WYOMISSING, PA — PENN Entertainment, Inc. (Nasdaq: PENN) recently reported financial results for the three and six months ended June 30, 2023.
2023 Second Quarter Highlights:
- Revenues of $1.67 billion, an increase of 2.9% year-over-year;
- Net income of $78.1 million and net income margin of 4.7%, as compared to net income of $26.1 million and net income margin of 1.6% in the prior year;
- Adjusted EBITDAR of $476.8 million, a decrease of 5.5% year-over-year;
- Adjusted EBITDA of $330.4 million a decrease of 30.7% year-over-year; and
- Adjusted EBITDAR margins of 28.5%, a decline of 250 bps year-over-year.
- Stable Retail Business Trends and Successful Migration of the Company’s Proprietary Sports Betting and iCasino Technology Platform in the U.S.
- Repurchased $99.8 million of Common Stock at an Average Price of $26.31
- Total liquidity of $2.2 billion and Lease-Adjusted Net Leverage of 4.7x
Jay Snowden, Chief Executive Officer and President, said: “The Company experienced stable property level performance this quarter with each month showing sequential improvement. Additionally, we are excited to have successfully re-launched our sportsbook app, which features major product improvements that significantly upgrade the user experience, including streamlined navigation, faster load times, expanded wagering markets, enhanced promotions and deeper media integrations. The migration reflects a significant achievement for our Company that was completed seamlessly and with minimal disruption to our customers. Our state-of-the-art technology platform continues to drive strong results for theScore Bet in Ontario. Additionally, as we announced yesterday, in connection with our agreement with ESPN, our online Barstool Sportsbook will be rebranded ESPN Bet in Fall 2023. The powerful combination of our operational expertise, improved product, unparalleled market access and industry leading PENN PlayTM database with the #1 sports brands in both the U.S. and Canada with ESPN and theScore, will create a best-in-class user experience and allow us to significantly expand our digital footprint and more efficiently grow our customer database.”
Summary of Second Quarter Results
|
|
For the three months |
||||
|
(in millions, except per share data, unaudited) |
2023 |
|
2022 |
||
|
Revenues |
$ |
1,674.8 |
|
$ |
1,626.9 |
|
Net income |
$ |
78.1 |
|
$ |
26.1 |
|
|
|
|
|
||
|
Adjusted EBITDA (1) |
$ |
330.4 |
|
$ |
476.5 |
|
Rent expense associated with triple net operating leases (2) |
|
146.4 |
|
|
28.0 |
|
Adjusted EBITDAR (1) |
$ |
476.8 |
|
$ |
504.5 |
|
Payments to the Company’s REIT Landlords under Triple Net Leases (3) |
$ |
234.2 |
|
$ |
231.8 |
|
|
|
|
|
||
|
Diluted earnings per common share |
$ |
0.48 |
|
$ |
0.15 |
| (1) |
See the “Non-GAAP Financial Measures” within the Company’s original release for more information as well as the definitions of Adjusted EBITDA and Adjusted EBITDAR. Additionally, see the Company for reconciliations of these Non-GAAP financial measures to their GAAP equivalent financial measure. |
|
| (2) |
