Still, Snowden and his new chief financial officer, David Williams, who joined the company from Apple in January, expect brighter days once casinos begin reopening. Penn in late March also formed and negotiated with an affiliated real estate investment trust, Gaming & Leisure Properties, to sell the Tropicana’s real estate assets and develop a new ground lease for its Morgantown, Pennsylvania, casino in exchange for $337.5 million in rent credits. Since the closure, Penn has donated 45 tons of perishable food items to food banks and relief organizations in the cities in which they operate. A COVID-19 relief fund for employees was established. The operator of the Tropicana on the Strip, M Resort in Henderson and Cactus Pete’s in Jackpot paid the company’s 26,000 employees nationwide - 3,200 in Nevada - through the end of March, but furloughed them April 1.Įxecutive pay was reduced and the board of directors opted to forgo its compensation. That translated to a $5.26 loss per share for the quarter that ended March 31, compared with 36 cents-per-share earnings a year earlier.
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