Penn National reports increase in earnings
Penn National Gaming Inc. reported adjusted earnings of $107.3 million, up from last year’s $101.6 million.
The parent company of Austintown’s Hollywood Gaming at Mahoning Valley Race Course expected to bring in $106.4 million in the third quarter.
“The continued ramp of our newer properties and business segments has been fundamental to our recent growth,” said Timothy J. Wilmott, CEO of Penn National, in a statement.
Penn National recorded net revenue of $806.2 million, up from $765.6 million in the third quarter of 2016.
Wyomissing-Pa.-based Penn National owns, operates or has ownership interests in 29 gaming and racing facilities and video gaming terminal operations with a focus on slot-machine entertainment in 17 jurisdictions. The company recently expanded into social online gaming offerings through its Penn Interactive Ventures LLC division and the recent acquisition of Rocket Speed Inc., a developer of social casino games. At the end of September, Penn National operated about 36,700 gaming machines, 820 table games and 4,800 hotel rooms.
Combined revenue of the company’s four segments, Northeast, South/West, Midwest and other, totaled $806.2 million, up from $765.6 million. Income from operations for the four combined was $143.7 million, up from $139.3 million and adjusted earnings were $221.8 million, up from $211.7 million.
The Northeast segment, which includes the Austintown racino, brought in the most revenue with $401.8 million, up from $395.7 million. Income from operations in the Northeast segment was $106.6 million up from $101.8 million. Adjusted earnings for the segment were $127.6 million, up from $124.4 million.
In the most recent report of video lottery terminal revenue released by the Ohio Lottery Commission in September, slot machines at the Austintown racino brought in $9.3 million. Last September, the Austintown racino reported VLT revenue of $8.17 million.
In August, slot-machine revenue was $8.99 million, up from $8.33 million the previous August.
In July, slot machine revenue was $9.78 million, up from $8.78 million the previous July.