PENN - Earnings call transcript Q4 2020 | PENN Entertainment, Inc.

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Operator

Greetings, and welcome to the Penn National Gaming Fourth Quarter Conference Call.

During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to Joe Jaffoni, Investor Relations. Please go ahead.

Joe Jaffoni

Frank. you, Thank and XXXX everyone, for Penn joining Good quarter thank conference Gaming's fourth call. National morning, you We'll get to as management's presentation and comments and your momentarily answers. questions as well the But harbor first always, review as disclosure. I'll safe

call as Litigation should identified operating historical uncertainties. guarantees variations facts plans, by such future These risks or similar of Such forward-looking believes, the meaning reflect results. not risks of anticipates today's within In expectations addition by discussion or of these or including projects, of intends, contains Private XXXX, and terminologies or statements the uncertainties, strategies, negative forward-looking Securities to beliefs statements forward-looking the performance, or or words and be but the Act estimates, current use current strategies are statements and statements seeks, expects, of conditions, can future conference Company's Reform will, other may, of developments, involve of acquisitions, the and which events, future performance. expenditures or plans, capital

accordance the can Company's over Jay? now pleasure today's Company's all and measures to press most to financial release XX-K within with including Gaming turn Securities Form the Commission, actual update webcast include vary Snowden. measures non-GAAP on in forward-looking and SEC directly the associated will G. described the materially uncertainties The and statements Form website. that, risks Company's no forward-looking non-GAAP with in the of with and statements. today's financial reports of may such, Penn to any filings Exchange With reconciliation GAAP it's presented call National calculated obligation revise in XX-Q. Regulation my Jay and measures assumes the Company's or publicly required, be to Today's news call announcement the in When CEO results the from meaning the financial and expectations. as As a and comparable well are found as

Jay Snowden

new Officer, few Thanks, Joe. though earnings joining join a for and here Hendricks, We're Financial Chief on Unfortunately, for our weeks. Good out know I have board that. listening yet, we there fourth us morning, for team Felicia the everyone. Thanks to eager in excited quarter our she's call. don't quite

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Operator

JP first Morgan. from Joe comes with Our Greff proceed. Please Instructions] question [Operator

Joe Greff

First question for Jay. you,

about margins, of in it of your a when older return we're gaming talked database kind us, of but that all you years prepared remind about different couple Can spend about that something does other the comments, and segments database? kind old performance? that segment. and mix visitation compare positive in how You could we and Is the visit thinking shift How of a places be that that per think XX compare segment? retail in overall segment to does driver your to for that

Jay Snowden

that going I'm Joe. one, Yes, answer let to Todd George

Todd George

Thanks, Jay.

So higher. cash. group with performed This more this has more traditionally, segment the Joe, is time,

that This us, two trend age greater more this that with has to range. visitation app seeing to downloads QX, than also is them. into more seen from a the in quarters. group We're we've prior get So, positive, starting see encouraged engaged the group we're starting been we're is actively from but in that

starting So, much of they're to Jay January. a and in this on his coming and group was back through Again, out they're better force grasp this opening technology weekend was last as touched that in out. remarks,

Joe Greff

you I your has over costs. on Jay, trends into kind you've How so a Michigan the don't seen are that but early which acquisition that Michigan, and a of more of how in about promotional maybe or and when therefore, side, environment Pennsylvania, overall function When And field. and just so Michigan betting at not how we're your is to ball And even into days. that on customer an the performance little and the craziness seeing far gotten bit evolve then, and in And with you're year is more some on promote know and then doing know, you translate thinking how Michigan both the experience? markets outperforming that going Pennsylvania, in in last, just look then more jump initial sports Pennsylvania you're it necessarily everybody little does there, what does other thus playing a Great. of kind sort factor acquire is I U.S. market you're customers? a bit think markets that really thinking broad for the market

all love things. to therefore, share hear But is stronger. a so your And thoughts momentum on little bit I'd these

Jay Snowden

on gone a between gate in betting launched because I the was answer We've you're quarter mobile first second a to going to the XX the quarter it pointing I'll be state Joe. around think fourth question -- we in late Michigan sports Sure, point Michigan ready I of and months PA, out the any go live know, knew standpoint. early ever state was the then since other that tackle XX Pennsylvania, after Michigan one to was and sometime the a I that first been second one. And could would launch differences six months for, or We as that the don't had catch-up. now, or the like that we to playing Pennsylvania, reason. primary in to from

