Penn National Gaming Reiterates Q4 And Full Year Guidance - Quick Facts

(RTTNews) - Penn National Gaming, Inc. (PENN) announced that, based on the performance of the business to date in the fourth quarter of 2015, the company is reiterating fourth quarter and full year financial guidance initially provided on October 22, 2015.

The company continues to expect that net revenues and adjusted EBITDA for the three months ending December 31, 2015 will be $722.5 million and $181.6 million, respectively. For the full year ending December 31, 2015, the company expects to report net revenues of $2.79 billion and adjusted EBITDA of $754.5 million.

Penn National Gaming provided an update on the expected timing for the filing with the SEC of the restatement of its financial statements filed since the spin-off of its real estate assets to Gaming and Leisure Properties, Inc. on November 1, 2013. The company now expects to submit the restated filings by no later than February 29, 2016. It was previously disclosed that Penn National anticipates that, as a result of the change in lease classification, it will report additional liabilities which represent the present value of the future minimum lease payments to GLPI under the Master Lease. The company approximates the liability will amount to $3.58 billion as of September 30, 2015.

Penn National also confirmed that it will submit a plan to regain compliance with NASDAQ listing requirements by January 8, 2016. The plan is expected to extend compliance for an additional 180 days.