Penn National Gaming Reports $796.5M for 2Q
WYOMISSING, Pa. – Penn National Gaming Inc., which operates Hollywood Gaming at Mahoning Valley Race Course in Austintown, this morning reported second quarter revenue of $796.5 million.
The quarterly results compared to guidance for the earnings period of $776.8 million and the $769.4 million for second quarter 2016.
Timothy J. Wilmott, chief executive officer, attributed the strong performance to positive customer visitation and spend per visit trends across the majority of the company’s portfolio, along with continued improvement of its industry-leading tax-adjusted margins.
“Our strong broad-based property results include the continued ramp of Penn National’s Massachusetts and Ohio properties, and reflect the resiliency of Hollywood Casino at Charles Town Races in the face of new market competition,” Wilmott said. “In addition, we saw significant year over year Adjusted EBITDA growth at Penn Interactive Ventures and Prairie State Gaming.”
Overall, second quarter property level Adjusted EBITDA — before contributions from the recently acquired Bally’s Casino Tunica and Resorts Casino Tunica properties — surpassed guidance by $2.5 million, he said.
Copyright 2018 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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