WYOMISSING, Pa.–(BUSINESS WIRE)–Penn Civic Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) today appear cyberbanking after-effects for the three and nine months assured September 30, 2018, and provided 2018 fourth analysis and adapted abounding year guidance.
Timothy J. Wilmott, Chief Controlling Officer, commented: “Penn Civic generated almanac third analysis assets from operations, led by our Las Vegas backdrop and the West arena overall, admitting adverse added aggressive pressures in Illinois and Mississippi. Our operating teams affiliated to assassinate adjoin our allowance beforehand initiatives as the aggregation collection added adapted EBITDA allowance improvements aloft all three operating segments by an boilerplate of 115 abject points, to 29%, with 17 of 23 gaming backdrop carrying bigger margins,” said Mr. Wilmott.
2018 Third Analysis Cyberbanking Highlights:
Mr. Wilmott continued, “On October 15, we completed our accretion of Pinnacle Entertainment. This transformational alliance added enhances Penn National’s position as North America’s arch bounded gaming operator, and expands our assorted portfolio to 40 gaming, ball and antagonism backdrop in 18 jurisdictions, with added than bristles actor alive barter in our amateur rewards database. The accretion is accepted to be essentially accretive to Penn National’s chargeless banknote breeze per allotment in the aboriginal year afterwards closing, and we are assured to accomplish a run bulk of added than $30 actor of our two-year, $100 actor bulk synergy ambition by the end of the fourth quarter. We abide awful assured in our adeptness to apprehend all of our articular bulk synergies, and we apprehend to accomplish new acquirement synergies through leveraging one of the industry’s better alive amateur databases to booty advantage of the affiliated amplification of sports wagering, iGaming, and our amusing gaming platform,” said Mr. Wilmott.
“With the accepted cogent chargeless banknote breeze to be generated from our broadcast abject of operations, we are well-positioned to commence on an alive advantage abridgement affairs while advancing accretive cardinal beforehand investments, as able-bodied as evaluating adept allotment of basic to shareholders through our accepted allotment repurchase authorization, which has about $75 actor absolute through aing February.”
Contempo Development Activity
“In Louisiana, we ahead that our ahead appear accretion of the operations of Margaritaville Resort Bank in Bossier City (“Margaritaville”) will aing by the end of the year, accountable to final authoritative approvals,” affiliated Mr. Wilmott.
“Simultaneous with the closing of this $115 actor transaction, we will be entering into a amateur net charter acceding with VICI Backdrop Inc. (“VICI”) for assertive absolute acreage assets of Margaritaville. We are admiring to accomplice with VICI to anatomy this tuck-in accretion of the market’s newest bank resort. With a acquirement assorted of 5.5x abaft twelve months adapted EBITDA, which we apprehend to drive beneath 4.5x afterwards synergies, this accretion is constant with our belief for affairs that are accretive to chargeless banknote breeze through synergy adeptness and strategically aggrandize Penn National’s attendance in key markets.
“In Pennsylvania, we filed our appliance with the Pennsylvania Gaming Ascendancy Board (“PGCB”) in mid-September for Hollywood Bank York, the Company’s aboriginal Class 4 accessory gaming facility, to be amid at the York Galleria Mall in Springettsbury Township.
“The development of Hollywood Bank York will represent a absolute beforehand of about $120 million, including the slots and table amateur allotment fees. Hollywood Bank York will initially accessible with about 500 aperture machines and 20 tables games, and has the accommodation to board up to 750 aperture machines and 40 table games. The adeptness will affection a accidental dining restaurant; a sports and chase book for sports action and advertisement wagering; a baby ball lounge; and a ‘grab-and-go’ eatery. Architecture is advancing to be completed 12-18 months afterward cancellation of all requisite approvals, including final licensing by the PGCB.
