Penn National (PENN) Suspends Operations Due To Coronavirus

By Zacks Investment ResearchStock MarketsMar 18, 2020 05:28AM ET

www.investing.com/analysis/penn-national-penn-suspends-operations-due-to-coronavirus-200517146

Penn National (PENN) Suspends Operations Due To Coronavirus

By Zacks Investment Research | Mar 18, 2020 05:28AM ET

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Penn National Gaming, Inc. (NASDAQ:PENN) has suspended operations at Tropicana Las Vegas, The M Resort, and Cactus Petes for 30 days due to the coronavirus outbreak. The company announced that shutdown of casinos in Nevada will impact 3,200 team members. Overall, the company has closed 34 properties across the country.

Jay Snowden, President and CEO of Penn National Gaming said, “This is a challenging time for all of us, and we are very appreciative of the overwhelming support and understanding from our guests and team members. We look forward to reopening our doors just as soon as possible.”

Separately, the Zacks Rank #3 (Hold) company also announced that it has suspended the construction of $110 million Hollywood Casino Morgantown and the $120 million Hollywood Casino York in Pennsylvania.

Concerns regarding the coronavirus outbreak have rattled the stock markets and Penn National Gaming isn’t immune to the trend. Shares of Penn National Gaming have tanked 80.2% in the past month, compared with the industry’s decline of 51.3%.

Coronavirus Hurting the Gambling Industry

Wynn Resorts, Limited (NASDAQ:WYNN) has been impacted by the coronavirus crisis. In fact, shares of the company have tanked 60.1% in the past month. The Zacks Rank #5 (Strong Sell) company was bearing operating expenses of nearly $2.4 million to $2.6 million per day, when casinos were closed in China. The expenses mostly comprised of payroll to 12,200 employees.

Shares of MGM Resorts International (NYSE:MGM) have declined 70.2% in the past month. The company’s performance in 2020 will be impacted by the coronavirus outbreak. Notably, the company has shut operations in its Macau casinos and gaming areas. Owing to the shutdown, the company has been incurring operating expenses of approximately $1.5 million per day, majority being the payroll. The company currently has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of Melco Resorts & Entertainment Ltd. (NASDAQ:MLCO) have declined 36% in the past month. The company, which develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia through its subsidiaries, has been impacted by the deadly virus as well. The company has a Zacks Rank #4 (Sell).

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Penn National (PENN) Suspends Operations Due To Coronavirus

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