Penn National Gaming gets more time to file financial statements

By Angela McDaniels

Tacoma, Wash., Oct. 28 – Penn National Gaming, Inc. received waivers from its lenders under the company’s senior secured credit facility in connection with the change in the classification of the company’s master lease with Gaming and Leisure Properties, Inc. from an operating lease to a financing obligation, according to a company news release.

The waiver extends the period for the company to file its financial statements for the quarter ended Sept. 30 from Nov. 14 to Jan. 15.

In addition, the company anticipates that, as a result of this change in lease classification, it will report about $3.5 billion of additional liabilities as of Sept. 30, which represents the present value of the future minimum lease payments to Gaming and Leisure Properties under the master lease.

Penn National Gaming owns and operates gaming and racing facilities and video gaming terminal operations. It is based in Wyomissing, Pa.

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