Consists of the operating lease components contained within the Company’s triple net master lease dated November 1, 2013 with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) (“GLPI”) that was amended and restated effective January 1, 2023 (referred to as the AR PENN Master Lease and prior to January 1, 2023 referred to as the PENN Master Lease); the Company’s triple net master lease effective January 1, 2023 entered in conjunction with and coterminous to the AR PENN Master Lease (referred to as the 2023 Master Lease); the Company’s individual triple net lease with GLPI for the real estate assets used in the operations of Hollywood Casino at The Meadows prior to the effective date of the 2023 Master Lease (referred to as the Meadows Lease); the Company’s individual triple net lease with GLPI for the real estate assets used in the operations of Tropicana Las Vegas which terminated on September 26, 2022 (referred to as the Tropicana Lease); as well as the Company’s individual triple net leases with VICI Properties Inc. (NYSE: VICI) (“VICI”) for the real estate assets used in the operations of Margaritaville Resort Casino (referred to as the Margaritaville Lease) and Hollywood Casino at Greektown (referred to as the Greektown Lease) and referred to collectively as the Company’s “triple net operating leases.” |
|
|
Effective January 1, 2023, the Company and GLPI amended and restated the PENN Master Lease which was concluded to be a lease modification under ASC 842, “Leases.” As a result of the amendment and restatement, all the land and building components contained within the AR PENN Master Lease as well as all the land and building components contained within the 2023 Master Lease are classified as operating leases which are recorded to rent expense. |
||
|
For the three and six months ended June 30, 2023, rent expense associated with triple net operating leases pertains to (i) the AR PENN Master Lease; (ii) the 2023 Master Lease; (iii) the Margaritaville Lease; and (iv) the Greektown Lease. |
||
|
For the three and six months ended June 30, 2022, rent expense associated with triple net operating leases pertains to (i) the PENN Master Lease (specific to the land and building components associated with the operations of Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course); (ii) the Meadows Lease; (iii) the Margaritaville Lease; (iv) the Greektown Lease; and (v) the Tropicana Lease which terminated on September 26, 2022. |
||
| (3) |
Consists of payments made to GLPI and VICI (referred to collectively as the Company’s “REIT Landlords”) under the AR PENN Master Lease, the PENN Master Lease, the 2023 Master Lease, the Pinnacle Master Lease, the Meadows Lease (prior to the effective date of the 2023 Master Lease), the Perryville Lease (prior to the effective date of the 2023 Master Lease), the Margaritaville Lease, the Greektown Lease, the Morgantown Lease, and the Tropicana Lease and collectively referred to as the Company’s “Triple Net Leases.” The rent under the Tropicana Lease was nominal prior to lease termination. |
|
PENN ENTERTAINMENT, INC. AND SUBSIDIARIES
Segment Information
The Company aggregates its operations into five reportable segments: Northeast, South, West, Midwest, and Interactive.
|
|
For the three months |
|
For the six months |
||||||||||||
|
(in millions, unaudited) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Revenues: |
|
|
|
|
|
|
|
||||||||
|
Northeast segment (1) |
$ |
688.0 |
|
|
$ |
684.9 |
|
|
$ |
1,388.5 |
|
|
$ |
1,343.4 |
|
|
South segment (2) |
|
308.3 |
|
|
|
338.6 |
|
|
|
623.1 |
|
|
|
680.0 |
|
|
West segment (3) |
|
130.0 |
|
|
|
153.8 |
|
|
|
259.7 |
|
