Penn National Reports 2015 Profits of $2.8B
WYOMISSING, Pa. — Penn National Gaming Inc. had net income of $734.0 million for the fourth quarter and $2.8 billion for 2015, the company reported this morning.
Penn National, which operates the Hollywood Gaming at Mahoning Valley Race Course in Austintown, Ohio, also reported adjusted earnings of $206.2 million for the fourth quarter and $795.7 million for the year.
The 2015 results compare to net income of $651.4 million for the fourth quarter of 2014 and $2.6 billion for full year 2014. Adjusted earnings were $171.8 million during the fourth quarter of 2014 and $709.3 million for the entire year.
The fourth-quarter results exceeded the company’s guidance for 2015 and “wrap up an active and productive” year, Timothy J. Wilmott, president and CEO, said in a statement reporting the results. Fourth-quarter adjusted earnings exceeded guidance by $24.6 million.
“The fourth quarter results reflect year-over-year improvements in regional gaming trends, the ongoing success of our operating teams in driving improved adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] margins, and continued growth at our Ohio properties, including those recently opened in Mahoning Valley and Dayton, as well as in Toledo and Columbus,” he said.
Last year’s results also benefited from expansion initiatives, including revenues generated at Plainridge Park Casino, Tropicana Las Vegas and Prairie State Gaming, he added.
“Penn National’s solid 2015 results and future prospects, as well as our disciplined operating approach, position us well for continued adjusted EBITDA growth in 2016 and beyond,” he said.
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