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Penn National Gaming Reports Fourth Quarter Revenues

Penn National Gaming today reported financial results for the three months and year ended December 2021. Penn National owns, operates or has ownership interests in 39 gaming and racing facilities, and video gaming terminal operations across the United States of America.

2021 Fourth Quarter Financial Snapshot:

  • Revenues of $1.6 billion, an increase of $545.1 million year-over-year and $231.3 million versus 2019;
  • Net income of $44.8 million and net income margin of 2.8%, as compared to net income of $12.7 million and net income margin of 1.2% in the prior year and net loss of $92.9 million and net loss margin of 6.9% in 2019;
  • Adjusted EBITDAR of $480.5 million, an increase of $115.1 million year-over-year and $81.1 million versus 2019;
  • Adjusted EBITDA of $369.0 million, an increase of $113.1 million year-over-year and $65.0 million versus 2019; and
  • Adjusted EBITDAR margins of 30.6%, as compared to 35.6% in the prior year and 29.8% in 2019.

Jay Snowden, President and CEO commented, “I am pleased to report a strong finish to another transformative year for Penn National. Our fourth quarter revenues of $1.6 billion and Adjusted EBITDAR of $480.5 million exceeded both 2020 and 2019 levels as our best-in-class operating teams continue to deliver impressive results despite the ongoing pandemic.”

Penn National Gaming expects full-year revenue in the range of $6.07 billion to $6.39 billion.

While the market for online gambling is growing and can be a promising revenue stream for Penn, analysts caution there could be bumps in the road. Two of the so-called Big Four states still do not allow sports betting. New York and Michigan recently passed laws allowing sports wagering, but California and Florida have not.

The company also owns a 36% stake in sports and pop culture blog, Barstool Sports.

New powerhouse law firm opens in metro Detroit

Jehan Crump-Gibson and Ayanna Alcendor have joined forces to create the powerhouse law firm Great Lakes Legal Group PLLC in metro Detroit. The minority women-owned law firm was launched at the beginning of 2018, and will offer one-stop-shop service to a range of clients.

Crump-Gibson comes with a plethora of experience, as she’s been recognised three times by the Michigan Super Lawyers Magazine as a rising star. After earning dual bachelor’s degrees in political science and english from Michigan State University, Crump-Gibson then went on to earn her juris doctorate from Wayne State University Law School. Post law school, Crump-Gibson opened up her very own law firm, C&G Solutions, for a while before joining forces with Alcendor. She received the 2015 and 2016 Martindale Hubbell ® Client Distinction Award and was recognised as one of Michigan Chronicle’s ’40 under 40’. United States Senator Gary Peters appointed Crump-Gibson to the Michigan Senate Judicial Advisory Committee in 2017 and she was admitted to practice law in Michigan and before the United States District Court for the Eastern District of Michigan.

Alcendor also comes with an abundance of experience as well. Having received her Juris doctorate degree from Western Michigan Thomas M. Cooley Law School in 2013, Alcendor actually interned at C&G Solutions, Crump-Gibson’s law firm. She also interned at the U.S. District Court for the Eastern District of Michigan with Judge Mark A. Randon, the state appellate defender’s office, the Wayne County prosecutor’s office and a number of area boutique firms as well. At Ernst & Young, she served as a client servicing associate in the Detroit office. Alcendor also founded her own practice, Allied Legal Consulting, PLC., before teaming up with Crump-Gibson.

We had the opportunity to speak with these two dynamic women about the inspiration for launching their own firm in metro Detroit. We discussed the services that their new firm will specialise in and we also touched on the unique skillsets they collectively bring to the firm as a team. Check out the interview below and drop a line or two in the comments section to let us know what you think about this minority women-owned law firm.

What was the inspiration for launching a minority women-owned law firm?

You have to be the change you want to see. This is why we thought it was so important to start the firm. Minority women continue to be underrepresented in equity positions in law firms and the legal field as a whole. A minority-woman owned law firm like Great Lakes Legal Group is uniquely positioned to aid in the ongoing efforts to address this disparity. Minority women serving in such critical leadership roles are integral in diversifying the legal profession. In turn, this diversification has a direct impact on the communities we serve.

With these roles, we have a responsibility. As important as it is to command a seat at the table, you have to leave the door open to the room for those to come in behind you. We do this by continuing to feed the pipeline. Recruiting talented young women of color and providing opportunities for exposure to young women in firms’ aids in augmenting representation in the industry. We are fully committed to these efforts at Great Lakes.

About Great Lakes Legal Group PLLC

There, you will find detailed information about the owners’ backgrounds, the services we offer and the areas we serve. You can also sign up for our newsletter on the home page to stay connected with us. We are on social media as well: Instagram: @gllegalgroup and Twitter: @gllegalgroup. If you need more information, please visit our website http://www.gllegalgroup.com/