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Operator

Our next with Bank proceed. of America. Shaun question Please comes from Kelley

Shaun Kelley

other There's piece? what to probably better last follow a And financials. Jay, at going line materially I reported than what think of a as came The to be staring lot actual that some that some quarter. in like us profit combination line up it offset they access maybe can and little coming other And market at point, does better? number I Because we had the get in through. that in entirely understand that on kind of you Interactive, and corporate seem I'm item. think corporate are are maybe almost we're things these bit Penn from We're at in seeing the little seems modeled. on bit your the going that report looking the Street some your is, we kind costs a Barstool are the Or of trying on, it of media -- material to an help side of contribution on

If us unpack could a just help little you that bit.

Jay Snowden

of and year, that and Penn in there Yes. sort doing before but separately. in report do anticipate do year, not probably right this to that the you calendar this what that end we We your of would I assumptions that. yet, We're quarter. a PI everything into everything other around associated category; And out of at are with what Well, with correct other amazing what all results should that's you to packed assume intended the ready will Interactive standpoint start comes quarter. -- we've done drove that we is the had an marketing from with the fourth to time,

that's get of it. your app do ideas do, the are money, partners we how more We know he's do you get the betting are they've have we throughout on whoever ends are up lower back. do on maybe customer because loyal. Bowl even people so about we've shortage day what following we throw Barstool, it's most Super would and assigned ones if and saw, but for game. team Bowl everyone our most Super else something because the the guys you costs got Bowl, up five of about at it. time. five to they around at personalities one the do of at ends the It's in the now the competitors and example, and energy that acquisition at difference there's bet it, the their the this partnerships a know your that any a game because is of just most to media with haven't much bet Cat of, has make when this because all to media importantly, doing really ideas do idea, you one and you in than sense we Super things partners we've something account. dropped randomly that got up and just Where contest where Dave just $XXX around one these dozens Barstool but we where excited the list is the winning don't into are in no following And Super so of that doing personality got our compelling thoughtful want And else's, that. with a if weekend which held point big so how sense, I And throughout the Dave that $X,XXX But ones if don't -- just can the the no that when on make so we're thought excited set else And their don't what just many our be can most great we're ideas prioritizing our you and personalities. money, this got within the of like really how they Bowl which at on we're those much I

early we know And at think the But in things able so move now, be that that that the P&L want of we're telling good more And a really we're you're Shaun, on we profitability. we see because decide expect right that you spending our on the impressed. yes, that launch, really you may we're paid what other not seeing look as and the that should still position. media we're learning things we to as you needle, is I side. to think some I'm of really, quarter every we in in really that aggressive on and line, that be

Shaun Kelley

priority can as and should mean, some about we costs? Because How kind accelerate to costs further you've the but launch this. Jay, it little kind to drive you've you it, I you a really maybe all just of mean, really the do to what say start acquisition empower and think upstart -- these directly, it markets? I to analyzing we kind the of of maybe I And maybe think is first start think and of And do we just customer new to since, push reinvestment alluded further done brand?

ramp implied a ready the to guess, which quarter, launch undoubtedly huge You and Michigan, getting for you going profitable were were, roll is ready and in to you. I in for

trying I about, to mean, how of forward? trend this think line impressive numbers we're it's extrapolate we do going and these So

Jay Snowden

through I would profitability would in path -- to ring trying really faster the over really call we maybe What that, I we're aggressive ramping of focus that, would we anybody profitable as play think that on start expect flexibility still is that So first to the we less else, of there. as sit $XXX, on clearly Right much and side, definitely look sort matched for if Yes. what's I'm really do And than in it's terms priority lot do funnel have Michigan deposits it to in of and to on the possible in and in launch, right? to grow customer at and Shaun, as want one weekend first-time said sort beyond see cost not as $X new could I the on we acquisition want how interesting I've from Michigan we XXXX is now, XXXX to I we were and I have safe, the aggressive, a million of we what all this that customers, wagers. in number markets. in than assume that as that's be breakeven-ish previous interactive acquisition, say to depositors way we and but And first-time a desire up be. sure back here that these of our is. to I our and on are we what even and and a 'XX, it.

Shaun Kelley

It's really impressive.