“Yesterday, we appear that we filed our appliance with the PGCB for Hollywood Bank Morgantown, our added Class 4 accessory gaming facility. The 80,000 aboveboard bottom adeptness will be congenital on a abandoned 36-acre armpit in Caernarvon Township, Berks County, a the intersections of I-76 and I-176. Hollywood Bank Morgantown will affection 750 aperture machines and 30 table games, with the adeptness to board an added 10 table games. The adeptness will action a sports and chase book, a signature restaurant, an ball lounge, and a aliment court. Our absolute beforehand in Hollywood Bank Morgantown will be about $111 million, including the slots and table amateur allotment fees. With accessible admission to assorted aloft arteries, Hollywood Bank Morgantown is alluringly anchored to accomplish new revenues from the added densely busy suburbs to the west of Philadelphia, while added attention our absolute bazaar allotment at Hollywood Bank at Penn Civic Chase Course. We ahead that the proposed development could booty about 18 months from the cancellation of all permits, approvals and entitlements.
“On the sports action front, we began demography alive wagers at our Mississippi backdrop in August, and at Hollywood Bank at Charles Town Races in West Virginia in September. We attending advanced to implementing sports action in Pennsylvania afterwards this year, as able-bodied as absolute money iGaming in the aboriginal analysis on 2019. Meanwhile, as the nation’s better bounded gaming operator, we’re actively exploring cardinal relationships with several sports wagering and iGaming operators as able-bodied as arch media companies and agreeable providers,” said Mr. Wilmott.
Affiliated Debt Abridgement and Fixed Bulk Basic Anatomy
“We bargain acceptable net debt by about $70 actor in the third analysis and by $164 actor year to date from banknote flows from operations, and assured the third analysis with net advantage across-the-board of adept charter obligations of 4.90x. Afterward the achievement of all appear transactions, the Aggregation will abide to ambition a net adapted advantage adjustment of 5.0x to 5.5x,” said Mr. Wilmott.
“The Company’s charter obligations, which abide to be absolutely tax deductible and not accountable to acknowledgment to ascent absorption rates, are accountable to capricious hire resets based on the abaft bristles year and two year boilerplate net revenues of the accessories in the Penn Civic adept charter and the Pinnacle adapted adept lease, respectively. November 1st will be the aboriginal displace for the Penn Civic adept charter and we ahead a net anniversary hire abridgement of about $6 actor afterwards anniversary escalator calculations.
“With cogent near- and abiding bread-and-er allowances to be acquired from the afresh completed Pinnacle transaction, our focus on advantage and advisable administration of our basic anatomy and our accretion attendance in key new markets, we abide assured in our approaching affairs as we auspiciously assassinate a composed cardinal plan to actualize bulk for our shareholders,” assured Mr. Wilmott.
Summary of Third Analysis After-effects
Three Months Assured
Review of Third Analysis 2018 After-effects vs. Advice
Three Months Assured September 30, 2018
Reclassification of AOCI to net assets for the adjournment of the Bank Ramamanagement adjustment
Cyberbanking Advice for the Fourth Analysis and Abounding Year 2018
Reflecting the accepted operating and aggressive environment, the table beneath sets alternating abounding year and fourth analysis 2018 advice targets for the Aggregation across-the-board of projected after-effects from the Pinnacle backdrop acquired on October 15, 2018. The cyberbanking after-effects are based on the afterward assumptions:
Three Months Ending December 31,
2018 Revised Advice
2018 Above-mentioned Advice (2)
2017 Absolute (1)
Accouterment for accommodation losses and impairmentlosses (loan accident recovery)
The advice abstracts in the table aloft present the advice Penn Civic provided on July 26, 2018.
Represents banknote payments fabricated to landlords to beforehand absolute acreage in our bank operations. This bulk is across-the-board of operating leases, such as the Meadows Lease.
Articulation Advice – Operations
(in thousands) (unaudited)
The Added class additionally includes the Company’s accumulated aerial costs, which were $18.9 actor and $56.3 actor and $17.6 actor and $53.5 actor for the three and nine months assured September 30, 2018 and 2017, respectively.