|
|
294.7 |
|
|
Midwest segment (4) |
|
293.3 |
|
|
|
296.3 |
|
|
|
588.6 |
|
|
|
579.2 |
|
|
Interactive (5) |
|
257.5 |
|
|
|
154.9 |
|
|
|
491.0 |
|
|
|
296.4 |
|
|
Other (6) |
|
6.2 |
|
|
|
5.9 |
|
|
|
12.0 |
|
|
|
13.2 |
|
|
Intersegment eliminations (7) |
|
(8.5 |
) |
|
|
(7.5 |
) |
|
|
(14.8 |
) |
|
|
(15.8 |
) |
|
Total revenues |
$ |
1,674.8 |
|
|
$ |
1,626.9 |
|
|
$ |
3,348.1 |
|
|
$ |
3,191.1 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted EBITDAR: |
|
|
|
|
|
|
|
||||||||
|
Northeast segment (1) |
$ |
217.3 |
|
|
$ |
214.4 |
|
|
$ |
430.2 |
|
|
$ |
419.6 |
|
|
South segment (2) |
|
120.9 |
|
|
|
143.3 |
|
|
|
244.5 |
|
|
|
289.8 |
|
|
West segment (3) |
|
49.6 |
|
|
|
59.7 |
|
|
|
98.7 |
|
|
|
110.9 |
|
|
Midwest segment (4) |
|
127.1 |
|
|
|
131.3 |
|
|
|
252.7 |
|
|
|
256.8 |
|
|
Interactive (5) |
|
(12.8 |
) |
|
|
(20.8 |
) |
|
|
(18.5 |
) |
|
|
(30.8 |
) |
|
Other (6) |
|
(25.3 |
) |
|
|
(23.4 |
) |
|
|
(52.6 |
) |
|
|
(47.1 |
) |
|
Total Adjusted EBITDAR (8) |
$ |
476.8 |
|
|
$ |
504.5 |
|
|
$ |
955.0 |
|
|
$ |
999.2 |
|
| (1) |
The Northeast segment consists of the following properties: Ameristar East Chicago, Hollywood Casino at Greektown, Hollywood Casino Bangor, Hollywood Casino at Charles Town Races, Hollywood Casino Columbus, Hollywood Casino Lawrenceburg, Hollywood Casino Morgantown, Hollywood Casino at PENN National Race Course, Hollywood Casino Perryville, Hollywood Casino Toledo, Hollywood Casino York, Hollywood Gaming at Dayton Raceway, Hollywood Gaming at Mahoning Valley Race Course, Marquee by PENN, Hollywood Casino at The Meadows, and Plainridge Park Casino. |
|
| (2) |
The South segment consists of the following properties: 1st Jackpot Casino, Ameristar Vicksburg, Boomtown Biloxi, Boomtown Bossier City, Boomtown New Orleans, Hollywood Casino Gulf Coast, Hollywood Casino Tunica, L’Auberge Baton Rouge, L’Auberge Lake Charles, and Margaritaville Resort Casino. |
|
| (3) |
The West segment consists of the following properties: Ameristar Black Hawk, Cactus Petes and Horseshu, M Resort, Tropicana Las Vegas Hotel and Casino (sold on September 26, 2022), and Zia Park Casino. |
|
| (4) |
The Midwest segment consists of the following properties: Ameristar Council Bluffs, Argosy Casino Alton, Argosy Casino Riverside, Hollywood Casino Aurora, Hollywood Casino Joliet, the Company’s 50% investment in Kansas Entertainment, LLC, which owns Hollywood Casino at Kansas Speedway, Hollywood Casino St. Louis, Prairie State Gaming, and River City Casino. |
|
| (5) |
The Interactive segment includes all of the Company’s online sports betting, iCasino and social gaming operations, management of retail sports betting, media, and the operating results of Barstool (the remaining 64% of Barstool common stock, not already owned by PENN, was acquired on February 17, 2023). Interactive revenues are inclusive of a tax gross-up of $88.5 million and $180.8 million for the three and six months ended June 30, 2023, respectively, as compared to $55.4 million and $105.7 million for the three and six months ended June 30, 2022, respectively. |
|
| (6) |