Jay Snowden

Shaun. Thanks,

Operator

with Wieczynski comes Please from question next Our Stifel. Steve proceed.

Steve Wieczynski

the typical there the -- up acquisition is, you up by you that how get out of that of below could could in you're that think, way mentioned, of So, $XXX, well $XXX range go profitability? talked mean far you And today bottom that is to that's I is, What the And profitable guess about you high referenced. that still to today? guys all I range lose you the before range. end range you I guys that and the question be end you cost range

Jay Snowden

the great at absolutely Remember, answer states. two profitability with that yes. Steve, launch, is and our Michigan I quarter think, the in fourth of just talked we scale, terms in we're about in everything

now XXX we all ramping acquisition. scale overhead all been got Interactive you be end our over product XXX We states, across around Penn engineers. spread to two of have have now development that's is We've All cost and So spread. So, can this to staffing. XX being more being that have imagine spend you that growing people. is division And We've costs. funnel which XX by that and 'XX, thing to widening XX of on where plan states, dry states, of powder we as the states, you this all right? funnel much the

strategy on TV But with weekend. around but returns that. Michigan, things a some advertising the we you're what We're fully dabbled. AFC or and I NFC super is be going on expect We we around now. championship strategies. effective on in should what spent super new we PA Orthodox, you saw Not money just different testing we're media to what most us happy of going integrated lot, the think and to to on be high So And return. but do really see do

Steve Wieczynski

which of the would to current most give guidance guidance out hope And understand not some the virus got stuff key year that backdrop. where we provide to this then multiple question, normally what tied obviously, you're assume in Okay, you the shake and year. how I look second be -- are the going this high the mean modeled us like just and what wondering, But that like. given end guys items to thinking have you for the would the year things that you it's Jay, And you. I guys guys that. some I out? you way there business by is, understand, this what giving for is But or push And about I of to I how guys what the makes are watching, terms guess a watching year would end I'm assume the low guidance? would either without call could vaccinations scenarios are of could that And you that of the the sense. you're of explicitly

Jay Snowden

talked sense, It makes we've And already Penn Steve. about Interactive. absolute

the for assume So, it. down in breakeven, slightly way to if then model to not, range, boils COVID. for probably purposes, somewhere slightly positive, is but I modeling our the in business, you think Everything that breakeven else it year

continue restriction get loosening are control years, assume and on of it closures year from year ease at consensus we have months, today, restrictions. every surprised out in wasn't level number don't we of and sort look put the you when here many the But restrictions your I the And map out approach, that. most we level full no depend so what the really of if how of point, and felt at if really worse made that be to decisions when can the state a there we I way terms would does operate the and being regulatory our that see few number do we in the some can you are right at and decided these -- looks do and over through remainder destiny, like say It's to the right the of than remainder just, and the that number now to for but to they fine. we

Operator

Union next Please proceed. DeCree from with question Gaming. comes Our John

John DeCree

fourth nicely. initial the core the question Jay, of industry, wondering ask like across rationalized in business. into moving January, wanted promotional spend then as and you industry since of we the keeping the your are lockdowns seen behavior? any things the entire something is the has navigate a improving change on COVID, quarter has quite to and that which that would Have level sounds level and casino considerably. focused Or marketing given I been with about promotional casino additional industry casino reopening rational? say really I was And at marketing footprint, you still the

Jay Snowden

that Todd let to going one I'm well. John, grab as

Todd George

Thanks, Jay. John.

the for every been what in guest it to out really industry. driven saw quarter coming capacity the entire by And has restrictions. pandemic, beginning, similar So change was we more a of

I the the to that the that's pointless continue that completely really well there has the was seasonality away to long back. you're remained was we're everybody year. including rational, component the is everybody a had as service going pandemic, as come And encouraged that as come But in demand forward. And typically, think anybody component, not QX it we seen anyway, with they've as is So, and a weather customers product aggressively, robust long pretty reasonable. from just through number with this stays any seeing in as market going what as rather -- offering by but number that approach have model, market into pretty

John DeCree

on provided remarks, reactivated maybe the or That's and maybe and have from other the maybe have anecdotes many And color. Jay, mychoice into have has you become you've come realizing Barstool independent how if I their yet any metrics helpful casino maybe found how one had for found Barstool the dormant you've data that curious your early been X% with in database. some of Barstool I way and app customers your way have mentioned but about into gone a that it's mychoice casino. was kind on prepared of restrictions, customers you think that cross-sell stand-alone registrations the of wondering or

