NASCAR And Penn National Gaming Expand Strategic Alliance With Wide-Reaching Gaming Partnership
NASCAR and Penn Interactive, a subsidiary of Penn National Gaming, Inc. (PENN: NASDAQ) (“Penn National” or the “Company”), announced today a new multi-year partnership that will make Penn National an authorized gaming operator of NASCAR in the United States. The partnership is Penn National’s first with a professional sports league and will center around a brand new, free-to-play, mobile game named NASCAR Finish Line, which offers users the chance to win a $50,000 jackpot every race.
In addition, NASCAR and Penn National have extended their long-standing race title sponsorship for the “Hollywood Casino 400” at Kansas Speedway through 2026, deepening the connection between the two entertainment companies. The partnership furthers Hollywood Casino’s position as the Official Casino Partner of Kansas Speedway and the race title sponsor of the NASCAR Cup SeriesTM race that this year is scheduled for October 18, 2020.
“We’re thrilled to have Penn National on board as our first authorized gaming operator to strengthen our effort to increase fan engagement with a platform perfect for in-play experience,” said Craig Neeb, Executive Vice President, Innovation, NASCAR. “Coupled with our landmark deal with Genius Sports in 2019, this partnership also positions NASCAR to take advantage of the rapid expansion of legalized sports betting across the country.”
“We are very excited to enter this long-term, strategic partnership with NASCAR,” said Jennifer Weissman, Chief Marketing Officer for Penn National. “We look forward to the opportunity to provide NASCAR fans multiple outlets for their fandom, including online on a new free-to-play mobile game and at our destination casinos and sportsbooks.”
The free-to-play NASCAR Finish Line mobile game will be available ahead of the Daytona 500 across iOS and Android phones and tablets and can be downloaded on the App Store and Google Play store. Players can win the $50,000 jackpot by accurately predicting the race winner and the highest finishers across six different groupings of six drivers.
“I’m excited that we have extended our title race sponsorship agreement with Hollywood Casino at Kansas Speedway and as a company, that we are expanding our relationship with Penn National,” said Kansas Speedway President Patrick Warren. “Hollywood Casino at Kansas Speedway has been able to entertain thousands of their customers, not only from the Kansas City area, but also from around the country during the “Hollywood Casino 400” the last several years. I look forward to continuing to help them entertain and reward their patrons for the next few years.”
Penn National is the nation’s largest regional gaming operator with 41 facilities in 19 states, including the Hollywood Casino at Kansas Speedway that overlooks Turn 2 of the Speedway, which opened in 2012. The partnership with NASCAR reflects the Company’s strategy to continue evolving its business, with a focus on becoming a best-in-class omni-channel provider of retail and online gaming and sports betting entertainment. As part of that strategy, Penn National recently announced an exclusive gaming partnership with Barstool Sports to utilize its brand for all of the Company’s online and retail sports betting and iCasino products, subject to the closing of the transaction, which is expected to occur within the First Quarter.
As an authorized gaming operator of NASCAR, Penn National will take an active role in promoting NASCAR across its properties and on its soon-to-launch sports betting app. Genius Sports, NASCAR’s exclusive provider of NASCAR data to licensed sportsbooks, rolled out several new in-race bet types in 2019 and is set to expand upon that with an additional eight in time for the 2020 NASCAR Cup Series season.
Last year, NASCAR announced a series of partnerships to prepare the industry and its fans for the rapidly growing sports betting landscape in the U.S., including an integrity deal with Sportradar, an exclusive data distribution deal with Genius Sports, and content deals with Action Network and VSiN. Additionally, the sanctioning body granted all teams and tracks the ability to sell marketing sponsorships to sports betting companies and licensed sportsbooks.
The National Association for Stock Car Auto Racing, LLC (NASCAR) is the sanctioning body for the No. 1 form of motorsports in the United States and owner of 16 of the nation’s major motorsports entertainment facilities. NASCAR consists of three national series (NASCAR Cup Series, NASCAR Xfinity Series, and NASCAR Gander RV & Outdoors Truck Series), three regional series, one local grassroots series, three international series and the Automobile Racing Club of America (ARCA). The International Motor Sports Association (IMSA) governs the IMSA WeatherTech SportsCar Championship, the premier U.S. sports car series. NASCAR also owns Motor Racing Network, Racing Electronics, Americrown Service and ONE DAYTONA. Based in Daytona Beach, Florida, with offices in eight cities across North America, NASCAR sanctions more than 1,200 races in more than 30 U.S. states, Canada, Mexico and Europe. For more information visit www.NASCAR.com and www.IMSA.com, and follow NASCAR on Facebook, Twitter, Instagram, and Snapchat (‘NASCAR’).
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. The Company operates 41 facilities in 19 jurisdictions. In total, Penn National Gaming’s facilities feature approximately 50,500 gaming machines, 1,300 table games and 8,800 hotel rooms. The Company also offers social online gaming through Penn Interactive and has a leading customer loyalty program with over five million active customers.
About Penn Interactive
Penn Interactive (PI), the interactive division of Penn National Gaming, operates retail sportsbooks at Penn National properties and manages the Company’s portfolio of innovative real-money and social iGaming products, including HollywoodCasino.com and HollywoodRaces.com. Penn Interactive expects to launch its online sports wagering platform under the Barstool Sportsbook brand later this year, subject to the closing of the transaction, which is expected to occur within the First Quarter.
About Kansas Speedway
Kansas Speedway is a premier motorsports facility in the Midwest. The track, which opened in 2001, hosts two NASCAR Cup Series weekends each year, along with approximately 200 other event days each year. The Hollywood Casino at Kansas Speedway, which opened in 2012, overlooks Turn 2 of the track.
All statements included in this press release, other than historical information or statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the transactions with NASCAR and Barstool Sports and the expected financial returns from the transactions with NASCAR and Barstool Sports are subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and business. Accordingly, Penn National cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include, but are not limited to: (a) the Company may not be able to achieve the expected financial returns due to fees, costs and taxes in connection with the Company’s roll out of its own online and retail sports books and iCasino products; (b) states may not pass legislation approving online and retail sports books and iCasino products; (c) the closing of the transaction with Barstool Sports may be delayed or may not occur at all, for reasons beyond our control; (d) the ability to satisfy the closing conditions to the transaction with Barstool Sports in a timely basis or at all; (e) the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 related to the Barstool Sports transaction; and (f) other risks, including those as may be detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). For more information on the potential factors that could affect the Company’s financial results and business, review the Company’s filings with the SEC, including, but not limited to, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.
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