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PENN > SEC Filings for PENN > Form 8-K on 23-Apr-2013All Recent SEC Filings

Show all filings for PENN NATIONAL GAMING INC | Request a Trial to NEW EDGAR Online Pro



Results of Operations and Financial Condition, Material Impairments, Fin

Item 2.02 Results of Operations and Financial Condition.

On April 18, 2013, Penn National Gaming, Inc. (the "Company") issued a press release announcing its financial results for the three months ended March 31, 2013. The full text of the press release is attached as Exhibit 99.1 and incorporated herein by reference.

The information in Item 2.02 of this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 2.06 Material Impairments.

On April 18, 2013, in connection with a request for proposal it issued in 2012, the Iowa Racing and Gaming Commission (IRGC) awarded a new gaming license (with certain conditions) for the development of an additional casino in Sioux City, Iowa to another applicant. The IRGC has indicated that it intends to permit the Company to continue operations at its Sioux City facility until such time as the new casino opens to the public, but not beyond. The Company, which already has several legal actions pending that relate to this issue, is currently reviewing all of its options and will maintain an open dialogue with the IRGC, Sioux City officials and its employees regarding the IRGC's decision. However, in light of this decision, the Company believes that the fair value of its Sioux City reporting unit will be less than its carrying amount and expects to record a goodwill and other intangible asset impairment charge of between $65 million and $80 million in its results for the second quarter. The exact amount of the charge will be determined after the Company completes its analysis of the estimated future expected cash flows it anticipates receiving from the operations of its Sioux City facility.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.                                Description

99.1           Press release, dated April 18, 2013, issued by Penn National
               Gaming, Inc. announcing its financial results for the three months
               ended March 31, 2013.

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