Penn National third-quarter revenues exceed expectations

WYOMISSING, Pa.

Penn National Gaming, Inc. said its revenues were $645.9 million for the third quarter, beating projections of $633.5 million.

The numbers reflect company activity between July 24 to Sept. 30.

Timothy J. Wilmott, president and chief executive of Penn National Gaming, gave statements early today on the quarterly numbers.

He highlighted the opening of Hollywood Gaming at Mahoning Valley Race Course, Sept. 17, Hollywood Gaming at Dayton Raceway, Aug. 28, and Zia Park Casino, in Hobbs, New Mexico, also on Aug. 28.

"Consistent with the Company’s long-term record, all three projects opened on time and on budget," Wilmott remarked.

The report also indicated a planned total budget of $161 million, of which $51 million had been spent through Sept. 30 for Hollywood Gaming at Mahoning Valley Race Course.

That number includes payments on the $50 million license fee and a $75 million relocation fee. The report said Penn National paid $7.5 million of the relocation fee upon opening and will make 18 semi-annual payments of $4.8 million one year after opening to pay off that debt.

Similarly, Penn National paid $10 million of the license fee in this year's second quarter and $15 million when Hollywood Gaming opened. The remaining $25 million will be paid on the one year anniversary of the facility, Penn National said.