to own, develop and/or operate sports betting may be delayed and there may be increased impediments and costs to launch of online betting, iGaming and sports betting, including delays, and increased costs, intellectual property and legal and regulatory challenges; and (f) other factors as discussed in the company’s annual report on Form 10-K for the fiscal year ended December 31, 2019, subsequent quarterly reports on Form 10-Q and current reports on Form 8- K, each as deposited in the United States. Security and Exchange Commission. The Company does not intend to publicly update 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.