(in thousands) (unaudited)
September 30, 2018
June 30, 2018
Three Months Assured March 31, 2018
December 31, 2017
Recovery/provision for accommodation accident and unfundedloan commitments to the JIVDC and impairmentlosses (1)
Nine Months EndedSeptember 30,
Recovery/provision for accommodation accident and unfundedloan commitments to the JIVDC and impairmentlosses
Adaptation of Comparable GAAP Cyberbanking Measures To
Adapted EBITDA By Articulation
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
(in thousands) (unaudited)
Three Months Assured September 30, 2018
Three Months Assured September 30, 2017
Accouterment for accommodation accident to the JIVDC andimpairment losses
Nine Months Assured September 30, 2018
Accretion for accommodation accident and unfunded loancommitments to the JIVDC and crime losses
Nine Months Assured September 30, 2017
Accoutrement for accommodation accident to the JIVDC andimpairment losses
Circumscribed Statements of Operations
(in thousands, except per allotment data) (unaudited)
Accouterment (recovery) for accommodation accident and unfundedloan commitments to the JIVDC and impairmentlosses
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
(in thousands) (unaudited)
2018 Appulse of Adopting New Acquirement Accepted
Three Ages Aeon Assured September 30, 2018 As Appear
Balances Without Acceptance of ASC 606
Effect of ChangeHigher / (Lower)
Nine MonthPeriod Assured September 30, 2018 As Appear
Balances Without Acceptance of ASC 606
Effect of ChangeHigher / (Lower)
The Company’s analogue of adapted EBITDA adds aback our allotment of the appulse of non-operating items (such as abrasion and amortization) at our collective ventures that accept gaming operations. At this time, Kansas Entertainment, the abettor of Hollywood Bank at Kansas Speedway, is Penn National’s alone collective adventure that meets this definition. Kansas Ball does not currently have, nor has it anytime had, any indebtedness. The table beneath presents banknote breeze distributions we accept accustomed from this beforehand for the three and nine months assured September 30, 2018 and 2017.
The table beneath summarizes assertive banknote expenditures incurred by the Aggregation during the periods presented in this balance release.
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
Added Approaching Articulation Advice – Operations
Able in the fourth quarter, Penn will address net revenues, adapted EBITDA and assets from operations in the afterward four operating segments in accession to our Added category:
Allotment Repurchase Affairs
Reflecting the repurchase of 1,264,149 accepted shares for $24,770,470 in the twelve ages aeon assured December 31, 2017, Penn Civic has the ascendancy to repurchase up to an added $75.2 actor of its accepted shares by February 2019.
In accession to GAAP cyberbanking measures, adapted EBITDA, adapted EBITDAR, adapted EBITDA afterwards Adept Charter payments and adapted EBITDA afterwards Charter payments are acclimated by administration as important measures of the Company’s operating performance.
We ascertain adapted EBITDA as balance afore interest, taxes, banal compensation, debt concealment and costs charges, crime charges, allowance recoveries and deductible charges, abrasion and amortization, changes in the estimated fair bulk of our accidental acquirement bulk obligations, accretion or accident on auctioning of assets, the aberration amid account and absolute bulk for cash-settled stock-based awards, preopening and cogent transaction costs and added assets or expenses. Adapted EBITDA is additionally across-the-board of assets or accident from unconsolidated affiliates, with our allotment of non-operating items (such as abrasion and amortization) added aback for our collective adventure in Kansas Entertainment. Adapted EBITDA excludes payments associated with our Adept Charter acceding with GLPI as the transaction was accounted for as a costs obligation. Adapted EBITDAR is adapted EBITDA excluding hire bulk associated with the Meadows Charter acceding with GLPI.
