Penn National promotes Jay Snowden to CEO

Penn National Gaming announced Thursday its new executive management transition plan after Timothy J. Wilmott informed the Board of Directors of his decision to retire as Chief Executive Officer and as a member of the Board at the end of 2019. 

Effective January 1, 2020, the Board of Directors has appointed Jay Snowden, who since 2014 has served as Chief Operating Officer and since 2017 as President, to succeed Mr. Wilmott. Mr. Snowden was also appointed to Penn National’s Board of Directors effective immediately.

Tim Wilmott joined Penn National in February 2008 as President and Chief Operating Officer, was named Chief Executive Officer in November 2013 and has served as a member of the Board of Directors since 2014.

During Mr. Wilmott’s tenure, Penn National expanded its operating base with the opening of new casinos and the acquisition of existing gaming facilities. In October 2018, the company completed its acquisition of Pinnacle Entertainment which further expanded the company’s financial, operational and geographic diversity.

Under Mr. Wilmott’s leadership, Penn National has more than doubled its annual revenue from approximately $2.4 billion in 2008 to the over $5 billion expected in 2019. Since January 2018, Mr. Wilmott has also served as the Chairman of the American Gaming Association.

David Handler, Chairman of the Penn National Gaming Board of Directors, said: "On behalf of the Board, our shareholders and employee teams, we want to thank Tim for his significant contributions to Penn National’s transformation during his tenure, including his commitment to operational excellence and shareholder returns. Tim and Jay have partnered closely over the last eight years, laying a strong foundation for sustained long-term value creation at Penn National, making Jay ideally suited to serve as our next Chief Executive Officer."

Tim Wilmott added: "I am very grateful for the opportunity to have led Penn National through a transformational period in the company’s history, including the acquisition of Pinnacle Entertainment, the creation of the industry’s first gaming REIT and other initiatives that have driven growth, created shareholder value and positioned the company for future success. After more than 30 years in the industry that I love, I look forward to Penn National’s further growth under Jay’s leadership."

^{Tim Wilmott}

Jay Snowden, 43, joined the company in October 2011 as Senior Vice President-Regional Operations. In January 2014, Mr. Snowden was appointed Chief Operating Officer and in March 2017, Mr. Snowden became President and Chief Operating Officer. Along with his responsibility for operations, marketing, interactive, IT and human resources, Mr. Snowden has led the company’s integration with Pinnacle Entertainment and its industry-leading margin initiatives. Jay joined Penn National from Caesars Entertainment, where he acquired significant gaming industry management experience with over 12 years in several regional and destination markets.

Mr. Snowden commented, “Since I joined Penn National, the company has cemented its reputation as one of the gaming industry’s best managed and largest operators of regionally diverse gaming properties. This success is a reflection of the company’s disciplined operating strategies and unparalleled execution by our dedicated team. Along with our Board, senior management, corporate and property teams, we will continue to build on the foundation laid by Peter Carlino and Tim Wilmott. We are entering a very dynamic time for our company and I couldn’t be more excited, honored and humbled to lead this amazing company into the future.”