Penn National sets compliance timeline
AUSTINTOWN – Penn National Gaming, which was notified in November that it was out of compliance with Nasdaq requirements, announced it will submit its 2015 third quarter report to the Securities and Exchange Commission by Feb. 29, when audited financial statements for the year are due.
Nasdaq notified the Wyomissing, Pa.-based company Nov. 13 it was not in compliance because it had not filed its quarterly report for the period that ended Sept. 30. This week, Penn National, which owns Hollywood Gaming at Mahoning Valley Race Course in Austintown, said it also intends to submit a plan to regain compliance with Nasdaq’s listing requirements by Jan. 8, extending compliance for three months.
Penn National said the filing delay resulted from a change in the classification with Gaming and Leisure Properties Inc. from an operating lease to a financing obligation. Company leaders said the matter was disclosed previously and they anticipated the Nasdaq notice.
The company said its cash flow will not be affected by the changes, and it expects its final quarter 2015 revenues to be $722.5 million with an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $181.6 million. For the full year, the company said it expects to report net revenues of $2.8 billion and adjusted EBITDA of $754.5 million.
As of Sept. 30, the company operated 27 facilities in the United States and Canada and, in aggregate, Penn National Gaming operated approximately 34,000 gaming machines, 800 table games and 4,600 hotel rooms.