Penn National Reports $756.8M in Q1 Revenues

YOUNGSTOWN, Ohio – Penn National Gaming Inc., which operates Hollywood Gaming at Mahoning Valley Race Course in Austintown, reported first-quarter revenues of $756.5 million and adjusted earnings of $212.9 million this morning.

Revenues for the first three months of 2016 were up 13.9% from the comparable period in 2015, when revenues were $664.1 million. Adjusted earnings were $184.4 million for the first three months of 2015.

The 15.5% year-over-year increase in adjusted earnings during the first quarter exceeded guidance, Timothy J. Wilmott, president and chief executive officer, said.

“Our first quarter results mark a strong start to 2016 and with regional gaming trends remaining solid, we are confident in our prospects for continued growth this year based on the macro-economic environment, the abilities of our operating teams to drive improved adjusted EBITDA” – earnings before interest, taxes, depreciation and amortiztion — “margins from existing properties, the mid-summer opening of Hollywood Casino Jamul-San Diego, and the ongoing ramp of our recently opened or acquired operations in Ohio, Massachusetts, Nevada and Illinois,” he said.

Penn National opened the Austintown racino in September 2014 and Hollywood Gaming at Dayton Raceway the month before.

“Adjusted EBITDA margin growth in the East/Midwest segment reflects year-over-year revenue and adjusted EBITDA improvements at all four of our Ohio properties, which continue to ramp, and led to an overall 15.7% increase in this segment’s adjusted EBITDA,” Wilmott said.

Net revenues for the East/Midwest segment, which includes the Ohio operations, totaled $437.5 million during the first quarter, up from $386.5 million for the first three months of 2015. Adjusted earnings for Q1 2016 were $134.8 million, up from $116.5 million a year earlier.

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