The Other category, included in the tables to reconcile the segment information to the consolidated information, consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Park, the Company’s JV interests in Freehold Raceway and the Company’s management contract for Retama Park Racetrack. The Other category also includes corporate overhead costs, which consist of certain expenses, such as: payroll, professional fees, travel expenses, and other general and administrative expenses that do not directly relate to or have not otherwise been allocated. Corporate overhead costs were $24.8 million and $51.1 million for the three and six months ended June 30, 2023, respectively, as compared to $23.6 million and $48.4 million for the three and six months ended June 30, 2022, respectively. |
|
| (7) |
Primarily represents the elimination of intersegment revenues associated with the Company’s retail sportsbooks, which are operated by PENN Interactive. |
|
| (8) |
As noted within the “Non-GAAP Financial Measures” within the Company’s orginal release, Adjusted EBITDAR is presented on a consolidated basis outside the financial statements solely as a valuation metric or for reconciliation purposes. |
|
|
PENN ENTERTAINMENT, INC. AND SUBSIDIARIES |
|||||||||||||||
|
|
For the three months |
|
For the six months |
||||||||||||
|
(in millions, unaudited) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Net income |
$ |
78.1 |
|
|
$ |
26.1 |
|
|
$ |
592.5 |
|
|
$ |
77.7 |
|
|
Income tax expense |
|
34.7 |
|
|
|
56.3 |
|
|
|
202.6 |
|
|
|
103.9 |
|
|
Interest expense, net |
|
115.6 |
|
|
|
195.0 |
|
|
|
228.6 |
|
|
|
356.2 |
|
|
Interest income |
|
(9.9 |
) |
|
|
(1.4 |
) |
|
|
(20.3 |
) |
|
|
(1.8 |
) |
|
Income from unconsolidated affiliates |
|
(7.2 |
) |
|
|
(1.8 |
) |
|
|
(9.8 |
) |
|
|
(10.5 |
) |
|
Gain on Barstool Acquisition, net (1) |
|
— |
|
|
|
— |
|
|
|
(83.4 |
) |
|
|
— |
|
|
Gain on REIT transactions, net (2) |
|
— |
|
|
|
— |
|
|
|
(500.8 |
) |
|
|
— |
|
|
Loss on early extinguishment of debt |
|
— |
|
|
|
10.4 |
|
|
|
— |
|
|
|
10.4 |
|
|
Other (income) expenses |
|
(5.8 |
) |
|
|
17.8 |
|
|
|
(4.8 |
) |
|
|
58.5 |
|
|
Operating income |
|
205.5 |
|
|
|
302.4 |
|
|
|
404.6 |
|
|
|
594.4 |
|
|
Stock-based compensation |
|
19.7 |
|
|
|
14.5 |
|
|
|
36.2 |
|
|
|
31.5 |
|
|
Cash-settled stock-based awards variance (3) |
|
(6.2 |
) |
|
|
(9.5 |
) |
|
|
(9.1 |
) |
|
|
(12.4 |
) |
|
Loss on disposal of assets |
|
— |
|
|
|
7.3 |
|
|
|
— |
|
|
|
7.2 |
|
|
Contingent purchase price |
|
0.2 |
|
|
|
(0.9 |
) |
|
|
0.5 |
|
|
|
(1.0 |
) |
|
Pre-opening expenses |
|
— |
|
|
|
2.1 |
|
|
|
— |
|
|
|
3.6 |
|
|
Depreciation and amortization |
|
110.6 |
|
|
|
150.3 |
|
|
|
218.1 |
|
|
|
268.5 |
|
|
Insurance recoveries, net of deductible charges |
|
(13.6 |
) |
|
|
— |
|
|
|
(13.6 |
) |
|
|
(8.8 |
) |
|
Income from unconsolidated affiliates |
|
7.2 |
|
|
|
1.8 |
|
|
|
9.8 |
|
|
|
10.5 |
|
|
Non-operating items of equity method investments (4) |
|
0.9 |
|
|
|
0.3 |
|
|
|
5.4 |
|
|
|
2.1 |
|
|
Other expenses |
|
6.1 |
|
|
|
8.2 |
|
|
|
10.7 |
|
|
|
15.5 |
|
|
Adjusted EBITDA |
|
330.4 |
|
|
|
476.5 |
|
|
|
662.6 |
|
|
|
911.1 |
|
|
Rent expense associated with triple net operating leases |
|
146.4 |
|
|
|
28.0 |
|
|
|
292.4 |
|
|
|
88.1 |
|
|
Adjusted EBITDAR |
$ |
476.8 |
|
|
$ |
504.5 |
|
|
$ |
955.0 |
|
|
$ |
999.2 |
|
|
Net income margin |
|
4.7 |
% |
|
|
1.6 |
% |
|
|
17.7 |
% |
|
|
2.4 |
% |
|
Adjusted EBITDAR margin |
|
28.5 |
% |
|
|
31.0 |
% |
|
|
28.5 |
% |
|
|
31.3 |
% |
| (1) |
