Penn National Revenues Up in First Quarter
WYOMISSING, Pa. – Penn National Gaming Inc. reported net revenues of $776.2 million in the first quarter this morning, up from $756.5 million in the first quarter of 2016 and beating out estimates the company reported in February and March.
“Penn National delivered a strong first quarter with operating results exceeding both our original and updated guidance,” said CEO Timothy Wilmott in a release. “Throughout the quarter we made continued progress against our primary strategic initiatives as we continued to ramp the results of newer properties and again grew consolidated property operating margins.”
Last year’s acquisition of casino game developer Rocket Speed benefitted results, he added, as Penn National was able to expand its retail gaming operations.
Among Penn National’s four segments, it’s Northeast sector – which includes eight casinos, among them Hollywood Gaming at Mahoning Valley Race Course – posted the highest revenue, totaling $393.4 million in the first quarter, a slight increase from last year’s $393.2 million.
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