Penn National Gaming Inc. (NASDAQ:PENN) Q4 2018 Earnings Conference Call Transcript

Feb 07, 2019 • 09:00 am ET


Penn National Gaming Inc. (NASDAQ:PENN) Q4 2018 Earnings Conference Call Transcript


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Ladies and gentlemen thank you for standing by 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 Mr. Joe Jaffoni, Investor Relations. Please go ahead, sir.

Joseph Jaffoni

Thank you, Paulina. Good morning everyone and thank you for joining Penn National Gaming's 2018 Fourth Quarter Conference Call. We'll get to management's presentation and comments momentarily, as well as your questions and answers. But first, I'll read the safe harbor disclosure. In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties.

These statements can be identified by the use of forward-looking terminologies, such as expects, believes, estimates, projects, intends, plans, seeks may, will, should, or anticipates or the negative or other variations of these or similar words or by discussions of future events, strategies or risks and uncertainties, including future plans, strategies, performance, developments, acquisitions, capital expenditures and operating results.

Such forward-looking statements reflect the company's current expectations and beliefs, but are not guarantees of future performance. As such, actual results may vary materially from expectations. The risks and uncertainties associated with the forward-looking statements are described in today's news announcement and in the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and Form 10-Q.

Penn National Gaming assumes no obligation to publicly update or revise any forward-looking statements.Today's call and webcast will also include non-GAAP financial measures, within the meaning of SEC Regulation G. When required, a reconciliation of all non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found in today's press release, as well as on the company's website.

With that, it's now my pleasure to turn the call over to the company's CEO, Tim Wilmott. Tim?

Timothy Wilmott

Thank you, Joe, and good morning everyone to Penn National's fourth quarter 2018 conference call. After I give my introductory comments, I'm going to turn it over to Jay Snowden to give a little bit more detail about our operational results and then over to B.J. Fair to talk a little bit about 2019 guidance and some financial statistics as well.

But as I reflect back on the fourth quarter of 2018, I clearly believe its transformational for the shareholders of Penn, our team members and our customers. If you look back on what happened, with the closing of the Pinnacle transaction and us assuming ownership of 12 new gaming properties in over 10,000 new team members, and then that was followed by the announcement that we intend to acquire the operating assets, Greektown in Detroit. And we also received Louisiana, an FTC approval to acquire the operations of Margaritaville in Bossier City.

Certainly as we think, about the end of 2019