Penn National Reports ‘Solid’ Contribution from Austintown Racino
WYOMISSING, Pa. – Penn National Gaming Inc.’s two Ohio racinos, including one that opened in Austintown last September, are making “continued solid contributions” to the company’s bottom line, the company’s CEO said.
Penn National, which owns Hollywood Gaming at Mahoning Valley Race Course, Thursday reported second-quarter revenues of $701.0 million and adjusted earnings before interest, taxes, depreciation, and amortization of $85.7 million.
“Overall, second quarter adjusted EBITDA exceeded guidance by $8.7 million with a $15.3 million positive operating segment variance partially offset by a $3.0 million impact related to cash-settled stock based awards and $1.3 million of higher rent and compensation expense related to the strong quarterly performance as well as other charges disclosed in this release,” Penn National’s president and CEO, Timothy J. Wilmott, said in a statement.
Operating results exceeded guidance in part because of “year-over-year improvements in both customer visits and spend per visit” at the company’s properties on a same-store basis, Wilmott said.
“Additionally, our earnings growth reflects initial contributions from the June 24 opening of Plainridge Park Casino, as well as continued solid contributions from Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course, both of which opened in the third quarter of last year and more than offset the mid-2014 closure of Argosy Casino Sioux City,” the CEO said.
“We believe that Penn National remains favorably positioned for continued adjusted EBITDA growth in the second half of 2015 based on the disciplined management of our existing properties, growing evidence of an improved operating environment, a full year of operations of Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course, continued growth and efficiencies at our other recently opened or acquired properties, and a half year of operating results from Plainridge Park Casino,” Wilmott said.
SOURCE: Penn National Gaming Inc.
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