Penn National Gaming updates timing for filing restated financials

By Angela McDaniels

Tacoma, Wash., Feb. 24 – Penn National Gaming, Inc. now expects to file its 2015 annual report with the Securities and Exchange Commission on March 15, according to a company news release.

The company will also make its other outstanding restatement filings by that time.

As previously reported, the company received waivers in October from the lenders under its 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.

The waiver extended the period for the company to file its financial statements for the quarter ended Sept. 30 from Nov. 14 to Jan. 15, which has since been extended to March 15.

The company said the extension to March 15 will allow it to ensure consistency throughout the reporting periods for various adjustments and to reclassify one additional lease to capital lease treatment, which will result in the company reporting about $25 million of additional debt on its balance sheet.

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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