Benzinga | Nov 4, 2021 01:03PM EDT

Why Penn National Gaming Shares Are Falling

Penn National Gaming, Inc. (NASDAQ:PENN) shares are trading significantly lower after the company reported third-quarter earnings per share results were down year over year.

The company reported quarterly earnings of $0.52 per share. This is a 44.09 percent decrease over earnings of $0.93 per share from the same period last year.

"While July was a record month, the second half of August and September was impacted by Hurricane Ida and regional flare-ups of the Delta variant, which reduced property Adjusted EBITDAR and Adjusted EBITDAR margins by an estimated $30 million and 85 basis points, respectively," said Jay Snowden, President and Chief Executive Officer

Penn National Gaming, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals.

Penn National Gaming's stock was trading about 19.4% lower at $58.63 per share on Thursday at the time of publication. The stock has a 52-week high of $142 and has a 52-week low of $58.02.