Penn National Gaming (PENN) Q1 2022 Earnings Call Transcript

Penn National Gaming (PENN) Q1 2022 Earnings Call Transcript

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Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:


Greetings, and welcome to the Penn National Gaming first quarter conference call. During the presentation, all participants will be in a listen-only mode. Later we will conduct a question-and-answer session. [Operator instructions].

It is now my pleasure to turn the conference over to Joe Jaffoni, investor relations. Please, go ahead.

Joe Jaffoni — Investor Relations

Thank you, Tina, and good morning, everyone, and thank you for joining Penn National Gaming’s 2022 first quarter conference call. We’ll get to management’s presentations and comments momentarily, as well as your questions and answers, but first, I’ll review the safe harbor disclosure. In addition to historical facts or statements of current conditions, today’s conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. These statements can be identified by the use of forward-looking terminologies such as expects, believes, estimates, projects, intends, plans, seeks, may, will, should or anticipates, or the negative or other variations of these or similar words or by discussion of future events, strategies or risks, and uncertainties, including future plans, strategies, performance, developments, acquisitions, capital expenditures, and operating results.

Such forward-looking statements reflect the company’s current expectations and beliefs, but are not guarantees of future performance. As such, actual results may vary materially from expectations. The risks and uncertainties associated with the forward-looking statements are described in today’s news announcement and in the company’s filings with the Securities and Exchange Commission, including the company’s reports on Form 10-K and Form 10-Q. Penn National Gaming assumes no obligation to publicly update or revise any forward-looking statements.

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Today’s call and webcast will include non-GAAP financial measures within the meaning of SEC Regulation G. And when required, a reconciliation of the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP, can be found in today’s press release as well as on the company’s website. Thank you for your patience with that. And it’s now my pleasure to turn the call over to company’s CEO, Jay Snowden.

Jay, please go ahead.

Jay Snowden — Chief Executive Officer

Thanks, Joe. Good morning, everyone. Here with me in Wyomissing this morning is our CFO, Felicia Hendrix; and our head of operations; Todd George, as well as several other members of our executive team, should you have any questions for them. We did provide a link to the investor presentation in our earnings release.So I’d encourage you to either print that out or pull it up and maybe, reference it while we’re talking, because we’ll speak to a few of the slides in the investor deck. We did talk on our last earnings call about what sets Penn apart from the competition and what our strategic objectives and expectations are for the first quarter, in terms of our core business, our interactive segment, investing in new technology and the launch of the theScore Bet in Ontario. And I’m proud to say our corporate property and interactive teams have delivered on all fronts in the first quarter. And I want to begin this morning by thanking our team members at all levels of the organization for their continued hard work and dedication and delivering best-in-class products and services to our guests.And we don’t always do this, but I’m going to take a few minutes to call out a few of our top performers and some highlights across the company. I’ll start in Louisiana, where our properties led by Harold Rowland, Barry Regula, Kim Ginn, and Dan Kennedy, continue to post robust results in what are […]

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