Jay Snowden

early. Yes, it's

that's of around in period live the to were active because are the which About share time, now longest gaming casinos. the that know, been XX% X-X, lot XX% users don't our and ecosystem, a about brand-new were are So, reactivated. have of XX%, we users Pennsylvania is Casino there. whole in money for I I'll real Hollywood what give our which is PA you to really

So they gone had dormant.

side percentage you better. that just betting. on direct some we question, a be But don't sports less guests. correlation because sports will specifics the you betting that, to think I from reactivating a sport don't for are relates gambler have as to casino any I have crossover no it

Operator

Capital Craig-Hallum proceed. Our Group. question with next Ryan from Please comes Sigdahl

Ryan Sigdahl

Great.

Just out kind you're share what maybe absolute Michigan, if Pennsylvania? how able started yet, on bifurcate in because kind numbers curious of there even aren't your is to relative market just you of directionally but out, to

Jay Snowden

I on came days of Michigan tough to first don't that's XX Yes, predicting the record a want in one, to. what be Ryan.

tracking online just to Michigan, even with I I because other launch think you live the of state people both and out only the regard any have state to to at would pings already there's that sports with number related went you GEO than differently Michigan have same-day are pings casino. the betting there to look is that date in and say and U.S. that the that on think nature. things some numbers comply I of

our the look how and in the betting what a Pennsylvania in good you you in be of should across ending to has the day time, being looked XX% makes casino. wagers think download comparison same Today if going know range trying Pennsylvania. year daily one number that -- betting huge you're is first download I month-to-date. state than gate. of difference. it was they've really other in betters the good we're significantly challenge And day, in than think looking to it later And in This We convince was were deposit, versus our and specifically wagers leave that Barstool, and else. we app you of of per sports downloads, per really into is relative those, Pennsylvania. none the would pings on our think not all launches best versus seeing and tried users, questions, -- app, like registration, I did, board betting the it's higher the number from sports first on look What I starting and launching in metrics, at run on everybody just back Michigan in the share expect to and I Michigan a fair the the day other through look Michigan XX% -- whether it the a the higher active to slides, to to bedding state market us gate, online in you're so to you We -- of game. with days -- Michigan. at downloading when we first handle weekend of been downloading our We're those for that's that was the the results at And out December the and first know was of do standpoint XX of time all many or

Ryan Sigdahl

it's question Good. I realize to answer. Yes, difficult

So there's better industry significantly percent hold on as you what goes? I of there seeing it helpful was of as context. kind and about average then Maybe in can else. guess, than everyone we're your recently been a conversation, far lot hold here, And comment Pennsylvania your

Jay Snowden

of would -- mean, me would I reminds Blackjack. look, questions on get this Yes. I in volatility we

you get lucky hold and well. And some months, you

you sometimes And don't.

up to can't I get term, the the lose of into we to launched would in tend bets, December. lost everyone, we Michigan PA, it continuing traction sort for cat to And of long good a NFC exclusive wouldn't with to term. just also see that -- of I Pennsylvania, I -- fun. during which had relationships think really we read what Maybe overly that in don't think you betters stat, the quick I in when parlay big hold Michigan, more the more we give better, and month. hat, build lot we're speaks above-average in should So are the those we expect over September. launched with free between first with every us, it money but just AFC championship month you right? the that of end had are a and percentage. We us But whole XX,XXX to long to many VIPs. think weekends, remind we're is might parlay drive bets, and Barstool continuing I over on XX%

does and go that one from parlays ways how month play really So do on and can significantly people both next. to the move VIP it number

Ryan Sigdahl

Impressive Great. early results.