During the aboriginal analysis of 2018, we afflicted the analogue of Adapted EBITDA to exclude preopening costs, cogent transaction costs and the about-face amid our approaching and absolute costs incurred on cash-settled banal based awards which are appropriate to be apparent to bazaar anniversary advertisement period. We bent to exclude preopening costs and cogent transaction costs to added carefully adjust the Company’s adding of Adapted EBITDA with our competitors. Preopening costs and cogent transaction costs are additionally afar from adapted EBITDA for benefit adding purposes. We accept afar the favorable or abortive aberration amid the approaching bulk and absolute bulk for our cash-settled stock-based awards as it is non-operational in nature. Additionally, this about-face is afar from adapted EBITDA for benefit adding purposes. In affiliation with the change to the analogue of Adapted EBITDA, we reclassified our above-mentioned aeon after-effects to accommodate to the accepted aeon presentation.
Adapted EBITDA and adapted EBITDAR accept bread-and-er actuality because they are acclimated by administration as achievement measures to assay the achievement of our business, and is abnormally accordant in evaluating large, connected lived bank projects because they accommodate a angle on the accepted furnishings of operating decisions afar from the abundant non-operational abrasion accuse and costs costs of such projects. We additionally present adapted EBITDA and adapted EBITDAR because they are acclimated by some investors and creditors as an indicator of the backbone and achievement of advancing business operations, including our adeptness to account debt, armamentarium basic expenditures, acquisitions and operations. These calculations are frequently acclimated as a abject for investors, analysts and acclaim appraisement agencies to appraise and analyze operating achievement and bulk companies aural our industry. In addition, gaming companies accept historically appear adapted EBITDA and adapted EBITDAR as a supplement to cyberbanking measures in accordance with GAAP. In adjustment to appearance the operations of their casinos on a added stand-alone basis, gaming companies, including us, accept historically afar from their adapted EBITDA and adapted EBITDAR calculations assertive accumulated costs that do not chronicle to the administration of specific bank properties. However, adapted EBITDA and adapted EBITDAR are not measures of achievement or clamminess affected in accordance with GAAP. Adapted EBITDA and adapted EBITDAR advice is presented as a added disclosure, as administration believes that it is a broadly acclimated admeasurement of achievement in the gaming industry, is acclimated in the appraisal of gaming companies, and that it is advised by abounding to be a key indicator of the Company’s operating results. Administration uses adapted EBITDA and adapted EBITDAR as important measures of the operating achievement of its segments, including the appraisal of operating personnel. Adapted EBITDA and adapted EBITDAR should not be construed as alternatives to operating income, as indicators of the Company’s operating performance, as alternatives to banknote flows from operating activities, as measures of liquidity, or as any added measures of achievement bent in accordance with GAAP. The Aggregation has cogent uses of banknote flows, including basic expenditures, absorption payments, taxes and debt arch repayments, which are not reflected in adapted EBITDA and adapted EBITDAR. It should additionally be acclaimed that added gaming companies that address adapted EBITDA and adapted EBITDAR advice may account adapted EBITDA and adapted EBITDAR in a altered address than the Aggregation and therefore, allegory may be limited.
Adapted EBITDA afterwards Adept Charter payments and adapted EBITDA afterwards Charter payments are measures we accept accommodate advantageous advice to investors because they are indicators of the achievement of advancing business operations afterwards accumulation the banknote breeze appulse of Adept Charter and the Meadows Charter payments to GLPI. In addition, adapted EBITDA afterwards Adept Charter payments is the metric that our controlling administration aggregation is abstinent adjoin for allurement based advantage purposes.
A adaptation of the Company’s net assets (loss) per GAAP to adapted EBITDA and adapted EBITDAR, as able-bodied as the Company’s assets (loss) from operations per GAAP to adapted EBITDA and adapted EBITDAR, is included above. Additionally, a adaptation of anniversary segment’s assets (loss) from operations to adapted EBITDA and adapted EBITDAR is additionally included above. On a articulation level, assets (loss) from operations per GAAP, rather than net assets (loss) per GAAP is accommodated to adapted EBITDA and adapted EBITDAR due to, amid added things, the impracticability of allocating absorption expense, absorption income, assets taxes and assertive added items to the Company’s segments on a articulation by articulation basis. Administration believes that this presentation is added allusive to investors in evaluating the achievement of the Company’s segments and is constant with the advertisement of added gaming companies.
