Penn National receives noncompliance notice from Nasdaq

Casino operator Penn National Gaming said it received notice from the Nasdaq that it is not in compliance with listing rules, an announcement the company anticipated.

Penn National, which owns the Tropicana Las Vegas and M Resort, said last month it had delayed filing its third quarter financial statement with the Securities and Exchange Commission to restate a change in its lease classification for casinos that were spun off into Gaming and Leisure Properties.

The company has 60 calendar days to regain compliance and expects to meet that date. Penn National said it has never received a notice of noncompliance from the Nasdaq in 21 years and the stock continues to be traded uninterrupted.

The company said the restatement would not have an impact on financial performance.