Penn National Gaming Cuts Over 2, 500 Jobs at 13 locations

Penn National Gaming has announced that it has cut over 2, 500 Jobs at 13 locations.

The company issued warning notices in over eight states in the past week.

The jobs that will be cut are from 13 of the company’s 36 casinos as well as two corporate offices.

Why Penn National Gaming Cut the Jobs

Penn National’s senior vice president and chief human resources officer, Gene Clark wrote a letter announcing the lay offs

The latter was addressed to Nevada Department of Employment, Training and Rehabilitation.

Mr Clark said the layoffs were due to the circumstances brought by the COVID-19 pandemic.

“These layoffs at Penn National Gaming are the unfortunate result of COVID-19 related business circumstances that were sudden, dramatic and beyond our control,”

“The impact on our business was not reasonably foreseeable until now. We simply could not foresee, that the initial closures of our properties, that were issued by one or two states for a limited period of time, ultimately spread throughout all the states in which we operate and eventually be extended, interrupting almost all business and travel temporarily. These significant drags on our business will likely continue for the foreseeable future.” Mr Clark said.

There were similar letters that were sent to other state officials. Also, the letters specified that casinos could not have known when states would allow them to re-open.  Also, the letters stated that they could not prepare for the opening of casinos under restrictive measures.

The company had more than 26 000 workers before the closure of its casinos.  Additionally, less than 850 workers were on the company’s payroll during the entire lockdown.  Also, the largest layoff is at the Hollywood Casino St. Louis where 445 jobs are going to be lost.

Company Stock

Penn National Gaming’s stock hit a 52-weekl low. This happened when all casinos were forced to close in mid-March due to the COVID-19 pandemic. However, in June, Penn National’s stock reached a 52 week high. Additionally, this is due to the fact that their casinos had begun reopening.  Also, the 52-week high stocks happened just days after reopening.

List of Layoffs

Conclusion

The COVID-19 pandemic has caused a lot of job losses in the gambling industry as well as other industries. Also a lot of revenue has been lost due to the pandemic. To add on, It will take a lot of time for casinos to recover.

FAQs

[accordiongroup id=”69″ markup=”default”][accordion group=”69″ title=”Does Penn National have an online casino?” active=”true”]The company operates mobile and desktop apps. Additionally, the apps offer more than 100 online slots.[/accordion][accordion group=”69″ title=”How many casinos does Penn National have?” active=””]It has 43 facilities in United States and Canada.[/accordion][accordion group=”69″ title=”How many employees does Penn National have?” active=””]It has 18 754 employees.[/accordion][/accordiongroup]