Jay Snowden

Ryan. Thanks,

Operator

Our Securities. McTernan question from Bernie comes next with Rosenblatt

Bernie McTernan

on. early an what's your Pennsylvania early and currently given point on Barstool I'm customer like want that going that to Michigan, evaluating clearly you Jay, to have channels else other Great. thoughts acquisition just interested proof-of-concept what is the you working, of supercharge do made and in in you kind adding success

is apps fantasy or So Super for with section. routinely launching under then example, the M&A free-to-play. FOX And a just daily top sports. they it's were there in they also, free-to-play some in was announced the X, networks, some iOS recent MSG app

channels? wanting So to if just Barstool further tolerance there's brand other acquisition or wondering leverage increased any on kind to of the customer

Jay Snowden

structured media media have we're got first proud here and it the with great incentivized. to nonstop but decisions. thinking about announcing how that that trying and and we Barstool, I'll we really announce We're was we tell of partnership, office when together align it, to we weren't real company -- We we how what right you, a and sure was to appetite. fully and our make can I about a to the to put long one game company. how the that integrate sides I think right And were it's imagine. question. media we a both as just the think the Bernie, really playing benefited partners And the we've you with talk at Yes, from it around make

that's we're we're I that we're national now which from Paul, just obviously, the did. of an very we you with the basis. you We yes, things all in what else that's can who's gamer going read have somebody have not maniacal There's it's funnel a going we we we're influencer We've yesterday an recently of term. video standpoint, impactful will about, going. interested because really the our for And influencer. because out a scale, so, And acquisition Logan a And strategy more be get would improving an to what how can long influencer to partnership social about excited tell something chase know whether announced partnerships figuring Michigan that media that we more media on Nick in Merck, influencer announced just widen we through the with that just do. that or we partnerships. sorts about relationships

we're returns going the and we So terms delivering aggressive of don't next. great we're we're that know might in to are We some huge announcements the doing doing, be to of continue do thinking But about be splash do. what we things through necessarily really things. things that

Operator

with Barry Please from Our next comes Truist proceed. question Jonas Securities.

Barry Jonas

to to perspective any guess or would you there wanted sort accomplish? moment? be at there in I of on M&A. you're omni-channel M&A from you'd Are that inorganic to that on the I verticals an tack jurisdictions expand Are exploring Jay, like growth maybe allow

Jay Snowden

Yes yes. right that and lot queue at We've now. in looking the got we're a

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Barry Jonas

view guess as your up, to a and vertical in then Great. what's follow I as betting integration here on relates are interactive general? sports it And

Jay Snowden

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Operator

question with proceed. Chaiken Ben Crédit comes Please next Suisse. from Our

Ben Chaiken

opportunity the color of but can betting like when benefits just the Illinois think just the state any around In the next Is so the segment, that is How or it state more the about context provide to you it made Jay, earlier, and speak? sounds comments sports another versus the do of go there? in Virginia gun you live. there Illinois, being of to you goes off, size

Jay Snowden

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things out. so And to build you these have

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Ben Chaiken

just then super the That's more Got helpful. And side. you. one land-based on

I had think you mentioned that positive trends. January some

segment I think you in 'XX South stronger. mentioned even similar to the XQ

COVID March the we as XQ presumably, of et the of variation, a about lot development Just cadence, closures, with think cetera. had given

equate XQ and or common frac Or can any that you does where just guys stand? as of kind of half? to you try first the just So the it second color half more

Todd George

Todd. This is I'll that. take

And extrapolate pretty favorable So I you like The are think seeing comparisons had if can we're restrictions year-over-year actually I would the throw cells. us. in for as Iowa what even state a well. that's few

So where moving by ease to there. back saw at Ohio just even the last curfew pickup a hour, tremendous this restrictions looking an weekend started we

So, working being the and Illinois open restrictions there. through now

we of As these every the encouraged what we're restrictions, region we as look states as start when at we kind to can like ease the forward. look southern feel region go

impact. the year, QX is mind end So -- started that where and COVID again, of keep we the last in to see QX,

of way the about shapes optimistic kind QX up. we're So

Jay Snowden

up. want and over-index, I Because of think Todd to People concentrated treatment demand. and of continue roll remember, states prove in day. add when loosen and the most house. that Northeast. I on more a some yesterday weather I calendar COVID in restrictions, just out portfolio, get point, And you the and to of for a It's would to real. we're the And our warms and curfews more as the this pent-up Midwest were effective, these vaccinations while seeing it's next And bump Todd's talking real. see about you we're that,

are the to like the see in the think seeing these moving things get I now. right demand you're pent-up real all You to March, in we're if going South April, some May right and direction, still

Operator

Grambling comes Please next Stephen Sachs. with Our proceed. Goldman question from

Stephen Grambling

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Jay Snowden

Make that saying sports our results? Steve, with question to sure regard betting you're got right, I

