Penn National Gaming has announced it expects Q2 revenue to fall between $1.45bn (£1.04bn/€1.21bn) and $1.55bn, up roughly 18% from Q1, as it announced plans to raise $400m.
The operator also noted that revenue would be up around 10% from Q2 of 2019, before the effects of the novel coronavirus (Covid-19) pandemic were felt. With venues closed for almost all of Q2 2020, the figure was up more than 390% year-on-year.
In addition, Penn National said its adjusted earnings before interest, tax, depreciation, amortisation and restructuring (EBITDAR) are expected to fall between $540m and $580m. Based on the midpoint of this range, this would suggest a 24.9% quarter-on-quarter growth.
Its adjusted earnings before interest, tax depreciation and amortisation (EBITDA), meanwhile, should fall between $420m and $460m.
“We believe this year-over-year and sequential improvement not only highlights continued strong demand trends, but also underscores our ability to drive sustainable margin improv..