Penn National Reports Net Revenue of $739.3M
WYOMISSING, Pa. – Penn National Gaming Inc. this morning reported net revenues of $739.3 million and adjusted earnings of $210.1 million during the third quarter, which ended Sept. 30.
The quarterly results compared to net revenues of $645.9 million and adjusted earnings of $170.3 million for the same period a year ago. The quarterly results were also ahead of the guidance of $728.2 million in net revenues and $197.7 million in adjusted earnings projected for the quarter.
The quarter was “very solid” in terms of both operating performance and development activity, said Timothy J. Wilmott, president and CEO.
Compared to the prior-year period, Wilmott said, the quarter benefited from the contributions of two Ohio racinos that opened last year, Hollywood Gaming at Mahoning Valley Race Course in Austintown and Hollywood Gaming at Dayton Raceway in Dayton, and the first full quarterly contribution by Plainridge Park Casino in Plainville, Mass.
Each of the three gaming centers already is achieving a 20% cash-on-cash return, Wilmott said during a conference call with analysts.
September was the Austintown racino’s largest month in terms of total play and fourth largest in terms of net win, a company spokesman said earlier this month. The racino opened in September 2014.
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