Appointment Call, Webcast and Epitomize Capacity
Penn Civic Gaming is hosting a appointment alarm and accompanying webcast at 9:00 am ET today, both of which are accessible to the accepted public. The appointment alarm cardinal is 303/223-0120. Please alarm bristles account in beforehand to ensure that you are affiliated above-mentioned to the presentation. Questions will be aloof for call-in analysts and investors. Interested parties may additionally admission the alive alarm on the Internet at www.pngaming.com. Please acquiesce 15 account to annals and download and install any all-important software. A epitomize of the alarm can be accessed for thirty canicule on the Internet at www.pngaming.com.
This columnist release, which includes cyberbanking advice to be discussed by administration during the appointment alarm and acknowledgment and adaptation of non-GAAP cyberbanking measures, is accessible on the Company’s web site, www.pngaming.com, in the “Investors” area (select articulation for “Press Releases”).
About Penn Civic Gaming
Penn Civic Gaming owns, operates or has buying interests in gaming and antagonism accessories and video gaming terminal operations with a focus on aperture apparatus entertainment. Reflecting the contempo achievement of the Pinnacle Ball transaction, the Aggregation now operates 40 accessories in 18 jurisdictions. In total, Penn Civic accessories affection about 49,000 gaming machines, 1,200 table amateur and about 8,000 auberge rooms. The Aggregation additionally offers amusing online gaming through its Penn Alternate Ventures analysis and has arch chump adherence programs with over bristles actor alive customers.
This columnist absolution contains advanced statements aural the acceptation of the Private Securities Action Reform Act of 1995. These statements can be articular by the use of advanced adorable analogue such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “seeks,” “may,” “will,” “should” or “anticipates” or the abrogating or added variations of these or agnate words, or by discussions of approaching events, strategies or risks and uncertainties. Specifically, advanced statements may include, amid others, statements concerning: our expectations of approaching after-effects of operations and cyberbanking condition; expectations for our backdrop or our development projects; the timing, bulk and accepted appulse of planned basic expenditures on our after-effects of operations; our expectations with attention to the appulse of competition; our expectations with attention to acquisitions and development opportunities, as able-bodied as the affiliation of any companies we accept acquired or may acquire; the aftereffect and cyberbanking appulse of the action in which we are or will be periodically involved; the accomplishments of regulatory, legislative, controlling or administrative decisions at the federal, accompaniment or bounded akin with attention to our business and the appulse of any such actions; our adeptness to advance authoritative approvals for our absolute businesses and to accept authoritative approvals for our new businesses; our expectations about to allowance beforehand initiatives; our expectations apropos bread-and-er and chump conditions; and our expectations for the affiliated availability and bulk of capital. As a result, absolute after-effects may alter materially from expectations. Although the Aggregation believes that its expectations are based on reasonable assumptions aural the bound of its adeptness of its business, there can be no affirmation that absolute after-effects will not alter materially from our expectations. Allusive factors that could account absolute after-effects to alter from expectations include, but are not bound to, risks accompanying to the following: the assumptions included in our cyberbanking guidance; the adeptness of our operating teams to drive acquirement and margins; the appulse of cogent antagonism from added gaming and ball operations; our adeptness to access appropriate authoritative approvals appropriate to own, advance and/or accomplish our facilities, or added delays, approvals or accouterments to commutual our planned acquisitions or projects, architecture factors, including delays, and added costs; the access of state, federal or bounded legislation (including referenda) that would expand, restrict, added tax, anticipate or abnormally appulse operations in or adjoining to the jurisdictions in which we do or seek to do business (such as a smoker ban at any of our accessories or the accolade of added gaming licenses almost to our facilities); the furnishings of bounded and civic economic, credit, basic market, housing, and activity altitude on the abridgement in accepted and on the gaming and abode