Stephen Grambling

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just be curious side evolving. on Media revenue the the I'm how So might mix Barstool

Jay Snowden

it. Got

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Stephen Grambling

sense. for They've That's influencers. become helpful. a platform Makes essentially

seeing customer what this the earlier in you on customers overlap John's is unrelated betting and to an iCasino? you're touch follow-up, Can channels. expecting about sports I As converting question between think

Jay Snowden

to. happy Yes,

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Operator

Thomas with question comes next proceed. Stanley. Morgan from Allen Our Please

Thomas Allen

more are 'XX, between remember Fourth a offered if So your XX% in Ben question EBITDA the asked And But I those? January, up starting And business, strong. February, 'XX the you to X%. about of was about little January talk off we earlier year-over-year. I a you're Todd, now, Like quarter think think I growth? were you trend. seeing brick-and-mortar on Are quarter up, trends third really bit. guess, the just down kind that

context all bit put just you this more? into little can a So

Todd George

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Thomas Allen

in Helpful. lot, sports to a of you confident Thanks. are And a share? top which picture, are then, in a how market you balancing Jay, you versus number spending betting, bigger that? just you're you three be kind times, stated player not increasingly expect of And

Jay Snowden

Yes.

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end So are that as of that We're we'll that what And powder areas more delivering we take before We lot to one I more we anyone widening going than deliver We'll a anybody We're returns. to the driving just and top faster And the believe up in is question, Frank. again, acquisition dry be more aggressive scale, customer best we and else. pledge with faster delivering on we going that funnel than continue on should be profitable that assume is be ever to think we're you to that three. we else. launched. that. on said

Operator

That'll Jefferies. Please be a question with from David proceed. Katz

David Katz

just there and XX covered market you've are target between the Jay, love that to or I it right? and it's lot, entry. the gating the the back year markets it Is matter? imagine more XX one turning I gating awful factors? of to this regulatory, to an other getting versus Congratulations. go into just are than What factors about that wanted thing, list. What talk I'd for app X

Jay Snowden

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name Missouri, ready starting your by What and problem we're want -- can Kansas, can the sort we've state, So happens what one be we question that be going in. happens, to be be states and because if would The live in. if we Ohio, gate. out good control we the have. we're a at pegged this our yes, of we Massachusetts, in to that want know live of XX be season, be be and figuring that to It's those legalize would then Texas, to big football

or So the the live given the can't -- size unique right rules at want and what has population be every starting really one all for what in a bespoke state, you of your state. on the that you have states that are fingers deliver us. are bet important, you because to can Barstool tomorrow Those and that. state just of have regulators snap on in popularity of you is every of being and app all and factors gate these population But in games you're in that what size

takes some little And of time. a that just of bit

year the what out one much here is So state expect what that be two. state the from through I going to you think should from cadence you of rest saw the rapid on than more to is

David Katz

talked just is to of little value is more are if platform. clearly and And down and to it's for we, sit which some sit down Or I comparable there that back transactions? and some and value detailed Obviously, way media But one people, the pencil something. which could to a warranted? about undervalued nature comment Perfect. bit, Are pencil we could casino obvious. is popularity from you've at the go try proliferation that we release looking it, the

Jay Snowden

Yes.

best the thing financials for I public. think do now you their aren't because could

multiple companies. we what have than up can said of the that at at going with were around a announcement. look of at a look happened of have at investment year the think the you in of to any think, ago, of have would comp you at to since that and podcasting. a they the you And is assume what's would sort it. way lot I conclusion look from do it's standpoint, one you gotten financials time sort media end lot would look definitely a come better. look time that to safest of should importantly, I available a probably You math -- And I And we're way transactions worth what what to revenue I play more David, time that paying. And at just our a

Operator

remarks. turn the will I closing Snowden, you. continue with now or Mr. back to call Please your presentation

Jay Snowden

business, quarter, a on the great update really to this share. off solid launch to beyond. dialing the of Really to in year of Great. of share nothing morning. more and everybody this else appreciate I Michigan Yes, all calls for our core start lots in year our future on exciting this rest and with importantly, with happy you

Talk much. very you thank to So soon. you

Operator

conclude you thank participation you that lines. Have disconnect does day, a for ask your That great your We and the for call please conference today. everyone.

PENN Entertainment (PENN) 4 Feb 212020 Q4 Earnings call transcript