[ad_1]
Penn National Gaming is turning toward technology amid the pandemic.
President and CEO of the Pennsylvania-based casino operator, which runs the M Resort and Tropicana in Nevada, said the company is introducing cashless, cardless and contactless technology in casinos in several jurisdictions.
The company operates in 19 states, and has reopened all but two properties: Tropicana and Zia Park in New Mexico. The Tropicana is set to open Sept. 1.
“We believe (the technology) will increase safety and provide improved service while delivering additional efficiencies and accountability … (and help) to attract a younger customer to our properties,” CEO Jay Snowden said in a Thursday news release.
He added that the updates should improve margins within the company.
While visitation rates remain lower than pre-pandemic levels, spend-per-visit has been “notably strong,” Snowden said.
The company reported $305 million in revenue for the second quarter, down 77 percent from the year prior. Net loss was $214.4 million.
The company also announced Thursday that it would be extending medical and pharmacy benefits to all furloughed staff members through the end of August. More than $1.7 million has gone toward the company’s COVID-19 Emergency Relief Fund, with more than 1,000 employees receiving financial assistance to date.
The company has shared letters with the state saying it could lay off employees at the Tropicana and others at M Resort. The letters fulfill a legal obligation, and do not necessarily mean those staff members will be let go.
“Despite starting the second quarter with our entire property portfolio closed due to the COVID-19 pandemic, we ended the quarter in a significantly improved financial position as a result of continued mitigation efforts that contributed to significant margin improvement, a successful capital raise, and very strong financial performance at our properties since reopening,” Snowden said. “The outstanding results to date at our reopened properties highlight our unique strategic position as a best in class operator of market leading regional properties, which have rebounded more quickly than casinos in destination markets.”
This is a developing story. Check back for updates.
Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.
[ad_2]
Source link