Regional casino operator Penn National Gaming is doing its best to survive the industry shutdown, with 26,000 employees currently furloughed from 41 properties in 19 states while the industry is shut down due to the coronavirus pandemic.
Speaking on a broadcast of the program Talkline on West Virginia MetroNews, Eric Schippers, senior vice president of public affairs and government relations for Penn National, said the operator paid its employees through March 31, and is continuing health benefits through June 30. He also noted that Penn has set up an emergency fund for tam members, which is currently more than $1.4 million.
Schippers said Penn’s efforts are concentrated on preserving liquidity to smooth the resumption of operations once the pandemic has passed.
“We’ve had to freeze all spending, we’re looking at and have announced we’ve restructured our rent payments with our landlord, which is a real estate investment trust. We’ve sold one of our properties in Vegas in a sale-leaseback,” Schippers said.
He also noted that operators can look to Macau as a model when considering the gradual nature the recovery is likely to take. “It’s a long, slow climb back,” he said. “Business levels are still not back to normal (in Macau). There’s a light, but it’s a question of how long before that light gets to us.”
