Penn National Gaming Inc, which operates 28 facilities in the USA and Canada has reported profits for the second year running following the company’s separation of operating and estate assets, but are yet to restate profit details by February 2016.
No 100% Numbers
The company was stated to have revenues of $2.83 billion in 2015 but has not yet released figures for net income for the year. They provided partial financial data in a report released on the 4th of February 2016 and stated that the company would release a restated fiscal statement by the 29th of February 2016. According to Penn National, this delay is resultant of complications that sprouted from the spinout of their real estate ventures.
The company saw an increase of 9.7% in revenues in 2015($2.83 billion) compared with revenue of $2.59 billion in 2014; this was 1.6% more than even the guidance itself. The report also mentioned that adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a 12.2% increase in 2015 to $795.7 million, compared with adjusted EBITDA of $709.3 million in 2014; which was $24.6 million, 4.3%, more than guidance too. The adjusted EBIDA margin growth for the fourth quarter of 2015 was 43 basis points making the year-over-year growth rate 26%; this is expected to further increase once property tax for the Tropicana Las Vegas and PSG are settled.
About Penn National
Penn National Gaming Incorporated, founded in 1972 in Wyomissing Pennsylvania, now boasts a portfolio of casinos and racetracks in 18 states and Canada; including Penn National in Pennsylvania, Charles Towns in West Virginia, Mahoning Valley Race Course in Ohio, Zia Park in New Mexico, the recently acquired Tropicana Las Vegas in Nevada and the $390 million Hollywood Casino Jamul in San Diego, California expected to open for business in mid-2016.