Includes a gain of $66.5 million associated with Barstool related to remeasurement of the equity investment immediately prior to the acquisition date of February 17, 2023 and a gain of $16.9 million related to the acquisition of the remaining 64% of Barstool common stock. |
|
| (2) |
Upon the execution of the February 21, 2023 AR PENN Master Lease and the 2023 Master Lease, both effective January 1, 2023, the Company recognized a gain of $500.8 million as a result of the reclassification and remeasurement of lease components. |
|
| (3) |
The Company’s cash-settled stock-based awards are adjusted to fair value each reporting period based primarily on the price of the Company’s common stock. As such, significant fluctuations in the price of the Company’s common stock during any reporting period could cause significant variances to budget on cash-settled stock-based awards. |
|
| (4) |
Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool prior to us acquiring the remaining 64% of Barstool common stock and the Company’s Kansas Entertainment, LLC joint venture. |
|
|
PENN ENTERTAINMENT, INC. AND SUBSIDIARIES |
|||||||||||||||
|
|
For the three months |
|
For the six months |
||||||||||||
|
(in millions, except per share data, unaudited) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Revenues |
|
|
|
|
|
|
|
||||||||
|
Gaming |
$ |
1,292.8 |
|
|
$ |
1,325.6 |
|
|
$ |
2,617.4 |
|
|
$ |
2,616.8 |
|
|
Food, beverage, hotel, and other |
|
382.0 |
|
|
|
301.3 |
|
|
|
730.7 |
|
|
|
574.3 |
|
|
Total revenues |
|
1,674.8 |
|
|
|
1,626.9 |
|
|
|
3,348.1 |
|
|
|
3,191.1 |
|
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
|
Gaming |
|
710.6 |
|
|
|
713.6 |
|
|
|
1,440.1 |
|
|
|
1,400.2 |
|
|
Food, beverage, hotel, and other |
|
267.8 |
|
|
|
186.8 |
|
|
|
512.1 |
|
|
|
358.7 |
|
|
General and administrative |
|
380.3 |
|
|
|
273.8 |
|
|
|
773.2 |
|
|
|
569.3 |
|
|
Depreciation and amortization |
|
110.6 |
|
|
|
150.3 |
|
|
|
218.1 |
|
|
|
268.5 |
|
|
Total operating expenses |
|
1,469.3 |
|
|
|
1,324.5 |
|
|
|
2,943.5 |
|
|
|
2,596.7 |
|
|
Operating income |
|
205.5 |
|
|
|
302.4 |
|
|
|
404.6 |
|
|
|
594.4 |
|
|
Other income (expenses) |
|
|
|
|
|
|
|
||||||||
|
Interest expense, net |
|
(115.6 |
) |
|
|
(195.0 |
) |
|
|
(228.6 |
) |
|
|
(356.2 |
) |
|
Interest income |
|
9.9 |
|
|
|
1.4 |
|
|
|
20.3 |
|
|
|
1.8 |
|
|
Income from unconsolidated affiliates |
|
7.2 |
|
|
|
1.8 |
|
|
|
9.8 |
|
|
|
10.5 |
|
|
Gain on Barstool Acquisition, net |
|
— |
|
|
|
— |
|
|
|
83.4 |
|
|
|
— |
|
|
Gain on REIT transactions, net |
|
— |
|
|
|
— |
|
|
|
500.8 |
|
|
|
— |
|
|
Loss on early extinguishment of debt |
|
— |
|
|
|
(10.4 |
) |
|
|
— |
|
|
|
(10.4 |
) |
|
Other |
|
5.8 |
|
|
|
(17.8 |
) |
|
|
4.8 |
|
|
|
(58.5 |
) |
|
Total other income (expenses) |
|
(92.7 |
) |
|
|
(220.0 |
) |
|
|
390.5 |
|
|
|
(412.8 |
) |
|
Income before income taxes |
|
112.8 |
|
|
|
82.4 |
|
|
|
795.1 |
|
|
|
181.6 |
|
|
Income tax expense |
|
(34.7 |
) |
|
|
(56.3 |
) |
|
|
(202.6 |
) |
|
|
(103.9 |
) |
|
Net income |
|
78.1 |
|
|
|
26.1 |
|
|
|
592.5 |
|
|
|
77.7 |
|
|
Less: Net loss attributable to non-controlling interest |
|
0.3 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
Net income attributable to PENN Entertainment |
$ |
78.4 |
|
|
$ |
26.1 |
|
|
$ |
592.9 |
|
|
$ |
77.8 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per share: |
|
|
|
|
|
|
|
||||||||
|
Basic earnings per share |
$ |
0.51 |
|
|
$ |
0.16 |
|
|
$ |
3.86 |
|
