Penn National Gaming has posted revenues of US$1.34bn for Q4 2019, an increase of $185.9m year-on-year.
Adjusted EBITDAR for the quarter stood at $399.4 million, an increase of $75.5 million year over year, which exceeded guidance for the fourth quarter.
The net loss of $92.9m and net loss margin of 6.9 per cent, Penn National stated in its results, was principally driven by $173.1m of impairment losses, as compared to net loss of $42.0m and net loss margin of 3.6 per cent in the prior year.
Traditional debt was reduced by around $70m in Q4, while the company initiated a 2020 full-year adjusted EBITDAR guidance range of $1.67bn to $1.70bn.
Jay Snowden, Penn National Gaming’s president and CEO, said: “This past year has been transformational for Penn National, our team members and our shareholders and we are proud of what our team has accomplished in 2019.
“We completed the integration of Pinnacle Entertainment, which added 12 new gaming properties and three new states to our portfolio and over 10,000 new team members to the Penn National family. We accomplished this while achieving record Adjusted EBITDAR, increasing margins, reducing debt, and just as importantly, coming together as one team under one company culture.
“We are very excited about our growth prospects and the recent developments that set us up well for 2020 and beyond.”