industries in particular; the activities of our competitors and the accelerated actualization of new competitors (traditional, internet, social, sweepstakes based and VGTs in confined and barter stops); increases in the able bulk of taxation for any of our operations or at the accumulated level; our adeptness to analyze adorable accretion and development opportunities (especially in new business lines) and to accede to agreement with, and advance acceptable relationships with partners/municipalities for such transactions; the costs and risks complex in the following of such opportunities and our adeptness to complete the accretion or development of, and accomplish the accepted allotment from, such opportunities; our adeptness to advance bazaar allotment in accustomed markets and to abide to access up operations at our afresh opened facilities; our expectations for the affiliated availability and bulk of capital; the appulse of weather; changes in accounting standards; the accident of declining to advance the candor of our advice technology basement and aegis our business, abettor and chump data; factors which may account the Aggregation to abbreviate or append the allotment repurchase program; with account to our Plainridge Park Bank in Massachusetts, the ultimate area and timing of the added gaming accessories in the accompaniment and the region; with account to our alternate gaming endeavors, risks accompanying to the admission of absolute money online gaming in the accompaniment of Pennsylvania, cogent antagonism in the amusing gaming industry, abettor retention, cyber-security, abstracts privacy, bookish acreage and acknowledged and authoritative challenges, as able-bodied as our adeptness to auspiciously advance avant-garde articles that allure and absorb a cogent cardinal of players in adjustment to abound our revenues and earnings; with account to Illinois Gaming Investors, LLC, d/b/a Prairie Accompaniment Gaming, risks apropos to abeyant changes in the VGT laws, our adeptness to auspiciously attempt in the VGT market, our adeptness to absorb absolute barter and defended new customers, risks apropos to borough allotment of VGT operations and the accomplishing and the ultimate success of the articles and casework actuality offered; with account to our proposed Pennsylvania casinos in York and Berks or Lancaster Counties, risks apropos to construction, including the cancellation of all requisite approvals, and our adeptness to accomplish our accepted budget, timeline and beforehand returns, including the ultimate area of added gaming accessories in the state; risks accompanying to the affiliation of Pinnacle Entertainment, Inc., abeyant adverse reactions or changes to business or abettor relationships, including those constant from the transaction; the achievability that the advancing allowances of the transaction are not accomplished aback accepted or at all, including as a aftereffect of the appulse of, or issues arising from, the affiliation of the two companies; and risks associated with added advantage from the transaction; with account to our awaiting accretion of the Margaritaville operations, the achievability that the proposed transaction does not aing aback accepted or at all because appropriate authoritative or added approvals are not accustomed or added altitude to the closing are not annoyed on a appropriate abject or at all; abeyant adverse reactions or changes to business or abettor relationships, including those constant from the advertisement or achievement of the transaction; abeyant action arduous the transaction; the achievability that the advancing allowances of the transaction are not accomplished aback accepted or at all, including as a aftereffect of the appulse of, or issues arising from, the affiliation of the companies and our adeptness to apprehend abeyant synergies or projected cyberbanking results; ; with account to our sports action operations, risks apropos to entering into a new band of business, including our adeptness to authorize relationships with key ally or vendors and accomplish acceptable allotment on investment, as able-bodied as risks apropos to abeyant legislation in assorted jurisdictions; and added factors as discussed in the Company’s Anniversary Address on Form 10-K for the year assured December 31, 2017, consecutive Anniversary Reports on Form 10-Q and Accepted Reports on Form 8-K, anniversary as filed with the United States Securities and Exchange Commission. The Aggregation does not intend to amend about any advanced statements except as appropriate by law. In ablaze of these risks, uncertainties and assumptions, the advanced contest discussed in this columnist absolution may not occur.
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