|
$ |
0.47 |
|
|
Diluted earnings per share |
$ |
0.48 |
|
|
$ |
0.15 |
|
|
$ |
3.54 |
|
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted-average common shares outstanding—basic |
|
152.8 |
|
|
|
164.8 |
|
|
|
153.0 |
|
|
|
166.5 |
|
|
Weighted-average common shares outstanding—diluted |
|
167.9 |
|
|
|
180.2 |
|
|
|
168.2 |
|
|
|
182.3 |
|
Balance Sheet Data
|
(in millions, unaudited) |
June 30, |
|
December |
||||
|
Cash and cash equivalents |
$ |
1,271.6 |
|
|
$ |
1,624.0 |
|
|
|
|
|
|
||||
|
Bank debt |
$ |
1,512.5 |
|
|
$ |
1,531.2 |
|
|
Notes (1) |
|
1,130.5 |
|
|
|
1,130.5 |
|
|
Other long-term obligations (2) |
|
37.3 |
|
|
|
38.1 |
|
|
Total traditional debt |
|
2,680.3 |
|
|
|
2,699.8 |
|
|
Financing obligation (3) |
|
134.9 |
|
|
|
118.0 |
|
|
Less: Debt discounts and debt issuance costs |
|
(36.2 |
) |
|
|
(40.3 |
) |
|
|
$ |
2,779.0 |
|
|
$ |
2,777.5 |
|
|
|
|
|
|
||||
|
Total traditional debt |
$ |
2,680.3 |
|
|
$ |
2,699.8 |
|
|
Less: Cash and cash equivalents |
|
(1,271.6 |
) |
|
|
(1,624.0 |
) |
|
Traditional net debt (4) |
$ |
1,408.7 |
|
|
$ |
1,075.8 |
|
| (1) |
Inclusive of the Company’s 5.625% Notes due 2027, 4.125% Notes due 2029 and its 2.75% Convertible Notes due 2026. |
|
| (2) |
Other long-term obligations as of June 30, 2023 primarily includes $27.4 million related to relocation fees due for both Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course, and $9.9 million related to the Company’s repayment obligation on a hotel and event center located near Hollywood Casino Lawrenceburg. |
|
| (3) |
Represents cash proceeds received and non-cash interest on certain claims of which the principal repayment is contingent and classified as a financing obligation under Accounting Standards Codification Topic 470, “Debt.” |
|
| (4) |
Traditional net debt in the table above is calculated as “Total traditional debt,” which is the principal amount of debt outstanding (excludes the financing obligation associated with cash proceeds received and non-cash interest on certain claims of which the principal repayment is contingent) less “Cash and cash equivalents.” Management believes that Traditional net debt is an important measure to monitor leverage and evaluate the balance sheet. With respect to Traditional net debt, cash and cash equivalents are subtracted from the GAAP measure because they could be used to reduce the Company’s debt obligations. A limitation associated with using traditional net debt is that it subtracts cash and cash equivalents and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. Management believes that investors may find it useful to monitor leverage and evaluate the balance sheet. |
|
The table below summarizes certain cash expenditures incurred by the Company.
|
|
For the three months |
|
For the six months |
||||||||
|
(in millions, unaudited) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
Cash payments to the Company’s REIT Landlords under Triple Net Leases |
$ |
234.2 |
|
$ |
231.8 |
|
$ |
467.4 |
|
$ |
461.1 |
|
Cash payments related to income taxes, net |
$ |
64.9 |
|
$ |
44.5 |
|
$ |
66.0 |
|
$ |
45.5 |
|
Cash paid for interest on traditional debt |
$ |
32.4 |
|
$ |
17.5 |
|
$ |
78.8 |
|
$ |
48.3 |
|
Capital expenditures |
$ |
69.6 |
|
$ |
60.0 |
|
$ |
132.8 |
|
$ |
125.6 |
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and Microsoft Start.